================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
[X] AMENDMENT NO. 1 TO ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to ______________
Commission File No. 1-2267
THE MEAD CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 31-0535759
(State of Incorporation) (I.R.S. Employer Identification No.)
MEAD WORLD HEADQUARTERS
COURTHOUSE PLAZA NORTHEAST
DAYTON, OHIO 45463
(Address of principal executive offices)
Registrant's telephone number, including area code: 513-495-6323
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange
Title of Each Class on which Registered
------------------- ---------------------
Common Shares Without Par Value New York Stock Exchange
and Common Share Purchase Rights Chicago Stock Exchange
Pacific Stock Exchange
9% Debentures due 2017 New York Stock Exchange
6 3/4% Convertible Subordinated New York Stock Exchange
Debentures due 2012
_________________________
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes X No __.
_________________________
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [ ]
_________________________
As of January 27, 1994, the aggregate market value of the voting
shares held by non-affiliates of the Registrant was approximately
$2,749,360,000 determined by multiplying the highest selling price of a
Common Share on the New York Stock Exchange--Composite Transactions Tape on
such date times the amount by which the total shares outstanding
exceeded the shares beneficially owned by directors and executive officers
of the Registrant. Such determination shall not, however, be
deemed to be an admission that any person is an "affiliate" as defined
in Rule 405 under the Securities Act of 1933.
The number of Common Shares outstanding at March 1, 1994
was 59,271,120.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Registrant's Proxy Statement for the Annual
Meeting of Shareholders scheduled to be held on April 28, 1994, are incorporated
by reference in Part III; definitive copies of said Proxy Statement were
filed with the Securities and Exchange Commission on March 14, 1994.
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<PAGE>
Pursuant to Rule 15d-21 under the Securities Exchange Act of 1934,
the undersigned registrant (the "Registrant") hereby amends its
annual report on Form 10-K for the fiscal year ended December 31,
1993 to include the following information and financial statements
required by Form 11-K with respect to The Mead Salaried Savings Plan
(the "Plan") for the year ended December 31, 1993:
THE MEAD SALARIED SAVINGS PLAN
TABLE OF CONTENTS
- - ----------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits
as of December 31, 1993 2
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1993 3
NOTES TO FINANCIAL STATEMENTS 4-6
SUPPLEMENTAL SCHEDULES:
Schedule of Reportable Transactions in Excess
of Five Percent of the Current Value of Plan
Assets for the Year Ended December 31, 1993 7-9
Schedule of Assets Held for Investment as of
December 31, 1993 10-14
EXHIBITS:
Independent Auditors' Consent 15
Signatures 16
<PAGE>
INDEPENDENT AUDITORS' REPORT
Members of the Corporate Benefits Committee
The Mead Salaried Savings Plan
Dayton, Ohio
We have audited the accompanying statements of net assets available
for benefits of The Mead Salaried Savings Plan (the Plan) as of
December 31, 1993 and 1992, and the related statement of changes in
net assets available for benefits for the year ended December 31,
1993. 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 in accordance with generally accepted
auditing standards. Those standards 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. Our procedures
included confirmation of securities and investments owned at
December 31, 1993 and 1992, by correspondence with the trustee,
State Street Bank & Trust Company. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan
at December 31, 1993 and 1992, and the changes in net assets
available for benefits for the year ended December 31, 1993, in
conformity with generally accepted accounting principles.
As discussed in Note D to the financial statements, the Plan changed
its method of accounting for benefits payable to participants who
have withdrawn from participation in the plan.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
schedules of (1) assets held for investment as of December 31, 1993
and (2) reportable transactions in excess of five percent of the
current value of plan assets for the year ended December 31, 1993,
are presented for the purpose of additional analysis and are not a
required part of the basic financial statements but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. These schedules
are the responsibility of the Plan's management. Such schedules
have been subjected to the auditing procedures applied in our audit
of the basic 1993 financial statements and, in our opinion, are
fairly stated in all material respects when considered in relation
to the basic financial statements taken as a whole.
DELOITTE & TOUCHE
Dayton, Ohio
April 7, 1994
<PAGE>
THE MEAD SALARIED SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993 AND DECEMBER 31, 1992
DECEMBER 31, DECEMBER 31,
1993 1992
-------------- --------------
ASSETS
- - ----------------------------------------
Investments in securities (Note E):
Mead Common Shares $140,636,047 $117,045,000
Other 112,388,444 86,009,153
Investments in Federal Agency Obligations 52,795,556 58,456,587
Loans to Participants 9,982,447 7,182,162
Cash and temporary cash investments 7,249,947 1,102,627
Due from employer 3,446,071 3,095,399
Interest and dividends receivable 955,880 694,870
-------------- --------------
Net Assets 327,454,392 273,585,798
-------------- --------------
LIABILITIES
- - ----------------------------------------
Distributions due to Plan participants
(Note D) 2,209,027
-------------- --------------
Net Assets Available for Benefits $327,454,392 $271,376,771
============== ==============
See notes to financial statements.
