The General & the Heckler

For Old Soldier Douglas MacArthur, the job of presiding over the annual meeting of Remington Rand in Buffalo, N.Y. last week was his first such assignment since becoming chairman of the board last July. MacArthur soon found his position under fire from a brash stockholder named Lewis D. Gilbert, who claimed to represent 3,800 shares, and makes a business of heckling at annual meetings (TIME, Nov. 24).

Spokesman Gilbert, a World War II Army corporal, stood up to say that he was "seriously concerned" because MacArthur held no Remington stock. "We think." said Gilbert, "that all directors, including the distinguished American who is presiding, should own stock." General MacArthur snapped: "Will you sit down?" Gilbert sat down.

MacArthur then explained that the company's bylaws do not require its officers to own stock. "I wish to state," he added, "that I am an employee of the company and its servant, not one of its owners. I am not as fortunate as you, Mr. Gilbert. Such money as I am able to invest I have placed in defense bonds to help protect our beloved country. What I do with future funds is neither your business nor that of anyone else." The 70 stockholders in attendance applauded.

Almost completely routed, Gilbert reformed for a final thrust. Noting that Remington's annual report gave MacArthur's salary as $45,533 and not $100,000 as the press had estimated, Gilbert asked: "What happened to the rest of it?" That, said the general, was all there was; the rest was "newspaper talk." At meeting's end, MacArthur thanked the stockholders for coming, singled out Spokesman Gilbert for an individual citation. Said the general: "It constitutes democracy when we don't agree on everything."

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