Business/Industry
Archer, Wood Named To SNB Board
Bill Archer, plant manager of
Burlington Industries, and James
G. Wood, owner and operator of
Western Auto Associate Store,
have been elected to the City Board
of Directors of Southern National
Bank in Raeford.
A native of Narrows, Virginia,
Archer graduated from Virginia
Polytechnic Institute with a BS
degree in Business Management/
Economics.
He served in the U.S. Army and
received numerous meritorious
awards for performance.
Archer is past president of the
Raeford Lions Club, having re
ceived the Lion of the Year Award,
1980-81 and is presently serving on
the Board of Directors.
He has served as president of the
Jaycees and member of the Ruritan
and Kiwanis Club.
Archer is married to the former
Harriet Johnson, also from Nar
I rows, and they have two daughters,
Sarah Elizabeth and Ammie
Brooks.
Wood is past president of Rae
ford Merchants Association and
Bill Archer
has served as vice president of
Raeford-Hoke Chamber of Com
merce.
He is presently serving on the
Regional Dealer Council for the
Southeast Area for Western Auto
Supply Company and as a member
Slate Ruling On CP&L
Forces Lower Bond Rates
Two nationally recognized se
| curity rating agencies have an
nounced they are down-grading the
first mortgage bonds of Carolina
Power & Light Co.
Standard & Poor's Corporation
announced November 10 that
CP&L's first mortgage bonds had
been downgraded from A to A
minus.
Standard & Poor's said the
reduced rating was in response to
) the recent N.C. rate order.
On November 3, Duff and
Phelps, Inc. of Chicago lowered its
rating for CP&L's securities by two
levels with first mortgage bonds
now rated as low single A.
Duff and Phelps said the down
grading was "due to the recent
adverse rate order issued by the
North Carolina Utilities Com
mission."
CP&L Executive Vice President
' Edward G. Lilly Jr. said, "The
company is disappointed with the
r
bond rating changes since "such a
downgrading of our securities will
increase the cost of capital to the
company, thus increasing the cost
of electric energy to our customers
in North and South Carolina."
"We expect to file another N.C.
rate case early next year and are
hopeful that the decision in that
case will permit the company to
strengthen its financial position,"
said Lilly.
A -substantial portion of the
company's capital for construction
of new plants comes from the sale
of first mortgage bonds. For the
investor, first mortgage bonds are
considered the safest investment
because they are backed by the
assets of the company and are
"senior" capital.
Downgrading of securities re
flects a perception by the security
rating agencies of a weakening of
the company's financial strength.
Lilly said.
James G. Wood
of the Board of Southeast Regional
Economic Development Associa
tion.
A native of Hoke County, Wood
is married to the former Janie
Margaret Baker of Raeford, and
they have three children.
Ex-Raeford Woman
Enters Travel Course
Robin Fowler Locklear has been
accepted for enrollment in asso
ciated schools airline and travel
agency personnel training pro
gram.
Upon completion of a home
study course, she will report to
North Miami Beach. Florida for
five weeks of intensive technical
training in the Field of travel.
The course of study will provide
her with a thorough knowledge of
the general practices and proce
dures used by commercial airlines
and travel agencies while serving
the public, and prepare her for a
travel-related position.
Mrs. Locklear is the daughter of
Mr. and Mrs. David Fowler of
Raeford.
WATCH
THAT
CHILD
SAVERS
AND
INVESTORS!
If you are interested in:
Convenience
Liquidity
Rate
on your money, contact a
United Carolina Banker
about a UCB Repurchase
Agreement.
UNITED
CAROLINA
BANK
This advertisement is neither an offer to sell nor a solicitation of an offer to
buy any of these securities. The offering is made only by the Repurchase
Agreement and the offering memorandum and disclosure which relates to
it. Repurchase Agreements are debt obligations of United Carolina Bank.
They are not deposits and are not insured by the Federal Deposit Insurance
Corporation.
SKY CITY'S OPENING These are just a few oj the people who came to Sky City Discount Center department
store soon after it opened at 9 a.m. November 10 for its first day of business in Raeford-Hoke Village shopping
center. A management spokesman said thousands came to the store that day. He added no estimate could be
made of the numbers. Sky City was the first store to open in the new shopping center, which is on U.S. 401 south
bypass at Cole Avenue Extension. Revco. a discount drug store chain, will open its Raeford store at the shopping
center November 29 and the local Food Town supermarket will open December I.
Family Dollar Has Record Sales
Family Dollar Stores, Inc.
(NYSE symbol FDO), a discount
store chain operating 556 stores in
eleven southeastern states, has
reported all time record sales and
earnings for the fiscal year ended
August 31 , 1982, and for the fourth
quarter of fiscal 1982.
In addition to announcing the
record results, the Board of Di
rectors declared a 3-for-2 stock
split on the Company's common
stock outstanding as of December
15. 1982.
Each shareholder of record at the
close of business on December 15,
1982 will receive one additional
share of common stock for each two
shares of common stock held on
that date. The new shares will be
distributed on or about January 14,
1983.
This action will increase Family
Dollar's shares of common stock
outstanding by 50% from ap
proximately 6.28 million shares to
9.42 million shares.
The Board of Directors also
declared a quarterly dividend of
6'/j cents per share on the in
creased number of shares out
standing after giving effect to the
3-for-2 stock split.
This cash dividend is payable
January 14. 1983, to shareholders
of record at the close of business on
December 15, 1982.
In August 1982 the Board had
increased the quarterly dividend
rate by approximately 18% from
8'/j cents to 10 cents per share, and
the dividend of bVi cents per share
on the increased number of shares
is equivalent to the prior dividend
of 10 cents per share.
The record operating results for
the year ended August 31, 1982,
included sales of $207,419,020, or
14% above sales of $181,712,931
for the prior fiscal year, and net
income of $10,695,407, or 17%
above net income of $9. 11 6,931 for
fiscal 1981.
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