Thursday, January 30,1963
Tax Assistance Offered
GREENSBORO - The In- <
ternal Revenue Service is of- '
sering assistance to North
Carolina taxpayers in various |
ways this year, including t
some new alternatives and a <
new toll-free. telephone i
number, I
The new number should be i
easier to remember, the IRS :
said. Anyone needing i
assistance by phone should I
call 1-800-424-1040. Heavy use
of the toll-free number is ex- 1
pected, so taxpayers are ask
ed to be patient if get a :
busy signal at first. Hie lines
will be open every weekday
from 8:00 A.M. to 4:45 P.M.
Walk-in assistance is
available every weekday
from 10:00 A.M. to 3:45 P.M.
in Asheville, Charlotte,
Durham, Fayetteville,
Greensboro, Greenville/
Raleigh, Hickory, Wilmington
and Winston-Salem. Group
assistance will be provided to
help taxpayers prepare their
own returns, the IRS said.
The IRS also offers the
Volunteer Income Tax
Assistance (VITA) and Tax
Counceling for the Elderly
(TCE) Programs in many
counties. These groups of
trained volunteers actually
prepare tax returns for low in
come, elderly and handicap
ped taxpayers. Further infor
mation on locations and hours
Board To Conduct Hearing
The Governor’s Waste
Management Board will spon
sor six public meetings across
the state in February, Board
Chairman Claud “Buck”
O’Shields announced.
Secretary of Natural
Resources and Community
Development Joseph W.
Grimsley, a member of the
Waste Management Board,
will chair the meetings;
various local groups will co
sponsor them.
“The purpose of these
meetings is to inform the
public about North Carolina’s
hazardous waste manage
ment
activiißsortuewaste
Management r,'- I Bpard,” JJ
O’Shields we will
seek comments on the future
needs and directions of North
Carolina’s hazardous waste
management program, par
ticularly in the areas of
legislation, regulation, and
enforcement.”
The meetings, to be held
from 7 P.M. to 9 P.M., are
scheduled as follows:
On Feb. 15, in Raleigh at the
McKimmon Center. On Feb.
16, in Greenville at Willis
STATEMENT OF CONDITION
Edenton Savings and Loan Association
OF i Edenton N.C., ASOF PfCWSSS 31iT. 1»—21
icojw o> •mom •™™2!!ZJ2JS-S!!Z22!£2Llt2s&!S4Z£ZL=*=*=!=====z===
ASSETS
Mortgage Loans & Contracts $15,663,912.85
Nonoortgage Loans 228,984.41
Real Estate Owned 24 » 130 - 50
Stock in Federal Hoots Loan Bank
- ' ' ' 140,600.00
Cash and -Investments 3,432,638.67
Investaerit In Service Corp. /Subsidiary HQ"*
Fixed Assets (net) 135,012.60
Other Assets 24,724.63
TOTAL ASSETS $19.650,053.66
LIABILITIES AND NET WORTH
. / Vi v ' 1 - . .
Savings Deposits $17.644,491.52
Federal How Loan Bank Advances None
>4 Other Borrowd Honey Non *
Loans in Frooess 71,742.41
Specific Reserves
Other Liabilities . i0i.43i.2i
Capital Stock Wo "?. L
Additional Paid-in Capital , „ , Wc ?* ...... .
Peraanent Capital Rssarvs . W ° r * ,
Unappropriated Retained Earnings . 978.602.34
, TOTAL LIABILmES AND NIT WDNTH $19,650.053.66
§tatb of Month Cwomw j a
COMHTT OF , gyy**?. .i - ~r« V "i y. J
j—c. pan ■J.'Ca.fcnaew
ot operations of these sites
wiH be issued to late January.
Two new assistance pro
grams, called “Outreach”
and “Tele-Tax” are also
available this year, the IRS
said. “Outreach” will offer
group self-help aid to targeted
areas where VITA, TCE and
IRS walk-in assistance are
not available- These sites will
be located in schools,
libraries, some industries and
businesses.
The v“Teie-Tax” is a
24-hour, 7-day-a-week pro
gram which offers tax infor
mation by taped messages.
