<PAGE>
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
/X/ Annual report pursuant to Section 15(d) of the Securities Act of 1934
(Fee required)
For the fiscal year ended December 31, 1993
Or
/ / 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 33-63806
----------------------------------------------
The Raymond Corporation Savings Plan
-------------------------------------------------------------------------
(Full title of the plan)
The Raymond Corporation
-------------------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
S. Canal Street, Greene, New York 13778
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(Address of principal executive office)
<PAGE>
<PAGE> 2
The Raymond Corporation Savings Plan
Index
December 31, 1993
Page
----
I Required Information:
Report of Independent Auditors................................ 3
Statement of Net Assets Available for Plan Benefits - 1993.... 4
Statement of Net Assets Available for Plan Benefits - 1992.... 5
Statement of Changes in Net Assets Available for Plan Benefits
- 1993...................................................... 6
Statement of Changes in Net Assets Available for Plan Benefits
- 1992...................................................... 7
Notes to Financial Statements................................. 8
Schedules
Schedule of Assets Held for Investment as of December 31, 1993 10
Schedule of Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets .................. 15
II Signature..................................................... 17
III Exhibit A - Consent of Independent Auditors................... 18
<PAGE>
<PAGE> 3
Report of Independent Auditors
Trustees of The Raymond Corporation
Savings Plan
We have audited the accompanying statements of net assets
available for plan benefits of The Raymond Corporation Savings
Plan as of December 31, 1993 and 1992, and the related statements
of changes in net assets available for plan benefits for the
years then ended. These financial statements are the
responsibility of the Plan's trustees. 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. 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, the financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the Plan at December 31, 1993 and
1992, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying
supplemental schedule of assets held for investment as of
December 31, 1993, and schedule of transactions or series of
transactions in excess of 5% of the current value of plan assets
for the year then ended are presented for purposes of complying
with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, and are not a required part of the
financial statements. The supplemental schedules have been
subjected to the auditing procedures applied in our audit of the
1993 financial statements and, in our opinion, are fairly stated
in all material respects in relation to the 1993 financial
statements taken as a whole.
/s/ Ernst & Young
Syracuse, New York
March 8, 1994
<PAGE>
<PAGE> 4
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
December 31, 1993
-----------------------------------------------------------
Raymond Money
Bond Equity Stock Market
Fund Fund Fund Fund Total
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments (Note 3):
Corporate bonds and
notes $305,988 $305,988
The Raymond Corporation
common stock $945,203 945,203
U.S. Government
securities 1,549,549 $643,733 2,193,282
Common stock $2,002,405 2,002,405
Mutual funds 261,128 88,986 350,114
Money funds 332,461 322,274 7,656 206,710 869,101
Notes receivable from
participants (Note 2) 119,843 72,419 36,103 39,875 268,240
-----------------------------------------------------------
Total investments 2,568,969 2,486,084 988,962 890,318 6,934,333
Receivables:
Employee contribution 5,838 1,236 (2,184) 6,770 11,660
Interest and dividends 21,873 21,873
-----------------------------------------------------------
Total receivables 27,711 1,236 (2,184) 6,770 33,533
Cash 1,476 663 (1,788) - 351
-----------------------------------------------------------
Total assets 2,598,156 2,487,983 984,990 897,088 6,968,217
Liabilities
Benefits payable 30,014 26,588 13,017 16,475 86,094
-----------------------------------------------------------
Net assets available for
plan benefits $2,568,142 $2,461,395 $971,973 $880,613 $6,882,123
===========================================================
</TABLE>
See notes to financial statements.
<PAGE>
<PAGE> 5
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
December 31, 1992
-----------------------------------------------------------
Raymond Money
Bond Equity Stock Market
Fund Fund Fund Fund Total
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments (Note 3):
Corporate bonds and
notes $365,774 $365,774
The Raymond Corporation
common stock $784,200 784,200
U.S. Government
securities 1,006,153 1,006,153
Common stock 286,000 $1,139,880 1,425,880
Mutual funds 361,414 941,618 $800,723 2,103,755
Money funds 13,010 32,811 3,015 98,757 147,593
Notes receivable from
participants (Note 2) 80,542 61,531 18,512 24,708 185,293
-----------------------------------------------------------
Total investments 2,112,893 2,175,840 805,727 924,188 6,018,648
Receivables:
Employee contribution 4,295 (3,141) (1,228) 8,438 8,364
Interest and dividends 8,175 8,175
-----------------------------------------------------------
Total receivables 12,470 (3,141) (1,228) 8,438 16,539
Cash 15,460 29,247 2,017 4,287 51,011
-----------------------------------------------------------
Total assets 2,140,823 2,201,946 806,516 936,913 6,086,198
Liabilities
Benefits payable 17,472 6,800 10,566 29,702 64,540
-----------------------------------------------------------
Net assets available for
plan benefits $2,123,351 $2,195,146 $795,950 $907,211 $6,021,658
===========================================================
</TABLE>
See notes to financial statements.
