January, 1932 



THE I. A. A. RECX5RD 



Page Five 



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Lake Co. School Districts 

 Seek More Taxing Power 



Consideration of Higher Tax Limit 

 Bill Deferred Until Jan. 6 



AN effort to increase the property 

 tax limit for school purposes in 

 Illinois was ma^e by proponents of 

 House bill 72 before the House Com- 

 mittee on Education at Springfield, 

 December 16. 



This measure amends sections 189, 

 190 and 191 of the school law and pro- 

 vides that exclusive of taxes to pay the 

 principal and interest on bonds, school 

 districts which heretofore might levy 

 one per cent ($1.00) for educational 

 purposes and three-eighths of one per 

 cent (37.5 cents) for building and pur- 

 chasing grounds may levy 1 Yx per cent 

 for all expenses and upon a referendum 

 instead of V/z per cent ($1.50) for 

 educational purposes, and one-half per 

 cent (50 cents) for building purposes 

 and purchasing of grounds, may levy 

 not to exceed two per cent ($2.00) 

 and districts maintaining grades 9 to 12 

 in addition to grades 1 to 8 which 

 heretofore might levy an additional tax 

 of one per cent for educational pur- 

 poses ahd three-eighths of one per cent 

 for building purposes and for purchas- 

 ing of grounds may levy an additional 

 tax of one and one-fourth per cent. 



A representative of the Central Lake 

 County (111.) Taxpayers' Association 

 from Lake Villa appeared against the 

 bill, declaring that farm lands in Lake 

 county were being assessed at 38 to 44 

 per cent of their fair cash value, where- 

 as in Highland Park real estate was as- 

 sessed at only 16 to 20 per cent of its 

 fair cash value. 



"We are not against the present sal- 

 ary schedule of teachers," he said, "but 

 it's the frills in our schools that are 

 costing too much." 



Up Again Jan. 6 



Representative Bolger of McHenry 

 county moved that amendments pro- 

 fKJsed by friends of the measure to the 

 bill be printed and placed in the hands 

 of the committee on education before 

 final vote. 



Representative Luckey of Vermilion 

 county opposed the measure and advised 

 the school board representatives from 

 Lake county to go back home and pay 

 their just share of the taxes, then they 

 would have enough money to run their 

 schools. 



The committee finally voted to post- 

 pone action until January 6. 



Safety Rrst Principle 



In Investment Policy 



Bob Cowles Tells Agents How Funds 

 Of Companies Are Invested 



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Would Change Limits 



In districts which were heretofore 

 authorized by referendum to levy more 

 than one per cent but not more than 

 one and one-half per cent for educa- 

 tional purposes and more than three- 

 eighths but not more than one-half of 

 one per cent for building purposes and 

 purchasing of grounds, may levy a tax 

 of not to exceed one and three-quarters 

 per cent and upon referendum may levy 

 not to exceed two per cent and those 

 districts maintaining grades 9 to 12 and 

 heretofore authorized by referendum to 

 levy an additional tax of one per cent 

 for educational purposes and three- 

 eighths of one per cent for building 

 purposes and purchasing of grounds, 

 may levy an additional tax of not to 

 exceed one per cent and upon referen- 

 dum may levy not to exceed one and 

 one-eighth per cent. Provides that the 

 levy for the payment of principal and 

 interest on the bqnds shall be in addi- 

 tion to the levy of taxes for the ex- 

 pense and maintaining and conducting 

 schools. 



The legislative committee of the I. A. 

 A. has gone over the measure with its 

 proponents taking the position that in- 

 creases in taxes for educational purposes 

 must not be albwed without approval 

 of th« people in a popular referendum. 



Talk Over Problems 



17th District Meeting 



More than 40 delegates and members 

 from the 17th district attended the 

 I. A. A. sectional meeting in the Y. W. 

 C. A. Building, Bloomington, Decem- 

 ber 16. The meeting was called by 

 A. B. Schofield, I. A. A. director, who 

 presided. ' 



Among the subjects discussed were 

 hog cholera control, livestock market- 

 ing, including the 

 producers' sales agen- 

 cies, and plans for 

 financing the Illinois 

 Livestock Marketing 

 Association. 



Legislation now 

 before the General 

 Assembly, including 

 the proposed state 

 income tax, entered 

 the discussion. "It 

 A. B. schoflcid was a meeting in 

 which we talked over 

 our local problems," commented Mr. 

 Schlofield. "I believe such meetings have 

 great value because they give everyone 

 attending an opportunity to express 

 themselves about Farm Bureau activi- 

 ties and policies. Such an opportunity 

 is lacking in the larger state-wide 

 meetings." 



Robt. A. Cowles 



Farm co-operative marketing asso- 

 ciations in the United States number 

 approximately 12,000 at present with 

 a total membership of 3,000,000. 



THE reserve funds of the Farm Bu- 

 reau insurance companies are in- 

 vested in "back-log" securities, with 

 first consideration being given to safety 

 of investments and second consideration 

 to returns, R. A. Cowles, treasurer of 

 the Illinois Agricultural Association, 

 stated in explaining the investment 

 policy of the companies to a group of 

 northern Illinois agents in Chicago De- 

 cember 21. 



Following the only sound policy for 

 any new company. Country Life Insur- 

 ance Company and 

 Illinois Agricultural 

 Mutual have wisely 

 sacrificed possible 

 larger returns for 

 safe investments, a 

 large part of which 

 are made up of gov- 

 ernment and munici- 

 pal bonds, Mr. 

 Cowles said. Al- 

 though Country Life 

 is a capital stock 

 company and the au- 

 tomobile insurance company is a mu- 

 tual, the same investment policy has 

 been followed in both. 



The committee of five, which has 

 authority to make investments for both 

 companies, has placed the funds in 

 three types of securities, he explained. 

 The first type is United States govern- 

 ment obligations, such as liberty bonds, 

 treasury notes, and other similar issues, 

 which are readily convertible into cash 

 and which fluctuate very Httle in value. 

 The next type mcludes state and mu- 

 nicipal bonds. The third class embraces 

 utility bonds and first mortgage bonds 

 on railroads. 



At present the committee is confin- 

 ing investments largely to federal gov- 

 ernment securities. The committee 

 meets once a month and considers of- 

 fers of current issues. Business is done 

 through the oldest and most reputable 

 investment houses in Chicago and all 

 bonds are delivered in safe keeping to 

 the Continental Illinois Bank and Trust 

 Company, where they are kept. Cou- 

 pons are clipped by employees of the 

 bank and cashier's checks issued to the 

 companies. 



The investment committee is headed 

 by A. R. Wright, banker-farmer of 

 Varna, vice-president of the Illinois 

 Agricultural Association. Other mem- , 

 bers are President Earl C. Smith, Treas- 

 urer R. A. Cowles, and Directors M. G. 

 Lambert and C. J. Gross. 



