Business: Banana Peeling

When Montgomery Ward & Co. lost $8,712,023 in 1931, the directors started searching for someone who could pull the big mail-order house out of the red. For $100,000 annual salary and an option on 100,000 shares of stock at $11 (now selling at $50), they got Sewell Lee Avery. Chicago's No. 1 businessman and director of a dozen top-flight U. S. corporations, Mr. Avery won fame by nursing U. S. Gypsum Co. through Depression 1 with profits and dividends every year. Still more remarkable was his revival of Ward's. It netted $2,227,957 in...

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