Word: gimbel
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Dates: during 1930-1939
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President Bernard, most popular of the Gimbel clan, is friend to Gene Tunney and lesser celebrities, spends leisure hours entertaining richly on his Port Chester, N. Y. estate. Cousin Richard, no socialite, expresses himself by pride in his four children and by collecting the works of Edgar Allan Poe whose cottage on Brandywine Street he endowed and refurnished. Between Cousin Bernard and Cousin Richard bad feeling has long existed. After Richard Gimbel had put the Philadelphia store into the black, his salary was cut and he was removed from control-an episode he never allows Cousin Bernard to forget since...
...week Richard summarily dismissed Mr. Kaufmann for "disloyalty and insubordination." Furious, President Bernard, on whose Manhattan office wall hangs the motto: "To be Right is Desirable, To Seem Right is Essential," seized pen, dispatched to Cousin Richard a telegram: "YOU ARE HEREBY SUSPENDED AS AN OFFICER AND EMPLOYE OF GIMBEL BROS. INC. YOU ARE REQUIRED TO FORTHWITH LEAVE THE STORE. YOUR AUTHORITY TO ISSUE ANY ORDERS OR IN ANY WAY ACT FOR THE COMPANY IS HEREBY WITHDRAWN. YOUR UNAUTHORIZED ACTION . . . CONCERNING MR. KAUFMANN AT A TIME WHEN YOU KNEW DIRECTORS WERE CON- TEMPLATING NOT TO RE-ELECT YOU TO OFFICE...
...Philadelphia, Richard called in the newshawks, gave out a lengthy statement, couched in the third person, declaring the whole affair an incident in a "battle for Wall Street control of Gimbel Bros...
...This is the second time Mr. [Richard] Gimbel has been in charge of the Philadelphia store. He was removed the first time for doing too good a job. . . . The store is currently running at a rate which will show a profit, and once again Mr. Gimbel expects to be removed for doing too good...
...Gimbel would not stand any longer the slaughter by Mr. Kaufmann of efficient and loyal Philadelphia executives. Mr. Gimbel expects Wall Street experts, lawyers, bankers and accountants to combine in an effort to throw him out of the business, but he is confident that in the end the stockholders or bondholders or the courts will sustain his position...