Credit Union Assets Now Exceed $600,000
(Continued from page one)
employees’ specified savings from pay
checks, a large number of Fieldcrest
people are saving in the Credit Union
who otherwise would not be saving any
money, Mr. Wilkes said.
He described the Credit Union as an
additional benefit for Fieldcrest em
ployees which provides a place where
employees can invest money and receive
a fair return and also where members
can obtain convenient, low-cost loans
when they need to borrow money.
J. G. Cunningham, chairman of the
nominating committee, presented to the
membership the following nominees
who were unanimously elected by ac
clamation:
Board of Directors: R. A. Harris, C.
J. Frank, J. G. Cunningham, W. B. Lucas
and R. L. Wilkes.
Also, Supervisory Committee, L. E.
Chewning, R. R. Roberts and Carl Hall;
and Credit Committee, Henry Knott,
Rufus Ray and Russell Cherry.
At its organization meeting following
the membership meeting, the board of
directors elected the following officers:
president, W. B. Lucas; vice president,
C. J. Frank; and secretary-treasurer,
R. L. Wilkes.
The directors reappointed Otis Mar
lowe as chairman of the Credit Union
Educational Committee.
‘H ir^M I LITWH IStLE
New Telephone Nos.
In your Fieldcrest telephone directory,
please make changes as follows:
from to
J. W. Arnall 7245 7230
Glenn Simpson 7230 7245
FIELDCREST
MILLS
CREDIT UNION
FINANCIAL STATEMENT
Spray, N
c.
December 31, 1962
BALANCE SHEET
Assets
December 31
December 31
1962
1961
Cash on Hand and in Bank ..
.... ? 72,047
$ 42,892
Cash Reserves
100,000
25,000
Loans Receivable
447,258
339,295
Prepaid Expenses
990
66
Total Assets ....
.... $620,295
$407,253
LIABILITIES & NET WORTH
Shares Outstanding
.... $571,410
$376,446
Reserves
11,278
Undivided Earnings
19,529
Total Liabilities & Net Worth
.... $620,295
$407,253
PROFIT
AND LOSS
STATEMENT
INCOME
Interest on Loans
.... $ 45,927
$ 35,922
Interest on Investments
2,400
683
Total Income
.... $ 48,327
$ 36,605
EXPENSES
Clerical Cost
.... $ 8,400
$ 7,355
Machine Rental
544
544
Insurance
1,763
State Supervisory Fee ...
847
586
Supplies
177
Bonding Fee
270
142
Dues & Subscriptions
1,002
957
Bank Service Charges
339
All Other
885
Total Expenses
.... $ 14,497
$ 12,748
Operating Profit
.... $ 33,830
$ 23,857
DISPOSITION OF PROFITS
Dividends
$ 10,690
Reserves
6,766
4,772
Undivided Earnings
.... 11,048
8,395
Total
.... $ 33,830
$ 23,857
Issued Every Other Monday For Employees
and Friends of Fieldcrest Mills, Inc.,
Copyright, 1963, Fieldcrest Mills, Inc.
Spray, N. C.
OTIS MARLOWE
EDITOR
Member, South Atlantic
f ^ Council Of Industrial
"J.i-1 Editors
r
REPORTING STAFF
Automatic Blanket Plant Shirley Byrd
Bedspread Mill Ada Jones
Bedspread Finishing Mill Ann Midkiff
Blanket Mill Katherine Turner
Central Warehouse Geraldine Perkins
Draper Offices Mamie Link
Karastan Mill Irene Meeks
General Offices Hilda Grogan
Gladys Holland, Katherine Manley
Karastan Service Center Mary Stephens
Karastan Spinning Div Evelyn Beasley
New York Offices Jane Corbin
Betty Lencses
Sheeting Mill Ruth Talbert
Towel Mill Fay Warren, Fannie Hundley
Vol. XXI Monday, Feb. 4, 1963, No. 15
mw'MSERVICE
W^fANNIVERS ARIES
Forty-Five Years
R. L. Seay General Offices
Thirty-Five Years
Payton E. Jeffries Specials
Madeline O. Almond Bedspread
Thomas A. Brame Finishing
Leonard H. Earles Bleachery
Twenty-Five Years
Addie H. Hodge Blanket
Twenty Years
Herman L. Garrett Towel
Ella M. Hall Bedspread
Jesse J. Hundley Karastan
Lyman D. Cheek Sheeting
Mattie M. Lackey Towel
Herman E. Padgett . Towel
R. Eldean Taylor Karastan
Eva W. Daniels Towel
Euthimia Tartas Domestics Sales
J. Moir Wray Towel
Howard J. Brannock Karastan
William O. Highfill Karastan
Fifteen Years
Thomas W. Vernon Bedspread
Virginia M. Rorrer Towel
Everette W. Thornton .. Bedspread Fin.
Ten Years
Euel W. Emerson Towel
Troy D. Flinchimi Finishing
James M. Lillard Blanket
Walter NcNeeley Towel
Buy ... Sell... Swap
FOR SALE: 33 ft. by 8 ft. house trailer.
Good condition. A bargain. See Jack
Shelton, Finishing Mill Shop, or call
MAin 3-8633 anytime.
FOR SALE: Oil floor furnace, also 280-
gallon oil tank. 18 bales of good hay
for $16.00. See J. H. Wade, Cascade
Street, Draper, telephone MEadow 5-
6602.
2
THE MILL WHISTLE