Word: wolfson
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...fight over Montgomery Ward was turning into a free-for-all. Last week, while Challengers Louis Wolfson and Fred Saigh, former owner of the St. Louis Cardinals, jabbed away, Board Chairman Sewell Avery got a possible new ally. The candidate: Britain's Isaac Wolfson (no kin to Florida's Louis), chairman of Great Universal Stores, Ltd., a giant mail-order firm with 1,000 retail outlets in Britain and Canada...
Britain's Wolfson, according to a Ward official, had "approached" Avery. The rumor around Ward's was that Isaac Wolfson offered to buy a big chunk of Ward's stock if he could have a voice in management and use Ward's stores to sell the products of his furniture and clothing factories. Avery would stay on as chairman...
...London Wolfson had nothing to say. But it was no secret that he was hunting for U.S. outlets; earlier this year he headed a group of British investors that sought to buy control of Chicago's Spiegel, Inc., third largest U.S. mail-order firm...
...part, Louis Wolfson announced that he is still buying Ward's stock to add to the 500,000 shares (of 6,500,000 outstanding) he announced he held in October. Two of his firms (New York Shipbuilding Corp.. paintmaking Devoe & Raynolds Corp.) are also holding modest amounts of Ward stock...
...Washington the same day, Financier Wolfson had dividend news of a different kind. At a meeting of directors of his Capital Transit Co., which he has admitted "milking" by payment of big dividends, Chairman Wolfson announced that he was discontinuing his null salary. His reason: the Public Utilities Commission, worried over the company's dividend payments, forced Capital Transit to cut payments to 20? per share (from 40?) for 1954's third and fourth quarter. Explained Wolfson: he could not accept his big salary because "of the reduced dividends being paid to stockholders...