SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [Fee required]
For the fiscal year ended December 31, 1994
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [No fee
required]
For the transition period from _______________
to ______________
Commission File Number: 1-5646
Full title of the Plan and address of the Plan,
if different from that of the issuer named below:
CLARK SAVINGS AND INVESTMENT PLAN
Name of the issuer of the securities held
pursuant to the Plan and the address of
its principal executive office:
CLARK EQUIPMENT COMPANY
100 North Michigan Street
P. O. Box 7008
South Bend, Indiana 46634
-1-<PAGE>
Attached hereto are the financial statements and schedules for the Clark
Savings and Investment Plan ("Plan") prepared in accordance with the
financial reporting requirements of the Employee Retirement Income Security
Act of 1974.
Exhibits
(24) Consent of Price Waterhouse LLP
************************************************************
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
CLARK SAVINGS AND INVESTMENT PLAN
By /s/ Dennis D. Beehler
Dennis D. Beehler
Member, Administrative Committee
By /s/ Nancy L. Boose
Nancy L. Boose
Member, Administrative Committee
By /s/ Virginia A. Hippenmeyer
Virginia A. Hippenmeyer
Member, Administrative Committee
By /s/ Richard J. Rosenthal
Richard J. Rosenthal
Member, Administrative Committee
By /s/ Robert D. Johnson
Robert D. Johnson
Member, Administrative Committee
Date: June 29, 1995
-2-<PAGE>
Clark Savings and
Investment Plan
Financial Statements
December 31, 1994 and 1993 <PAGE>
Report of Independent Accountants
To the Participants and Administrator
of the Clark Savings and Investment Plan
In our opinion, the accompanying statements of net assets available for
benefits with fund information and the related statements of changes in net
assets available for benefits with fund information present fairly, in all
material respects, the net assets available for benefits of the Clark
Savings and Investment Plan at December 31, 1994 and 1993, and the changes
in net assets available for benefits for the years then ended, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the plan's management; our
responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The fund information in the
statements of net assets available for benefits with fund information and
the statements of changes in net assets available for benefits with fund
information are presented for purposes of additional analysis rather than
to present the net assets available for benefits and the changes in net
assets available for benefits of each fund. The fund information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements, and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
South Bend, Indiana
June 23, 1995<PAGE>
Clark Savings and Investment Plan
Statement of Net Assets Available for Benefits at December 31, 1994
with Fund Information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Plan's undivided
interest in the
Clark Equipment
Company Master
Trust for
Individual Account
Plans (Notes 3
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
and 7) $60,246,858 $ - $12,901,333 $5,729,412 $1,310,084 $7,405,212 $10,242,025 $4,793,976 $102,628,900
Net assets
available
for benefits $60,246,858 $ - $12,901,333 $5,729,412 $1,310,084 $7,405,212 $10,242,025 $4,793,976 $102,628,900
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
Statement of Net Assets Available for Benefits at December 31, 1993
with Fund Information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Plan's undivided
interest in the
Clark Equipment
Company Master
Trust for
Individual Account
Plans (Notes 3
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
and 7) $59,503,886 $9,310,729 $25,880,195 $ - $ - $ - $ - $ - $94,694,810
Net assets
available
for benefit $59,503,886 $9,310,729 $25,880,195 $ - $ - $ - $ - $ - $94,694,810
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 1994 with Fund Information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Additions to net assets
attributed to:
Plan's undivided interest
in investment income (loss)
of the Clark Equipment
Company Master Trust for
Individual Account Plans
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(Note 7) $3,365,837 $ - $3,734,655 $ (980) $(13,987) $(305,990) $ 90,082 $409,588 $ 7,279,205
Contributions (Note 4):
Participant 1,623,774 - 203,229 1,049,182 89,391 1,233,809 841,565 - 5,040,950
Employer 461,295 - 52,320 303,619 12,382 365,277 252,988 - 1,447,881
Total contributions 2,085,069 - 255,549 1,352,801 101,773 1,599,086 1,094,553 - 6,488,831
Total additions 5,450,906 - 3,990,204 1,351,821 87,786 1,293,096 1,184,635 409,588 13,768,036
Deductions from net
assets
attributed to:
Distributions to
participants (3,580,922) - (1,449,140) (39,298) - (76,521) (498,875) (183,761) (5,828,517)
Loan fees (4,263) - (120) (316) (6) (224) (500) - (5,429)
Total deductions (3,585,185) - (1,449,260) (39,614) (6) (76,745) (499,375) (183,761) (5,833,946)
