Newspapers / The Perquimans Weekly (Hertford, … / Aug. 24, 1989, edition 1 / Page 1
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THE PERQUIMANS WEEKLY Volume M, No.34 USPS 42?-0?0 Hertford, Perquimans County, W.C. Thursday, August 24, 1989 30 CENTS Feature First day of school tips p?g?8 Local Briefs Substitute teacher training offered soon Effective Teacher Training for substitute teachers is scheduled for August 28, 29, 30, 31 and September 1, 1989. The sessions will be held in the new Perquimans County Schools central office building from 9:00 a.m. -4:00 p.m. daily. Anyone interested in becoming a substitute teacher should hold a high school diploma and success fully complete the five (5) day Ef fective Teacher Training (ETT) workshop. If you plan to attend the workshop, please register by call ing 426-5741. Peoples acquires Watauga Savings ? Peoples Bancorporation, Rocky Mount, North Carolina, and Wa tauga Savings, announced recently that they have entered into an agreement whereby Watauga would be converted from a mutual to a stock chartered financial insti tution and simultaneously become a wholly owned subsidiary of Peo ples Bancorporation. Headquar tered in Boone, North Carolina, Watauga Savings has offices in Boone, West Jefferson, and New land, North Carolina. The trans action is subject to the approval of appropriate federal and state regu latory authorities. Peoples will recapitalize Wa tauga by purchaing 100 percent of the common stock of Watauga to be issued in the conversion. Upon completion of the transaction, Wa tauga will equal or exceed the capi tal requirements recently imposed by the Financial Institutions Re form, Recovery and Enforcement Act which was signed into law by President Bush on August 9, 1989. Watauga will remain as a separate financial institution with its Board of Directors and staff continuing to serve in their present capacities. -Peoples Bancorporation, the state's ninth largest bank holding company and parent of Peoples Bank & Trust Company, Rocky Mount; Mid-South Bank & Trust Cohipany, Sanford; and Citizens National Bank, Winston-Salem, had assets as of June 30, 1989 of $1,267 billion. Watauga had assets of $121 million as of June 30, 1989. Robert R. Mauldin, Chairman of Peoples Bancorporation, said, "This is a unique opportunity for Peoples to join with a financial in stitution with a high market share in one of the state's major growth areas, western North Carolina. The market served by Watauga is simi lar in many respects to markets al ready served by our banks. This move solidifies Peoples Bancorpo ration as a statewide network of fi nancial institutions. Peoples' affiliation with Watauga allows the bank holding company to continue its commitment to community oriented service." <*eorge C. King, Watauga's Pres ident said, "The association with Peoples Bancorporation is not only a positive move for our institution and its staff, but also allows Wa tauga to concentrate on its commit ment to the High Country as its major locally-oriented financial in stitution. We are proud of our asso ciation with Peoples, which will allow Watauga to broaden the range of financial services we can provide to our High Country cus tomers." Perquimans Weekly FOOTBALL CONTEST BEGINS AUGUST 31?t ?1? 40 LtMNZI ? ? Capital outlay revenues must be raised County voters will decide on fate off land transfer tax Residents will decide on November 7 if they want the county to enact a one percent ? land transfer tax when the issue appears on the municipal election ballot. The county commissioners authorized the referendum last week after the General As sembly enacted legislation allowing Perqui mans, Pasquotank and Washington counties to levy the Land transfer tax with the stipula tion that voters support it via a referendum . The act requires that funds generated by the tax be used for capital outlay expenses. School buildings fall into that category, and the commissioners have indicated that funds collected would be used for school construc tion projects. Some Perquimans School buildings need major repairs and renovation; others do not have adequate space. According to Superin tendent Mary Jo Martin and Commissioner's Chairman Lester Simpson, neither the schools budget nor the county has sufficient funds to finance the facilities needs. Perquimans Middle School has classrooms not only too small to meet state accreditation standards, but inadequate to allow sufficient teaching areas. Storage closets have been turned into work stations for guidance coun selors and other support personnel. The media area is insufficient, dressing and locker rooms are inadequate and the cul tural arts classes are in a sub-standard build ing. If all the students enrolled begin school next week, a science lab will have to be turned into a classroom. There is no more space to house another group of students. Central