<PAGE>
<PAGE> 6
The Raymond Corporation Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
Year ended December 31, 1993
---------------------------------------------------------
Raymond Money
Bond Equity Stock Market
Fund Fund Fund Fund Total
---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Net realized and
unrealized
appreciation
(depreciation) in
fair value $92,002 $(162,955) $84,782 $ 13,829
Interest and dividend
income 95,037 66,961 174 $18,845 181,017
-----------------------------------------------------------
187,039 (95,994) 84,956 18,845 194,846
Employee contribution
(Note 5) 374,984 422,452 111,913 134,527 1,043,876
Net transfers (to)
from other funds (16,645) 71,566 21,918 (76,839) -
-----------------------------------------------------------
545,378 398,024 218,787 76,533 1,238,722
Deductions
Participant benefits
(Note 2) (100,587) (131,775) (42,764) (103,131) (378,257)
-----------------------------------------------------------
Net increase (decrease) 444,791 266,249 176,023 (26,598) 860,465
Net assets available
for plan benefits at
beginning of year 2,123,351 2,195,146 795,950 907,211 6,021,658
-----------------------------------------------------------
Net assets available
for plan benefits at
end of year $2,568,142 $2,461,395 $971,973 $880,613 $6,882,123
===========================================================
</TABLE>
See notes to financial statements.
<PAGE>
<PAGE> 7
The Raymond Corporation Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
Year ended December 31, 1992
---------------------------------------------------------
Raymond Money
Bond Equity Stock Market
Fund Fund Fund Fund Total
---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Net realized and
unrealized appreciation
(depreciation) in
fair value $23,350 $(47,331) $188,544 $164,563
Interest and dividend
income 56,298 152,257 864 $26,568 235,987
-----------------------------------------------------------
79,648 104,926 189,408 26,568 400,550
Employee contribution
(Note 5) 319,615 332,133 310,927 168,655 1,131,330
Net transfers (to)
from other funds (32,532) 66,529 60,588 (94,585) -
-----------------------------------------------------------
366,731 503,588 560,923 100,638 1,531,880
Deductions
Participant benefits
(Note 2) (75,354) (59,377) (31,365) (70,188) (236,284)
-----------------------------------------------------------
Net increase 291,377 444,211 529,558 30,450 1,295,596
Net assets available
for plan benefits at
beginning of year 1,831,974 1,750,935 266,392 876,761 4,726,062
-----------------------------------------------------------
Net assets available
for plan benefits at
end of year $2,123,351 $2,195,146 $795,950 $907,211 $6,021,658
===========================================================
</TABLE>
See notes to financial statements.
<PAGE>
<PAGE> 8
The Raymond Corporation Savings Plan
Notes to Financial Statements
December 31, 1993 and 1992
1. Significant Accounting Policies
The accounting records of the Plan are maintained on the accrual
basis.
Investments are stated at fair value. Securities which are
traded on a national securities exchange are valued at the last
reported sales price on the last business day of the year;
investments traded in the over-the-counter market and listed
securities for which no sale was reported on that date are valued
at the average of the last reported bid and ask prices.
Certain amounts of the December 31, 1992 financial statements
have been reclassified to conform to the December 31, 1993
presentation.
2. Description of the Plan
The Plan is a 401(k) Salary Reduction Plan. Substantially all
employees of The Raymond Corporation are eligible to participate
in the Plan. Employees become eligible subsequent to completion
of one year of service or their twenty-first birthday, whichever
occurs first.
