Word: gifford
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Dates: during 1950-1959
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...hear about Paul Douglas. Along with an unknown "caseless" Chicago lawyer named Harold Ickes, he launched the first protest campaign against the shabby stock manipulations of Utilitycoon Samuel Insull. Governor Franklin Roosevelt borrowed Douglas to work on New York State unemployment problems; so did Pennsylvania's Governor Gifford Pinchot. Douglas drafted old-age pension and unemployment-insurance laws for Illinois, worked out the state utilities regulation act. He was a chairman of the board of arbiters for the newspaper industry, made such even-handed rulings that only two of his 40 decisions were ever challenged. He appeared before congressional...
...July 1906, Walter Sherman Gifford, then 21 and two years out of Harvard, wrote his father the glad news of his promotion to assistant secretary & treasurer of Western Electric Co. Salary: $24 a week. Snapped the elder Gifford, a fiercely independent Yankee lumberman: "Any damn fool can make a success in a corporation...
...fact-minded Walter Gifford never placed any reliance on fool's luck. He probed into Western Electric's rule-of-thumb business methods, impressed his bosses by outlining new accounting and manufacturing ideas on easily understood charts. When American Telephone & Telegraph Co., owner of Western Electric, wanted to expand in 1908, President Theodore N. Vail put Gifford in charge of evaluating the companies which were later incorporated into the Bell System. For his crack job, Gifford was made chief statistician of A.T. & T. in 1911 at $7,000 a year. After that he rose through the company with...
...years under President Gifford the Bell System's operating revenues went from $655 million up to $2.2 billion, its installed telephones from 11.2 million to 28.5 million. A pioneer in labor relations, Gifford campaigned to make all employees stockholders (TIME, Jan. 2). Last week, with 45 A.T. & T. years behind him, Board Chairman Gifford retired on a $95,000 annual pension. A.T. & T. directors, who revived the post of board chairman two years ago for Gifford, do not plan to replace him. They will let Leroy A. Wilson run the show from the president's office...