Word: merritts
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...Henry Merritt Wriston, retiring president of Brown University . . LL.D...
Captain Ted Cooney triumphed over George Milwood, 4 and 2, in the number one match. At number two, the Crimson's Jim Bailey lost to Don Carlton of the Bruins, 2 and 1, but Bruce Thurmond won at three, defeating Charles Merritt...
...from Wolfson-run enterprises. Krider assailed Wolfson and his associates for taking 166,975 low-priced shares from one firm that they controlled (New York Ship: building) and trading them on an even basis for higher-priced shares in another Wolfson-run company, the construction firm of Merritt-Chapman & Scott. The deal, said Krider, netted them over $2,000,000. A reporter wanted to know what was the matter with that. Replied Krider: "It's a question of business ethics. At Montgomery Ward it never would have been permitted...
...showed a drop from $6.12 a share to $5.20 a share, Avery charged that Wolfson had 1) milked Washington's Capital Transit of its cash surplus "at the same time he reduced the service" and got five fare raises to avoid losing money 2) swapped stock of his Merritt-Chapman & Scott Corp. for stock of his New York Shipbuilding Corp. at a profit of $816,000, and 3) permitted his family-controlled companies to make money selling supplies to publicly owned companies he controls...
Wolfson replied to the Avery charges point by point. He said that he had raised Capital Transit's annual earnings from $332,000 to more than $1,000,000, eliminated its funded debt. He said he made not $816,000 but considerably less on the Merritt-Chapman & Scott-Shipbuilding stock swap, and anyway, it was all "paper profit." Yes, his firms bought from one another, but only when they were the bona fide low bidders. Actually, such purchases amounted to only 1.75% in the case of New York Shipbuilding and 75% for Merritt-Chapman & Scott. Charged Wolfson: Montgomery Ward...