Town of Morehead City,
North Carolina
i
Condensed Financial Statements
Fiscal Year Ended June 30, 1956
?ALANCE SHEET
ASSETS:
Cash on Deposit and on Hand $ 111,534.64
Uncollected Taxes 62,087.12
Street Assessments Receivable - . 30,309.70
Accounts Receivable ? Hospital Patients 79,201.95
Accounts Receivable ? Others ... 5,372.30
Investments ? U. S. Bonds .... 30,240.00
Investments ? Real Estate Purchased 1,358.79
Inventories of Supplies ... 6,650.00
Fixed Properties 1,370,374.86
Total Assets $1,697,129.36
LIABILITIES, RESERVES AND SURPLUS:
Accounts Payable $ 26,196.53
Withholding and Social Security Taxes Payable 1,696.92
Hospital Insurance Payable 145.05
Prepaid 1956 Taxes 54,026.38
Bonded Debt ... 570,453.74
Total Liabilities $ 652,518.62
Reserves for Deferred Collections and Losses :
Taxes Receivable I 62,087.12
Accounts Receivable ? Hospital
Patients 79,201.95 141,289.07 1
Reserve for Bonds call but Not Delivered 5,678.32
Reserve for Operating Expenses:
Recorder's Court 1,047.82
Rccreation Commission 1,783.01 2,830.83
Total Liabilities and Reserves 9 802,316.84
Surplus or Deficit:
Deficit Surplus
General Fund $219,407.24
Debt Service Fund 196,256.96
Hospital Fund 89,628.42
Recreation Fund 5,751.60
Capital Fund ' 822,582.78
$219,407.24 1,114,219.76
Net Consolidated Surplus 894,812.52
Total Liabilities, Reserves and Surplus $ 1,697,129.36
CASH RECEIPTS AND DISBURSEMENTS
RECEIPTS:
Taxes and Penalties Collected $ 156,728.19
Street Asaensments Collected . 1,013.20
State Intangible and Beer and Wine Tax 8,002.30
State Franchise Tax ._ _ 3,177.62
State Mosquito Control .... 4,945.50
Hurricane Disaster Relief (Connie, Diane and lone) ? 45,288.90
Parking Meters .. ... 9,972.15
Schedule "B", Auto, Bicycle and Dog Licenses 8,211.00
Revenue from Recorder's Court 3,663.51
Rent 600.00
Building Permits . 590.00
Paving and Repairing Streets ' ? 1^56.60
Sewer Permits and Water Tap Fees 10,226.33
Sale of Cemetery Lots ....... . 247.00
Powell Street Aid ?. ? - 18,163.93
Carteret County for Police Radio 2,080.00
Insurance and Other Refunds 397.81
Payroll Deductions 34 82.66
Insurance Recovery ? Storm Damages 3,703.45
-Miscellaneous 316.85
Hospital Receipts:
Patients .v $230,166.91
Tax Collections 2,308.03
County Board of Alcoholic Control 23,309.19
State and Federal Appropriations 714.00
County Welfare Department 833.00
Modical Care Commission 223.50
Contributions 2,385.61
Miscellaneous _ 4,827.09 264,767.33
Recorder's Court Receipts::
Court Costs * 12,430.16
State I. and I. Tax - 1,368.00
Fines Due County Schools 12,092.06
Amount Due Others 3.847.12 29,737.3
Recreation Commission Receipts:
Tax Collections 1 4,809.16
Donations 70.00
Snack Bar, Music Box, Etc. ? 168.01
Rents 1,931.60
Payroll Deductions ... 64.08 6.83-. < >
Toul Receipts * 683,392.30
Caah Balance July 1, 1958 85,691.11
Total Receipts and Balance .... ..$ 668,983.41
DISBURSEMENTS!
