CORPORATIONS: Defeat for Wolfson

At a noisy meeting, attended by 2,500 shareholders in Chicago's ornate Medinah Temple last week, Sewell Lee Avery retained control of giant Montgomery Ward & Co., Inc. The proxy showdown found the forces of Louis Wolfson claiming only 2,125,000 shares, against a management claim of 5,400,000. There was little doubt that when the final tally was announced May 13, Wolfson would have no more than three, and possibly only one of the nine seats on the Ward board.

But it was a Pyrrhic victory for Avery, for the meeting did give 43-year-old Challenger Wolfson part of what he had come...

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