Annual Fund Drive Nears Completion
The campaign in the Eden mills and
oiiices on behalf of the Tri-City Com-
JJ^unity Fund was still in progress when
he ]V[ii2 Whistle went to press Friday,
'October 25.
^hwrence Mann, general chairman of
he campaign at Fieldcrest, said the re-
hlts Would be announced in The Eden
®Ws and The Mill Whistle after the
^hhcitations are completed and final
®Ports have been received.
The eligibility cut-off time for all
and contests in the campaign will
be noon Tuesday, October 29. All
pledges and contributions turned in by
that time will be counted in determining
those eligible for the drawings for
prizes and in determining the winners
of plaques and certificates.
The President’s Plaque is to be given
by President G. W. Moore to the mill
which has the highest percentage of
employees giving a day’s pay. The
plaque will be held for a year by that
mill and will rotate to next year’s win
ner. The staff department having the
Sales, Earnings Reach Record Highs
J’ieldcrest’s sales and earnings reach-
record highs for both the quarter
the nine months ended Septem
ber 30.
Sales for the third quarter were
™3,184,000, up 15% from $46,294,000 for
same quarter in 1967. Earnings in
'^6 quarter were $2,721,000 ($.77 per
compared to $2,069,000 ($.59 per
last year, an increase of 32%.
, ^or the nine months ended Septem-
30, sales in 1968 were $143,002,000
bRipared with $120,433,000 in 1967, an
» brease of 19%. Earnings rose 88%, to
, u69,000 ($1.93 per share) this year
$3,601,000 ($1.03 per share) in
On
bfov:
an equivalent tax basis, before
g ision for effects of the surcharge,
bnings for the third quarter were $.84
share in 1968 compared wth $.59 a
ar ago. On the same basis, earnings
b the first nine months in 1968 were
$2.10 per share, more than double the
$1.03 earned in the same period last
year.
In announcing the operating results,
G. William Moore, president of Field-
crest Mills, Inc., said the record sales
and earnings were attributable princi
pally to the general improvements in
the country’s retail business and to
Fieldcrest’s growing ability to take ad
vantage of such improvements.
“Business is continuing at a satis
factory level. The fourth quarter is nor
mally the strongest in the year and we
are confident that this pattern will be
maintained for 1968,” Mr. Moore said.
“The rate of earnings, as a percentage
of sales, in the quarter should be as
good as the rate for the first nine
months but, due in large part to the tax
surcharge, it will be lower than the very
favorable rate achieved in the fourth
quarter last year.”
^>000 Jobs Added By N. C. Textile Industry
The textile industry added approxi-
j^j.^tely 5^000 new workers to North Car-
industrial work force in 1967 for
brev;
increase of 1.9 per cent over the
lous year.
state’s textile payroll went from
^^>152,029,000 in 1966 to $1,207,387,000,
1) '^^rding to the annual report released
cjj North Carolina Employment Se-
^ily Commission.
The ESC said the number of textile
to jumped from 262,834 in 1966
vj 367,800 last year to account for 40.4
. Cent of the state’s entire industrial
force.
llie state’s second largest industry,
apparel manufacturing, showed an em
ployment gain of 4.2 per cent when the
number of workers went from 63,307 in
1966 to 65,998 in 1967. The apparel pay
roll was up 12.3 per cent when wage
payments went from $200,205,893 to
$224,778,446 last year. The apparel
workers account for 10 per cent of the
state manufacturing labor force, the re
port said.
Total for all insured workers in North
Carolina was an all-time high of 1,211,-
605, an increase of 3.1 per cent while
their wage payments were up 8.1 per
cent over the previous year for a total
(Continued on Page Eight)
highest percentage of “day’s pay givers”
will receive a similar plaque.
Certificates of Merit will be presented
by the Tri-City Community Fund to
each mill department and staff unit in
which all employes pledge a day’s pay.
Employee contributions may be in the
form of a pledge which can be paid in
small installments through payroll de
ductions over a 12-month period. A
large number of employees are already
signed up for continuing deductions on
a day’s pay basis.
Each employee who pledges a day’s
pay will be eligible to have his name
in his mill’s drawing for a $15 gift cer
tificate good for any purchase at the
Fieldcrest Store.
In addition, the names of all em
ployees who pledge a day’s pay will be
included in the drawing for a grand
prize, a 9 X 12 Karastan oriental design
rug.
The budget-goal in the community
wide campaign is $97,500, representing
the minimum amount needed for the
(Continued on Page Eight)
Stockholders Vote
Increase In Shares
The stockholders of Fieldcrest Mills,
Inc. at a special meeting on October 22
voted overwhelmingly in favor of in
creasing the number of authorized
shares of capital stock from 4,000,000 to
5,500,000.
President G. W. Moore said that ap
proximately 94% of the 3,517,650 shares
currently outstanding were represented
at the meeting in person or by proxy.
Of these shares, 99.7% were voted in
favor of the increase.
Mr. Moore also announced that the
board of directors of the company at its
meeting October 21 approved an agree
ment, previously negotiated by the man
agement, to issue and seU $15,000,000
of subordinated convertible notes to the
insurance company which now holds
Fieldcrest’s outstanding senior debt.
The notes will bear interest at 5V2%
and will be convertible at $45 per share
of common stock. It is expected that the
closing date on sale of the notes will be
held on November 1.