Grammar may have to be re placed. State guidelines state that if you must spend over 50 percent of a building's value for renovation, you must replace it rather than renovate. The guidance coun selor and music teacher share a former dressing room off of the stage area. The other dressing room has been renovated to become an office for the Spanish teacher. The schools will build a small mobile unit this year to help with inadequate space at Central. Three are actually needed there. Perquimans High received a major facelift three years ago, and is what Martin termed "close to adequate". However, a state struc tural engineer has told the school board to consider the King Street wing a short term facility. It needs to be replaced in the near future due to structural damage and inade quacies. Martin said the high school, how ever, is at present "manageable". While Hertford Grammar is structurally sound, it is full. The music teacher has no work station and storage closets now house teaching stations. Two storage areas in the school's newest wing have no ventilation and cannot be used for classrooms at present, but a review is being made to determine if the areas can be renovated for a computer lab and other needs. As if the present situation is not enough for the county to deal with the state projects a 10 percent growth for the school system. That translates to approximately 180 students. The question facing the county now is where to house the students. County Manager Paul Gregory estimates thit the proposed levy would generate around $200,000 per year in additional taxes. The monies to upgrade the buildings must come from some source: ad valorem (prop erty) taxes, school band issues, grants, land transfer taxes or, most likely a combination of all of the afore-mentioned. The school board has gone on record en dorsing the proposed tax. [Hertford native writes 'sporty' stock portfolio Great ideas strike at the odd est times. Take for instance the brainstorm that hit stock bro ker Chris Harrell while watch ing a Friday night NBA playoff game featuring the Chicago Bulls. While star player Mi chael Jordan was racing up and down the court. Harrell 's mind began racing through the stock market. "The idea struck me that if you used the companies he (Jordan) was endorsing, that wasn't a bad portfolio at the time," Harrell said. The Hertford native took notes dur ing the game, then went to work in his office at J. Lee Peeler & Co., Inc. on Monday and created a portfolio in about 20 minutes. "Michael Jordan is a living legend," wrote Harrell in what hftealls^MWiael Jordan's Bullish' Portffilio'' "He is adored by kids and adults alike. Everything he touches turns to gola. So as an inveatf , why not participate in the Jordan phenomenon. In vest in Michael Jordan by in vesting in the companies whose products he endorses," Harrell wrote. The portfolio includes Mc Donald s, General Mills, Nike, Ohio Art and Food Lion. Harrell estimates about a 31 percent re turn on investments. "I would say for it to be worth your while, you buy 50 or 100 shares of each one. That would cost you about $3,000 or $4,000. But, "Harrell said," the return would be worth it." Harrell wrote a report that tries to capture the attention of those people who are not real comfortable risking money on the stock market. His aim is to educate the public about stocks by raising the public's level of awareness. Featuring someone from North Carolina seemed to provide a perfect medium. Jordan's endorsement has def initely impacted the companies whose products he has endorsed. The "Air Jordan" line of Nike sports shoes has helped to push Nike stock up over 400 percent since August 1984. Watching professional sports may become more than a hobby with Harrell. He's reviewed companies endorsed by Los An geles Dodgers pticher Orel 1 Hershiser, and had someone ask : about a Danny Ferry portfolio. "Some people may think this is a crazy idea," Harrell com mented. "But I think it's an in teresting way of putting a portfolio together. ' ' Harrell is a 1977 graduate of Perquimans High School and 1982 graduate of UNC-Chapel Hill. He is the son of Mary Inez Harrell and the late Charles M. Harrell, Jr. and the grandson of Mr. and Mrs. Roy Chappell. He and his wife, Beth, live in Durham with their 10-week old son, Andrew Manning. Harrell has been with J. Peeler & Co. for seven years. School board announces free and reduced meal policy The Perquimans County Board of Education today announced its policy for free and reduced-price meals for children unable to pay the full price of meals served under the National School Lunch, and-or School Breakfast Programs. Each school and the central of fice has a copy of the policy, which may be reviewed by any interested party. Eligibility will be determined on the household size andincome shown on the chart following this article. Children from families