Part 1 - The Institute Libraries - Institute for Advanced Study

to purckse, retaining the right to repossess them on stipulated terms
should they later wish to do so. In 1927 the firm issued $10 million
worth of 6% per cent preferred stock, of which the original partners
held $2 nillion, allowing senior employees ta purchase shares on the
Installmnt plan, The borrowing f inznced hn expansion of the store
to afford more than one reillion square feet of floor space, Ufth the
growth of L, Bamberger and Company the area around it became one of the
most prosperous in the city.
Rwark had come long since to realize that the cormunity had
gained from the hard work and vision of the owners of the great retail
business, rated as the fourth largest fn the United States. *%reover,,
the public liked the liberal merchandising palicfes the partners intrw
duced to Newark. The store returned cash for merchandise purchased and
found unsatisfactory by the purchaser for vhatever season. Its public
restaurant requested patrons not to tip the waftresses, as they wre
adequately compensated by the managerrrent, L. Bamberger and C-y
was also k nm for its liberal policfes toward its employees, At the
time the business was sold, Mr. Bamberger and Mrs. Fuld distributed
$1 rnfllian amoung their senior helpers,
Mr. Barberger end the Pulds cam to be k nm as wise and'
generous contributors t o civic programs for the health and welfare of
their fellow citizens, as well as for their cultural development,
Aside frm regular support of cormnunity charitla, they gave the City
a delightful A rt Museum and many obiets d' an. Mr. Barnbergcr was a
trustee of the New Jersey Ristorical Association, ta which he gave a
, ,
building. He favored placing it on the tm' square near the hseum,