<PAGE>
<TABLE>
THE MEAD SALARIED SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
INTEREST EQUITY EQUITY MEAD COMMON LOAN
INCOME FUND GROWTH FUND INCOME FUND STOCK FUND ACCOUNT TOTAL
-------------- -------------- -------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASES IN NET
ASSETS:
Contributions:
Employees $6,701,408 $9,683,262 $6,153,314 $5,976,380 $ $ 28,514,364
Employee rollovers
from other plans 669,958 411,896 217,091 817,561 2,116,506
Employer 12,128,135 12,128,135
Investment Income:
Dividends on Mead
Common Shares 3,112,365 3,112,365
Interest 2,731,413 825 544 25,465 2,758,247
Other dividends 7,273,005 3,562,078 10,835,083
Net gain on sale of
investments 91,438 133,678 150,277 1,345,704 1,721,097
Unrealized appreciation
on investments 145,916 432,853 1,785,816 16,949,795 19,314,380
-------------- -------------- -------------- -------------- ------------- -------------
TOTAL INCREASES 10,340,133 17,935,519 11,869,120 40,355,405 80,500,177
DECREASES IN NET ASSETS:
Distributions to
withdrawing, terminated
or deceased employees 6,547,290 4,930,527 3,263,246 11,122,637 25,863,700
Administrative Fees 254,596 133,862 99,915 279,510 767,883
Interfund Transfers 2,544,601 (2,796,001) (2,346,793) 4,940,117 (2,341,924)
-------------- -------------- -------------- -------------- ------------- -------------
TOTAL DECREASES 9,346,487 2,268,388 1,016,368 16,342,264 (2,341,924) 26,631,583
-------------- -------------- -------------- -------------- ------------- -------------
NET INCREASE IN NET ASSETS
BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING
PRINCIPLE 993,646 15,667,131 10,852,752 24,013,141 2,341,924 53,868,594
CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING
PRINCIPLE (Note D) 547,216 564,444 469,594 627,773 2,209,027
-------------- -------------- -------------- -------------- ------------- -------------
NET INCREASE
IN NET ASSETS 1,540,862 16,231,575 11,322,346 24,640,914 2,341,924 56,077,621
NET ASSETS -
Beginning of Year 60,233,141 50,559,093 35,880,945 117,521,430 7,182,162 271,376,771
-------------- -------------- -------------- -------------- ------------- -------------
NET ASSETS -
End of Year $61,774,003 $66,790,668 $47,203,291 $142,162,344 $9,524,086 $327,454,392
============== ============== ============== ============== ============= =============
See notes to financial statements.
</TABLE>
<PAGE>
THE MEAD SALARIED SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993 AND 1992 AND
FOR THE YEAR ENDED DECEMBER 31, 1993
A. PLAN DESCRIPTION
The Mead Salaried Savings Plan (the "Plan") permits employees of The
Mead Corporation (Mead) to participate in a program of personal
savings. Generally, employees who are not covered by a collective
bargaining agreement are eligible to participate in this Plan.
Employees may authorize a payroll withholding of up to 16% of
compensation as a contribution to the Plan. During the years ended
December 31, 1993 and 1992, Mead's contributions were 60% of each
dollar contributed on the first 3% of the participant's gross pay
and 40% of each dollar contributed on the next 3% of the
participant's eligible gross pay. Mead may make an additional
discretionary contribution each year in an amount determined by its
Board of Directors. No such discretionary contribution was made in
the year ended December 31, 1993 or 1992. Employee and employer
contributions are at all times fully vested and nonforfeitable.
During the years ended December 31, 1993 and 1992, participants
could direct their contributions to different funds of the Plan as
described below:
Interest Income Fund - Contributions to the Interest Income
Fund are invested in diversified high quality, income
producing, short-term investments, primarily U.S. Treasury and
Government Agency obligations.
Equity Growth Fund - Contributions are invested in the
Twentieth Century Select Investors Fund managed by Investors
Research Corporation. The Twentieth Century Select Investors
Fund invests in a diversified equity portfolio with capital
growth as its primary objective.
