With no warning at all, one of Manhattan's biggest ad agencies last week hung up its grey flannel suit, wrapped the draperies of its couch about it and lay down to pleasant dreams. Milton H. Biow, 63-year-old founder, chairman and president of Biow Co., Inc., announced that he would liquidate the company at the end of June. His explanation: "After 40 years of intensive application, I feel that I can now pursue other interests."

Thus ended a spectacular career. Biow founded his company during World War I at the age of 25, and quickly proved himself a nimble idea...

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