Net increase prior to
interfund 1,865,721 - 2,540,944 1,312,207 87,780 1,216,351 685,260 225,827 7,934,090
Interfund transfers (1,122,749) (9,310,729) (15,519,806) 4,417,205 1,222,304 6,188,861 9,556,765 4,568,149 -
Net increase (decrease) 742,972 (9,310,729) (12,978,862) 5,729,412 1,310,084 7,405,212 10,242,025 4,793,976 7,934,090
Net assets available
for benefits:
Beginning of year 59,503,886 9,310,729 25,880,195 - - - - - 94,694,810
End of year $60,246,858 $ - $12,901,333 $5,729,412 $1,310,084 $7,405,212 $10,242,025 $4,793,976 $102,628,900
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 1993 with Fund Information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Additions to net assets
attributed to:
Plan's undivided interest
in investment income
of the Clark Equipment
Company Master Trust for
Individual Account Plans
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(Note 7) $4,402,780 $ 884,065 $20,034,509 $ - $ - $ - $ - $ - $25,321,354
Contributions (Note 4):
Participant 2,936,793 626,490 161,773 - - - - - 3,725,056
Employer - - 1,217,049 - - - - - 1,217,049
Total contributions 2,936,793 626,490 1,378,822 - - - - - 4,942,105
Total additions 7,339,573 1,510,555 21,413,331 - - - - - 30,263,459
Deductions from net
assets attributed to:
Distributions to
participants (8,277,728) (1,330,394) (2,724,394) - - - - - (12,332,516)
Net increase (decrease)
prior to interfund
transfers (938,155) 180,161 18,688,937 - - - - - 17,930,943
Interfund transfers 6,385,306 314,043 (6,699,349) - - - - - -
Net increase 5,447,151 494,204 11,989,588 - - - - - 17,930,943
Net assets available
for benefits:
Beginning of year 54,056,735 8,816,525 13,890,607 - - - - - 76,763,867
End of year $59,503,886 $9,310,729 $25,880,195 $ - $ - $ - $ - $ - $94,694,810
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
1. Description of the Plan
General...The Clark Savings and Investment Plan (the
"Plan"), as amended, is administered by a committee
appointed by the Board of Directors of Clark Equipment
Company (the "Company") for the benefit of eligible
employees. Participants should refer to the Plan document
for more complete information.
Participation...All full-time U.S. employees of the Company
and its subsidiaries, except employees covered under a
separate plan or employees whose terms and conditions of
employment are governed by a collective bargaining agreement
which does not by its terms specify coverage under the Plan,
are eligible to participate in the Plan upon completion of
at least one year of service as defined in the Plan.
Contributions...Eligible employees electing to participate
in the Plan may make monthly basic contributions of from 1%
to 6% of their base pay, as defined by the Plan, and may
also make additional monthly contributions of from 1% to 10%
of their base pay. Annual employee contributions are
subject to limitations imposed by the Internal Revenue
Service.
The Company makes monthly contributions to the Plan
equivalent to 50% of the amount of the basic contributions
made by participating employees.
Vesting...Participants are immediately vested in 100% of all
Company contributions.
Participant-directed investment programs...As of January 1,
1994, participating employees may elect to allocate their
contributions to (a) a fixed income fund under a group
annuity contract (Fund A), (b) a Clark Equipment Company
common stock fund (Fund C), (c) The George Putnam Fund of
Boston (Fund D), (d) Putnam Global Growth Fund (Fund E), (e)
Putnam Vista Fund (Fund F), or Putnam S&P 500 Index Fund
(Fund G) in any combination of 5% increments that combined
equal 100%. A participant loan fund (Fund H) was also
created January 1, 1994. Prior to January 1, 1994
participant loans were recorded in the other funds of the
Plan. There were 1,993 employees participating in the Plan
at December 31, 1994.
Prior to January 1, 1994, participating employees were
required to allocate their contributions to either (a) a
fixed income fund under a group annuity contract (Fund A),
(b) an equity fund which invests in equity securities (Fund
B), (c) a Clark Equipment Company common stock fund (Fund
C), or (d) any two or all three funds in any combination in
25% increments. There were 1,221 employees participating in
the Plan at December 31, 1993. <PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
Participant loans...The Plan allows participants the option
of borrowing against their available fund balances
(excluding company-matched contributions). The principal
amount of any participant loan, at origination or renewal,
shall not be less than $500 and the maximum loan amount and
total of all outstanding loans shall not exceed the lesser
of 50% of the vested portion of the participant's fund
balances or $50,000. The $50,000 maximum loan amount,
however, is reduced by the excess of the highest outstanding
balance of loans during the preceding year over the
outstanding balance of the loan on the origination date.
