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United Automobile Worker
Detroit, Wayne County, Michigan
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Chrysler Corporation delayed reporting a $31,403,118 net profit for the first nine months of 1939—five times the $6,671,878 from 1938—until after the UAW strike settlement on November 29. UAW director Richard T. Frankensteen noted it proves workers' hard work generates profits.
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CORPORATION HELD BACK JUICY $31,403,118 RAKEOFF REPORT
The Chrysler Corp., swollen with profits made out of the skill and toil of its employes, belatedly reports net income of $31,403,118 for the first nine months of this year.
The report was held back by the corporation until Dec. 1, though all the other so-called blue-chip corporations had made their reports much earlier. Chrysler did not want the strikers to know that it had made FIVE TIMES as much profit as in the first nine months of 1938, when the net rakeoff was only $6,671,878. The new contract was signed Nov. 29.
Here are the figures:
CHRYSLER NET PROFIT
1st 9 months 1939.....$31,403,118
1st 9 months 1938.....$6,671,878
July, Aug., Sept. '39...$6,057,347
July, Aug., Sept. '38...$962,279
In other words the corporation not only made FIVE TIMES as much in the entire 9-month period, but also SIX TIMES as much in July-August-September of this year as in the same period last year.
"That doesn't look like slow-down or sabotage," said Director Richard T. Frankensteen of the UAW-CIO Chrysler department.
"It proves, instead, what we have always maintained, that the union employes at Chrysler are working hard, coining profits for the owners of the corporation."
The net profit works out to about $600 out of each employe in the nine months.
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First Nine Months Of 1939
Story Details
Chrysler Corporation reports net profit of $31,403,118 for first nine months of 1939, five times the 1938 figure of $6,671,878, with the report delayed until December 1 after the November 29 union contract signing to hide profits from strikers. UAW-CIO director Richard T. Frankensteen states it shows workers are diligently producing profits for owners, countering claims of slowdown.