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...three-fourths as big as Sears, had a record gross of $474,900,000, a record net of $27,000,000. To help Montgomery Ward in this famous comeback, Sewell Avery hired top merchandising talent from other jobs : Walter Hoving from R. H. Macy, Frank M. Folsom from Hale Bros. in California, Raymond H. Fogler from W. T. Grant, many another. At Montgomery Ward, they were known as Avery Men. Now they are anything...
Early to quit was Walter Hoving, who went to Manhattan's Lord & Taylor (as president) in January 1937. Five months ago Frank Folsom quit, became chief executive officer of Goldblatt Bros. (Chicago department-store chain). Next resigned George W. Vaught, Montgomery Ward's treasurer, after 23 years with the firm. Last week came the turn of Montgomery Ward's $103,350-a-year president, Ray Fogler. Said he. "It was not because I have another position." Next day Chairman Avery assumed the presidency himself...
Fortnight ago (to get more working capital, pay off a $1,306,000 debenture issue) they offered a $4,000,000 convertible preferred stock issue to the public through a Wall Street syndicate headed by Lehman Bros. The public ate it up in less than 90 minutes...
Engagement revealed. John Ringling North, 37, and French Cinemactress Germaine Aussey, 26, as his Ringling Bros, and Barnum & Bailey Circus opened in Manhattan (see p. 75). Said he: "If I may be trite, it was love at first sight...
...John Brunswick, B-B-C began as a maker of billiard tables, branched and merged its way into bowling alleys, tires, toilet seats, phonographs, records, radios, became the world's largest maker of bar fixtures. But Prohibition cooled the bar business. The music division was sold to Warner Bros. Pictures in 1930. B-B-C lost $3,047,963 in 1929, lost again in five of the next six years. Steering it helplessly in this heavy weather was Benjamin Bensinger, old-fashioned autocrat, grandson of Founder Brunswick...