Word: hartfords
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Dates: during 1950-1959
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Connecticut General Life Insurance Co. Hartford, Conn...
...biggest grocery, is the unique form of its management. For 42 years A. & P. has operated under a family trust whose proprietors were so deliberately obscure that most of the 145,000 A. & P. employees had never seen them. Last week the death, at 92, of George Ludlum Hartford finally ended the trust. For the first time since it began as a Manhattan tea store in 1859, the giant $545 million chain and its 4,200 stores is headed entirely by a management minus the Hartford name...
...years before he died, Founder George H. Hartford began the odd A. & P. system by leaving each of his five children equal shares of the business in the form of the George H. Hartford Trust. As sole trustees, he appointed his sons George L., a reticent financial wizard who carefully tested A. & P. coffee every morning, and John A., a gregarious merchandising genius (TIME Cover, Nov. 13, 1950). John loved to boast to banker friends: "We had 100% stockholder attendance at our last annual meeting...
...will may add his 20% to John's 20% in a foundation to hold the brothers' 40% share of A. & P. in one bloc. But A. & P. ownership is now split off from management, since Burger, 68, is neither an heir nor a trustee of the Hartford fortune. So far, all the Hartfords want him to continue managing the store. Since the stock earned $19.21 a share last year, up from $16.09, and paid $7 a share dividend while A. & P. grossed $4.5 billion, there is no reason to change...
...good insurance man that "you'd better not invest your money in a carriage factory!" What Wilde decided he wanted was flexibility, high-grade materials for low maintenance, and qualities of beauty and humanity that would attract and hold clerical employees (mostly young women) in labor-short Hartford...