Word: gm
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Dates: during 1930-1939
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...General Motors stockholders last week went the corporation's report for the first six months of 1937. It covered the most exciting six months in GM history. During the March quarter the No. U. S. motormaker was tied up in knots by the youthful United Automobile Workers of America. During the June quarter GM was harassed by almost daily wildcat strikes unauthorized by the union. Both GM and the union are freshmen in the art of collective bargaining, and for both the second quarter proved an expensive education-for GM in profits, for the union in prestige...
...three months through June GM's sales were $500,000,000, some $34,000,000 more than in the same period last year. Yet earnings were down from $88.000.000 to $65,000,000. For the six months GM sales were also up but profits again were down, from $140,000,000 in the first half of 1936 to $110,000.000 in the first half of 1937. Higher material costs accounted for part of GM's unfavorable showing but Labor was blamed for the rest. The GM report, in the words of Financial Editor Carlton A. Shively...
...Sloan went on to say that higher automobile prices seemed inevitable, though GM's profit margin is not yet distressingly slim (13% for the June quarter).* Gloomed Mr. Sloan: "Much might be said as to the effect of increased selling prices on the course of the recovery movement........ . The hope might be expressed, however, that sooner or later the fact will be recognized that sound and desirable progress, reflecting a higher standard of living, never can be made possible by the policy of arbitrarily increasing wages, shortening hours and reducing efficiency, without regard to the effect on real prices...
...round. It was not that General Motors' 342,384 stockholders had turned out to rule their company, but that in the room, on the seventh floor of the Du Pont Building, there were but 20 chairs at meeting time. Presiding was heavyset, florid John Thomas Smith, GM vice president and general counsel. Absent were President Alfred Pritchard Sloan Jr. and 30 other directors...
From Manhattan President Sloan issued GM's first quarter financial report showing the effect on earnings of the 42-day strike engineered by Homer Martin's U.A.W. Net profits for the first three months of 1937 were $44,814,000, a 15% decrease from the $52,464,000 earned during the same period last year. Net sales were substantially equaled: $336,850,000 in 1937 as compared with $341,306,000. At week's end, GM directors met in Manhattan, elected President Sloan their chairman, vice Lammot du Pont, retired. President Sloan's old job fell...