General Fund ....$ 168,620.08
Debt Service Fund ? 19,623.23
Tax Collections Remitted to Hospital and Recreation
Funds 6,917.19
Paid on Accounts Payable ... 12,286.86
Election Expense ..... 76.80
Expense of Dog Control ... ................... _ 36.00
UUW.,, .1
WHh Hm Armad Fotcm
Pvt. William H. Robinson
Takes Part in 'War Hawk'
U. S. Force*, Germany ? Pvt
William H. Robinaoo, 21, too of
Mr. and Mrs. Jamea R. Robinaoo,
304 N. 7th St., Morehead City, re
cently participated with the 8th In
fantry Division in "War Hawk," a
two-week field training exerciae in
Germany.
Robinson, a member of Company
D of the division's 13th Regiment,
entered the Army in February 1954
and arrived overseas last August.
He was graduated from More
head City High School in 1953 and
waa employed by Wallace Fish
eries.
U. S. Forces, Hawaii. ? Pfc.
James Branche, 20, son of Mrs.
Marie Branche, 710 Pine St., Beau
fort, is assigned to the 25th Infan
try Division in Hawaii.
Branche, whose father, William
Branchc III, lives at 535 Narrow
St., Port Arthur, Tex., U ? mem
ber of a reconnaissance platoon In
Headquarters Company of the di
vision's 27th Regiment. He has
been overseas since October IMS.
Branche entered the Army in
June IMS. He was graduated from
Queen Street High School in Beau
fort in 1953.
Virginia Beach. Va. ? Patrick O.
Rhue, airman, USN, son of Mr. and
Mrs. Stacy B. Rhue of 1S12 Fisher
St., Morehead City, is serving with
Fighter Squadron tl, based at the
Naval Oceana Naval Air Station,
Virginia Beach, Va.
Rhue reported to Virginia Beach
in December from the Air Station,
Jacksonville, Fla.
Before entering the service in
April 1956, he attended Morehead
City High School, and was employ
ed by the Stroud's Food Center in
Morehead City.
Off-Farm' Movement Fails
To Materialize, ESC Says
Raleigh? Despite the cut in to
bacco acreage allotments and other
problems facing North Carolina
farmers, most tobacco farm ten
ants and sharccroppers apparent
ly arc "staying put," a check
with Employment Security Com
mission offices around the state
has shown.
The farm family displacement
problem has not developed thus
far as some feared it might, ac
cording to the ESC's Farm Place
ment Service.
ESC Chairman Henry E. Ken
dall said there has been a slight
increase in the "surplus" of ten
ants and farm workers listed in
local offices, but he pointed out
this follows the trend of recent
years.
While there has been an increase
in the number of farm workers
seeking help from the local offices,
Mr. Kendall said there is no way
of telling just how many of these
represent "displaced" farm fam
ilies, or how many arc in the nor
mal seasonal movement at this
time of the year.
"Reports from our local offices
would indicate, however, that no
major displacement problem has
developed," Mr. Kendall said, and
he added that the Farm Placement
Service ? at this point? is not an
ticipating any greatly increased
leave-the-farm movement.
He cited a report showing that
during December some 9,065 work
ers were placed in agricultural
employment. This was 3,464 more
than the number placed during the
previous December, and it is es
timated that about 90 per cent of
the placements represented year
round employment.
The Farm Placement Service
reported 1956 as its "best year
ever." Some 413,703 farm workers
were placed on jobs, an increase
of 70,391 placements over 1955.
Last year's total was far better
than the previous highest total
(372,212) recorded in 1953.
The big increase in farm place
ments was due to favorable wea
ther and in a large measure to'
the fact that local offices around
the State were able to put more
time on farm placement efforts
last year, it was said.
Steady Benefactor
Kitchener, Ont. (AP) ? For the
11th consecutive year, an anony
mous donation of $1,000 has been
received by the Women's Mission
ary Society of St. Peter's Lutheran
Church here.
0
Jul 30? Mr. and Mn. Nacy Bar
ker and daughter, Judy, of Orien
tal spent Sunday with Mr. and
Mrs Moooie Norman and other
relatives.
Mr. and Mrs. Melvin Morrias o f
Atlantic spent Sunday afternoon
with her sister, Mrs. Nannie J.
