Business: The Bill for Ward’s

Montgomery Ward Chairman John Barr last week reported the cost of the proxy fight to repel Raider Louis Wolfson. The bill: $692,250. The cost of the fight, plus a change in the method of computing the corporation’s tax caused by a tax law change, cut the company’s net for the first six months to $11,771,690, a 5% drop under 1954, despite a $22 million rise in sales. But Barr also had some good news. The company plans to open 100 new catalogue-order offices by the end of next year, the first sizable Ward expansion in 15 years. From Miami, Board Member Wolfson graciously complimented Chairman Barr on the job he is doing, added that he would decide in the next six months whether to continue on the board as a minority member, or resign.