Word: merritts
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Educated at Wesleyan and the Fletcher School of Law and Diplomacy, Wriston has had a hand in much of First National City's expansion. The son of Henry Merritt Wriston, longtime (1937-55) president of Brown University, he joined the bank in 1946 after a stint in the foreign service and wartime Army duty, has headed the bank's sprawling overseas division since 1959. Amiably informal and scornful of organization charts-"We all work together," he says, "and when I'm in trouble I ask somebody, and when I'm not I don't"-Wriston...
Such stock manipulations, if they occurred, are only one of Merritt-Chapman's misfortunes under Wolfson. Another is that he tried to build up and broaden the company too fast. Bled by such acquisitions as the unprofitable New York Shipbuilding Corp., the firm's profits and dividends have been dropping; in 1966, there was a loss of $740,000 and no dividend at all. To halt the drain, Wolfson sold off a paint company, a small steel mill, the company's derrick division and a small shipyard, but the future seems so stormy that liquidation...
Maine to Normandie. If Merritt-Chapman & Scott has to haul down its famous blackhorse house flag, which has waved since Israel Merritt's day, a remarkable tradition will die. When the Maine blew up in Havana harbor, touching off the Spanish-American War, it was Merritt-Chapman that the U.S. Government called on to determine whether the mysterious blast came from inside the hull or outside. Investigators decided that it was external, but some historians still disagree. Years later, the organization was summoned to raise a far bigger hull, the capsized Normandie, which caught fire and turned over...
...past two decades, Merritt-Chapman has had a hand in more than $1.5 billion worth of construction work, including the Mackinac Bridge, the Chesapeake Bay Bridge-Tunnel, the Niagara Power Project, the Glen Canyon Dam in Arizona, Priest Rapids Dam in Washington and the New Jersey Turnpike. The company also undertook smaller projects ranging from roads in Ethiopia to Air Force early-warning stations in Labrador...
...Should Merritt-Chapman & Scott, by some stroke of genius, avoid liquidation, it would have to get along without Wolfson. Stung by the suits and charges against him, Wolfson protests that "when you can't be an individual, a pioneer, I'm getting out." Israel Merritt had a different view of pioneering...