Word: chapman
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...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...
...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 annual...
...Truman suite. "We can't get any of our boys in to talk to the old man," mourned a top Stevenson adviser. "That s.o.b. is sitting right there in Truman's lap." All the Stevenson hopes were placed on Truman's Interior Secretary Oscar Chapman, whose political judgment Truman had always trusted. Chapman walked into Truman's suite, saw Sam Rosenman sitting there, dug an elbow deep in Rosenman's heavily larded ribs, and snapped: "Get out of here, Sam. I want to talk to the President." But by the time Chapman left, he knew...
...Harriman landed in Kansas City to get a farm-state tour off to a flying start by being photographed with Truman (who has permitted Harriman's aides to use his name in their approaches to delegates). On Harriman's heels was Truman's Interior Secretary Oscar Chapman, a Stevenson leader, arriving for a weekend in Independence; he felt confident that Truman would not try to block Adlai. Two days later Tennessee's Governor Frank Clement, the convention keynoter who-at 36-has hopes for the vice-presidential nomination, checked into Kansas City. Truman walked over...