Pittman.
Mr. and Mrs. Bone Wallace Jr.
spent the weekend with her par
ents, Mr. and Mrs. Luke Lewis,
and Mr. and Mrs. Rone Wallace
Sr.
David Carl Edwards of Florida
spent the weekend with his (rand
parents, Mr. and Mrs. Floyd Har
dy.
Mr. and Mrs. Horace Lewis and
Mrs. Emma Pittman of Beaufort
visited Mrs. Nannie J. Pittman
Sunday afternoon.
Mr. and Mrs. Linzie Cannon
went to New Bern Sunday after
noon to sec their daughter, Mrs.
Lawrence Dixon. She had broken
her foot. We hope she will soon
be better.
Mrs. Charlie Edwards of Florida
spent the weekend with her daugh
ter, Mrs. Maxton Tosto.
Mr. and Mrs. George Earl Har
dy visited Mr. and Mrs. Ivy Pitt
man Sunday afternoon.
Mr. and Mrs. Luther Carraway
and twin babies of Cherry Point
spent Sunday with her parents,
Mr. and Mrs. Rone Wallace.
Mrs. Mary Pittman has got bet
ter and we hope she will continue
and will soon be well again.
Mr. and Mrs. George Hardy and
Mrs. Bessie Carraway went to Ash
ley Fodrie's funeral Sunday at
Russells Creek.
Cecil Tosto remains on the sick
list. He has a busted muscle in
his right shoulder. We hope he will
soon be better.
Firemen Rescue
Trapped Pigeon
Bowling Green, Ky. (AP)? Cre
dit the city fire department with
the extraordinary rcscuc of a
pigeon.
Someone had tied a 10-foot piece
of string to the bird and com
pounded the felony by attaching
a stick to the twine.
A pedestrian spotted the pigeon
hanging head down, flapping help
lessly, from a telephone line and
called the Fire Department.
Fireman Wallace Westbrook, dis
patched to the scene in a ladder
truck, set the pigeon free.
Recorder's Court Officer Fees 1,778.00
Parking Meter Supervision and Expense 2,816.47
Police Radio 460.00
Payments to Hospital Savings Association 1,860.70
Payments in lieu of Vacation and Bonuses 1,797.90
Powell Street Aid Expense 192.75
Hurricane Relief Fund Expended 49,106.30
Street Paving 1,113.90
Miscellaneous - - 313.86
Social Security and Withholding Taxes Paid 2,118.75
Hospital Fund Expenses 256,561.10
Recorder's Court Disbursements:
Costs Remitted to Town General Fund ? $ 3,663.51
Salaries of Judge, Solicitor and Clerks__ 8,448.25
Jury, Witness and Other Fees 682.00
Feeding Prisoners 793.44
Office Equipment and Supplies 471.87
Restitution Payments 1,275.12
Appearance Bonds remitted to Clerk of
Superior Court _ 1,325.00
Fines Paid to County 11,618.55
Paid State I. and I. Tax 1,368.00
Special Guards and Medical Attention 42.00
Bonds Refunded 537.75
Refunds and Miscellaneous 116.28 30,341.77
Recreation Commission Disbursements:
Salaries of Directors and Assistants $ 4,538.00
Equipment, Repairs and Maintenance 1,145.54
Heat, Water and Lights 754.67
Insurance 463.38
Supplies and Miscellaneous 425.84 7,317.43
Total Disbursements 563,127.09
Cath Balance June 30, 1956:
Operating Funds $ 46,349.96
Hospital Fund 56,675.53
Recorder's Court Account 1,047.82
Rccrcation Commission 1,783.01 105,866.32
Total Disbursements and Balance $ 668,983.41
CERTIFICATE
We hereby certify that we have made an Audit of the financial
records of the Town of Morchead City, North Carolina, for the Fiscal
Year Ended June 30, 1956; and have filed our Report thereon with the
Town Commissioners.