The Plan is funded entirely by employee contributions, which
immediately become 100% vested. Participants elect to contribute
between 1% and 20% of their compensation to the Plan through
direct payroll withholdings subject to certain Internal Revenue
Service limitations. The Plan has four investment funds to which
participants may allocate their contributions. Allocations are
required in 5% multiples between a diversified income investment
(bond) fund, diversified investment (equity) fund, employer
common stock fund, and money market fund. The payroll deduction
and investment election can be changed quarterly. Individual
participant accounts are maintained which are credited for the
respective gains or losses of the funds selected.
Withdrawals from the Plan may be made upon the attainment of age
59-1/2. Participants may borrow up to 50% of their accounts
within certain specific limitations. Distributions resulting
from retirement upon reaching the age of 65, death, or
termination are made in the form of lump sum payments
representing the entire amount of the participant's account at
the valuation date.
Detailed information about the plan agreement, the vesting and
benefit provisions, and the allocation and investment provisions,
is provided in a the Summary Plan Description which is available
from the trustees of the Plan.
<PAGE>
<PAGE> 9
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
The Company has the right under the Plan to terminate the Plan at
any time. In the event of such a termination, the net assets of
the Plan are to be set aside for the participants based upon
their account value.
3. Investments
The fair value of individual investments that represent 5% or
more of the Plan's net assets as of December 31, 1993 and 1992
are as follows:
1993 1992
--------------------
Common Stock:
The Raymond Corporation $945,203 $ 784,200
General American Investment Company - 1,139,880
Mutual Funds:
Paine Webber Global Income Fund B - 1,131,971
4. Income Tax Status
The Company has received a determination letter from the Internal
Revenue Service stating that the Plan qualifies as a tax deferred
savings plan under Sections 401(a) and 401(k) of the Internal
Revenue Service Code.
The Summary Plan Description for the Plan includes a discussion
of the income tax rules applicable to participants with respect
to the Plan.
5. Transactions With Parties-in-Interest
The Raymond Corporation pays all legal, accounting, and other
administrative fees of the Plan. Each participant pays their
allocated portion of investment transaction fees. The Plan has
had no other agreements or transactions with parties-in-interest.
<PAGE>
<PAGE> 10
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment as of December 31, 1993
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor, or Similar Party Maturity Value Cost Value
- - -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Raymond Stock Fund
The Raymond Corporation
Common Stock 56,430 shares $731,905 $945,203
Paine Webber Retirement Money
Fund 7,656 7,656
Notes receivable from
participants 36,103 36,103
----------------------------
Total Raymond Stock Fund $775,664 $988,962
============================
Equity Fund
Mutual Funds:
Eaton Vance Classic
Government
Obligations FD 8,952.271 shares $ 88,992 $ 88,986
Common Stock:
American International
Group, Inc. 380 shares 32,742 33,345
Automatic Data Processing 220 shares 10,672 12,155
Autozone, Inc. 460 shares 23,359 26,335
Blockbuster Entertainment
Corp. 270 shares 8,624 8,269
Cabletron Systems, Inc. 120 shares 12,015 13,500
Carnival Cruise Lines, Inc.
CL A 250 shares 11,503 11,844
Circus Circus Enterprise,
Inc. 295 shares 11,205 10,841
Cisco Systems, Inc. 240 shares 12,445 15,510
Coca Cola Company COM 510 shares 21,847 22,759
CUC International, Inc. 310 shares 10,833 11,160
Enron Corp. 1,500 shares 49,638 43,500
Federal National Mortgage
Association 500 shares 40,746 39,250
Federal Home Loan Mortgage
Co. 220 shares 12,058 10,973
First Data Corp. 310 shares 11,083 12,633
First Financial Management
Corp. 210 shares 11,484 11,917
Franklin Resources, Inc. 130 shares 5,845 5,964
General Instruments Corp.
