Merritt-Chapman & Scott - The 1960s

The 1960s

Since the takeover, Wolfson had been stung with a dozen suits by angry investors, and in 1966 was indicted by a federal grand jury on charges of fraudulent dealings in Merritt-Chapman stock. 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. Acquisitions such as the unprofitable New York Shipbuilding Corp cut into profits and dividends; 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 was not assured. Along with its losses on operations, Merritt-Chapman also added a $3,233,000 "special charge" to the books in 1967 as a provision against losses if other properties had to be sold.

However, the company did carry out significant projects in this, the last full decade of its life. These included:

• Throgs Neck Bridge 1961 New York City
• Glen Canyon Dam Arizona
• Talmadge Bridge 1953-1954 Savannah, Georgia
• Chesapeake Bay Bridge-Tunnel 1964 Hampton Roads
• New Jersey Turnpike

The company also undertook smaller projects ranging from roads in Ethiopia to Air Force early-warning stations in Labrador.