aPEETINGS
THE MILL WHISTLE
Vol. 33
Eden, N. C., December 16, 1974
No. 21
A Message From
W. C. Battle
For the first time since joining Fieldcrest I find
it difficult to express to you my feelings at this
Christmas time.
It is not a time to talk of business, and yet I know
that many of you must he undergoing financial hard
ship because of the inflation in this country and be
cause of the recent standing of our mills, an action
required to try to counteract the present economic
slowdown.
I hope it will be some consolation to you to know
that your management, from the Board of Directors
on down, struggled long and hard before making the
decision to stand the mills.
We continued to operate on a normal schedule as
long as we possibly could, hoping against hope that
orders would pick up and the economy would begin
to revive. When this did not happen, we had no
alternative but to reduce our production.
All of you know that for three quarters this year
we were headed for a record year, and then the
nation’s economy seemed to come to a halt. Our
customers cut back on their inventories and con
sequently ours began to build.
With the present high cost of money and in an
effort to prepare for what we hope will be a good
1975, we could not let our inventories get out of
control, and they were headed in that direction.
I believe we have taken the proper action and
taken it in time so that we will be able to operate
on orderly schedules next year — assuming, of course,
a normal demand for our products.
You should also know that standing the mills is
not the only step we have taken. I have placed a
freeze on all salaries throughout the company. We
are marking down our inventories, both finished
goods and raw materials, so that we will have a
sounder base from which to begin in 1975.
I have placed a fireeze on the hiring of new
salaried people, urging our present employees,
both staff and otherwise, to work a little harder to
(Continued on Page Eight)
Sales Start At Stores Dec. 27
The annual Winter White Sales
at the Fieldcrest Stores will open
(I Friday, December 27, with most
of the popular items on sale at
special sale prices.
P For the first time, the popular
American Treasures Collection
of bed and bath fashions will be
offered at sale prices. All
patterns in the American
i Treasures Collection, inspired
by authentic Early American
f designs in the Smithsonian
If Institution, will be available.
The regular employee
f discount will be applicable to the
,f; sale prices in the Fieldcrest
Shop. The Thirft Shop will offer
jj,'its usual excellent values in
III irregulars, discontinued styles..
Fieldcrest Credit Union Provides
Valuable Service For Employees
The Fieldcrest Store at Eden
will be closed December 25 and
26 in observance of Christmas
and on January 1 for the New
Year’s holiday. The Employee
Outlet Store in the Draper
section of Eden will close at the
end of business Friday,
December 20, and remain closed
during the holiday period.
For the Christmas holidays,
the Employee Cash Sales
Showroom for rugs and carpets,
in the Amp Building at Eden,
will close at 5 p.m. Friday,
December 20, reopening at 1
p.m. Monday, December 30. The
showroom will be closed
Wednesday, January 1, for the
New Year’s holiday.
“The Credit Union belongs to
its members and they are urged
to use its services,’’ said L. E.
Chewning, president of the
Fieldcrest Mills Credit Union.
“Whether they need a low-cost
loan to tide them over an
emergency or are looking for a
place to invest at times when
they can save money, the Credit
Union is their best resource,”
Mr. Chewning said. The Credit
Union will enter 1975 with over $6
million in assets, representing
the members’ savings plus
income accumulations, he said.
Mr. Chewning urged that em
ployees who have business with
the Credit Union see their
personnel manager as early as
possible this week since the
Credit Union office at Eden will
be closed as of Friday,
December 20, reopening
Thursday, January 2, 1975. Em
ployees in outlying locations
may contact their personnel
managers for the Credit Union
schedules there.
Nowin its 16th year, the Credit
Union has processed 121,231
loans for approximately
$25,216,354 since its organization
in 1958.
Early in 1974, Credit Union
assets reached $6 million and the
members in July received a
record-breaking $157,895 in
dividends for the six months
ending June 30. This made a
total of $1,399,911 paid in
L. E. Chewning, president, Fieldcrest Mills Credit
Union, and Nancy Hyler, a Credit Union Clerk.
dividends since the Credit Union
was organized.
The June 30 dividend was at
the rate of 7 percent per annum.
This rate was the sixth increase
in dividend rates since the estab
lishment of the Credit Union. It
has always paid a dividend of at
(Continued on Page Two)
Young Speaks At Blanket 25-Yr. Meeting
The 25-Year Club luncheon for
members in the Blanket Manu
facturing Division was one of the
best attended on record. The
meeting was held Saturday,
November 23, in the cafeteria at
the Draper Elementary School.
In a brief talk to the long-
service employees, N. F. Young,
division vice president and
general manager of blanket
manufacturing, discussed
economic conditions,
particularly as they affect the
blanket operation.
Mr. Young explained why it is
necessary to adjust production
schedules depending on incom
ing orders but pointed out that he
is optimistic about the future of
Fieldcrest’s blanket business in
1975.
“We have good styling, we
offer a broad range of products,
we have quality. We have a good
team of people and we will get at
least our share of business when
it is available,” he said.
Mr. Young expressed
appreciation for the cooperation
and loyalty of the 25-Year Club
members. “We are proud of you
for the many things you do so
well,” he said.
The new members becoming
eligible for the 25-Year Club this
year were presented by F. W.
Robertson, plant manager of the
Blanket Greige Mill. The new
members are:
Blanket Greige Mill, Mary B.
Blackwell, Octavia A. Bowers,
Ralph J. Boyles, Leonard Curtis
Cobb, Thomas E. Dickerson,
Louie N. Durham, Sr., Mollie U.
Edwards, Dovie C. Gilbert,
Beulah (1. Lillard, Noah C.
McBride, Mabel F. Overby,
James V. Pruitt, Leona 'T.
Spencer, Frances S. Stewart,
Dillard Otis Stultz, and Martha
C. Wilkinson.
Blanket Finishing Mill, Sallie
S. Bateman, Catherine S. Cox,
Ray N. Land, Violet M. Lester,
Etris 0. Meeks, Herman L.
Rickman, William R. Robinson
and Edna M. Smith; Blanket
Warehouse, Walter J. Boyte.
Fifty-year employees present
for the luncheon were Betty
Ratliff, Glenn H. Simpson and
Geneva Josie Taylor.
The drawing for attendance
(Continued on Page Seven!
NOTICE
Those employees at all
locations who are eligible
for Christmas Holiday pay
may pick up the checks for
this pay on December 19 or
20 at their respective milts.