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:
MELROE 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 Melroe
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
************************************************************
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.
MELROE 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>
Melroe Savings and
Investment Plan
Financial Statements
December 31, 1994 and 1993 <PAGE>
Report of Independent Accountants
To the Participants and Administrator
of the Melroe 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
Melroe 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 presented in all material respects in
relation to the basic financial statements taken as a whole.
/s/Price Waterhouse
South Bend, Indiana
June 23, 1995<PAGE>
<TABLE>
Melroe Savings and Investment Plan
Statement of Net Assets Available for Benefits at December 31, 1994 with Fund Information
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Plan's specific
interest in the
Clark Equipment
Company Master
Trust for
Individual Account
Plans (Notes 3
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
and 7) $2,523,431 $ - $918,243 $581,164 $61,954 $662,519 $937,710 $262,864 $5,947,885
Net assets
available
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
for benefits $2,523,431 $ - $918,243 $581,164 $61,954 $662,519 $937,710 $262,864 $5,947,885
The accompanying notes are an integral part of these financial statements.<PAGE>
<PAGE>
</TABLE>
<TABLE>
Melroe Savings and Investment Plan
Statement of Net Assets Available for Benefits at December 31, 1993 with Fund Information
Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total
Plan's specific
interest in the
Clark Equipment
Company Master
Trust for
Individual Account
Plans (Notes 3
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
and 7) $1,560,188 $425,860 $1,513,767 $ - $ - $ - $ - $ - $3,499,815
Net assets
available
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
for benefits $1,560,188 $425,860 $1,513,767 $ - $ - $ - $ - $ - $3,499,815
The accompanying notes are an integral part of these financial statements.<PAGE>
<PAGE>
</TABLE>
<TABLE>
Melroe Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 with Fund Information
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 specific
interest in invest-
ment income(loss)
of the Clark
Equipment Company
Master Trust
for Individual
Account Plans
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(Note 7) $ 117,847 $ - $146,486 $ 398 $ (433) $(15,192) $ 9,691 $ 10,290 $ 269,087
Contributions
(Note 4):
Participant 493,377 - 61,153 319,113 12,534 376,011 404,594 - 1,666,782
Employer 173,190 - 22,764 111,891 3,496 127,562 145,406 - 584,309
666,567 - 83,917 431,004 16,030 503,573 550,000 - 2,251,091
Total additions 784,414 - 230,403 431,402 15,597 488,381 559,691 10,290 2,520,178
Deductions from net
assets attributed to:
Distributions to
participants (25,391) - (10,360) (2,185) - (7,291) (20,191) (6,370) (71,788)
Loan fees (119) - (21) (39) - (86) (55) - (320)
Total deductions (25,510) - (10,381) (2,224) - (7,377) (20,246) (6,370) (72,108)
Net increase prior
to interfund
transfers 758,904 - 220,022 429,178 15,597 481,004 539,445 3,920 2,448,070
Interfund trans-
fers 204,339 (425,860) (815,546) 151,986 46,357 181,515 398,265 258,944 -
Net increase
(decrease) 963,243 (425,860) (595,524) 581,164 61,954 662,519 937,710 262,864 2,448,070
Net assets
available
for benefits:<PAGE>
<PAGE>
</TABLE>
<TABLE>
Melroe Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 with Fund Information
Beginning of
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
year 1,560,188 425,860 1,513,767 - - - - - 3,499,815
End of year $2,523,431 $ - $918,243 $581,164 $61,954 $662,519 $937,710 $262,864 $5,947,885
The accompanying notes are an integral part of these financial statements.<PAGE>
<PAGE>
</TABLE>
<TABLE>
Melroe Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1993 with Fund Information
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 specific
interest in invest-
ment income
of the Clark
Equipment Company
Master Trust
for Individual
Account Plans
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(Note 7) $ 103,594 $ 26,582 $ 784,359 $ - $ - $ - $ - $ - $914,535
Contributions
(Note 4):
Participant 722,078 217,673 19,290 - - - - - 959,041
Employer - - 376,468 - - - - - 376,468
722,078 217,673 395,758 - - - - - 1,335,509
Total additions 825,672 244,255 1,180,117 - - - - - 2,250,044
Deductions from net
assets attributed to:
Distributions to
participants (3,319) (2,693) (5,470) - - - - - (11,482)
Net increase prior
to interfund
transfers 822,353 241,562 1,174,647 - - - - - 2,238,562
Interfund trans-
fers 20,554 (231) (20,323) - - - - - -
Net increase 842,907 241,331 1,154,324 - - - - - 2,238,562
Net assets
available
for benefits:
Beginning of
year 717,281 184,529 359,443 - - - - - 1,261,253<PAGE>
<PAGE>
</TABLE>
<TABLE>
Melroe Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1993 with Fund Information
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
End of year $1,560,188 $425,860 $1,513,767 $ - $ - $ - $ - $ - $3,499,815
The accompanying notes are an integral part of these financial statements.<PAGE>
<PAGE>
</TABLE>
Melroe Savings and Investment Plan
Notes to Financial Statements
1. Description of the Plan
General...The Melroe 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. The Plan was adopted and made effective December
1, 1991. Participants should refer to the Plan document for
more complete information.
