Newspapers / Daily Herald (Roanoke Rapids, … / May 29, 1930, edition 1 / Page 5
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TAX AMENDMENT DEBATE BY LOCAL H. S. STUDENTS Miss Ollie Pbwell Fourth Speaker For The Negative Honorable Judges, we have heard : the opinion of two great tax authori ties on this important question. Both have said that the system has prov ed inadequate. Since this method of taxation has proved so inadequate in ohter states, surely it would work , with little more efficiency in North Carolina, therefore the voters of our State should no tadopt such a sys tem because it would be inadequate. My third point, th eproposed consti tute nal amendment authorizing the classification of property for taxation , would be unsatisfactory. Such an amendment would be undemocratic. The power of classification would be vested in the Legislature of North Carolina. My opponents may say the members of the General Assembly represent the people and carry out their desires; this is not the situation. There is no doubt but that the Le gislators would classify the property and set the rate according to the wishes of the majority of the mem bers of the assembly rather than av oiding to the desires of the people as a v'bole. This is clearly an undemo cratic method of securing revenue for our State. A constitutional amendment au thorizing the classification of pro perty for taxation would cause a nev er ceasing struggle among the econo STATEMENT •; REPUBLIC INSURANCE COMPANY Sr Dallas, Texas I Condition December 31, 1929, as shown by Statement filed Amount of Capital paid in cash $ 2 000 000 00 Amount Ledger assets Dec. 31st previous year, $5,730,685.40 Total -- . 5 730 685 40 Income—From policyholders, $1,699,463,88; Miscellaneous $346,063.89; Total--. _--- 2 045 527 77 Disbursement—To policyholders, $588,427.81; Miscellaneous' $1,200,007.20; Total_ _ ’ 1 788 435 01 Fire risks—Written or renewed during year, $249,796,661; • f- ... ,,In F!‘Tce ---’—-— 277,767,078.00 All other risks—Written or renewed during year, $5,619 544 In Force - -’ . ,7,281,368.00 ASSETS | Value* of Real Estate __ 523 888 25 Mortgage Loans on Real Estate.. 1812315 20 Loans secured by pledge of Bonds, Stocks, or other collateral ’ 15 000 00 Value ct Sonds and Stocks ... - 3,17l',213'.86 • Cash m Company s Office _ _ _ 34,860 54 ■ Deposited in Trust Companies and Banks not on interest ... 42,069.00 Deposited in Trust Companies and Banks on interest_ 20,539 46 ■V rent s’ balances, representing business written subsequent To October 1, 1929 ..... --- 320,626.93 ■en^s balances, representing business written prior October 1, 1929 _i_ 6 4qq gg ills receivable, taken for fire risks_Z_ 2222974W iterest and rents due and accrued _ __ 69,057.60 All other Assets, as detailed in Statement _ ... 33,917.29 TOTAL ___ $6,072,192.92 Less Assets not admitted _ __ 10199.51 Total admitted assets . __§ 6,061,993.41 LIABILITIES Net amount of unpaid losses and claims __ 68,000.42 , Unearned Premiums - _ _ 1,561.571.62 Estimated amount payable for Federal, State, county and ?; municipal taxes due or accrued _. _ 125,000.00 | Reinsurance and return premiums due other companies_ 72]532!89 „ All other liabilities, as detailed in statement _ 600,000.00 Total amount of all liabilities except Capital _$ 2,427,104.93 V Capital acutally paid up in cash __ _ $2,000,000.00 V Surplus over all liabilities _ _ $1,G34,888,43 Surplus as regards policyholders _ _ 3,634,888.48 Total Liabilities _____$ 6,061,993.41 "\ BUSINESS IN NORTH CAROLINA DURING 1929 } Fire risks written, $243,199; Premiums received_ 1,391.00 losses incurred—Fire, $12; Paid ___ _ __ ’ jo’oO d Resident I JaloniA; Secretary, Edison C. Jalonick; Treasurer, if vv. H. Shook. Home Office, 3504 Gillou Ave., Dallas Texas. Attorney for - i *frvi.ce- ^an C. Boney, Insurance Commissioner, Raleigh, N. C. Manager for f Nortn Carolina, Home Office. \STATE OF NORTH CAROLINA—Insurance Department. Raleigh, Feb. 15th, 1930. I Dan C. Bonsy, Insurance Commissioner, I reby certify that the above is a true and correct abstract of the state of the Repupblic Insurance Company, of Dallas, Texas, filed wih this 1 •tment, showing the condition of said Company, on the 31st day of ' tnber. 