CORPORATIONS: Hot War at Ward's

For the 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...

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