0 '
THE MILL WHISTLE
*COORDINATg:tf FASHIONS"
- ■ * for bed and bath
Published by F!g:i_DCF?esT mil-US^nc Plants at Drap«r, Greenville, leaksvtJIe, Mount Holly, Smithfleid ond Sprdy, N. C;
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^01^ XXII
Spray, N. C., July 15, 1963
NO. 1
Richmond K. Roberts, vice president-finance and treasurer, presents $500,000
'**eck for Fieldcrest Mills Pension Trust to Robert C. Merritt, vice president and
jl!'*^t officer, Wachovia Bank and Trust Company. At far left is William B. Lucas,
!^*^*^®rest assistant secretary and counsel, while at far right is Karl Clausset, also
Wachovia vice president and trust officer.
i^ension Trust Fund Is Worth S11,500,000
Th
'j current market value of the
jjj ,^rest Mills Pension Trust is ap-
Co^^’^ately $11,500,000, including the
Cq payment of $500,000 as its
wibution covering the year 1962.
the 1 Payment was made June 11 to
C>an ^‘^hovia Bank and Trust Com-
he ^ Winston-Salem, as trustee of
tfj. ^fnsion Fund. The Company’s con-
'itions to the fund are final and the
Qj can be used only for the benefit
^ployees eligible to participate,
fg Fieldcrest Pension Plan is widely
tejj?.®^ized as one of the best in the
industry in both its scope and its
J'al provisions.
instituted by Marshall Field
Pany in 1943 when pension plans
n
t Mills employees have retired under
employees drawing monthly pen-
5^.® 'Comparatively rare in the industry,
that time, a total of 1154 Field
Hs ^ ^ills employees have retired unde_
l'gi.^’'ovisions. At present there are 822
checks.
^'iginally, the Pension Plan covered
ig ®^Ployees of Marshall Field & Com-
■re T divisions. When Field-
^ Mills, Inc., purchased the mills,
'c'-ober, 1953, the Retirement Pro-
^ Was continued.
that time the Pension Fund for the
entire Marshall Field & Company total
ed $24,000,000. The mills’ share of the
fund, amounting to $6,000,000 was trans
ferred to a new pension fund in the
name of Fieldcrest Mills employees.
Starting with this $6,000,000, the Pen
sion Trust Fund has grown to around
$11,500,000 since the new owners took
over, due to payments by Fieldcrest
Mills, Inc., sale of securities, dividends
and interest.
Some years ago the Trust Fund was
moved to the Wachovia Bank and Trust
Company, at Winston-Salem, in order
to place the money in this section of the
country where the mills are located and
to expedite pension matters through
closer contact with the trustee.
Fieldcrest Mills pays the entire cost
of the Pension Plan. In addition, the
Company carries with the Bankers Life
Insurance Company an Annuity Plan
which provides additional benefits for
all employees whose earnings exceed
$4,800 a year.
Annuity premiums are paid by the
Company and the employee.
Benefits to- ernployees through the
Pension Plan and Ajinuity Plan are in
addition to, and entirely separate from,
any payments through Social Security.
Plans Told For
New Rug Plant
Harold W. Whitcomb, president of
Fieldcrest Mills, Inc., and C. Patrick
Crossley, chairman of John Crossley-
Carpet Trades Holdings Limited, on
July 2 announced the formation of a
jointly owned company registered in the
name of Crossley Karastan Carpet Mills
Limited, to manufacture high quality
carpets and rugs at Truro, Nova Scotia.
The statement said that the British
and American companies each own half
the stock of the new Canadian company.
It was also announced that the Truro
plant wlould be equipped with Kara-
loc looms under construction at the
Crossley plant in Halifax, England, and
invented and developed by Fieldcrest’s
Karastan Rug Mills Division. They are
covered by basic patents in the U. S.
and various foreign countries.
This loom will enable Crossley Kar
astan to bring an entirely new concept
in floor coverings to the Canadian
market. High production and unique
textures and patterns produced by this
(Continued on Page Eight)
Membership In Credit
Union Still Growing
Total assets of the Fieldcrest Mills
Credit Union amounted to $743,281 as
of June 30, a big increase over the as
sets of $523,333 a year ago.
Dividends paid to members for the
first six months of 1963 totaled $10,542
as compared with dividends of $7,324 for
the first six months of last year.
The substantial increase in dividends
over the dividends paid for the same
period last year reflects the greater sav
ings in the share accounts.
The Credit Union currently has more
than 3,800 members, having gained close
to 700 members during the past 12
months. Members are at all company lo
cations, including the sales divisions.
Statements covering dividends for the
first six months of 1963 were distributed
to all members during last week. The
statements show the member’s share
account, loan balance, interest paid, and
the amount of dividend received.
If any member failed to receive his
statement, or if there is any question
(Continued on Page Four)