MILL WHISTLE
retiring GROUP; Left to right, Munsey T. Gilley, Andrew H. Axsom, Miss
R. Millner, Charles H. Ballard, Miss Catherine M. Mangan, Edmond J. Harris,
rs. Mary Rierson Jones, Albert F. Lyons, Mrs. Annie L. Wilson, and Hoover H.
Martin.
$22,500,000 In Pension Trust Fund
^ The Marshall Field & Company Pen-
Sion Plan trust fund now has a value of
$22,500,000, including $2,000,000 paid
the fund out of the Company’s pro-
in 195'!^ e. \\r. Medbery, production
manager, announced during the program
honoring lO Fielderest employees retir-
effective July 1, under the pension
plan. The ceremony was held in the con-
^rence room in the Nantucket Building,
Friday
morning, June 27. Testimonials
®ad by the respective mill managers
liaised the loyalty and faithfulness of
® retiring employees. First monthly
Pension checks were presented at the
^fieting.
Mr. Medbery said that a total of 385
and women have retired from
^^eldcrest Mills under the pension plan
, it was instituted in December
‘*3- He pointed out that in the memory
, ^ the long-service employees, wages
increased markedly and that Field-
i5®®t Mills remains at the forefront in
® South in the matter of good wages.
Mr. Medbery recalled that Fieldcrest
as one of the first textile companies to
°'^ide pensions for employees and that
e Marshall Field & Company pension
P an is one of the very few plans which
^ funded. The ipension fund is held in
by the First National Bank of Chi-
^go. The retirement program is ad-
p mistered by a retirement committee
*^iposed of employees not more than
one half of whom can be officers of the
Company.
The Company pays the entire cost of
the pension plan. Contributions made
by the Company to the Pension Plan
trust are irrevocable and are made for
the sole benefit of the employees eligible
to participate, Mr. Medbery said.
B. C. Trotter, Company counsel, and
the Fieldcrest representative on the re
tirement committee, explained in detail
the various rights and privileges en
joyed by the Company’s retired em
ployees. He said he was gratified that
the Company is able to contribute to
the comfort and financial aid of the em
ployees during their years of ease.
Mr. Trotter explained that group life
insurance for retirees is reduced to $1,-
000 and remains in force with the Com
pany paying the entire premium. Mem
bership in the Mutual Aid association
may continue at the request of the re
tired employee with the employee pay
ing his premiums at the office of the
mill cashier.
Retired employees may continue to
enjoy the privileges of the Employees
Store and retiring members of the Caro
lina Cooperative Council are given life
membership in the Council and are not
required to pay the annual fee.
Mr. Trotter explained briefly the
retired employee’s rights and duties in
regard to unemployment compensation
(Continued on page eight)
New Appointments Made
In Sales Organization
Effective July 1, Howard W. Grunau
was appointed to the newly-created
staff position of assistant merchandise
manager of Fieldcrest Mills, Milton C.
Mumford, general manager, has an
nounced. Mr. Grunau was formerly
department manager for bedspreads.
G. Lawson Ivie, who will continue to
direct all sales and merchandising acti
vities, will be known as sales and mer
chandise manager. In his new position,
Mr. Grunau will be Mr. Ivie’s principal
assistant for merchandising problems in
the domestic lines.
A. E. Toombs, formerly director of
sales analysis, was appointed assisteint
to the sales manager. He will continue
to assist Mr. Ivie in a staff capacity in
the planning of sales and distribution
policies, account and territory perform
ance, and other similar functions re
lated to sales problems.
E. Stanley Klein, Jr., formerly manag
er of the Zion Curtain Mill, was ap
pointed department manager for bed
spreads.
A. S. Thompson, as domestics sales
manager, will devote full time to the
direction of the domestics sales effort.
His principal function will be the direc
tion of the domestics sales force, in
cluding sales offices.
Department managers will continue
to be directly responsible for merchan
dising their products, and as in the past
will have certain sales functions in
connection with their products.
★
Vacation Pay Amounts
To Nearly |335,000
Vacation pay for employees of Field
crest Mills in Leaksville, Spray, Draper
and Fieldale, Va., this year amounted to
approximately $335,000. Vacation pay
checks were distributed to the 4212
eligible employees on the regular pay
days during the week of June 22. Almost
100% of all persons now working re
ceived vacation checks. In addition,
those employees out sick and those laid
off within the past 12 months in most
cases drew vacation pay.
Of the total number receiving vaca
tion checks, 3130 were paid 4% of their
past year’s earnings and the remaining
1082 received 2% of their earnings for
the past year. The employees receiving
(Continued on page eight)