Establishment
Of Holding
Company Slated
C. C. Cameron, chairman
and president, First Union
National Bank of North Car
f 'ina, today announced pre
liminary plans to redesign the
corporate structure of the
Bank. !
This corporate modification
would involve the establish
ment of a holding company un
der the General Business Cor
porate Statutes of North Caro
lina, exchanging bank stock for
shares in the new corporation.
Its creation will be subject to
the approval of the holders of
at least 66%% of the out
standing capital stock of banks
participating in the creation of
the new corporation and the
approval of the Comptroller of
the Currency. Additionally,
favorable tax rulings will be
requested from the Interna
tional Revenue Service.
Mr. Cameron cited several
reasons for this proposed
course of action, all of which
are predicted on the respon
sibilities, as assessed by man
agement, which exist on be
half of the interests and ob
Postal Vending Machines To
Be Converted At Later Date
Nearly 10,000 postage vend
ing machines, including those
at the Brevard Post Office,
will be converted over the next
three months to reflect the new
postage rates, Postmaster Char
lie Patton said today.
New postage rates go into ef
fect January 7, 1968, the post
master noted. The new rates
raise first class postage to 6
cents an ounce, air mail to 10
cents an ounce, and postal
cards to 5-cents.
The job of converting the
thousands of vending machines
found in post office lobbies
from coast to coast is so mas
sive that it will take several
months to complete, the post
master said. Five different
types of machines are involved,
he noted.
Most of the machines now
provide 5-cent and 4-cent
stamps for a nickel, quarter or
dime. After the conversion, the
When yon think of prescrip
tions, think of VARNER’S, adv.
o>
/reduction
'ssociatmn
a specialized
source of
FARM CREDIT
Founded Igr and for
taxmen — Production
Credit to foremost is
experience and knowV
edge about how proper
Rnandng plays an lm»
portant part to a ouo>
•eeriWfanning opera
that Tour PCA knows
local conditions and
arm tailor a low-amt
loan to fit yon and
poor fans operations
dMffUMfc Get all fee
mm L FTTZSIMONS, Jr.
- ASHEVILLE PRODUCTION
CREDIT ASSOCIATION
At Transylvania County
Agent’s Office
MONDAY ft WEDNESDAY
2:30 FJL
*
machines will provide 5-cents
and 6 cent stamps. A new mod
el will offer 1-cent, 5-cent and
6-eent stamps.
The postmaster said that
the vending machines located
in the lobbies of post offices
are not to be confused with
commercial stamp vending de
vices found in many stores.
Such commercial machines pro
vide a margin for profit and
are not controlled by the Post
Office Department, he said.
“Post office vending machines
can be a big convenience to
postal patrons,” Mr. Patton
said. ‘The devices permit mail
ers to ignore waiting lines at
stamp sales windows or to buy
stamps to mail letters after the
windows have closed.”
Kenneth Hall
Aboard USS
Newport News
Chief Machinist Mate Ken
neth K Hall, USN, son of Mrs.
Alda Hall of Brevard, and hus
band of the former Miss Ro
mona Bryant of route 1, Wood
lawn, Va., is serving with the
U. S. Seventh Fleet in the
Culf of Tonkin as a crewmem
ber aboard the world’s largest
heavy cruiser, USS Newport
News.
The cruiser, boasting rapid
fire eight-inch guns, arrived
off the coast of Vietnam on Oc
tober 9th, and within hours af
ter taking up station on the
“gunline,” fired in combat for
the first time in her 18-year
history.
Thus far the bulk of the
ship’s operations have been in
support of Operation “Sea Drag
on,” the Seventh Fleet’s effort
north of the Demilitarized
Zone to stop the flow of enemy
war supplies by sea.
In addition, the cruiser has
given gunfire support to U. S.
Marines ashore.
The 717-foot 20,950-ton man
of-war is homeported in Nor
folk, Va.
Accident Losses
The total cost of the nation’s
traffic accidents was more
than $12 trillion in 1966, accord
ing to the Insurance Informa
tion Institute. This is equivalent
to $62.81 for every man, wo
man and child in the country.
PENROSE STONE
PRODUCTS
You Can Come More Nearly Getting
Your Money’s Worth
AT
PENROSE QUARRY
Than Anywhere-TWO THOUSAND
POUNDS for TWO DOLLARS
Or Less.
PENROSE ROCK,
The Kind Architects Prefer.
DRIVEWAY STONE
FOUNDA1
MM
jectives of the stockholders.
The reorganization will ma
terially enchance the ability of
the bank and related enter
prise3 to operate within a wid
er range, of profit opportuni
ties, at potentially higher rates
of profit, none of which are
inconsistent with the acknow
ledged imperative* for prudent
and sound business activities.
Further, there exists some
restrictive agitation to pre
clude commercial banks from
engaging in such activities as
data processing and charge
account banking, and it is
the position of the Bank's
management that such ser
vices are legitimate enter
prises fully in consonance
. ■ ■■ v t ■ v • m ,
fffch the profit objectives of
stockholders as weir as the
financial needs of the pnb
lic.
The Bank, after this restruc
turing. would assiduously ad
here to the legal limitations
imposed upon its activities.
However, the existence of the
holding company will enable
management to undertake prof
itable activities while diversify
ing its source of income. Hie
end result will produce improv
cd profitability performance
with a commensurately favor
able impact on stockholder in
vestment
'• ■
As the formation Of these
plans develop further, more
details .will be made available.
CREST’S
• T * v I
■ ■ i
r?
QUALITY WHITE MUSLIN
1.2.49 Full Size Sheet.. .1.98 F,at or Fitted \
Twin Sii
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