Word: wolfson
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...past, some hot tips have put the tippers in hot water. Two years ago Speculator Louis Wolfson, then chief stockholder in American Motors Corp., announced that he was selling his American Motors stock because he thought it had reached its peak. Actually, he had already sold out, and sold short, hoping the stock would drop, making him additional profits. SEC quickly stepped in and froze his holdings. Result: when the stock rose instead of dropping, Wolfson lost heavily...
...executive's usual penalty in times of falling profit margins is a pay cut. Douglas Aircraft Co. recently reduced salaries for all employees making more than $12,000 a year by 5% to 25%. After Merritt-Chapman & Scott omitted the quarterly dividend, Chairman and Chief Stockholder Louis E. Wolfson-who can well afford a pay cut-gamely announced last week that he will not accept any of his $100,000-a-year salary until profits pick up and the dividend is resumed...
Other builders, notably William Zeckendorf, have seen the dream of a Grand Central City vanish before the hard realities of finance, but Wolfson neatly turned the trick. He already has all the capital needed to start building: $25 million from City Centre Properties, Ltd., one of Britain's largest real estate organizations. On May 1, Wolfson's Diesel Construction Co. will begin demolishing the six-story building that stands on the site...
...massive, 3½-acre octagonal tower of metal, masonry and glass planned by Wolfson has already stirred heated controversy, even though Wolfson enlisted the talents of famed Architects Pietro Belluschi and Walter Gropius to design the building. City planners complain that its huge population (25,000 workers) will strain service facilities in the area, and architects grumble that the building will be too big (2,400,000 sq. ft.) to achieve architectural distinction...
...motor ramps that now cut into the present building. Much of the work will have to be done at night, and materials will have to be hauled underground by flatcar, operations coordinated on a split-second schedule with the movement of trains into and out of the terminal. Says Wolfson: "Problems are normal on my job. There will be just a few more here, but it doesn't bother us." Wolfson's philosophical calm conceals a genuine, almost intellectual excitement about construction. The son of a Cincinnati pantsmaker, he majored in philosophy and political science at the University...