whose income is at or below the levels shown are eligible for free or reduced price meals. Application forms are being sent to all homes with a letter to parents or guardians. To apply for free or reduced price meals, households should fill out the ap plication and return it to the school. Additional copies are available at the principal's office in each school. Tlie information provided on the application will be used for the purpose of determining eligibility. House hold income may be verified at any tune during the school year by school or other program officials . For the school officials to determine eligibility, the household must provide the following information listed on the application: names of all household mem bers, social security numbers of all adult household members or a statement that the household member does not possess one; total household income; and the signature of an adult household member certifying that the information provided is correct. FAMII Y SIZE NrMck MEALS YEARLY MONTHLY WEEKLY '7,774 1 64* '150 10,426 869 201 13,078 1,090 252 15,730 1,311 303 18,382 1,532 354 21,034 1,753 405 23,686 1,974 456 26,338 2,195 507 +2,652 + 221 +51 MEALS YEARLY MONTHLY WEEKLY '11,063 ' 922 ' 213 14,837 1,237 286 18,611 1,551 358 22,385 1,866 431 26,159 2,180 504 29,933 2,495 576 33,707 2,809 649 37,481 3,124 721 +3,774 +315 +73 Hertford Savings & Loan recognized for strength !\ortn Carolina s savings institu tions rank fourth in the nation in a new list of strong and profitable thrifts. National Thrift and Mortgage News has released a list of all sav ings institutions that posted an op erating profit during 1988 and had regulatory capital exceeding four percent of their assets The list is based on data from the Federal Home Loan Bank Board. One. hundred and fourteen (114) North Carolina savings institutions are on the list, including Hertford Savings and Loan Association. Only three other states have more institutions listed. "While problems of a segment of the thrift industry have created an enormous burden for the American taxpayer, the vast majority of sav ings institutions have continued the industry's tradition of fostering thrift and home ownership," Na tional Thrift and Mortgage News wrote. "Despite the ravages of inflation in the late 1970s and early 1980s, a significant portion of the thrift in dustry remains adequately capital ized and is earning a profit on operations." The president of the North Caro lina League of Savings Institutions, Thad Woodard, agreed with the newspaper's positive assessment of the industry. iNorin Carolina s inrms con tinue to be strong and profitable," Woodard said. "They have avoided difficulties by adhering to conser vation business practices." That conservation is what Hert ford Savings and Loan Secretary Treasurer and Manager Gene Boyce attributes to the local thrift's success. Putting depositor's funds in solid, unquestionable invest ments is the most important posi tive business practice the mutual company utilizes to stay healthy, Boyce said. The savings and loan offers con ventional home mortgages, certifi cates of deposit, savings accounts, Christmas club accounts and loans against savings deposits. Boyce has guided the company for 15 years, along with the board of directors of whom he is most com plimentary. Present board mem bers are Chairman Clifford Towe; C. D. White; Fenton Eure, Jr.; Wayne Winslow; Benjamin Hobbs; Broughton Dail, Sr.; Walter Ed wards, Jr.; John Christensen and Boyce. Gail Baccus and Betty Winslow are tellers at the savings & loan that opened for business in 1923. Hertford Savings & Loan has as sets of $8 million and outstanding mortgages of $5.6 million. It serves Perquimans, Chowan, Gates and Pasquotank Counties. Library committee makes final plea for support Donations are desperately needed for the library auction scheduled for Saturday night in conjunction with the fish fry being sponsored by the Jaycees. Members of the library committee and other concerned citizens have sent out a plea for support from the county. On Saturday, West Academy Street will be made one way during the fish fry hours of 4:00-7:00 p.m. Traffic may enter from GrubD Street and exit onto Market Street. Tickets for the fish fry are available from Jay cees and library committee members. Plates will include fish, cole slaw, stewed potatoes and hush puppies. Eat-in and take-out plates will be available. In case of rain, the supper will be held at Hertford Grammar School on Dobbs Street. r~sr Temperature's rising! Perquimians can watch the library fund grow on the thermometer on the courthouae green. The library committee hopes to raise several thousand dollars at Saturday's fish fry/auction.
The Perquimans Weekly (Hertford, N.C.)
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Aug. 24, 1989, edition 1
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