Equity Income Fund - Contributions to the Equity Income Fund
are invested in the Vanguard Equity Income Fund, which is
managed by The Vanguard Group of Investment Companies. The
Vanguard Equity Income Fund is a diversified equity portfolio
consisting primarily of income producing securities.
Mead Common Stock Fund - Contributions are invested in Common
Shares of The Mead Corporation. All employer matching
contributions are made to this fund.
At December 31, 1993, there were approximately 10,000 participants
in the Plan, of whom 6,000 had invested in the Interest Income Fund,
7,100 in the Equity Growth Fund, 6,100 in the Equity Income Fund and
10,000 in the Mead Common Stock Fund. Expenses for administering
the Plan, including the compensation and expenses of the Plan
trustee and trading costs, are paid out of the funds of the Plan.
Certain internal administrative expenses are paid by Mead.
Mead reserves the right to terminate the Plan at any time, subject
to Plan provisions. Upon such termination of the Plan, the
remaining assets in the Plan, net of expenses properly charged
thereto, shall be distributed to participants or their beneficiaries
in cash based upon their interests in the Plan at the termination
date.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net Realized and Unrealized Gains and Losses on Investments -
Realized gains and losses are determined on a first-in, first-out
basis utilizing a revalued cost which is calculated based on
beginning of the year market values, or purchase price if acquired
during the year. Unrealized appreciation (depreciation) is
calculated as market value at the end of the year less market value
at the beginning of the year, or purchase price if acquired during
the year.
Investments - Investments are stated at fair value as measured by
readily available market prices.
C. TAXES
The Plan is a "qualified cash or deferred arrangement" under
Sections 401(a) and 401(k) of the Internal Revenue Code and, as
such, is exempt from Federal income taxes under Section 501(a). All
income of the Plan will be distributed to the participants, and no
income is taxable to the Plan. Generally, the first 10% of
contributed employee compensation, the Mead matching contributions
and Plan earnings are not taxable until disbursed to the
participants.
D. BENEFITS PAYABLE
In 1993, the Plan changed its method of accounting for benefits
payable to comply with the 1993 AICPA Audit and Accounting Guide,
"Audits of Employee Benefit Plans". The new guidance requires that
benefits payable to persons who have withdrawn from participation in
a defined contribution plan be disclosed in the footnotes to the
financial statements rather than be recorded as a liability of the
Plan. At December 31, 1993, net assets available for benefits
includes benefits of $6,273,706 due to participants who have
withdrawn from participation in the Plan.
<PAGE>
<TABLE>
E. NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT PROGRAM
DECEMBER 31, 1993
<CAPTION>
NUMBER INTEREST EQUITY EQUITY MEAD COMMON LOAN
OF SHARES INCOME FUND GROWTH FUND INCOME FUND STOCK FUND ACCOUNT TOTAL
----------- ------------- ------------- ------------- -------------- ------------- --------------
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C>
Investments in securities:
Mead Common Shares 3,179,828 $ $ $ $140,636,047 $ $140,636,047
Twentieth Century Select
Investors Fund 1,668,099 65,823,196 65,823,196
Vanguard Equity Income
Fund 3,408,876 46,565,248 46,565,248
Investments in Federal
Agency Obligations 52,795,556 52,795,556
Loans to Participants 9,982,447 9,982,447
Cash and temporary cash
investments 7,235,495 6,911 5,131 2,410 7,249,947
Due from employer 786,985 960,483 632,854 1,524,110 (458,361) 3,446,071
Interest and dividends
receivable 955,967 78 58 (223) 955,880
------------- ------------- ------------- -------------- ------------- --------------
NET ASSETS $61,774,003 $66,790,668 $47,203,291 $142,162,344 $9,524,086 $327,454,392
============= ============= ============= ============== ============= ==============
December 31, 1992
NUMBER INTEREST EQUITY EQUITY MEAD COMMON LOAN
OF SHARES INCOME FUND GROWTH FUND INCOME FUND STOCK FUND ACCOUNT TOTAL
----------- ------------- ------------- ------------- -------------- ------------- --------------
ASSETS
Investments in securities:
Mead Common Shares 3,060,000 $ $ $ $117,045,000 $ $117,045,000
Twentieth Century Select
Investors Fund 1,296,807 50,212,384 50,212,384
Vanguard Equity Income
Fund 2,770,648 35,796,769 35,796,769