Taxpayers with push-button
telephones can access the
Tele-Tax numbers, they are:
Charlotte 704-371-8352,
Greensboro 919-378-5172,
Raleigh 919-755-1496, and
Winston-Salem 919-761-8136.
Depending on where the tax
payer lives, calling the Tele-
Tax information number may
be a long distance call, the
IRS cautions.
The titles and code
numbers of the 140 topics are
contained in Publication 910,
“Taxpayer’s Guide to IRS In
formation k Assistance”.
Taxpayers who need only
forms or publications may
call Toll-Free 1-800-241-3860
any weekday or use the han
dy coupon on the tax forms
package.
Building, ECU Regional
Development Institute. In
Wilmington, Feb. 17, at the
Blockade Runner Hotel (1:30
P.M. - Governor’s Waste
Management Board
meeting). On Feb. 22, in
Winston-Salem at Parkland
High School. On Feb. 23, in
Charlotte at the Sheraton Con
vention Center. In Asheville,
on Feb. 24, at Buncombe
County Courthouse.
“We urge citizens to attend
these meetings on such a vita]
issue,” O’Shields said.
Clean Out Your Medicine Cabinet
you when
s> you ‘last deahid > <njtfyeur
medicine cabinet. It’s a more
important task than you
might think.
Medicine cabinets often act
as household catch-alls for
assorted bottles containing a
variety of pills and ointments.
The Norte Carolina Medical
Society advices that a poorly
kept medicine cabinet can
prove dangerous, especially if
■ there are small children or
older adults with poor vision
at home.
Vepco Releases Its Production Figures
Virginia Electric and
Power Company’s 12 coal
units generated almost 16
billion kilowatt-hours of elec
trical energy last year • the
most coal-fired generation by
Vepco-owned units since 1969.
The company’s coal units
generated about 37 per cent of
the electricity customers us
ed to 1962, an increase of 22
per cent over 1961.
In addition to the nearly 16
billion kilowatt-hours
generated by Vepco units,
purchases of economical coal
fired generation from
neighboring utilities ac
counted for another 6.3 billion
kilowatt-hours. This raised
the total energy supplied by
coal in 1962 to more than 22
billion kilowatt-hours, more
than any other yea r in the
company’s 73-yea- history.
The supply of energy from
coal units owned by Vepco
and other utilities accounted
for 52 per cent of Vepco’s total
energy supply last year.
Vepco’s four nuclear units
supplied about 41 per cent of
the electricity used by
customers in 1962, falling just
short of the record 17.8 billion
kilowatt-hours generated by
the units in 1961 when nuclear
power accounted for 41.5 per
cent of Vepco’s energy supp
ly. Vepco ranked second in
The Technical Committee
will hold a meeting on
February 1,1983, at 1:30 P.M.
in Room 420 of the Albemarle
Building, 325 N. Salisbury
Street, Raleigh, N.C.
The Governor’s Waste
Management Board will hold
a meeting February 17, 1983,
at 1:30 P.M. in the Lee Room
of the Blockade Runner Hotel
in Wrightsville Beach, N.C.
Following the Board
meeting, the Public Meeting
will be held at 7:00 P.M. at the
same location.
1 yfcir ffedicine by flushing it
■ dMwniaetolietandbe sure the
1 medicines you keep are in
1 their original containers and
properly labeled.
Check to see that you have
1 essential first aid items in
■ your medicine cabinet, such
| as: sterile cotton balls,
petroleum jelly, rubbing
j alcohol, thermometer,
• calamine lotion, and antisep
-1 tic to clean cuts, and
bandages.
THE CHOWAN HERALD
1962 among investor-owned
utilities in generation of elec
trical energy by nuclear
power.
The performance of Vep
co’s coal and nuclear units,
coupled with timely pur
chases of coal-fired genera
tion, drove down Vepco’s ex
pensive oil-fired generation in
1962 to 4 per cent -a 50 per
cent reduction over 1961.
Vepco projects that over the
next 10 years about 90 per
cent of the energy it supplies
to its customers will come
from coal and nuclear
generation.
The company is now projec
ting that its nucler generation
will dip slightly this year, to
about 40 per cent, as the result
of 10-yer inspections at Surry
Units 1 and 2. These inspec
tions are required by the U.S.
