Word: kress
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...gentlemen from Washington's National Gallery of Art had every reason to be jubilant as they left the Manhattan penthouse of Dime-Store Tycoon Samuel Kress that day in 1939, but they also had reason to wonder about Mr. Kress's mood. "I feel," said one, "as though we had just become his sons-in-law, and that he's still not too sure of the marriage." Small wonder. The marriage in question was Kress's gift to the National Gallery of 416 paintings and 35 sculptures from his own beloved collection-the beginning...
...Negro sit-in campaigns to achieve equality in sitting down at lunch counters won three more victories last week. Variety stores (all of them national chains: Woolworth, Kress, Grant) in Durham, N.C., Chattanooga, Tenn., and Miami, Fla. opened counters to all customers without discrimination. Since the sit-in movement began last February in Greensboro N.C., counters have been desegregated in 32 other cities and counties in the South and the border states...
...Kress & Co.. the sixth largest U.S. variety-store chain (1959 sales: $154,422,000). He was brought to Kress two years ago, after the top management resigned to avert a proxy fight. Trustees of the Kress Foundation, which holds 42% of the stock, had balked at the lagging company's conservative policies. Cobb expanded into new merchandise, but he failed to stop the sales slide, which has continued every year but one since 1952. For the first five months of 1960, sales fell off 5.6%, and the directors cut the quarterly dividend from...
...meetings produces results, says his pleas helped to cause W. T. Grant to open its lunch counters in Baltimore to Negroes and Greyhound to end segregated bus seating. "I attended Greyhound annual meetings for nine years straight," says Peck. "Finally, we won." Even before the demonstrations last week, both Kress and Woolworth had stopped excluding Negroes from lunch counters in San Antonio, Galveston and Nashville. Kress has desegregated in Austin. Negotiations to desegregate the counters are under way in many other Southern cities...
...Price of Segregation. How much have the sit-ins and picketing hurt business? Both Woolworth and Kress refuse to say. Woolworth has only 18% of its 2,250 stores in the South. On overall figures, Woolworth has not been affected. Last year sales rose to a record $916,836,907; earnings were $4.03 per share (v. $3.34 in 1958). So far this year, sales are up11.8...