Word: stewardship
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...these days of changing social, economic and political values," Sears, Roebuck's President Robert E. Wood wrote to stockholders last week, "it seems worth while in this annual report ... to render an account of your management's stewardship, not merely from the viewpoint of financial reports, but also along the lines of those general broad social responsibilities which cannot be presented mathematically." Mathematically for the No. 1 U. S. mail order house, 1936 scarcely could have been better. Sears enjoyed the best year in its history. So did its older and smaller rival, Montgomery Ward & Co., which reported...
...story behind that reduction is the story of Francis Davis' stewardship of U. S. for the past eight years. In 1927 the du Fonts bought control of U. S. Rubber, plucked Francis Davis from the presidency of a du Pont subsidiary (Viscoloid), told him to salvage what had been the No.1 U. S. rubber company as late as 1925. Whittling the company's debt of $81,000,000 to $53,233,000, Rubberman Davis consolidated operations, modernized tire-making methods, pushed other rubber products, went in for Lastex, a patented, elastic spun yarn which is knitted or woven...
...does a good business each year carrying coal, oil and farm products. It joins the L. & A. at Shreveport. The man who built the Kansas City Southern into a first-class railroad was bush-bearded old Leonor Fresnel Loree of the Delaware & Hudson R.R., ousted from his post of stewardship on the K.C.S. last year by Paine, Webber after a long-drawn-out fight at the corporate polls...
...legacies and only a few claims had been paid. Furthermore, the estate was hope lessly insolvent. Widow Esther C. B. Busby filed objections to the accounting, sought removal of the bank as executor and payment to her of surcharges equal to losses sustained during the bank's stewardship. She lost her suit after hearing her friend "Mel" Traylor admit he had made a bad guess by not liquidating the estate to get it out of a dangerous speculative position in a falling market (TIME, Nov. 20, 1933). Widow Busby went to the Cook County Circuit Court, but lost again...
Accounting for his stewardship of the No. 1 U. S. bank, Chairman Winthrop Aldrich of Chase National pointed out that while 1936 earnings of $17,264,000 showed an increase over the $15,340,000 reported for 1935, a substantial part was derived from stock in the cinema industry. Mr. Aldrich was referring principally to those two heritages from the Wiggin regime, Fox Film and General Theatres Equipment. "Obviously," said conservative Banker Aldrich, "holdings of this kind can not be regarded as normal earning assets for a commercial bank and the income de rived from them, therefore...