New 110 shares 5,446 6,215
Gillette Company 310 shares 16,243 18,484
Hasbro, Inc. 300 shares 11,472 10,875
Home Depot, Inc. 1,200 shares 49,730 47,400
Intel Corp. 810 shares 46,093 50,220
International Game
Technology 690 shares 23,021 20,355
MBIA, Inc. 160 shares 10,402 10,060
MBNA Corp. 400 shares 10,650 13,350
MCI Communications Corp. 1,420 shares 39,805 40,115
Microsoft Corp. 440 shares 37,225 35,475
Motorola, Inc. 590 shares 52,586 54,427
Newbridge Networks Corp. 180 shares 12,140 9,855
----------------------------
600,912 606,786
</TABLE>
<PAGE>
<PAGE> 11
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment as of December 31, 1993 (Continued)
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor, or Similar Party Maturity Value Cost Value
- - -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common Stock (Continued):
Balance brought forward $600,912 $606,786
Oracle Systems Corp. 820 shares 21,468 23,575
Office Depot, Inc. 340 shares 11,014 11,432
Pactel Corp. 330 shares 8,568 8,209
Promus Cos., Inc. 225 shares 10,711 10,294
Southwest Airlines Co. 840 shares 28,847 31,395
Time Warner, Inc. 670 shares 26,647 29,647
TJX Cos, Inc. New 360 shares 11,602 10,485
U.S. Healthcare, Inc. 410 shares 19,520 23,626
UNTD Healthcare Corp. 310 shares 20,656 23,521
Walmart Stores, Inc. 1,390 shares 35,512 34,750
Abbott Labs 1,700 shares 44,568 50,362
American Telephone &
Telegraph Co. 800 shares 47,362 42,000
Amoco Corp. 800 shares 45,124 42,300
Baker Hughes, Inc. 1,600 shares 42,400 32,000
Bemis Co., Inc. 1,900 shares 40,005 44,888
Bristol Myers Squibb Co. 800 shares 47,293 46,600
Colgate Palmolive Co. 800 shares 43,955 49,900
CPC International, Inc. 1,000 shares 41,043 47,625
Emerson Electric Co. 700 shares 41,037 42,175
Gannett Co. 800 shares 39,237 45,800
Heinz H.J. Co. 1,300 shares 46,793 46,638
Helmerich & Payne, Inc. 1,100 shares 39,600 30,662
Hubbell, Inc. CL B 800 shares 44,624 43,300
Hunt JB Transportation
Services, Inc. 2,000 shares 39,787 46,500
Interpublic Group of COS 1,500 shares 39,068 48,000
Kimberly Clark Corp. 900 shares 43,400 46,688
Lee Enterprises, Inc. 1,400 shares 39,686 49,000
McCormick & Co. NV 1,800 shares 40,300 44,325
McDonalds Corp. 800 shares 39,137 45,600
McKesson Corp. 900 shares 40,250 48,600
Molex, Inc. 1,300 shares 40,750 46,150
Pepsico, Inc. 1,100 shares 39,975 44,962
Schering Plough Corp. 700 shares 46,900 47,950
Sensormatic Electronics
Corp. 1,500 shares 42,500 51,938
Sherwin Williams, Co. 1,200 shares 41,958 42,900
----------------------------
1,852,209 1,940,583
</TABLE>
<PAGE>
<PAGE> 12
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment as of December 31, 1993 (Continued)
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor, or Similar Party Maturity Value Cost Value
- - -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Balance brought forward $1,852,209 $1,940,583
Other Equity Investments:
Grupo Televisa SA DE CV
Global DEP
RCT REP ORD 160 shares 11,402 11,200
Hong Kong Telecomm, Ltd.