Participants are required to repay loans in monthly
installments over the term of the loan. Routine loans have
terms ranging from one to five years, while certain
conditions such as the purchase of a home occasionally
result in loan terms in excess of five years. The interest
rate associated with each participant loan is determined by
the United Federal Credit Union's rate for a loan secured by
a member's account as of the effective date of each loan.
Prior to January 1, 1994, the interest rate on participant
loans was determined by the Harris Trust and Savings Bank
prime rate plus one percentage point as of the effective
date of each loan. The loan rates were 6.0% and 6.5% at
December 31, 1994 and 1993, respectively.
Distributions...Distributions of participant account
balances occur upon termination of employment, retirement,
disability or death. Participants have the option to defer
the distribution of benefits. However, the participants are
prohibited from making contributions during the deferral
period.
Federal Income Tax Status...The Plan administrator was
advised by the Internal Revenue Service on March 27, 1995,
that the Plan, conditioned upon the adoption of the restated
plan as submitted on March 13, 1995, constitutes a qualified
plan under the appropriate sections of the Internal Revenue
Code (IRC), and is therefore not subject to Federal Income
Tax. The Plan administrator and the Plan's tax counsel
believe that the Plan is designed and is currently being
operated in compliance with the applicable requirements of
the IRC. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
Plan Termination...Although the Company has not expressed
any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). <PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
2. Accounting Policies
Basis of Accounting
The accounts of the Plan are maintained on the accrual basis
of accounting.
Investments
Investments in equity securities are stated at quoted market
value (current value). Investments in group annuity
contracts held by insurance companies are stated at contract
value. Net unrealized appreciation or depreciation for the
period is reflected in the statement of changes in net
assets available for benefits. Realized gains or losses on
sales of investments are recorded as the difference between
proceeds received and cost. Cost is determined on the
average cost method. Purchases of investments are recorded
on the settlement date.
Expenses
The majority of all Plan expenses is paid by the Plan's
sponsor, Clark Equipment Company. A portion of the expenses
associated with the Metropolitan Life Insurance Company
group annuity contract, however, is paid directly by
participants of the Plan in the form of reduced fixed income
earnings. Beginning in 1994, participants also paid fees
related to the processing of new loans through direct
charges to the individual accounts of those participants
that obtained new loans.
3. Change in Trustee
Effective January 1, 1994, the Plan changed its Trustee and
expanded the Plan's investment options. Funds A and C
remain essentially unchanged, while Fund B was replaced with
four funds new to the Plan. Three of the four additional
funds are the Putnam Vista Fund, the Putnam S&P 500 Index
Fund, and The George Putnam Fund of Boston and were added
January 1, 1994. Effective July 1, 1994, the fourth fund,
the Putnam Global Growth Fund, was added to the Plan.
Concurrent with adding new funds to the Plan, participants
were allowed to allocate their contributions between the
funds in 5% increments and may change these allocations on a
daily basis.
4. Employer and Participant Contributions
Employer contributions to the Plan represent 50% of
participants' basic contributions. Effective January 1,
1994 employer contributions were invested in the same funds
and in the same proportions as the participant contribu-
tions. Prior to January 1, 1994, employer contributions<PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
were invested solely in Fund C. Starting in January 1994,
participants were allowed to transfer up to 15% per month of
their December 31, 1993, investment in Fund C to other funds
of the Plan. Starting in May 1994, participants were
allowed to transfer 15% of their Fund C holdings in the
first half of each month and another 15% in the second half
of each month to other funds in the Plan.
5. Investment Valuation and Significant Investments
Fund A
The primary asset of this fund is a group annuity contract
held by The Metropolitan Life Insurance Company and is
carried at contract value (represented by deposits received
and interest credited, reduced by funds transferred and
funds disbursed to participants). Interest rates credited
to the fund were 6.10% in 1994 and 8.00% in 1993.
