Word: merritts
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...retreat last week. He is getting out of Montgomery Ward and selling all his 59,000 shares (at an expected profit of about $750,000). Furthermore, he is thinking of selling the Highway Trailer Co., the Marion Power Shovel Co. and its subsidiary, the Osgood Co., all controlled by Merritt-Chapman & Scott, which Wolfson runs as chairman, president and chief stockholder (more than 157,000 out of 5,374,360 shares...
...this year four other members of the Merritt-Chapman & Scott family, picked up by Wolfson during his empire-building days, have gone on the block: Newport Steel, Shoup Voting Machine, Utah Radio Products, Nesco (house-wares). Last week, totting up the results, the Wall Street Journal figured that Wolfson may have lost on the deals. This was denied by Wolfson's business lieutenants, who contended the sales indeed had been profitable. Losses, if any, were only paper losses...
...whether Louis Wolfson made or lost money-and his deals were so complicated that outsiders could hardly tell-the motive that led Wolfson to reverse himself and preside over liquidation of part of his empire was plain: he needed cash. In seven years of fast dealing he had transformed Merritt-Chapman & Scott from an old-line marine construction and salvage company into a burgeoning industrial complex (paints, chemicals, steel, truck trailers, shipbuilding). Assets soared 138% to $239.5 million; the gross went up 800% to $360.3 million. But as the empire grew, so did its financial needs. Wolfson halved the regular...
Wolfson's difficulties were reflected in Merritt-Chapman & Scott's stock. During the past two years, in the midst of the great bull market. Merritt-Chapman & Scott shares have sunk lower and lower, from...
...Family Party purports to be a "stenographic report" of a speech in honor of a leading citizen, Dr. Sam Merritt. Dr. Sam has put in 40 years of selfless service, and his friends are giving him a dinner at the local hotel to show that they love and honor him. (O'Hara is himself the son of a small-town doctor.) The speech made by Dr. Merritt's friend, one Albert Shoemaker, has the uncanny accuracy of sentimentality and vernacular inflection that perhaps only O'Hara can command. Anyone who has lived in a small town...