Sponsored ADR 450 shares 20,131 28,012
LM Ericsson Tele Co. ADR
NEW CL B
SEK 10 560 shares 25,078 22,610
----------------------------
56,611 61,822
----------------------------
1,908,820 2,002,405
Money Funds:
Paine Webber AM Money
Market Portfolio 309,635 309,635
Paine Webber Retirement
Money Fund 12,436 12,436
Paine Webber Money Market
Fund A 203 203
----------------------------
322,274 322,274
Notes receivable from
participants 72,419 72,419
----------------------------
Total Equity Fund $2,392,505 $2,486,084
============================
Bond Fund
Mutual Funds:
Eaton Vance Classic
Government
Obligations FD 10,428.061 shares $103,967 $103,655
PW Global Income Fund FD B 14,368.002 shares 153,450 157,473
----------------------------
257,417 261,128
U.S. Government Securities:
U.S. Treasury Note 75,000 principal amount,
4.25% due
May 15, 1996 74,859 74,812
U.S. Treasury Note 50,000 principal amount,
4.375% due
August 15, 1996 49,960 49,938
U.S. Treasury Note 88,000 principal amount,
4.375% due
November 15, 1996 87,780 87,642
U.S. Treasury Note 150,000 principal amount,
5.625%
due January 31, 1998 153,562 153,468
U.S. Treasury Note 55,000 principal amount,
5.125% due
June 30, 1998 55,986 55,051
U.S. Treasury Note 120,000 principal amount,
6% due
October 15, 1999 123,556 123,900
----------------------------
545,703 544,811
</TABLE>
<PAGE>
<PAGE> 13
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment as of December 31, 1993 (Continued)
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor, or Similar Party Maturity Value Cost Value
- - -------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Securities
(Continued):
Balance brought forward $ 545,703 $ 544,811
U.S. Treasury Note 100,000 principal amount,
6.375%
due January 15, 2000 104,687 105,093
U.S. Treasury Note 150,000 principal amount,
5.5% due
April 15, 2000 150,796 151,313
U.S. Treasury Note 50,000 principal amount,
6.375% due
August 15, 2002 52,343 52,140
U.S. Treasury Note 75,000 principal amount,
6.25% due
February 15, 2003 78,421 77,461
U.S. Treasury Note 100,000 principal amount,
6.375%
due June 30, 1997 105,531 105,187
U.S. Treasury Note 155,000 principal amount,
5.125%
due June 30, 1998 155,744 155,144
U.S. Treasury Note 150,000 principal amount,
5.5% due
April 15, 2000 152,000 151,312
U.S. Treasury Note 100,000 principal amount,
6.375%
due August 15, 2002 103,234 104,281
U.S. Treasury Note 95,000 principal amount,
7.25% due
May 15, 2016 106,785 102,807
----------------------------
1,555,244 1,549,549
Corporate Bonds and Notes:
Associates Corp. No.
Amer. Notes 100,000 principal amount,
6% due
June 15, 2000 99,300 100,375
Boeing Co. Notes 100,000 principal amount,
6.35% due
June 15, 2003 99,704 100,875
ITT Financial CRP Senior
DEB 95,000 principal amount,
8.75% due
March 1, 2006 105,363 104,738
----------------------------
304,367 305,988
Money Funds:
Paine Webber AM Money
Market Portfolio 320,044 320,044
Paine Webber Retirement
Money Fund 12,417 12,417
----------------------------
332,461 332,461
Notes receivable from
participants 119,843 119,843
----------------------------
Total Bond Fund $2,569,332 $2,568,969
============================
</TABLE>
<PAGE>
<PAGE> 14
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment as of December 31, 1993 (Continued)
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor, or Similar Party Maturity Value Cost Value
- - -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market Fund
U.S. Government Securities:
U.S. Treasury Note 50,000 principal amount,
4.25% due
May 15, 1996 $49,906 $49,875
U.S. Treasury Note 30,000 principal amount,
4.375% due
August 15, 1996 29,976 29,962
U.S. Treasury Note 61,000 principal amount,
4.375% due
November 15, 1996 60,847 60,752
U.S. Treasury Note 110,000 principal amount,
5.625%
due January 31, 1998 112,613 112,543
U.S. Treasury Note 30,000 principal amount,
5.125% due
June 30, 1998 30,450 30,028
U.S. Treasury Note 75,000 principal amount,
6% due
October 15, 1999 77,250 77,438
U.S. Treasury Note 75,000 principal amount,
6.375% due
January 15, 2000 78,515 78,820
U.S. Treasury Note 110,000 principal amount,
5.5% due
April 15, 2000 110,580 110,962
U.S. Treasury Note 40,000 principal amount,
6.375% due
August 15, 2002 41,875 41,712
U.S. Treasury Note 50,000 principal amount,
6.25% due
