When the president of a large company is made the chairman of another large company, merger rumors often spring up. But last week when Sewell Lee Avery, longtime head of United States Gypsum Co., succeeded Silas Hardy Strawn as chairman of Montgomery Ward & Co. there was no chance for such talk. Instead, the announcement was taken as pure proof of Mr. A very's business acumen.
When Sewell Avery was made president of United States Gypsum in 1905 the company was four years old, he 31. He built it up steadily until earnings...
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