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From Swords to Aircraft. Most of all, Charles Tiffany wanted a reputation for quality. To guarantee it, he opened his own factory. Most silversmiths of the day adulterated their wares with copper alloys, but Tiffany's guaranteed that all its silver was .925 pure, thus introduced into the U.S. the hallmark, "sterling silver." Not only did the Tiffany factory turn out lustrous table silver and gold filigree, but in the Civil War it made swords and rifles; in World War I it turned out surgical instruments, and in World War II aircraft parts.
Through the years, even Tiffany's stationery department brought distinction, e.g., its engraved invitations for the unveiling of the Statue of Liberty, for the parties of the Vanderbilts and the Morgans. Tiffany's has always been a place where the well-bred aristocrat felt at home.* Its atmosphere of well-mannered opulence is more like a diplomatic reception than a trade mart. A greying, well-groomed clerk will compare the merits of two solitaires in a well-modulated murmur, but never, never press a customer to buy. Since cash registers are noisy, Tiffany's does not permit them; when money must be handled, clerks take it to unobtrusively placed cashiers.
And thus it will continue to be, even though last week came the announcement that Tiffany's will finally change hands. From Tiffany and Moore heirs, Hoving Corp.* bought for some $3,825,000 more than 68,000 of Tiffany's 132,451 shares outstanding. But President Moore, Executive Vice President William Tiffany Lusk (great-grandson of the founder) and the entire Tiffany staff will remain. Said Walter Hoving: "Tiffany management is worth as much as the company."
*It also exerted a fascinating appeal for some aristocrats' playmates. Sang Gold-Digger Lorelei, in Gentlemen Prefer Blondes:
Time rolls on and youth is gone
And you can't straighten up when you bend.
But stiff back on stiff knees
You stand straight at Tiff-ny's,
Diamonds are a girl's best friend.
*The owner and operator of Bonwit Teller, Hoving Corp. is 65% controlled by Philadelphia's Bankers Securities Corp., whose board chairman is Financier Albert Greenfield.