Word: accounting
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Dates: during 1940-1949
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...last week, Manhattan Adman Emerson Foote chewed gum and chain-smoked Lucky Strikes while he waited impatiently for the reporters to crowd into his press conference. Then he quietly dropped his bombshell. He announced that high-powered Foote, Cone & Belding, Inc. had resigned its $12,000,000-a-year account as advertising agent for The American Tobacco...
...resignation reduced F. C. & B.'s commissions by about $1,800,000 a year, 20% of its total volume. Never before had any agency voluntarily given up such a fat account (one of the twelve largest in the U.S.). Foote's reasons were the same, and just as general, as those given a week before by George Washington Hill Jr. when he quit as American Tobacco's $230,000-a-year vice president in charge of advertising (TIME, March 29). Like Hill, Foote said he had resigned because of "general disagreement over policies...
...only concern, he said, was that the loss of the account would jeopardize the jobs of about 200 out of 1,000-odd F. C. & B. employees (who once included rambunctious Frederic [The Hucksters'] Wakeman). After "long and prayerful wrestling" with this problem, Foote said, he decided to sacrifice himself, if necessary. Flying to Chicago for a Sunday meeting with Partners Fairfax Cone and Don Belding, he offered to resign from the firm if his associates decided to keep the account. But Cone and Belding would not hear of it, said Foote, so the account was dropped instead...
...Frederick A. Cook, who claimed to be the first man to have reached the North Pole, threatened to bring a libel action (Author Mirsky had glacially described his account of his polar trip as "exciting and well-written, but . . . mainly fiction")*.-Now-revised, mapped, brought up to date-this magnificent history is again available to the public...
...sailed out through the Pillars of Hercules and turned north. After discovering Britain, he pushed on-to the Orkneys, to the Shetlands, perhaps even to Iceland. Then, like thousands after him in the next 2,200 years, Pytheas the Greek was halted by a dense world of ice. His account of his six years' voyage was later dismissed as balderdash, and the world of the north was unvisited until the voyages of the Vikings...