- January 2, 1929 – Gerard Swope to JSA – confidential announcement –
Mr. John S. Apperson
Engineering General
Dear Sir:
You have been selected as a participant for the year 1929 under the profit sharing plan adopted by the Company. Although the main features of the plan have been in operation for some years, certain modifications have been made and further experience may show that other modifications may be desirable.
Employees who are selected as participants under this plan are not eligible to receive the 5% supplementary compensation, which heretofore has been paid to those receiving less than $4000 per year and who have been continuously employed for five or more years.
The underlying principle of the plan is that each participant is a member of a group working to increase the Company’s business and improve its relations with its customers and the public, to make the organization more efficient, to introduce better methods, and to lower costs, to reduce its expenses, and in general to simplify the work and increase its efficiency, and to use the investment in plant, equipment, merchandise and receivables to better advantage. These are the problems of every responsible executive and it is hoped that you will share in these responsibilities by putting forth your very best efforts towards still greater efficiency and thereby share in the increased compensation which will inevitably result.
Very sincerely,
Gerard Swope
President
Note: Please keep this confidential.