The Bismarck Tribune Newspaper, May 17, 1928, Page 7

ete + ge ee eee ee bay THURSDAY, MAY 17, 1 HAIL BUREAU'S SURPLUS FUND OVER 4 MILLION Assets of State Department Listed in Lund Audit at $4,758,407.94 Surplus funds to the credit of the 3tate hail department on March 31 totaled $4,431,768.75, according to the audit report of O. B. Lund, filed Yoday with the state board of audi- tors. In view of the fact that the state law govefning the surplus fund re- quired that the flat tax on land be dropped when the fund reached the four million mark, however, Lund [ule out fn the report that the jast levy was unnecessary since the fund would have exceeded that amount even if the levy had not been made. Assets of the department are listed at $4,758,407.94 of which $2,007,302.58 is in cash on hand, $2,677,027.94 is uncollected taxes due from counties and the remaining Smaller items such as accrued in- come, interest on certificates of de- posit and furniture and fixtures. Liabilities, in addition to the sur- plus fund, are $815,734.30 reserve for uncollectible taxes and small re- serves for depreciation, outstand- ing hail warrants and unsettled hail losses. ss Loss on 1927 Business The operating statement lists the 1927 hail indemnity income at $3,476,046.20 and the 1927 hail losses at $3,281,050.45, leaving ex- penses of $169,995.75. From this was deducted operating expenses of $169,419.90 and reserves totaling $40,878.49, making the net loss on the department’s 1927 business $15,302.64, Total income direct to the sur- plus fund totaled $459,073.12 of which $263,952.79 was obtained from the flat tax levy; $115,804.57 was from penalty and interest on delinquent taxes and $78,691.05 from interest on deposits in the Bank of North Dakota. After deducting the $15,302.64 net operating loss, Lund places the net income to the sur- plus for the year at $443,790.48. Of the total of $76,606.07 in hail warrants outstanding, — $59,115.39 were issued in 1927 and the re- mainder in prior years extending back to 1919. In his comment on the audit re- port Lund said: “Ninety-seven per cent of the liabilities set up in our statements represent reserves for estimated uncollectible outstanding hail taxes due the department from counties. This item represents the amount after deducting the refunds to holders of tax sale certificates and foreclosed lands that have been properly presented to the depart- ment and paid in cash at date of audit, as provided by Chapter 172, S. L. 1927. The wording of this law is not clear and the department. in acting on the theory that they are liable for refunds to tax cer- tificate purchasers for all subse- quent hail tax purchased on fore- closed lands. Analyzing the prob- able loss in uncollectible hail tax levy that might arise from the various causes, I believe that the reserves as carried in our state- ts are ample to cover all the Jocses that will be sustained by the fund on outstanding taxes, includ- Ie’s trite but true that you'll neverknowhow { ing Gum can be until you have tried the Teaberry flavor in. Clark’s Teaberry Gum. You'll find the Teaberi —Any store, CLARKS Solemn <.pprecia- ing refunds to tax certificate hold-/ 31, 1928, as set up in our profit and ers that might have accrued to date. | loss statement is as follows: Surplus Over Four Million — |3er°" toga eatinsnte be! | ‘i it dit f allctibte ery per In our previous audit report o! March 81, 1927, we set up sutplus|cent .......++.+.000..$ 263,082.79 fund of $3,987,988.27 which was|From closing 1926 and within $12,001.73 of meeting the|Ptior year hail tax ac- $4,000,000 statutory surplus au-|COUNtE .......+...es00 624.71 thorized by law, and at which time | From penalty and inter- the flat tat levy on all tillable lendsiest on delinquent of the state was to be diseontinued. | taxes ..seeeeeeee se 116,804.57 According to our computations the | From in on de- penalty and interest on delinquent | posite in Bank of North taxes and interest on cash deposited | Dakota sovscese 459,078.12 cen ee ae te, tor the fare [Amount used for 1987 rought the surplus to four million dollar mark long before |hail business .........