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Spray, N. C., Monday, February 8, 1954
Operations Described At Council Meeting
®^hibit of rugs made at the Karastan mill featured the “Know Your Product”
at the joint meeting of the Carolina Council and Junior Council at
^-M.C.A. J. M. Norman, mill manager, is shown on stage as he described
operation. Harold W. Whitcomb, president, and E. W. Medbery, pro-
__^anager, reviewed last year’s results at the mills as part of the program.
following changes in sales and
1 j®^P°nsibilities, effective Febru-
been announced by G. Law-
Jj ^®> general sales manager:
Grunau, assistant merchandise
for domestics, was appointed
k manager for domestics.
^ts (department managers, Blan-
5%^, ; Moore); Bedspreads (E. W.
’ Sheets (C.E. Moulton); and
'^ha ^'^cey), will report to the
Greene, stylist, and P.C.
Nitj in charge of packaging, will
® report to the merchandise
Klein, Jr., was appointed
hager of distributor and spe-
This department will be
li for all sales to Fieldcrest
distributors, premium and
®'^counts. E. C. Haggerty and
^Continued on page four)
William A. Blackburn, 50-year em
ployee of the Synthetic Fabrics Mill,
left, receives plaque from Macon P.
Miller at the January Council meeting.
Mr. Blackburn, a charter member, was
awarded life membership in the council.
Pension Trust Put
In Wachovia Bank
Transfer of the Fieldcrest Mills, Inc.
pension trust from the First National
Bank of Chicago to the Wachovia Bank
& Trust Company in Winston-Salem,
effective February 5, has been announc
ed by Harold W. Whitcomb, president
of the Company.
Purpose of the change was to place the
trust fund in the section of the country
where the mills are located and to
expedite the handling of pension mat
ters through closer contact with the
Concerning the change, Mr. Whitcomb
stated: “We wanted to place the fund
in a North Carolina bank and we are
happy to have found in Wachovia a
sound, trustworthy institution with a
fine reputation and with ample resources
and facilities for administering our pen
The pension plan was inaugurated for
Fieldcrest employees and all other
Marshall Field & Company employees
in December, 1943, with the First
National Bank of Chicago as trustee.
The retirement program is being con
tinued by Fieldcrest Mills, Inc., without
change. All employees are covered by
the plan, with the cost being carried
by the Company.
Following the purchase of the mills
by the new corporation, over $6,000,000
were taken out of the Marshall Field &
Company pension trust and placed in
the Fieldcrest Mills, Inc. trust fund ad
ministered by the First National Bank
of Chicago. This amount represents the
proportionate share earmarked for
Fieldcrest employees under the pension
plan. Fieldcrest Mills, Inc. plans to
make annual payments to the trust
fund to carry on the benefits for those
employees who will retire in the future.
Money paid into the pension trust can
never be recovered by the Company and
must be used solely for the payment of
pensions to retired employees. A total
of 459 Fieldcrest men and women have
retired with pension since the plan be
came effective in 1943. These will draw
monthly pensions for the remainder of
their lives, the amount being determined
by their past earnings and length ol
service with the Company.