$ 100,000 Picture

"I'll give you an inside picture of a man who gets $100,000 a year," exploded Montgomery Ward's President Sewell Avery last week at the company's annual meeting. "You shareholders turn over to me 100,000 cold dollars, which in your language is a hell of a lot. The income tax reduced it by about $70,000. If I were to save all that is left and the inevitable should come, the inheritance tax would be applied and I would leave my heirs an estate of something over $12,000. "Now, damn you, am I getting too much?" "But," protested a stockholder, "if you were getting less, you would pay less to the Government." "In other words, if I got nothing I wouldn't have to pay any tax ! " 'Stockholders laughed, allowed that Mr. Avery might not be getting too much but that they certainly were getting too little. Mr. Avery dropped and broke his glasses explaining that Ward's first common stock dividend in nearly six years (20-c-) was no larger because the company still had to put earnings back in the business. ''Hell, you're going to get your dividends," said President Avery. ''Here's a company that four years ago was ready to roll into the river and every unit today is profitable."

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