Word: chrysler
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Dates: during 1970-1979
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...basking in the bright glow of second-quarter gains. Leading the earnings parade of manufacturers were the automakers, who were helped by price boosts on the 1976s and an unforeseen rush by buyers to larger, option-filled models that return a fatter profit than smaller cars. General Motors and Chrysler both announced record earnings for the period, $909 million and $155 million respectively; G.M., after paying its stockholders 60? a share in March, will move its third-quarter dividend back up to 85?. Ford's earnings quadrupled over the same period last year, to $441.9 million...
...tried to escape. Twice he attempted to enter Canada, but was turned away by border officials, who were suspicious of the arsenal of guns and ammunition he was carrying in the back of his white 1963 Chrysler. Schoenfeld began selling his guns, using his own driver's license for identification, and the FBI got on his trail. At dawn last Thursday he was captured as he turned off Highway 101 near Menlo Park, Calif., about one mile from his home in Atherton...
...auto negotiations are the main event in this year's crowded calendar of bargaining bouts. Nearly 700,000 of the 4.5 million workers involved in bargaining this year labor under pacts with GM, Ford, Chrysler and American Motors that expire Sept. 14. Every auto negotiation carries the threat of a strike that could disrupt the economy, but veteran bargainers on both sides rate the chances of settling without a strike this year as the best in memory. Main reason: the industry is booming, its workers are prospering and neither side sees much to justify a knockdown fight...
...truth, both sides have good reason to be satisfied with the way things are going. The auto companies' first-quarter profits amply demonstrated Detroit's rise from the recessionary dumps: GM earned $800 million, Ford $343 million, Chrysler $72 million (American Motors, however, suffered a $4 million loss in the most recent quarter). Only 30,000 workers at the four companies are still on layoff, one-tenth the number that were idle in February 1975. The contracts signed in 1973 raised the average assembly-line worker's wages 570 an hour and contained an unlimited cost...
Possible Compromise. Another issue is supplemental unemployment benefits (SUB), which combined with regular unemployment compensation provide laid-off workers with as much as 95% of their customary take-home pay. The SUB funds, which are stocked by management contributions, ran out at GM and Chrysler during the recession. Some senior workers who were laid off later got nothing because payments to younger employees who were idled earlier had depleted the kitty. The union will likely ask for higher company contributions to the funds; a possible compromise would be separate funds for junior and senior union members...