We further certify that wc have prepared the above condensed
statements from our Audit Report; and that the above statements are
in agreement with our Report and the Books of Account.
Therefore, we certify that, in our opinion, the above represents ft
true statement of the financial condition of the Town of Moreheftd
City, North Carolina, at June 30, 1966, and a summary of Receipt* ftnd
Disbursements for Year Ended same date.
WILLIAMS & WALL
By: Frank P. Wall,
Certified Public Accountant
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46. Small cube
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PROOF
Straight
BOURBON
Whiskey
$9.10
PINT
$3.35 4/5 QUART
TYSON! DISTILLING COMPANY
KFNTU^KV
STATEMENT
Merchant* Fire Assurance Corporation of New York
New York, N. Y.
Condition Dcccmbcr 31, 1955, as Shown by Statement Filed.
ASSETS
1. Bonds ... u......... $22,403,135.00
2. Stocks .. 40,309,886.00
8. Cash and bank deposits 1,817,694.72
8. Agents' balances or uncollected premiums 2,872,863.55
Less ceded renisurancc balances payable 1,026,941.86
10. Bills receivable, taken for premiums _ 7,778.11
11. Reinsurance recoverable on loss payments 91,517.78
14. Interest, dividends and real estate income due and
accrued 112,615.61
17. All other assets as detailed in statement 721,964.68
Total admitted Assets: $67,310,513.59
LIABILITIES, SURPLUS AND OTHER FUNDS
1. Losses unpaid $ 5,391,030.82
2. Loss adjustment expenses unpaid 1,230,160.00
3. Contingent commissions and other similar charges... 220,000.00
4. Other expenses (excluding taxes,
licenses and fees) Underwriting $175,200.00
Investment 4,800.00 180,000.00
5. Taxes, licenses and fees (excluding Federal
income taxes) Underwriting 384,000.00 384,000.00
6. Federal income taxes 805,800.00
10. Unearned premiums :. 15,286,978.32
11. Dividends declared and unpaid: (b) Policyholders 1,062.86
12. Funds held by company under reinsurance treaties 1,080,257.34
13. Amounts withheld or retained by company for account
of others - 15,829.61
14a Unearned premiums on reinsurance in
unauthorized companies $ 568,176.22
14b Reinsurance on paid losses $35,345.93 and
on unpaid losses $715,890.88 due from
unauthorized companies $ 751,236.81
Total 4 1,319,413.03
15. Less funds held or retained by company for
account of such unauthorized companies $ 135,730.51 483,682.52
It. Excess of liability and compensation statutory and
voluntary reserves over case basis and loss expense re
serves 60,815.28
23. Total liabilities ? - $25,138,816.75
25. Capital paid up $ 3,000,000.00
26. Unasslgned funds (surplus) 39,171,696.84
27. Surplus as regards policyholders 42,171,696.84
28. Total 887,310,513.50
BUSINESS IN NORTH CAROLINA DURING 1K$
Net Losses
Uae 1 1 Business Net Premiums Incurred
Fire $112,437.44 $38,770.30
Extended coverage 29,172.17 39,095.21
Torn., wind, eye., hail (except growing crops) 109.76 44 10
Ocean marine ! 1,483.42 15.10
Inland marine 30,723.12 4,603.55
Auto phys. damage 3,319.21 2,248.98
Surety 4,956.21
Home owners 94.60
Total $182,295.93 $84,777.24
President, W. F. Brady; Secretary, E. S. Winter. Home office, New
York, N. Y. Attorney tor service: Chas. F. Gold, Commissiooer of
Insurance, Raleigh, N. C.
North Carolina Insurance Department,
Raleigh, 1956
I, Chas. F. Gold, Commissioner of Insurance, do hereby certify that
the above is a true and correct abstract of the statement of the
Merchants Fire Assurance Corp. of New York, New York, N. Y., filed
with this department, showing the condition of said company on the
Slat day at December, 1855.
Witness my hand and official seal, the day and date above written,
(laal) Charles F. Gold, Commissioner of Insurance,
?A