1929. Witness my hand and official seal, the dav and vear vc written.—DAN C. BONEY, Insurance Commissioner. mic groups to shift the burden of tax ation which would be especially mark ed when any particular group fell in to a state of financial depression. Geo. C. Tunnell has said ‘The Outcome of these struggles would result in in equality more unjust and destructive than anything that is likely to come under the present constitutional rule or uniformity of assessment.” To adopt a clasification system which would bring about a never ceasing commotion in the State Legislature. Taxation would be an ever present subject for discussion and numerous disputes would be the resuult of such a constitutional amendment. There is no sound economic basis for classification. The income from this system has proved disappoint ing. In many states there has been no increase in the amount of revenue produced; in several slates less in come has resulted; and in a few states has the increase under such a sys tem been large enough • to justify classification. We have an adequate system at present and there is n > sound economic basis for adopting a classification system. Part of thj people woulu bear the I burden of a high ra\: r+Mz -*h:n | would enjoy the benefits of a low rate. The lan.l owner ;s paying into the State treasury the greatest amount of revenue at present and to lower the rate on intangibles will not help those wh<* are already overbur dened by taxes. These same people will continue io pay the bulk of the taxes, and since no remedy is offer ed for those who are hearing the hea viest burden, the fairest thing to ;lo is have everyone pay on his property according to its value. To classify proprty woulud not in crease the listment of intangibles. A low rate will not induce a person to list his property, he will not secure honest enough under a high rate to list hsi property, he will not secure enough honesty under a low rate to induce him to acknowledge his ma terial wealth of stocks and bonds to the tax lister. And yet, my oppon ents advocate paying a man to be honest. We cannot buy honesty with a few cents, moreover, we cannot buy it at any price. This is proof, honor able judges, that such a system would not increase the amount of intangible property in North Carolina. The classification of property for taxation would not relieve the burden now resting on intangible property. The proposal is to lower the rate on intangibles in order to induce more people to list their intangible pro perty. This would not relieve the bur den on tangibles because under a re duced rate there would be an increase in the income from intangibles. Since the amount of revenue would be need ed tangible property would continue to be excessively taxed. It is unfair to attempt to pay one group of people to be honest at the expense of the re mainder of the people in the State. Thus, we see that classification would not relieve the burden now falling on , Start dusting now before it is too late We have Materials Recommended by the Department of Agriculture. Phone In Your Order Today Roanoke Hdw. Co. Phone 177 Rosemary, N. C. t., ■ Carolina Hdw. Co. ; Phone 36 Roanoke Rapids, N. C. tangible property. I have proved to you by the fol lowing points that classification would be unsatisfactory. First, it would be undemocratic. Second, it would cause a never-end ing struggle in the Legislature over rates and classification. Third, There is no sound economic basis for such a system. Fourth, the burden of tax ation would rest on a few. Fifth, such a system would not increase the list ment of intangible property. Sixth, classification of property for taxa tion would not relieve the burden on tangibles. Honorable judges, ladies and gen tlemen, my colleague and I have prov ed to you that North Carolina should not adopt the proposed constitutional amendment authorizing the classifi cation of property for taxation be cause: First, the present system is ade quate. Second, the present system i: fair. Third, the