Word: wolfsons
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...showdown neared in his fight with Louis Wolfson for control of Montgomery Ward, Sewell Avery threw in his shock troops last week. Two thousand employees called on Ward stockholders, asked them to support the boss. Claimed the company: in some areas just under 90% of the stockholders backed Avery...
...Manhattan Edmund A. Krider, Ward's 43-year-old president, charged that Wolfson is hoping to rescue several of his own companies by taking over the mailorder house and forcing it to buy from Wolfson-run enterprises. Krider assailed Wolfson and his associates for taking 166,975 low-priced shares from one firm that they controlled (New York Ship: building) and trading them on an even basis for higher-priced shares in another Wolfson-run company, the construction firm of Merritt-Chapman & Scott. The deal, said Krider, netted them over $2,000,000. A reporter wanted to know what...
...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...
...Wolfson replied to the Avery charges point by point. He said that he had raised Capital Transit's annual earnings from $332,000 to more than $1,000,000, eliminated its funded debt. He said he made not $816,000 but considerably less on the Merritt-Chapman & Scott-Shipbuilding 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...
...Names. Wolfson also named candidates Nos. 4 and 5 to his proposed nine-man slate of Ward directors (the first three: Wolfson himself; Robert Black president of the White Motor Co. : William J. Hobbs, onetime Coca-Cola president). One was topflight Advertising Woman Bernice Fitz-Gibbon of New York, the famed sloganeer who originated Macy's "It's smart to be thrifty," and "Nobody, but nobody undersells Gimbels." The other: E. W. Endter, risen-from-the-ranks president of California Oil East Coast subsidiary of Standard Oil of California. Endter told reporters that he had resigned when forced...