Nuclear Regulatory Commis
sion and will result in each
unit being out of service for
about 10 to 12 weeks.
Pubic Appeal
To Reagan
Thomas I. Storrs, chairman
and chief executive officer of
NCNB Corp., is among a
group of prominent business
and government leaders sup
praling a public appeal to
President Reagan and the
Congress to come to grips
with the problem-of the
Federal budget deficit.
The Bi-Partisan Appeal on
the Budget Crisis, which
Storrs is supporting, is spon
soring a full-page ad in Thurs
day’s (Jan. 20) edition of The
Washington Post, outlining
the problem of Federal
budget deficits and recom
mending action to correct it.
“Despite the budget actions
of 1981 and 1982, the deficit
just topped 100 billion dollars
for the first time in history
and will rise beyond 200 billion
dollars - 5 to 6 percent or more
of GNP -by the mid-1980s.
says. „ 4»|
' Starrs salfd he is cofiterned
that if action is not taken to
bring Federal budget deficits
under control, the American
economy will continue to
stagnate, meaning more
unemployment and less real
income fra- Americans with
jobs.
“Our concern is that these
projected deficits will absorb
the investment capital
America needs for productive
jobs and real income for
tomorrow,” Storrs said.
Joining this group in en
couraging the President and
Congress to take action on the
budget deficit, are leaders
from the fields of law,
business and education, as
well as former government
officials. A list of sponsors is
included with the ad.
I CLOSEOUT SALE
GATLING WOOD HEATERS
DOME HEATER HEATS 1500 SQ. FT.
NOW s3s9°°
REG. $495.95
(ONE LEFT)
SUPER DOME - HEATS 2,000 SQ. FT.
NOW s3Bs°°
REG. $549.95
(TWO LEFT)
ALSO CHECK OUT OUR PRICES ON
ALADDIN KEROSENE HEATERS
TEMP 7 WAS $172.95 NOW $ 149*
TEMP 9 WAS $212.50 NOW $179.95
THRU FEBRUARY 15TH
LOW DOWNPAYMENT AND ON THE SPOT FINANCING
M.E. PARKER W.B. EVANS
IParker-Evans Hardware
303 S. BROAD STREET PHONE 482-4401
■^^JjDENTOALNORTHCAROUNA27932^^^
The company’s outstanding
coal generation in 1982
resulted primarily from
significant improvement in
the performances of four of
the utility’s major coal units,
Mt. Storm Units 1 and 2 and
Chesterfield Units 5 and 6.
Vepco’s coal units are ex
pected to supply 41 per cent of
the electricity customers use
Farmland Demand Down
By Dr. J. W. Pou
In line with national trends,
the demand for farmland has
weakened in North Carolina
over the past 14 months.
The estimated per-acre
value of land and buildings in
the state declined from $1,331
in February last year to $1,284
in April, 1982, according to a
survey by the U.S. Depart
ment of Agriculture.
That was a decrease of 4
per cent. It was only the third
and by far the largest
decrease in the price of land
in North Carolina since World
War 11. Smaller declines were
recorded in 1954 and 1970.
Nationwide, the per-acre
price of land declined 1 per
cent, from $795 to S7BB, during
the 14 months ending in April,
the USDA survey disclosed.
High interest rates, high
production costs and low com
modity prices are among the
factors that have depressed
the farm real estate market,
said Dr. Duane F. Neuman,
an extension economist at
. North Carolina State
University.
He said the situation is
similar to that in housing.
i ‘ ‘Very little land is selling ex
; cept where sales are forced,”
Neuman said. “And there is
more seller financing than we
normally see.”
i Farmers had a strong in
t centive to by land in the late
t 1970’s and on into 1980, when
r the real rate of interest was
i negative, the economist said.
; During this period, he ex
. plained, the nominal interest
r rate was lower than the infla
rtion itotiT"”" ’
-“Many who bought land
■ heavily in recent years are
y now caught in a bind,”
Neuman said. “Inflation is
( down and commodity prices
) are down, but they are having
, to make payments based on
j high land prices and high in
j terest rates.”
A major reason for the
weakened demand for
i farmland is the dismal
5 outlook for net farm income,
I which has been low the past
1 two years and is expected to
r be low again in 1982.