$ 15,802.64 October, 1927, the time making |Net amount to surplus the hail tax levies. That’ flat tax|for year .... was levied, however, for the year fet lus fund March 31, 1927, and is now in the process of |1927 ......... savage 3,087,988.27 collection which, with the other in- “hte fund March 31, comes to the fund during the year] 1928 .......+.......+ 4,481,768.75 has brought the surplus account to| “This leaves $481,768.75 in excess $4,431,768.75 in our statements, aft-|of the statutory surplus. It will be er setting up ample reserves for all|noticed that without imposing the apparent future losses that are apt|flat tax for the year 1927, there to be sustained in the liquidation of | would still have been an excess sur- their assets. The income to the sur-|plus of $167,815.96 over the four- plus fund for the year closing March | million dollar statutory surplus MARK THE GREAT DAY WITHA WRIST WATCH Among the Many attractive , items we have spe- cially priced for this big sale, note the follow- ing: Ladies’ 15 jeweled sea hea rete Gold case, regular price $16.50... Durin; this sale for only ss $950 NEWEST MODEL IN LADIES’ WRIST WATCHES Lovely new design, case of White Gold with a 15 jewel movement. Regular price $22.50, at this sale for $12.50 MEN’S STRAP WATCHES In the popular new shapes, 15 jewel move- ments, White Gold case. Regular price $18.00. Specially priced for this sale at $9.50 A group of stunning models in Gents’ Strap Watches—15 jewel movements. priced at $22.50; during this $12.50 Men’s Pocket Watches .. Men’s fine 21 jeweled—16 size Illinois Pock- et Watch—White or Yellow Gold, 20 year Rov sents $S0.90 of men’s 16 size Hampden 21 jewel et watches. Handsomely engra' 20 sale for tion of the great responsibilities en- trusted to us in- spires us to give the most efficient and sympa thetic service at all times. Webb Bros. Funeral Directors wvecceeee 448,770.48 | I Paying Off Creditors Sale Commencing Friday, May 18, at 9 A. M. HAND-PAINTED CHINA FREE One piece of beautiful hand-painted china will be given This Sale Includes Ever y Jewel In Stock to the first 25 lady customers. ware, Art Goods, and Exquisite small jewelry to be offered at prices that will BE HERE WHEN THE DOORS OPEN _ aon = oe ie Prospective jewelry — ™ Suevtpectvelags “il satis is is your chance uy that gra re gift or wedding present at a big THE BISMARCK TRIBUNE fund authorized by the state hail in- Pro H He is editor of the 1928 Agawasic! mittee, Miss edy won a trip t 4 surance law, are Honor teen t and wae a ae Cytar? etl el Nd with a es paiibes paid An Everyday Story jyear. He won letters i: football an m her home in North Dakota and Volume of Losses Greater “! track events and was manager of|return, and a check for $500. Holloway, Minn.—“I can “The volume of hail losses for cara the school ny Agfa Mae about a quarter —weneton, te. Genii ua E May 6 in the national capital. On the average bal iota for the held at the state school, of ‘science North Dakota Teacher] ™ey,,9,,the, was presented to the n part! , , satis were paid as promptly as the routine |Cvents, will also receive high acade- PR TROUBLES MULTIPLY 4 3 FA «oii of allowing and mic honors, Miss Anna M. Keedy, a teacher FO! N SMITH Pre. permitted, and sl in this page Schmitt, a guard on the champion-|in the Minot public schools, wat re- i eho | ae phe = ‘and ment of josses, the state treasurer |Stip Wildcat basketball team this|cently awarded first national honors|, Indianapolis, © May — 17.—John| surely along carried a million dollars of the state |)°2" will be valedictorian. He lives|in the sixth annual contest conduct-| Smith, Negro, was on trial in Crim-| ifj.