Word: profit
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Dates: during 1930-1939
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...majority of its 67,000 employes, last week big General Electric Co. cut a $4,750,000 holiday melon. The melon consisted of two parts. Under its profit-sharing plan,* instituted in 1934, employes of five or more years' service shared $2,400,000 (compared to $556,800 last year). Under the three-year-old plan of adjusting wages to the cost of living (U. S. Department of Labor Index), employes shared another $2,350,000 (almost $1,000,000 less than 1938). Together, the two bonuses add 5-75% to employes' earnings for 1939's last...
...October for its 45,000 employes. Westinghouse's bonus system, adopted in 1936, boosts wages 1% for each $60,000 by which average monthly earnings for the previous three months exceed $600,000, cuts them 1% for every $60,000 below this par. Westinghouse's profit-sharing payments to Nov. 1 this year...
Neither firm has found profit sharing unprofitable. G. E.'s nine months' net was $25,022,631 (up 42.5% over 1938). Westinghouse's earnings were up 46% over last year...
...along fine. The arrangement between them has been that Melville contracts to take most (now 92%) of McElwain's yearly output, to be sold through its 652 Thom McAn chain stores. Under the plan the factory sold shoes to the distributor at cost, took a percentage of net profits from sales. This streamlined combine, which eliminated all conflict between the two main branches of an industry, did away with the expense of changing over machines, putting new models of shoes into production. It never failed to show a profit. Its boast was that neither half of the partnership...
...show that the merger was not born of necessity, both companies released their nine months' earnings. On $27,019,958 sales Melville showed a net profit of $1,453,556 (a shade under its profit for all of 1938). McElwain's net of $641,250 was well on the way toward topping its 1938 profit...