Word: ward
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Dates: during 1950-1959
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This was the week NBC unlimbered its big guns to recapture network dominance from rival CBS. With an expensive ($35,000 a week) film series called Medic, and with the first of its $300,000 "spectaculars," the network hopes to convince viewers that they should twirl their dials NBC-ward. What viewers got in the spectacular line was a musical comedy, Satins and Spurs, starring tireless Betty Hutton in her first TV appearance, and produced by Max Liebman, who won his spurs over the five-year run of NBC's Your Show of Shows...
...impressive list of U.S. industries have recently found themselves in trouble. Proxy fights toppled the managements of the New York Central and New Haven railroads, stockholder complaints plagued American Woolen Co. and now a fight is shaping up for Montgomery Ward & Co. Some of these difficulties might have been averted by better stockholder relations; good management would have prevented even more. Most stockholders, if convinced their companies are well run, will support management...
...start, such special frills were sometimes offered just to ward off unionization. Later, during the war, when wages were frozen and new workers hard to find, the companies with the most extra benefits got the best selection of workers. Since then, many firms have become convinced that a good recreation program pays off in more ways than just at the personnel office. It not only helps them hang on to their good workers, but also pays off in productivity if employees are provided with the facilities to relax and get away from the job in their off time...
Taking aim on Ward's $700 million store chain and mail-order business, second biggest merchandising enterprise in the country, was a big job for any man . But Wolfson is used to big jobs. In 22 years he has parlayed a $5,000 investment into a $200 million industrial empire. Since 1949, he has bought control of the big Merritt-Chapman & Scott construction company, the Washington, D.C. street-transportation system, the New York Shipbuilding Corp., the 200-year-old paintmaking Devoe & Raynolds Co.. and a hatful of smaller concerns...
Potent Arguments. In his $600,000 home on Miami Beach's Biscayne Bay, Wolfson likes to pore over financial statements, find a company that is worth a lot more than the price of its stock. When he does, he goes after it. Montgomery Ward is just that kind of a company. It has a wad of $293 million in cash and Government securities, hoarded up for the depression that Avery is sure will come. This cash reserve is worth $45 a share, while net current assets are worth about $88 a share. The stock this year has sold...