Business: Avery Out, Expansion Up

From a Chicago hospital bed last week, cancer-stricken Sewell Lee Avery, 85, cut his final tie to Montgomery Ward & Co. as a new era of expansion began for the giant mail-order house. Avery, the reactionary chairman of Ward's for 23 years until he resigned under pressure in 1955, finally quit as a director. At the annual meeting, shortly after the news was announced, Chairman John Andrew Barr, 50, told about the aggressive expansion program. It will use up the last of the $226 million that Sewell Avery hoarded from 1947 to 1955 in...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!