Investments in Federal
Agency Obligations 58,456,587 58,456,587
Loans to Participants 7,182,162 7,182,162
Cash and temporary cash
investments 1,074,802 52 27,773 1,102,627
Due from employer 555,155 911,148 553,713 1,075,383 3,095,399
Interest and dividends
receivable 693,813 5 5 1,047 694,870
------------- ------------- ------------- -------------- ------------- --------------
60,780,357 51,123,537 36,350,539 118,149,203 7,182,162 273,585,798
------------- ------------- ------------- -------------- ------------- --------------
LIABILITIES
Distributions due to Plan
participants 547,216 564,444 469,594 627,773 2,209,027
------------- ------------- ------------- -------------- ------------- --------------
NET ASSETS $60,233,141 $50,559,093 $35,880,945 $117,521,430 $7,182,162 $271,376,771
============= ============= ============= ============== ============= ==============
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Reportable Transactions
For the Year Ended December 31, 1993
<CAPTION>
ERISA 5500 Schedule of 5% Reportable Series of Transactions
From January 1, 1993 to December 31, 1993
Beginning Net Asset Value: $272,242,841.55
5% of Net Asset Value: $ 13,612,142.08
- - --------------------------------------------------------------------------------------------------------------------------
Asset ID Security Description Maturity Date
# of Purchases Purchase Cost # Sales Rate Sale Proceeds Total # Total Cost and Proceeds
- - --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Common and Preferred
- - --------------------
582834107 Mead Corp
30 10,765,412.37 22 5,469,864.19 52 16,235,276.56
582836995 Mead Loan Account
23 5,123,047.48 45 14,057,547.43 68 19,180,594.91
901289207 Twentieth Century Invts Inc
33 14,261,742.67 34 807,639.94 67 15,069,382.61
Common and Preferred Totals
- - ---------------------------
86 30,150,202.52 101 20,335,051.56 187 50,485,254.08
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Reportable Transactions
For the Year Ended December 31, 1993
<CAPTION>
ERISA 5500 Schedule of 5% Reportable Series of Transactions
From January 1, 1993 to December 31, 1993
Beginning Net Asset Value: $272,242,841.55
5% of Net Asset Value: $ 13,612,142.08
- - --------------------------------------------------------------------------------------------------------------------------
Asset ID Security Description Maturity Date
# of Purchases Purchase Cost # Sales Rate Sale Proceeds Total # Total Cost and Proceeds
- - --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fixed Income
- - --------------------
912827G63 United States Treas Nts 4.250 8/31/94
2 6,993,386.74 2 14,053,847.66 4 21,047,234.40
912827J60 United States Treas Nts 4.625 2/15/96
1 8,448,562.50 1 8,423,625.00 2 16,872,187.50
912827K27 United States Treas Nts 3.875 3/31/95
2 15,533,515.62 1 999,687.50 3 16,533,203.12
Fixed Income Totals
- - ---------------------------
5 30,975,464.86 4 23,477,160.16 9 54,452,625.02
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Reportable Transactions
For the Year Ended December 31, 1993
<CAPTION>
ERISA 5500 Schedule of 5% Reportable Series of Transactions
From January 1, 1993 to December 31, 1993
Beginning Net Asset Value: $272,242,841.55
5% of Net Asset Value: $ 13,612,142.08
- - --------------------------------------------------------------------------------------------------------------------------
Asset ID Security Description Maturity Date
# of Purchases Purchase Cost # Sales Rate Sale Proceeds Total # Total Cost and Proceeds
- - --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Common and Preferred
- - --------------------
86 30,150,202.52 101 20,335,051.56 187 50,485,254.08
Fixed Income
- - -------------------
5 30,975,464.86 4 23,477,160.16 9 54,452,625.02
Short Term
- - -------------------
0 0.00 0 0.00 0 0.00
Reportable Transaction Totals
- - -----------------------------
91 61,125,667.38 105 43,812,211.72 196 104,937,879.10
Non-reportable Transaction Totals
- - ---------------------------------
268 128,863,931.35 285 115,077,829.05 553 243,941,760.40
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Assets Held for Investment
As of December 31, 1993
<CAPTION>
Composite
ERISA 5500 Position Appraisal
- - --------------------------------------------------------------------------------------------------------------------------
Security Description Historic Market
Fund Units Book Cost Value
- - --------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
Corporate Stocks - Common
- - --------------------------
582834107 Mead Corp COM
