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^ol. 30
Eden, N. C., September 13, 1971
No. 5
$1,027,735 Paid To Pension Trust Fund
The Company today made an addi-
'onal contribution of $1,027,735 to the
leldcrest Mills Pension Trust, one of
he largest payments made to date to
he fund for the payment of employee
‘^hhsions.
The latest contribution, covering the
year 1970, increased the value of the
trust assets to about $231/2-million.
The payment, taken from the Com
pany’s earnings, was paid to the Wa
chovia Bank and Trust Company, at
Winston-Salem, trustee of the pension
fund. Money which the Company pays
West recipients of Fieldcrest Scholarships are shown with «j. W. Moore (left)
"‘‘hlrinan of the board, Fieldcrest Mills, Inc., and Clyde Pressley, superintendent of
hn City Schools (right). Fieldcrest Scholars, left to right, are LaMance Joyce,
haron Nichols, Cheryl Fulton, Richard Gillie and Anthony Patterson.
Uincheon Honors Scholarship Winners
1 fieldcrest Foundation Scholarship
.Aiders were guests of honor at a
dcheon given by the Company Wed-
®sday^ August 25, at the Meadow
^®6hs Country Club, Eden.
the
^fesent at the luncheon were 16 of
29 scholarship recipients who are
j. ^rently enrolled in college, several of-
of the Company, other manage-
jj ®*}t officials, and Clyde Pressley, su-
^hitendent of the Eden City Schools.
(;L a brief talk, G. Wilham Moore,
Ijj^^i’man of the board, Fieldcrest Mills,
told the group that the “main
of the Fieldcrest Foundation is
education.” He said although
(j.®. Foundation contributes to YMCAs,
>ted Funds and other community pro
grams, the Company is most interest
ed in education.
Mr. Moore told of the assistance given
by the Foundation to various educa
tional institutions, particularly Rocking
ham Community College. He stressed
the need for profitable operation of the
Company for it to continue to provide
payrolls and benefits, pay taxes, pro
vide scholarships and support commu
nity projects.
Harold W. Whitcomb, retired chair
man of the board of Fieldcrest Mills,
Inc., was recognized and in a brief re
sponse said he was “pleased at the won
derful records you young people have
made.” He praised the members of the
(Continued on Page Five)
to the fund cannot be recovered by the
Company and must be used only for the
payment of employees’ pensions.
The Pension Plan has been in effect
for approximately 28 years and during
that time a total of 2,100 employees
have retired under its provisions. Over
12,000 active employees are currently
covered by the Pension Plan.
During 1970 over 1,200 retired em
ployees were paid pension benefits to
taling approximately $875,000. Current
ly there are over 1,445 employees re
tired and drawing monthly pension
checks.
The pensions paid under the Plan are
in addition to, and completely separate
from, any payments received through
Social Security. The Company, of course,
also pays half of the cost of employees’
Social Security benefits.
Widely recognized as one of the first
and the best in the textile industry, the
Pension Plan was installed when em
ployee pension plans were comparative
ly rare in the industry.
Upon retirement, employees receive
(Continued on Page Eight)
Imports Slow Pace In
July But They Remain
Higher Than Last Year
The pace of textile imports slack
ened in July but still remained 17 per
cent higher than a year ago, the Com
merce Department said Friday.
The department said imports of man
made fiber, cotton and wool textiles to
taled 512 million square yards equiv
alent in July, 10 per cent lower than
the all-time high recorded in June.
For the first seven months of 1971,
textile imports were 39 per cent great
er than in the same period a year ago,
the department said.
The value of textile imports from
January through July totaled nearly
$1.4 billion compared with exports val
ued at $396 million.
This gave the United States a textile
trade deficit of $995 million so far this
year, 46 per cent higher than a com
parable period in 1970.
The department said textile imports
from Japan, Hong Kong, and the re
publics of China and Korea increased
43 per cent over the same period in 1970.