Participation...All individuals employed by the Melroe
Company, and whose terms of employment are governed by a
collective bargaining agreement with Local Union No. 566 and
560 of Allied Industrial Workers of America, AFL-CIO, 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 supplemental monthly contributions of 1% to 10% of
their base pay. Annual participant 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
participant and 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 on January 1, 1994. Prior to January 1, 1994,
participant loans were recorded in the other funds of the
Plan. There were 786 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 529 employees participating in
the Plan at December 31, 1993. <PAGE>
Melroe 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
the 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 highest outstanding balance of
loans during the preceding year over the outstanding balance
of loans on the origination date. Participants are required
to repay loans in monthly installments over the term of the
loan, generally ranging from one to five years. The loan
interest rate 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 April 28, 1995
that the Plan as amended through June 13, 1994 constitutes a
qualified plan under the appropriate sections of the
Internal Revenue Code (IRC), and is therefore not subject to
Federal Income Tax. This determination letter is
conditional upon the adoption of a restated plan submitted
on April 11, 1995. 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 it 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>
Melroe 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
administrator, 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 began paying fees
related to the processing of new loans through direct
charges to the individual accounts of those participants
that incurred 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
contributions. Prior to January 1, 1994, employer
contributions were invested solely in Fund C. Starting in<PAGE>
Melroe Savings and Investment Plan
Notes to Financial Statements
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 for Fund B were invested as follows:
Average Current
Cost Value
Description Units Per Unit Per Unit
Harris Bank Collective
Investment Fund -
Index Fund:
[C] [C] [C] [C]
1993 400 $885.51 $949.75
Fund C
The primary assets for Fund C were invested as follows:
Average Current
Cost Value
Description Units Per Unit Per Unit
Clark Equipment Company
Common Stock:
[C] [C] [C] [C]
1994 16,938 $32.27 $54.25
1993 28,826 $27.14 $52.38<PAGE>
Melroe Savings and Investment Plan
Notes to Financial Statements
Fund D
The primary assets for Fund D were invested as follows:
Average Current
Cost Value
Description Units Per Unit Per Unit
The George Putnam Fund
of Boston - Mutual Fund
[C] [C] [C] [C]
1994 45,017 $13.43 $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 6,720 $9.47 $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 92,273 $7.34 $7.18
Fund G
Fund G is carried at current value and is 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 92,597 $10.00 $10.12<PAGE>
Melroe Savings and Investment Plan
Notes to Financial Statements
Fund H
The primary asset of this fund is participant loans which are
secured by the participants accounts balance and are carried
at estimated fair value.
6. Subsequent Event
During 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 the other available investment options according to
the participants 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>
Melroe Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
<TABLE>
Net Assets Available for Benefits at December 31, 1994 with fund information
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
<C> <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>
Melroe Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
<TABLE>
Net Assets Available for Benefits at December 31, 1993 with fund information
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
<C> <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>
Melroe Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
<TABLE>
Statement of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1994 with fund information
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>
<PAGE>
<PAGE>
Melroe Savings and Investment Plan
Notes to Financial Statements
(Note 7 continued)
<TABLE>
Statement of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1993 with fund information
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>
EXHIBIT INDEX
Filed Herewith
Unless
Exhibit Description Otherwise Indicated
(24) Consent of Price Waterhouse __
EXHIBIT 24
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-44275) of our
report dated June 23, 1995, which report is included in
the Financial Statements for the Melroe 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
Price Waterhouse LLP
South Bend, Indiana
June 29, 1995 <PAGE>