Currently, large supplies of
- food and feed crops wheat,
i com, soybeans are keeping
b farm prices depressed, Con
s sumer demand is slack
, because of the recession. As a
s result of slow textile sales and
t slow mill activity, cotton
s prices are down from a year
ago.
in 1983. The company’s
Virginia units consumed 3.7
million tons of coal in 1982.
Coal usage in Vepco’s
Virginia power stations will
rise to about 6 million tons a
year by 1986 as a result of ad
ditional conversions of oil
units to coal and increased
generation by coal units.
The livestock sector has
shown improvement this I
spring. Hog prices are up I
about a fifth in response to I
reduced production and the I
cattle market has strengthen- I
ed modestly.
Overall, the outlook for I
farm income is not quite as I
gloomy in North Carolina as I
in the nation. Much, however, I
depends on the weather dur- I
ing the growing season, con- I
gressional action affecting the I
tobacco support program, I
and the extent to which the I
nation recovers from
recession.
U.S. and North Carolina
farmland prices have increas
ed more rapidly over the past
10 years than the rate of infla
tion in the general economy.
Many nonfarmers invested in
land during this period as a
hedge against inflation.
Nonfarm factors have
played an increasingly impor
tant role in their demand for
farm real estate.
This has been especially
true in North Carolina, said
Neuman. Demand has been
growing for land to be used
for recreational, residential
and industrial purposes.
At the present the demand
for land for nonfarm uses is
weak because of high interest
rates, unemployment and
weakness in the economy.
Economist Neuman said
land prices usually rise faster
than the general price level
during inflation and fail faster
. than prices generally during
a period of recovery from in-
I flation. In short, land prices
. are more volatile than prices
generally.
On a bright note, farmers
\ can take comfort from the
’ fact that the rate of increase
1 in farm production costs is
moderating, The increase in
costs this year over 1981 could
• be well below 10 per cent for
, the first time in several years,
Neuman said.
(
1 The NCSU economist
1 doesn’t foresee a sharp ero
sion in land values.' If the
f general economy recovers in
, the months ahead and farm
[ prices return to more
• satisfactory levels within a
; year or so, land prices can be
t expected to stabilize and
I eventurally begin rising
i agian, possibly at 6-8 per cent
• a year or even higher,
Neuman said.
/H e ritaseN
JMALTY/
106 East King Street 482-2^45
482-7147
■ NEW LISTINGS im \
RIVER ROAD—Lovely 3 BR, 2 Bath, Brick home, L.R., I
Den, D.R., Kit., Util. Rm., Mud room - Beauty Shop in I
rear ...$65,000. I
I 2 BEDROOM HOME —ln town, L.R. w/fireplace, I
I bath, eat-in-kitchen, screened porch, fenced in back I
yard $30,000. I
INVESTMENT PROPERTY—3 Lots, 2 mobile homes, I
partially furnished $16,500. I
MEXICO RD. —Attractive brick ranch, featuring 3 I
Bedrooms, 2 baths, L.R. w/fireplace, Kit., Den, Garage, I
j fenced yard $49,900. I
WATERFRONT—Seven wooded acres on the Chowan I
River, secluded with tremendous view of the water.
FIVE ACRES —On
j business or home site.
IN TOWN—Gracious h qOVV iome in the historic I
I district, beautifully resi
MEXICO RD. lmm; Qte brick ranch, 3 BR., 2 I
baths, L.R.,D.R.KitSOVJ!fiOo, sun porch, well land- I
scaped yard.
