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I ODOIIMn II CORNISH HENS $1.39 T. $7.99 1 — P OBIIO^
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@ BRAND U.S. CHOICE BEEF I
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• CURED STEAKS *5 AO faSTA SUPERBRAND ® I, Qf%
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**&B9 JlO” ! VINE RIPENED I
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LETTUCE ■., 49c 1
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I steaks I Frozen Foods !fi&
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I SiAO mteklw I CORN DOGS
1 iS: I VTr jER 11 GLAZED DONUTS H 69c
.
THE CHOWAN HERALD
Page 9-B
Robert White
Graduates
HAMPDEN-SYDNEY,
Va. Robert G. White, 111,
of Edenton, was among 153
graduating seniors at
Hapden-Sydney College
recently. John D. deßutts,
chairman of the board and
chief executive officer of
American Telephone and
Telegraph Company was the
commencement speaker.
Auto Costs
Skyrocket
ATLANTA, Ga.
Economic losses resulting
from automobile accidents
reached an all-time high of
$47.7-billion in 1977, ac
cording to the Insurance
Information Institute.
A record number of traffic
accidents together with
continuing inflation in the
cost of auto repairs, medical
and health care contributed
to the record loss figure, the
Institute said.
The 1977 figure represents
a 16.7 per cent increase over
the $40.9-billion in economic
losses reported by the in
stitute for 1976. That
marked the first time that
economic losses from traffic
accidents topped the S4O
- level. As recently as
1968 ecomomic losses
totaled slß.l-billion.
The economic loss figure
includes the cost of paying
for property damage and
legal, medical, hospital and
funeral bills (both insured
and uninsured), along with
loss of income from absence
from work and the ad
ministrative costs of in
surance.
The institute reported that
the number of traffic ac
cidents recorded in 1977
reached an all-time high of
26.7-million, up 5 per cent
from the 25.4-million ac
cidents recorded in 1976.
Injuries suffered in
automobile accidents
reached a record high of
nearly 5.6-million in 1977, a
5.8 per cent increase over
the nearly 5.3-million ac
cident inuries recorded in
1976 the previous record,
according to the institute.
The institute noted that
49,200 traffic fatalities were
reported by the National
Safety Council in 1977, a 5.4
per cent increase over the
46,700 fatalities reported in
1976.
The institute observed
that the death toll increased
in 1977 and 1976 following a
three-year decline in traffic
fatalities. Despite these
recent increases, the 1977
fatality total is still below
the 1966-1973 period when
the death toll exceeded
50,000 in each year.
Banks Agree
On Merger
ROCKY MOUNT - The
Boards of Directors of The
Cumberland Bank in
Fayetteville, and Peoples
Bank and Trust Company,
headquartered in Rocky
Mount, have approved in
principle a merger
agreement.
In a joint announcement,
The Cumberland Bank
Chairman Dan R.
Thomason and President C.
Fred Clark, Jr., and Peoples
Bank Chairman and
President William H.
Stanley stated that “an
agreement to merge The
Cumberland Bank with
Peoples Bank and Trust
Company has been reached
by the banks’ Directors. The
exchange ratio shall be .52
shares of Peoples Bank
stock for each share of The
Cumberland Bank stock.
This agreement and plan of
merger is subject to
shareholder approval and
approval by regulatory
authorities.” Approval of
the merger would result in
combined total assets of
$317,000,000, the spokesmen
said.
The Cumberland Bank
currently operates four
banking facilities in the
Fayetteville area with a new
office planned for com
pletion this summer.
Peoples Bank and Trust
Company, the state’s ninth
largest commercial bank,
operates 41 offices in 24
communities and will open
its new Wilson office this
month.