MILLr WHISTLE
Will Patterson Honored For 50 Years’ Service
■ Will Patterson, a mechanic in the
, Service Dept, at the Blanket Mill,
^ oeen honored by the Company in
®ral Ways upon his • completing 50
lie continuous service, January 1.
shown above (in foreground))
lUfi , Company officials following a
given in his honor at Meadow
Country Club at which Mr.
Patterson was presented his 50-year dia
mond and gold service pin. Back row,
left to right: S. G. Strader, master me
chanic at the Blanket Mill; D. A. Pur
cell, superintendent of the Blanket Mill;
J. H. Ripple, manager of the Blanket
and Sheeting Mills; Harold W. Whit
comb, assistant general manager, Field-
crest Mills; and R. C. Going, superinten-
dent of the Sheeting Mill.
Help Will Be Offered
^ Preparing Tax Forms
in the past, Fieldcrest employees
in ^ help this year in prepar-
^ S their income tax returns. Mem-
the Industrial and Public Re-
*ons Dept, and other qualified vol-
'^teers
fo.
^ will help fill out the tax
employees at Draper, Fiel-
of ^eaksville and Spray. Details
^^ter service will be announced
1'he annual withholding state-
Prg ^ (form W-2) are now being
tofp and will be distributed be-
- the end of this month.
Waste Control
Outstanding results achieved in the
waste control program at the Towel
Mill Slashing Dept, are described in a
picture story on page five. The depart
ment has recorded the lowest percent
age of waste in relation to the standards
of any slashing unit in the Company.
In commenting on the program, N. M.
Dalrymple, manager of the Towel Mill,
stated: “We have had several concerted
drives to eliminate waste on specific
jobs. In each case the supervisors and
the employees have given their full co
operation. We feel that such efforts are
necessary in order for us to reduce
waste and control our costs, thereby
making jobs more secure.”
$2 Million Added
To Pension Trust
At its meeting held on December 23,
the Board of Directors authorized a
further contribution to the Marshall
Field & Company Pension Plan Trust in
the amount of $2,000,000. This money
has been paid to the First National Bank
of Chicago, which is the Trustee of the
Fund. This payment will be the Com
pany’s tenth annual contribution to the
Fund and will bring its total contribu
tion to $22,610,000. The market value of
the Fund, including the current pay
ment and certain capital gains and in
come accumulations, will approximate
$26,500,000. The Fund is invested in a
diversified list of high grade stocks and
bonds on which an average yield in ex
cess-of 4% is being received.
A total of 1,662 persons have retired
under the Pension Plan since its incep
tion on December 1, 1943, and 1,493 re
tired employees are currently receiving
benefits. Approximately $2,034,000 has
been paid to these retired employees
from the Fund to date.
The Board also authorized the tenth
annual premium payment to Bankers
Life Company of Des Moines, Iowa, the
underwriter of the Company’s Annuity
Plan. The Company’s share of this prem
ium for the year ending November 30,
1952, is approximately $649,000, which
brings the Company’s total contribution
since the inception of the Annuity Plan
to $6,263,000, as against total employee
contributions of $1,371,000.
Nearly 3,000 active employees are cur
rently participating in the Annuity Plan
and 332 have retired to date, with bene
fits paid by the Plan.
Contributions made by the Company
to either the Pension Plan or Annuity
Plan are irrevocable, and are made for
the sole benefit of the employees eligible
to participate.
Councils Will Hear
Management Reports
Harold W. Whitcomb, assistant gener
al manager, and E. W. Medbery, pro
duction manager, will present manage
ment reports at a joint meeting of the
Carolina Cooperative Council and the
Junior Carolina Council at Central
Y. M. C. A., 7:30 p.m. Thursday, January
22. The speakers will review Company
operations during 1952 and will discuss
plans and the outlook for the new year.