C100 3,179,828 104,698,235 140,636,047
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Assets Held for Investment
As of December 31, 1993
<CAPTION>
Composite
ERISA 5500 Position Appraisal
----------------------------------------------------------------------------------------------------------------
Security Description Historic Market
Fund Units Book Cost Value
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Loans To Participants - Other
-----------------------------
702115999 Participants Loans
C103 9,982,447 9,982,447 9,982,447
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Assets Held for Investment
As of December 31, 1993
<CAPTION>
Composite
ERISA 5500 Position Appraisal
----------------------------------------------------------------------------------------------------------------
Security Description Historic Market
Fund Units Book Cost Value
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Registered Investment Company
-----------------------------
901289207 Twentieth Centy Invs Inc Select Invs Sh
C101 1,668,099.252 59,328,254.42 65,823,196.48
921921102 Vanguard Equity Income Fd Inc
C106 3,408,876.16 39,012,178.90 46,565,248.37
------------- ------------- --------------
5,076,975.41 98,340,433.32 112,388,444.85
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Plan
Schedule of Assets Held for Investment
As of December 31, 1993
<CAPTION>
Composite
ERISA 5500 Position Appraisal
----------------------------------------------------------------------------------------------------------------
Security Description Historic Market
Fund Units Book Cost Value
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Corp. Debt Instr. - All Other
-----------------------------
147440AF8 Case Equip Ln Tr Ser 93 Cl A2 4.400 11/15/1998
C104 2,000,000.00 1,996,562.50 2,008,740.00
36187WAA6 GMAC 93 B Grantor Trust 1993 B Cl A 4.000 09/15/1998
C104 2,187,026.88 2,183,746.35 2,181,559.31
486672II1 Swedish Natl Hsing 8.75Pct Nts 24Jan95 USD10000 8.750 01/24/1995
C104 3,450,000.00 3,681,046.50 3,618,187.50
------------ ------------ ------------
7,637,026.88 7,861,355.35 7,808,486.81
</TABLE>
<PAGE>
<TABLE>
The Mead Salaried Savings Pl
Schedule of Assets Held for Investment
As of December 31, 1993
<CAPTION>
Composite
ERISA 5500 Position Appraisal
----------------------------------------------------------------------------------------------------------------
Security Description Historic Market
Fund Units Book Cost Value
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Government Securities
--------------------------
313313RS9 Fed Farm Cr Bk Cons Dsc Nt 0.010 01/12/1994
C104 3,000,000.00 2,990,490.00 2,990,490.00
313385RQ1 Fed Home Ln Bk Cons Dsc Nt 0.010 01/10/1994
C104 4,000,000.00 3,982,741.11 3,982,741.12
313602FT6 Fed Natl Mtg Assn Remic Remic Tr 1988-23 Cl 23-A 9.850 09/25/2018
C104 220,888.04 225,621.37 220,748.88
912827H54 United States Treas Nts 5.125 11/15/1995
C104 4,000,000.00 3,991,562.50 4,066,880.00
912827K27 United States Treas Nts 3.875 31Mar95 3.875 03/31/1995
C104 14,500,000.00 14,531,353.32 14,504,495.00
912827K76 United States Treas Nts 4.250 15May96 4.250 05/15/1996
C104 2,000,000.00 1,988,125.00 1,993,740.00
912827L75 United States Treas Nts 4.375 08/15/1996
C104 6,700,000.00 6,733,750.01 6,689,548.00
912827VT6 United States Treas Nts DTD 01/15/88 8.625 01/15/1995
C104 8,600,000.00 9,315,686.32 9,017,874.00
912833BT6 U.S. Tres Sc Strp Int Stripped Int Pmt Generic TINT0.010 02/15/1996
C104 9,300,000.00 8,145,591.00 8,493,783.00
------------- ------------- -------------
52,320,888.04 51,904,920.63 51,960,300.00
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration
Statement Nos. 33-7961 and 33-47580 on Form S-8 of our report dated
April 7, 1994, accompanying the financial statements of The Mead
Salaried Savings Plan included in the Form 10K/A Amendment No.1 to
the Annual Report on Form 10-K of The Mead Corporation for the year
ended December 31, 1993.
DELOITTE & TOUCHE
Dayton, Ohio
May 26, 1994
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant and the administrators of the Plan have duly caused
this amendment to the Annual Report on Form 10-K to be signed by the
undersigned, thereunto duly authorized.
THE MEAD CORPORATION
(Registrant)
Date: May 31, 1994 By: John D. Fuller
--------------------------
John D. Fuller
Controller and
Chief Accounting Officer
THE MEAD SALARIED SAVINGS PLAN
Date: May 31, 1994 By: James D. Bell
--------------------------
James D. Bell
Director of Benefits
ANNUAL\FORM10KA
053194