present system is sa tisfactory. Fourth the proposed sys tem would be unfair. Fifth, the pro posed system would be inadequate. Last, the proposed system would be ; unsatisfactoi y. Richard MacDaniel Negro, Fatally Shot Richard McDaniel, Negro employee of the Hester Construction Co., was instantly killed when he was shot in the back at close range with a shot gun in the hands of Robert DeBerry, also Negro employee of Hester’s. The shooting occurred in the edge J of Garysburg at the home of Andrew j Reid where DeBerry was rooming, ac- i cording to the wife of Reid, who was I in the house at the time of the shoot ing, DeBerry, McDaniel and Arthur Moore, also a member of the construc tion crew, came to the house as they had many times before and went into DeBerry’s room. After a few minutes they all came out and Moore and Mc Daniel started back toward Garysburg to the construction camp just this side, when DeBerry took Reid’s gun from the wall and went to the door, shooting McDaniel in the back in stantly killing him. When Coroner G. W. Grant of Northampton arrived neither De Berry or Moore could be found. Tho an inquest was held, no verdict was given as to how the Negro came to his death. Though no bad blood was known to exist between the dead man and the murderer, McDaniel and Moore had a fight the week before and it is gen erally thought by those who knew Moore that he and DeBerry had plan ned the killing. -□-. Tuscarora To Open Winton—H. O. Cartlon of Frank lin, Va., who has supervised the sum mer’s operations at Tuscarora Beach, has effeted a five year lease from W. P. and J. A. Shaw, owners of the beach property. Mr. Carlton is here ! this week making arrangements for the opening of the beach for the sea l son. The date for the opening is set for Friday, May 80. The opening | dance will be given Thursday night, ; June 5. -□ Garysburg School In Closing Exercises Garysburg.—The C.avysburg graded school closed on Thursday, May 15, with commencement exercises Thurs day night. The program presented by the school children was very good and a large crowd attended. At this time seventh grade certificates were given to Lillian Pate and Henry Harris. Beading certificates were also giv en. Road Work Finished The State Highway Commission has completed the concreting of the high way on Route 481, ‘from Virginia State line to Route 48. This work was completed several days ago and the road will be open for travel in a day cr two. Rains Have Helped Farmers of this section have been greatly benefitted by the nice show ers that have been falling the past few days. It has done all crops and gardens good, but the cotton, that has just begun to come up, needed it most. I Notice of Sale Under the terms of a certain deed of trust made by L. 0. Anderson to the undersigned Trustee on December P, 1927, as appears of record in the office of the Register of Deeds for Halifax County, North Carolina, in Book 381, at Page 491, default hav ing been made in the payment of the notes thereby secured, and the holder of said notes having requested me so to do, I will at 11 o’clock a. m., on Monday, June 22, 1930, in front of the Post Office at Roanoke Rapids, North Carolina, offer for sale to the highest bidder for cash, those two certain lots of land situated on the West side of Hamilton Street in the Town of Roa noke Rapids and known as Lots Num bers 61 and 62, as shown on a map of record in the office aforesaid, in May Book No. 3 at Page 64. • This 21st day of May, 1930. T. W. M. LONG, .y , Trustee. 4t*43*12. Roswell Bridger Leading Lawyer Died On Thursday Winton.—Roswell Carter Bridger, attorney, died at his home here late last Thursday evening following an illness of only a few days. He had been a sufferer from diabetes for sev eral years but his health had not se- ] riously interferred with his extensive law practice. He was confined to his bed in his last illness only five days and his death so soon was unexpected by members of his family and friends. He was 56 years old. -□ Mrs. Fannie Long Dies At Greenwood, Fla. Seaboard.