|2ere: Weed, quarterback on last/ed by the highway education board|inal Court for burglary. “Have you| ae aie pespcertitie fall's football eleven, trailed him among the elementary school teach-|¢¥er been Arrested before,” boomed North Dakota that was not required for scholastic honors by only a few|ers of the nation. This was for the|the judge. “Nosuh, judge,” came joints. Weed lives at Alexandria,| winning lesson which she submitted |the response. different to promptly pay the season’s hail| \inn, in the 1926-27 national safety lesson| The prosecutor called for the file macy ite 1 ba tudent, has been a letter-man on is t ducate the youth of |& total of 129 charges, includin; department had over $2,000,000 of |f) ri SRereinE Line erpra Rami he cesties i biedee Te cash on hand, with $2. Peon sor the basketball team for two seasons. | America and to mold publi ur-jand secretary and treasurer of the|streets and highways. Then he was permitted to sce the Tent tax unpaid and due to come in- |g” club, student lettermen’s organ-! By process of elimination, Miss|folder. “Judge, yer honor,” sudden- me AY ne neighborhood to the fund. With this showing it|ization. At a mectin Ki i ; iz of the stu-|Keedy's I y f “T wasn’ Would appear that the department |dcnt cabinet easly in the school year {hoot dram hee aches ee ese een Loe nae eee prananen, A wasn’t 7 best from her school, the best from} born when some of these things was i R would have ample cash on hand in|he was ‘i ‘ " , es: desire a trial pkg. of Favorite the future to operate on a cash basis te Abawasie aden annals eS A aEoree ee tac te lta Prescription or Anuric (a stimu- without levying more tax for sur-|" ‘Weed is graduating from’ the tld Kell Ct as the best from] It was the criminal record of all| lant diuretic to the kid plus.” Arts course in the junior college.| Through the decision of the com-| founded. | Buffalo, N. Y.—Adv, The Entire Stock Embracing the World’s Finest Diamonds, Watches, Silver- Guaranteed everett | Diamonds liness and utility. Everyone knows the Fine Quality Stones this store has 1847 ROGERS the reputation of selling. They are unequalled for bril- liancy and color. These prices will mean Unusual Savings. . hollow handle, Regularly priced at $34.25. A croup of pretty, solid white gold Rings, set with gen- During this Sale uine diamonds. Regularly $25.00. Now $22.50 $13.50 WM. ROGERS Rach sheeuua of Rings which sold for $35.00. All Solid rocc2 ct. Regularly priced at $12.59 . 18-K gold mountings. Reduced to $8.50 $18.00 CHINA ; which sold at $75. All briliiant blue stones, You may choose at Hand-Painted * $97.50 Tea SOtS: o.viciccsicincccce sess cs -$9.50 $44.75 DS BIO! TER: SOS: :--cein:scgicsieg se o> >: ... 4.00 Diamond Engagement Rings, Stones. Have fine spread, spark- ling, and full of life, in newest gold settings. $85 regularly. Now $58.50 Diamond Solitaire. A most beautiful blue- white diamond, excep- tionally brilliant. Reg- ular price $145.00. Now # CUT GLASS A big selection to choose from at a big price reduction. Parker’s Duofold Pens, : regular price $7.00, NOW ........seeeeee: $4.95 Fancy Finger Rings You may take your choice of any Ladies’ 1 /2 PRICE or Gentleman’s ring in this store at ......« This includes all our beautiful rings set with semi-precious stones—The last word in style. .Also you will find hundreds of other items too numerous to mention marked at 1-2 price, and in many instances, for much less. ARANTY Every piece of merchandise sold from our store is guar- : TEASPOONS anteed to be 100 per cent as represented. R | Silver-plated Teaspoons—made by Wm. Rogers. Limit : six to a customer, no more, please. The Royal Jewelers Next Door to Woolworth’s at 408 Main Ave., Bismarck, N. D. PAGE SEVEN Miss Keedy spent the weck of| recommend Dr. Pierce’s Favorite Prescription to any weak and ailing ‘woman, During my last expectant period I took three bot- fine. I,have also taken it for fem- inine trouble at OeaAt date of audit the state hail|., <hmitt, an electrical engineering |contest. The purpose of these les-/0n “John Smith.” The record showed! the ‘Anuic Tablets,’ too, and have 0 found them 5 fc opinion |fishing on Sunday and murder. The | we tnd we aren yell "Re relieh we paid, and over $2,000,000 of the cur, He is president of the senior class}on the question of safety on our|19-year-old youth’s eyes bulged.| know where we can get it.”—Mrs. for Dr. Pierce”’s medicines. If you the John Smiths since the city was] 10c to Dr. Pierce’s Invali ty highly times taken dealer + send Hotel,