Fund B
The primary assets of Fund B were invested as follows:
<TABLE>
Average Current
Cost Value
Description Units Per Unit Per Unit
Harris Bank Collective
Investment Funds - Index Fund:
<C> <C> <C> <C>
1993 9,175 $610.58 $949.75
Fund C
The primary assets of Fund C were invested as follows:
Average Current
Cost Value
Description Shares Per Unit Per Unit
Clark Equipment Company
Common Stock:
<C> <C> <C> <C>
1994 236,327 $38.13 $54.25
1993 492,586 $26.25 $52.38<PAGE>
</TABLE>
Clark Savings and Investment Plan
Notes to Financial Statements
Fund D
The primary assets of Fund D were invested as follows:
<TABLE>
Average Current
Cost Value
Description Units Per Unit Per Unit
The George Putnam Fund of Boston
- Mutual Fund
<C> <C> <C> <C>
1994 443,796 $13.50 $12.91
Fund E
The primary assets of Fund E were invested as follows:
Average Current
Cost Value
Description Units Per Unit Per Unit
Putnam Global Growth Fund - Mutual Fund
<C> <C> <C> <C>
1994 142,092 $9.63 $9.22
Fund F
The primary assets of Fund F were invested as follows:
Average Current
Cost Value
Description Units Per Unit Per Unit
Putnam Vista Fund - Mutual Fund
<C> <C> <C> <C>
1994 1,031,367 $7.45 $7.18
Fund G
The primary assets of Fund G were invested as follows:
Average Current
Cost Value
Description Units Per Unit Per Unit
Putnam S&P 500 Index Fund
- Common/Collective Trust
<C> <C> <C> <C>
1994 1,012,058 $10.01 $10.12
</TABLE>
Fund H
The primary asset of this fund is participant loans which are
secured by the participants account balance and are carried at
estimated fair value.<PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
6. Subsequent Event
During May 1995, Clark Equipment Company was purchased by
Ingersoll-Rand through a tender offer of $86 per share and
subsequent merger. Fund C was converted to cash as a result
of the repurchase of all of Clark Equipment Company's
outstanding shares. The cash was subsequently transferred to
Fund A or to the other available investment options according
to the participant's instructions, Fund C was then removed
from the available investment options.
7. Investment in Master Trust
The undesignated assets of three of the Company's separate
pension plans (Clark Savings and Investment Plan, Melroe
Savings and Investment Plan and Chicago Midwest Savings and
Investment Plan) are included in the Clark Equipment Company
Master Trust for Individual Account Plans. The Trustee
maintains separate accounting of all contributions,
distributions and income and expenses received by the Trust.
Each pension plan has a specific interest in the assets of
the Trust.
On the following pages is a summary of the master trust
financial information.<PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
Net Assets Available for Benefits at December 31, 1994
with fund information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Assets
Investments at fair
value:
Value of interest in
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
separate account $63,157,450 $ - $ - $ - $ - $ - $ - $ - $ 63,157,450
Common stock - - 13,738,968 - - - - - 13,738,968
Mutual funds - - - 6,333,097 1,372,038 8,086,134 - - 15,791,269
Value of interest in
common/collective
trust - - - - - - 11,206,930 - 11,206,930
Participant loans
receivable - - - - - - - 5,056,840 5,056,840
Total investments 63,157,450 - 13,738,968 6,333,097 1,372,038 8,086,134 11,206,930 5,056,840 108,951,457
Transfer in process 58,425 - 80,608 - - - - - 139,033
Net assets available
for benefits $63,215,875 $ - $13,819,576 $6,333,097 $1,372,038 $8,086,134 $11,206,930 $5,056,840 $109,090,490
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
Net Assets Available for Benefits at December 31, 1993
with fund information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Assets
Investments at fair
value:
Value of interest in
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
separate account $58,406,186 $ - $ - $ - $ - $ - $ - $ - $58,406,186
Common stock - - 27,308,954 - - - - - 27,308,954
Mutual funds - - - - - - - - -
Value of interest in
common/collective
trust - 9,103,396 - - - - - - 9,103,396
Participant loan
receivable 2,976,670 511,857 92,964 - - - - - 3,581,491
Total investments 61,382,856 9,615,253 27,401,918 - - - - - 98,400,027
Transfer in process 8,300 - (8,300) - - - - - -
Cash 1 131,782 171,851 - - - - - 303,634
Total assets 61,391,157 9,747,035 27,565,469 - - - - - 98,703,661
Liabilities