SPACIOUS COUNTRY HOME —Lovely V-h. story with I
privacy, 4 Bedrooms, 4 baths, L.R., Great Room I
w/fireplace, util. Rm., recreation room, 2 car Garage I
- assumable loan at 9%, dual heat pumps $92,000. I
CHARMING 1 YEAR OLD HOME 3 bedrooms, 2 I
baths, large family room, utility room, workshop. Cen- I
tral heat and air $35,000. I
IN THE COUNTRY—2 bedroom home on an acre of I
land, workshop. Central heat & air $32,000. I
EDEN STREET Lovely brick ranch, 4 BR., den I
w/fireplace, L.R., kitchen, 2 full baths $68,900. I
j NEAR HANCOCK STATION—Home or mobile home I
sites. 5 acre tract. SOLD I
6 acre tract ....$5,000. I
ARROWHEAD BEACH—New 2 bedroom house on 2 I
lots $27,500. I
ARROWHEAD BEACH—Attractive 3 bedroom home, I
I living room, dining room, kitchen and bath. Situated on I
3 wooded lots $19,500. I
I HISTORIC DISTRIC Charming lVfe story brick I
home, L.R. w/fireplace, Den w/fireplace, 2 full baths. I
1 I HICKORY LANE—Great Room, Kitchen with conve- I
; I. nieot dining room, 3 bedroom, 2 baths, game room and I
; j large yafd..'. $60,000. I
WATERFRONT Albemarle Sound, % acre lot on I
I Bella Vista Drive $26,500. I
FOR RENT House and apartments. I
8.5 ACRES WATERFRONT—With private boat basin, 1
I secluded, rustic 3 Bedroom log home in idyllic setting. I
, I 10% financing.
1 I HOME ON THE ALBEMARLE SOUND—Cape Col I
ony, 2 story brick, 3 or 4 Bedrooms, L.R. with fireplace, I
I Family Room with fireplace, large deck, workshop. Cen- I
tral heat and air $73,500.1
j FANTASTIC BUY!—Country Club area’. Owner must I
I sell. 4 BR, brick ranch. Over 2000 sq. ft., Vfe acre fenced I
lot. Garage, family room with fireplace, 9M> per cent I
! I assumption $62,500. I
CHOWAN BEAC£ nV Ose on 2 lots. 2 BR, 1 bath, I
screened porch, 1 Priced to sell,
j HISTORIC DISTRICT—LoveIy 2-story frame house. I
„ I Large country kitchen, family dining room, 3 BR., 2 I
I baths, 2 fireplaces. Reduced to $55,000. I
[
, I MORGAN PARK Lovely 3BR brick ranch in I
j excellent condition, central heat and air, built-in, 9Vfe I
per cent assumption $65,000. I
} NEAR TOWN—Attractive brick veneer home on I
I acre wooded lot, 3 BR, LR, den, dining area, lVi baths. I
10 per cent APR owner financing $39,500 I
I 4 BEDROOM HOME —On 2 acre lot. Convenient to I
j town, 2 full baths, LR, family room w-woodstove, I
I central air and oil furnace, 3 yrs. old, outbuildings. 10 I
1 per cent APR owner financing $42,000. 1
I BRICK HOME Three BD, 2 baths, large I
livingroom with fireplace, dining room, kitchen. Well I
I insulated. Central heat and air. Two car garage and I
workshop. 12 per cent owner financing $49,500. I
I SMALL HOUSE IN COUNTRY—I year old. Price I
I reduced to $12,500. |
j WATERFRONT
I rolling hills on the Ch
I APARTMENT HOUSE Good location in town, 5 I
I apartments. 3 lots $40,000.
ALBEMARLE SOUND Beautiful wooded lots over I
one acre in size on the water. Prices starting at an I
unbelieveable *2«.ooo, I
| INVESTMENT OPPORTUNITY Apartment
1 house with eight apartments. Excellent income in
prime location. 9V4 per cent assumption $85,000.
PRICE REDUCED Log Cabin, beautiful inside
I and out. Large fireplace, 2 bedrooms and loft. Main-
I tenance free, energy efficient $38,000.
ACREAGE Three lovely acres in a choice
I location, privacy. 12 per cent owner financing. SIO,OOO.
WATERFRONT Elegant home in a spectacular
setting on the Albemarle Sound, featuring, foyer, great
I room, 3or 4 bedrooms, Florida room, 2 full baths and 2
half baths. Plus 3 bdrm guest house. 1.1 acres with
sandy beach. 12 per cent owner financing.
COMMERCIAL BUIUH?XiQ 12.6 acres with 365’
I of highway frontage - bvHent owner financing.
HISTORIC DISTRICT —Charming 4 BD home with 2
full fatte, eat-in kitchen, formal dining room, LR, den.
1 and utility room. Beautiful yard. Price reduced
I $47.5(10.
1 Waterfront Lots Snug Harbor and Arrowhead.
I Other Lots and Acreage For Sale.
Page 7-B