February 15, 2003 52,249 51,641
----------------------------
644,261 643,733
Money Funds:
RMA Money Market Portfolio 102,069 102,069
Paine Webber AM Money
Market Portfolio 104,641 104,641
----------------------------
206,710 206,710
Notes receivable from
participants 39,875 39,875
----------------------------
Total Money Market Fund $890,846 $890,318
============================
Total Investments $6,934,333
================
</TABLE>
<PAGE>
<PAGE> 15
The Raymond Corporation Savings Plan
Schedule of Transactions or Series of Transactions in Excess of 5%
of the Current Value of Plan Assets
Year ended December 31, 1993
<TABLE>
<CAPTION>
Current Value of
Asset on Trans-
Number of Number Cost or action Date Net Gain
Description Purchases of Sales Proceeds or Cost (Loss)
- - ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Category (i)--A Single Transaction in Excess of 5% of Plan Assets
Paine Webber Money Market
Fund B 1 $720,283 $720,283
Paine Webber Money Market
Fund B 1 745,519 745,519
Paine Webber Money Market
Fund B 1 400,362 400,362
Paine Webber Money Market
Fund B 1 400,362 400,362
Paine Webber Global Income
Fund B 1 705,102 720,283 $15,180
Paine Webber Retirement
Money Fund 1 318,476 318,476
Paine Webber Retirement
Money Fund 1 714,890 714,890
Paine Webber Retirement
Money Fund 1 1,052,982 1,052,982
Paine Webber Retirement
Money Fund 1 634,000 634,000
Paine Webber Retirement
Money Fund 1 1,000,000 1,000,000
Paine Webber Retirement
Money Fund 1 470,000 470,000
Paine Webber Retirement
Money Fund 1 1,000,000 1,000,000
Paine Webber Retirement
Money Fund 1 3,374,000 3,374,000
Paine Webber Retirement
Money Fund 1 1,127,000 1,127,000
Paine Webber Retirement
Money Fund 1 2,740,000 2,740,000
Paine Webber Retirement
Money Fund 1 470,000 470,000
Paine Webber AM Money
Market Portfolio 1 470,000 470,000
Paine Webber AM Money
Market Portfolio 1 1,000,000 1,000,000
Paine Webber AM Money
Market Portfolio 1 634,000 634,000
Paine Webber AM Money
Market Portfolio 1 1,000,000 1,000,000
Paine Webber AM Money
Market Portfolio 1 372,675 372,675
Paine Webber AM Money
Market Portfolio 1 740,000 740,000
Paine Webber AM Money
Market Portfolio 1 427,849 427,849
RMA Money Market Portfolio 1 779,216 779,216
RMA Money Market Portfolio 1 740,000 740,000
</TABLE>
<PAGE>
<PAGE> 16
The Raymond Corporation Savings Plan
Schedule of Transactions or Series of Transactions in Excess of 5%
of the Current Value of Plan Assets (Continued)
Year ended December 31, 1993
<TABLE>
<CAPTION>
Current Value of
Asset on Trans-
Number of Number Cost or action Date Net Gain
Description Purchases of Sales Proceeds or Cost (Loss)
- - ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Category (iii)--A Series of Transactions in Excess of 5% of Plan Assets
Paine Webber Retirement
Money Fund 202 $10,260,243 $10,260,243
312 10,244,948 10,244,948
RMA Money Market Portfolio 24 1,047,048 1,047,048
69 1,050,360 1,050,360
Paine Webber AM Money
Market Portfolio 95 4,702,224 4,702,224
162 5,531,724 5,531,724
General Amer Inv. Co. 15 1,135,516 1,215,443 $(79,927)
10 246,610 246,610
Paine Webber Money Market
Fund B 4 1,546,897 1,546,871 26
2 720,309 720,309
Paine Webber Global Income
Fund B 6 1,003,284 1,007,881 (4,597)
Allied CAP Coml Corp. 2 313,988 276,045 37,943
1 18,058 18,058
U.S. Treasury Note, 6.375%
due August 15, 2002 4 280,225 274,117 6,108
9 476,097 476,097
U.S. Treasury Note, 5.5%
due April 15, 2000 6 419,442 419,442
U.S. Treasury Note, 6.375%
due January 1, 2000 1 105,478 108,609 (3,131)
3 686,092 686,092
U.S. Treasury Note, 6.375%
due January 1, 1999 2 188,930 188,978 (48)
2 188,978 188,978
</TABLE>
<PAGE>
<PAGE> 17
II. SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
The Raymond Corporation Savings Plan
------------------------------------
(Name of Plan)
Date June 27, 1994 /s/ William B. Lynn
-------------- ------------------------------------
William B. Lynn
Trustee
<PAGE>
<PAGE> 18
III. Exhibit A
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-63806) pertaining to The Raymond
Corporation Savings Plan of our report dated March 8, 1994,
with respect to the financial statements and schedules of The
Raymond Corporation Savings Plan included in the Annual Report
(Form 11-K) for the year ended December 31, 1993.
/s/ Ernst & Young
Syracuse, New York
June 24, 1994
<PAGE>
