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VOL. XXI
Spray, N. C., Monday, July 16, 1962
NO. 1
Credit Union Assets Exceed V2-Million
Company Pays $525,000 Into Pension Trust Fund
Robert A. Harris, chairman of the Re
tirement committee, presents check for
$525,000 to Karl Clausset, vice president
and trust -officer, Wachovia Bank and
Trust Company, Winston-Salem, repre
senting the company’s contribution to
the Fieldcrest Mills Pension Trust Fund
for the year 1961.
Looking on at extreme left is Hartsell
Cash, another Wachovia trust officer.
while at Mr. Harris’ right is William B.
Lucas, a member of the Retirement
Committee.
The payment, made in June, brings
the market value of the Pension Trust
to in excess of $11,000,000. Money paid
by Fieldcrest to the Pension Trust can
be used only for the benefit of employees
eligible to participate in the Pension
Plan.
Sales Offices Give To Project DTC
Because they wanted to have a part
in building the new Diagnostic and
Treatment Center at Morehead Memori
al Hospital, the personnel at our Field
crest and Karastan sales offices in iNew
York have pledged $1,020 to the Project
D.T.C. building fund.
This unexpected gift increases the
total contribution by Fieldcrest people
to well over $132,000. This amount, with
the company’s contribution of $‘i0,000,
makes a total gift in excess of $182,000
by Fieldcrest people and the Company.
The over-all fund campaign went over
the top with pledges totaling $311,022.50
toward the project’s estimated cost of
$433,000. The amount raised is sufficient
to enable the community to qualify for
an allocation of $153,000 of federal funds
under the Hill-Burton Act.
Harold W. Whitcomb, president of
Fieldcrest Mills, Inc., who served as
general chairman of the over-all cam
paign, termed the drive a “success” and
praised the 3,852 individuals and busi
ness firms pledging or contributing.
In further comment on the campaign.
President Whitcomb said:
“This project was announced to the
public only about two months ago and
its successful completion in such a short
(Continued on page five)
Credit Union Has Experienced
Tremendous Growth In Four
Years; Latest 4% Dividend
Totals $7,324
Total assets of the Fieldcrest Mills
Credit Union are now in excess of a
half-million dollars, representing a
tremendous growth since the Credit
Union was organized in June, 1958.
As of June 30, 1962, the assets of the
Credit Union totaled $523,333, having
increased $183,488 in the past year. Cur
rently, the Credit Union has 3,115 mem
bers, having gained approximately 800
members during the past 12 months.
Dividends paid to members for the
first six months of 1962 totaled $7,324,
representing a substantial increase over
the dividend paid for the same period
last year and reflecting greater savings
in the share accounts.
Statements were distributed to all
members during last week showing the
dividend, the member’s share account,
loan balance and interest paid. If any
member failed to receive his statement
or if there is any question concerning
(Continued on page four)
Safety Awards
The company has been advised that
the Karastan Rug Mill won the trophy
in its size group in the 1961 state-wide
Safety Contest sponsored by the North
Carolina Textile Manufacturers Associa
tion and the North Carolina Industrial
Commission. The mill operated 1,354,433
man-hours without a disabling injury.
The award to Karastan was an
nounced by H. S. Baucom, director of
safety for the Industrial Commission,
who stated: “This is an outstanding re
cord and those associated with this plant
are to be congratulated for this achieve
ment.”
Four other Fieldcrest plants in North
Carolina won certificates of merit in the
State-wide Contest by operating the en
tire year of 1961 without a disabling
injury.
These plants and their accident-free
man-hours were: Automatic Blanket
Plant, Smithfield, 896,433; Bedspread
Mill, 824,094; Bleachery, 433,647; Cen
tral Warehouse, 317,754.