Business: Wolfson Steps Out

With the satisfied air of a man who lost the battle but won the war, Financier Louis E. Wolfson resigned last week as a director of Montgomery Ward & Co. Less than a year after the proxy fight that netted him three seats on the nine-man board, Wolfson stepped out because "my objectives are either already realized or within sight."

The credit, said Wolfson, goes to Ward's President John A. Barr, who changed Ward's cautious, old-fashioned approach to selling, renovated hundreds of stores and laid plans to add 100 new catalogue-order offices, stepped up advertising, put new emphasis on installment selling. As...

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