Macy's Stockholders Attack Board For Too Much 'Harvard Influence'

Stockholders at Macy's have recently been complaining that the New York store was suffering from "too many Harvard men," according to releases on the company's annual stockholders' meeting.

The charge came when officials at Macy's revealed a 10 cent cutback on dividends from each share and a sales drop of 5.5 percent in the year just past.

Chief antagonist of the Board of Directors was Lewis D. Gilbert, who owns stock in 600-odd corporations, including 12 shares in Macy's. Gilbert, questioning just how many of the store's Board of Directors knew about such things as merchandising, forced President Jack I. Straus '21 to admit several of the directors were not familiar with retailing.

"Maybe that's what's wrong with Macy's," Gilbert retorted. Immediately, a second stockholder jumped to his feet and complained that Macy's real trouble was "Harvarditis" and called for an immediate "housecleaning."

Of the 12 men on Macy's board, seven are Harvard alumni; one is a graduate of Northwestern; one of Columbia; one of the College of the City of New York; and one of Cutler School.

The last and newest member of the board is actor Robert Montgomery, who also drew his share of criticism at the meeting. Montgomery did not attend college.