Word: warde
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Dates: during 1950-1959
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...fight between Louis Wolfson and Sewell Avery for control of Montgomery Ward reached the bare-knuckle stage last week. As Challenger Wolfson invaded Chicago, Avery's home ground, on his cross-country "coffee-cup" courtship of Ward stockholders, Avery let him have...
...full-page newspaper ads and in Ward's annual report, Avery charged that the security" of Ward's stock "would be destroyed" if Wolfson were placed in control. Possibly to take his stockholders' minds off the fact that Ward's 1954 earnings showed a drop from $6.12 a share to $5.20 a share, Avery charged that Wolfson had 1) milked Washington's Capital Transit of its cash surplus "at the same time he reduced the service" and got five fare raises to avoid losing money 2) swapped stock of his Merritt-Chapman & Scott Corp...
...next day, before the 2,113 people jampacked into the Conrad Hilton's grand ballroom, Wolfson took the fight to Avery. He compared Ward's earnings of 5.5% on investment to Sears's 13%, J. C. Penney's if he couldn't do better, said Wolfson he "would tender my resignation and walk out." He reported spending $350,000 so far on the proxy fight, added he expected the stockholders would be "glad" to repay...
...stock swap, and anyway, it was all "paper profit." Yes, his firms bought from one another, but only when they were the bona fide low bidders. Actually, such purchases amounted to only 1.75% in the case of New York Shipbuilding and 75% for Merritt-Chapman & Scott. Charged Wolfson: Montgomery Ward is "the poorest managed and operated corporation in America with $500 million net or more...
Under the present system, all applicants must submit written forms and also take a written academic aptitude test. In choosing 600 students from the expected 2,500 or so why apply, Ward explained that by far the greater emphasis will be placed on the recommendations and written forms than the tests...