Due to broker - - 171,508 - - - - - 171,508
Total liabilities - - 171,508 - - - - - 171,508
Net assets available
for benefits $61,391,157 $9,747,035 $27,393,961 $ - $ - $ - $ - $ - $98,532,153
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
Statement of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1994 with fund information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Additions to net
assets
attributed to:
Investment income:
Interest and
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
dividends $3,504,341 $ - $ 1,129 $ 309,650 $ 47,062 $ 61,041 $ - $ - $3,923,223
Participant
loan interest - - - - - - - 419,878 419,878
Collective
investment
fund income - - - - - - 423 - 423
Other,
primarily realized
gains (losses) (3,219) - 13,288,773 (23,835) (1,595) (93,385) (20,385) - 13,146,354
Unrealized
appreciation
(depreciation) - - (9,408,761) (286,365) (59,887) (288,973) 120,042 - (9,923,944)
Total investment
income 3,501,122 - 3,881,141 (550) (14,420) (321,317) 100,080 419,878 7,565,934
Contributions:
Participants 2,178,405 - 264,382 1,378,278 101,925 1,618,127 1,255,370 - 6,796,487
Employer 678,297 - 75,084 428,505 15,878 503,106 405,783 - 2,106,653
Total
contributions 2,856,702 - 339,466 1,806,783 117,803 2,121,233 1,661,153 - 8,903,140
Total
additions 6,357,824 - 4,220,607 1,806,233 103,383 1,799,916 1,761,233 419,878 16,469,074
Deductions from
net assets
attributed to:
Distributions to
participants (3,610,726) - (1,459,500) (41,557) - (83,848) (519,225) (190,130) (5,904,986)
Loan fees (4,385) - (140) (355) (6) (310) (555) - (5,751)
Total deductions (3,615,111) - (1,459,640) (41,912) (6) (84,158) (519,780) (190,130) (5,910,737)
Net increase
prior
to interfund
transfers 2,742,713 - 2,760,967 1,764,321 103,377 1,715,758 1,241,453 229,748 10,558,337
Interfund
transfers (917,995) (9,747,035)(16,335,352) 4,568,776 1,268,661 6,370,376 9,965,477 4,827,092 -
Net increase
(decrease) 1,824,718 (9,747,035)(13,574,385) 6,333,097 1,372,038 8,086,134 11,206,930 5,056,840 10,558,337
Net assets
available
for benefits:
Beginning of
year 61,391,157 9,747,035 27,393,961 - - - - - 98,532,153
End of year $63,215,875 $ - $13,819,576 $6,333,097 $1,372,038 $8,086,134 $11,206,930 $5,056,840 $109,090,490
</TABLE>
Clark Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
Statement of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1993 with fund information
<TABLE>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Additions to net assets
attributed to:
Investment income:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Interest $4,290,740 $2,302 $3,333 $ - $ - $ - $ - $ - $ 4,296,375
Participant loan interest 230,525 39,478 13,275 - - - - - 283,278
Collective investment
fund income - 256,298 - - - - - - 256,298
Other, primarily realized
gains (losses) (3,165) 342,625 2,417,097 - - - - - 2,756,557
Unrealized appreciation
(depreciation) - 270,559 18,385,163 - - - - - 18,655,722
Total investment income 4,518,100 911,262 20,818,868 - - - - - 26,248,230
Contributions:
Participant 3,719,123 849,485 181,063 - - - - - 4,749,671
Employer 109,159 - 1,593,517 - - - - - 1,702,676
Total contributions 3,828,282 849,485 1,774,580 - - - - - 6,452,347
Total additions 8,346,382 1,760,747 22,593,448 - - - - - 32,700,577
Deductions from net assets
attributed to:
Distributions to
participants (8,293,553) (1,333,087) (2,729,864) - - - - - (12,356,504)
Net increase prior to
interfund transfers 52,829 427,660 19,863,584 - - - - - 20,344,073
Interfund transfers 6,405,861 313,812 (6,719,673) - - - - - -
Net increase 6,458,690 741,472 13,143,911 - - - - - 20,344,073
Net assets available
for benefits:
Beginning of year 54,932,467 9,005,563 14,250,050 - - - - - 78,188,080
End of year $61,391,157 $9,747,035 $27,393,961 $ - $ - $ - $ - $ - $98,532,153
</TABLE>
<PAGE>
<PAGE>
Clark Savings and Investment Plan
EXHIBIT INDEX
Filed
Herewith Unless
Exhibit Description Otherwise Indicated
(24) Consent of Price Waterhouse LLP __
EXHIBIT 24
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 33-28226, 2-99369, 2-77136,
and 2-61096) of our report dated June 23, 1995, which report is
included in the Financial Statements for the Clark Savings and
Investment Plan for the year ended December 31, 1994, which are filed
along with the Form 11-K to which this consent is attached as an
exhibit.
/s/Price Waterhouse LLP
Price Waterhouse LLP
South Bend, Indiana
June 29, 1995
