CORPORATIONS: Revolt at Kress

S. H. Kress & Co., founded 1896, was beginning to feel its years. While its five-and-ten competitors expanded vigorously into the suburbs and prospered in the postwar boom, Kress kept its stores in the downtown sections, saw sales of its 261-store chain slump from $176.2 million in 1952 to $158.6 million last year. Shareholders could do little to change management's conservative policies because the controlling stock—a 47% block—was held firmly by shy Chairman Rush Harrison Kress, 80. He owned 5% outright and traditionally was permitted to vote the 42% owned by the...

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