Word: warded
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Dates: during 1950-1959
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Under sharp questioning in the House of Commons last week, Under Secretary of State for Air George Ward made an admission that shocked Britain. The Royal Air Force's most promising operational jet fighter, the high-firepower, 650-m.p.h. Hawker Hunter, is stalled by an unlooked-for defect: when its four 30-mm. cannons are fired "at certain heights and in certain conditions of flight," its engine flames...
Under Secretary Ward tried to reassure M.P.s: "I should make t clear that as it is, the Hunter . . . could go into action tomorrow." Laborite Woodrow Wyatt protested: "How can the Minister say that? Is it not the case that ... at present we have no air defense whatsoever of this country?" The Hunter's troubles, according to the Air Ministry, can be "got over." Much more serious is the continuing fact that whereas Britain's flashy prototypes dazzle the air-show crowd at Farnborough. the production models rarely come up to expectations. Designers criticize the government for "messing around...
...first time, tough old (81) Sewell Avery last week tore into Challenger Louis Wolfson in the proxy battle for control of Montgomery Ward & Co. Said Avery, in a letter to stockholders: "Wolfson...is not qualified to manage this great corporation in the best interests of the stockholders...His campaign is simply a financial venture for the benefit of his backers and himself...
Avery boasted of Ward's progress since he took control in 1931, pointing out that working capital rose from $79 million to $579 million, and that a total of $51 per share in common-stock dividends had been paid since 1936. But Avery also had some less cheerful news. For the year ending Jan. 31, sales sank from last year's $999 million to an estimated $884 million, profits from $6.12 to $5.16 per share...
Challenger Wolfson was not idle. In Manhattan's Waldorf-Astoria Hotel, Wolfson pressagents trotted out a new associate, Frank Leahy, ex-Notre Dame football coach. Leahy joined the Wolfson Montgomery Ward stockholders' committee because, he said, "I believe so wholeheartedly in Louis Wolfson." Leahy said that he owns about 1,000 Ward shares (paper value: $82,625), but seemed unsure about his job with Wolfson. Said he: "To be real honest with you, my duties haven't been defined...