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VOL. XXVI
Eden, N. C., February 5, 1968
NO. 15
Credit Union Continues Healthy Growth
m.
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Headquarters of company — Recent aerial view shows the General Offices
'^'li-’ding- at Eden. Built in 1958, with later additions, the building houses the Execu-
Uve Offices and the following staff departments: Engineering, Finance and Account-
**>S. Industrial Relations, Purchasing, and Standards.
Scholarship Applications Start Feb. 12
The Fieldcrest Scholarship Committee
^hd the Muscogee Scholarsihip Commit-
February 12 will begin accepting ap
plications for scholarships to be given
assist employees or children of em
ployees of Fieldcrest Mills, Inc., in ob-
taining a college education.
An application form may be obtained
from the area personnel managers, the
jhill personnel offices, or by calling at
frie Employment Office of Fieldcrest
j^ills, Inc., in the General Offices build-
Jbg in Eden; or by writing to Dr. Wil
liam McGehee, director of personnel re-
®oarch and training, Fieldcrest Mills,
fro., Eden, N. C. 27288.
Individuals who wish to be consider-
for the scholarship must submit an
application in writing prior to April 1,
^^68, to the Seholarhip Committee.
Awards of the scholarships will be an
nounced by June 1, 1968.
Both the Fieldcrest and Muscogee
Scholarships are now worth $2,800 each
over a period of four years at the rate
of $700 for each of the four years of
college attendance.
The scholarships are awarded to high
school graduates who are entering col
lege for the first time. To be eligible
for consideration for a scholarship, the
recipient must plan to enroll in an
academic four-year college or univer
sity in a course of studies for a recog
nized undergraduate academic degree.
An employee must have been in the
employment of Fieldcrest Mills, Inc., for
at least one year to be considered for
a scholarship. The children of an em
ployee of Fieldcrest Mills, Inc., are eli
gible for consideration for a scholar
ship award if the employee has been
with the Company for one year or more.
The scholarships were first awarded
by the Fieldcrest Foundation in the
fall of 1960. To date, a total of 30 Field
crest Scholarships and eight Muscogee
Scholarships have been granted.
Membership in, the Fieldcrest Mills
Credit Union continues to grow, with
approximately 500 new members being
added in 1967. At the end of the year,
7,649 employees were members, repre
senting a high percentage of those eligi
ble to join.
Total assets of the Credit Union as of
December 31, 1967, were $2,194,659, an
increase of approximately a quarter-
million dollars over the year before.
Dividends on savings in 1967 totaled
$66,866, compared with $60,985 in 1966.
The Credit Union has paid dividends at
the late of 4%% per annum for the past
two years and has paid a dividend of at
least 4% per annum each six months
since the Credit Union was organized
in 1958.
Highlights of the financial statement
for 1967 were presented at the annual
membership meeting Friday afternoon,
January 26, at the Consolidated Central
YMCA, Eden. The statement is publish
ed elsewhere in this issue of The Mill
Whistle.
Haven H. Newton, president of the
Credit Union, who presided, discussed
the annual statement and presented
some of the operating statistics. He
pointed out that the Credit Union since
its organization has made 42,832 loans
(Continued on Page Eight)
New Record Set In
1967 Fourth Quarter
Fieldcrest Mills, Inc. reported record
sales and earnings for the fourth quarter
of 1967.
In announcing the results, which are
still subject to audit, G. William Moore,
president of the company, stated that
sales in both the domestics and woven
carpeting product divisions in the final
quarter exceeded fourth quarter 1966
levels by about 8%.
The additional volume plus the bene
fits of lower costs resulting from pro
duction at near-capacity levels produced
a record earnings level of about $3,-
350,000 or $.95 (ninety-five cents) per
share compared with $.73 (seventy-three
cents) in the final quarter of 1966.
Based on the preliminary results, sales
for the full year reached $175,000,000
(Continued on Page Eight)