Business & Finance: Avery's Deal

All stores last year showed declining sales. Last week Montgomery Ward, no exception, issued its report showing sales for the 13 months ending Jan. 31 down to $176,000,000 compared to $211,000,000 for 13 months ended a year earlier. Significant, however, was the fact that the company's deficit fell from $9,737,000 to $5,687,000. Credit for this goes to Sewell Lee Avery, able head of U. S. Gypsum, who a year ago, nominated by J. P. Morgan & Co., was made president of Montgomery Ward. He promptly scrapped retail stores, deadwood personnel, obsolete merchandise, last summer put out a catalog divided into...

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