'HE MILL
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Eden, N. C., January 5, 1970
No. 13
Credit Union Pays $55,719 In Dividends
®tal Of Nearly Half-Million
nas Been Paid In Dividends
itice Credit Union Began
^ieldcrest Mills Credit Union members
.^'^eived a total of $55,719 in dividends
j*' the last six months of 1969. A total
',$471,741 in dividends has now been
since the Credit Union was formed
1958.
^9 comparison, $49,464 in dividends
"'as
Paid for the last six months of 1968.
V
® amount members received for the
'hst
SIX months of 1969 was $52,814.
jj^he December 31, 1969 dividend was
. the rate of 5 percent. This rate was
[j^^he effective January 1, 1968 and was
6 third increase in rates since the for-
mon of the Credit Union,
j me Pieldcrest Credit Union has paid
. 'vidend of at least 4 percent per an-
each six months since it was of-
to4 increase was from 4
Ij '*14 percent, effective January 1, 1965.
raised to 41/2 percent a year la-
ti] the rate remained the same un-
the latest increase in 1968.
(>i, tatements are being distributed to all
5. hit Union members showing the
L °"*ht of dividends received, the mem-
, 's ■
v’ 3tid interest paid. If any member
failed to receive his statement, or has
any question concerning his account, he
should contact the Credit Union office.
There are approximately 8,800 Field-
crest employees who are members of the
Credit Union. These are from nearly all
locations and represent a high percent
age of those eligible to join. These mem
bers have the opportunity to enjoy regu
lar savings through payroll deductions
and hundreds of members have borrow
ed from the Credit Union.
The purpose of the Credit Union is
to encourage systematic savings; to
make low-cost loans to members; and to
help members handle their finances in
a more adequate manner.
In order to make Credit Union trans
actions as convenient as possible, the
Company cooperates by permitting both
savings and loan payments to be handled
through deductions.
Employees who are not members of
the Credit Union are invited to join. All
that is required is for the employee to
pay a 25c fee and sign a card authoriz
ing the Company to deduct a specified
amount of savings from each paycheck.
Industry Set Production Record In ’69
share account, the loan balance, if
The textile industry reached all-time
high production levels in 1969 but fell
down slightly in sales, profits and em
ployment, according to an American
Textile Manufacturers Institute report.
ATMI President Charles F. Myers, Jr.,
of Greensboro, blamed the Vietnam war,
imports and inflation for the declines.
He said the long-range outlook for the
industry is good and its rate of growth
will be closely tied to conditions in the
general economy.
He cited figures showing that the past
Colbert Retires After 51 Years Of Service
is hard to describe how I feel: I
5^, hiiss being on the job at the mill
w ^9l greatly miss the friends I have
ked with for so many years.”
So
®3rl-
said John T. Tolbert who took
’ft.
ft' retirement under the Pension Plan
years of continuous service at
■ bedspread Mill. He worked the en-
iittie in the Spinning Department
"''as a doffer for most of the 51
’td
*’®"rs.
'^'"Ibert went to work January 1,
®°°n after the newly-built Bed-
(1 ^ad Mill began operations. He said
t the changes he has seen in 51 years
kid not have been imagined” in 1919
ho greatest improvements have
in working conditions.
Tolbert is a native of Cascade,
and is married to the former Vir-
"'oit of Winston-Salem, who
ks in the Burling Department at the
t^j^^kstan Mill. They have five daugh-
Ste’ khe son, 14 grandchildren and two
kt-grandchildren.
JOHN TOLBERT
decade has been a good one overall for
the industry.
Mr. Myers said that during the 1960’s,
textile production increased by 47 per
cent, sales jumped from $13.7 billion to
$21.1 billion, employment increased by
more than 60,000, hourly wages in
creased 50 per cent, minority employ
ment more than 200 per cent and nearly
$8 billion was invested in new plants
and equipment.
“The industry is faced with prob
lems,” Mr. Myers said, “import compe
tition, a cost-price squeeze, a shrinking
labor force and tight money. But, over
all it is in a strong position to achieve
a more desirable rate of growth and
prosperity during the decade of the sev-
(Continued On Page Five)
Plans Are Announced
For Sale Of Maguire
An agreement in principle for the ac
quisition of John P. Maguire & Co.,
Inc. by Ward Foods, Inc. from its pres
ent owner Fieldcrest Mills, Inc., was
announced jointly by G. William Moore,
president of Fieldcrest Mills, Inc., and
Charles W. Call, Jr., president of Ward
Foods.
The proposal is subject to approval
by both companies’ board of directors.
John P. Maguire & Co. is engaged in
factoring and other financial and ac
counting services to manufacturers. The
business, which was started in 1936, has
been a wholly-owned subsidiary of
Fieldcrest Mills for approximately five
years. It is the intention of Fieldcrest
(Continued On Page Five)