—Mrs. Fannie J. Long, Greenwood, Fla., died at her home on Tuesday, May 13, at three thirty. Her two daughters here, Mesdames W. W. Jones and W. Parham Edwards, left1 immediately upon receiving the mes sage to attend the funeral, accompa nied by Mr. Edwards and two sons, Dick, Jr., and W. P. Jr. Mrs. Jones had been very feeble for several months, so her daughters had been expecting her death daily. Their nu merous friends here greatly sympa thize with them in the loss of their mother. -n Heavy Traffic Travel over Highway Route 12, passing through Northampton from [North to South, is very heavy. For la year or more it has been the most traveled State road in Bertie North ampton and Hertford as shown by the traffic census taken once a month by the Highway Department, but since the collapse of the bridge at Roanoke Rapids and the limiting of loads ov er the Weldon bridge, it has been much greater than before. STATEMENT MARYLAND INSURANCE COMPANY Wilmington, Dei. Condition December 31, 1929, as shown by Statement filed Amount of Capital paid in cash-$ 1,000,008.00 Amount Ledger assets Dec. 31st previous year $2,552,424.75 Total ___1_ 2,552,424.75 Income—From policyholders, $602,327.75; Miscellaneous $264,498.26; Total_._7_ 956,826.01 Disbursements—To policyholders, $234,382.47; Miscellaneous $331,781.95; Total - 656,164.42 Fire Risks—Written or renewed during yea* $33,861,382; In Force __ 88,652.776.00 All Other Risks—Written or renewed during year, $33,861,382; In force_ 11,349,086.00 ASSETS Value of Bonds and Stocks -- Deposited in Trust Companies and Banks on Interest- 181,115.56 Agents’ balances, representing business written subsequent to October 1, 1929 ___7-7- 478.52 Agents’ balances, representing business written prior «•***«« to October 1, 1929 _ 2,144.26 Interest and Rents due and accrued - 13,612.77 All other Assets, as detailed in Statement- 14,946.50 TOTAL $2,881,645.61 Less Assets not admitted - f'fS Total admitted Assets -$2,879,501.35 LIABILITIES Net amount of unpaid losses and claims - - Unearned premiums . - ---- 4<4,35b.b7 Salaries, rents, expens'<S3, bills, accounts fees, etc., Due or accrued - ----- - - 2,000.00 Estimated amount payable for Federal, State, County and Municipal taxes due or accrued Contingent Commissions, or other charges due or accrued __ 3,t>uu.uu All other liabilities, as detailed in statement- 101,750.00 Total amount of liabilities except Capital 673,321.67 Capital actually paid up in cash -.$1,000,000.00 Surplus over ail liabilities --$1,206,179.78— Surplus as regards policyholders Total Liabilities -$2,879,501.35 BUSINESS IN NORTH CAROLINA DURING 1929 Fire Risks Written, $586,748; Premiums received - ■>,391.00 All other Risks written $195,964; Premiums received- 3,»3b.0<> Losses incurred—Fire. $385.00; Paid - r-narill Losses incurred—All other. $1,395; Paid- - A5U3.WI President, Paul L. Haid; Secretary, F. R. Willard; Treasurer, Lhas, E. Swan. Mail office, 80 Maiden Lane, New York City. Attortley for Service. Dan C. Boney, Insurance Commissioner. Raleigh, N. C. Manager for North Carolina, New York Office. STATE OP NORTH CAROLINA—Insurance Department. Raleigh, Feb. 22nd, 1930. 1 Dan C. Boney, Insurance Commisioner, do hereby certify that the above is a true and correct abstract of the shrt* ment of the Maryland Insurance Company, of Wilmington, DeL, filedvwith this department, showing the condition of said Company, on ,thf A-d vear of December, 1929. Witness mv hand and official seal the day and year above written.—DAN C. BONEY, Insurance Commissioner. “In Flanders Field the Poppies Grow ..., ” For those brave soldiers who were near and dear to us, there is an occasion to show we remember. It is a dignified holiday. And we take pride in joining with the countless thousands who will on May 30 pay honor to those brave men who gave all that we may enjoy fredom. v This Bank Will Be Closed Friday, May 30th Roanoke Bank & Trust Co. THE LEADING BANK IN THIS SECTION S. T. PEACE, President J. W. ROSS, Cashier Roanoke tyqrids Branch
Daily Herald (Roanoke Rapids, N.C.)
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May 29, 1930, edition 1
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