Show Business Business Today Today Today- Street Giant Built Up Chip by Chip Editors Editor's notes note Paul Geiner and John lohn Beekley trace tract the career of Charles Charlt Edward dward Merrill from Ms III town small beginning be be- ginning to head g of rJ the largest largent brokerage brok sou n house boue Wall Wail Street ever er h i seen In three dally daily Installments of ot their column 13 By DJ PAUL GESNER and nd JOHN JOliN BECKLEY NEW YORK Aug 27 The 27 The Telegrams Telegram's Tel Tee grams gram's Special News Service Service- When the years year's financial history Is Js written a quiet little man named named Charles Edward Merrill is destined to be chosen an outstanding ing figure in Wan Wall Street Chip by chip Merrill has been putting dollars accounts men and firms firms- together since 1912 in an growing ever securities and commodity commodity com corn business which this month blossomed as the biggest brokerage brokerage brokerage broker broker- I age house the street ever has seen i iThe The firm is Merrill Lynch Pierce Fenner Beane Charles Edward Merrill Is the Merrill Merri in the title tite The Te firm has a capital of more than tan Ihas It has 93 branch offices through- through ut the country countr It It has according to latest compilations com corn a total of 67 partners of whom 48 are general and 19 special cial cal or limited partners Ten of its is partners own memberships memberships memberships member member- ships in the New York stock exChange ex ex- ex- ex change It I has customers of whom 50 have active accounts The firm handles more business than any other house in the street TIm The Te Big Three directing the destinies of the firm are Merrill Merri E. E A. A Pierce and Charles Fenner But everything pyramids u up to Charle Charlie Merrill Merri who in a span of 34 years in Wall Wal Street Street not only has ha forged a giant brokerage house but has amassed an eight eight- figure fortune An figure eight ight fortune fortune Is one of more than Charlie Charle Merrill Merri wasn't born bor rich He lie was wa a town small town smal-town boy like boy boy like millions milons of others throughout the nation naton today today before before he broke into business Charlie Charlie that's that's his name nam not riot Charles Chares so far as the financial district is concerned was concerned wa was born bor 56 years ago in Green Cove Springs Fla the son son of Dr Charles Morton Morton Morton Mor Mor- ton Merrill Merri a country physician The Te famil family was in comfortable circumstances bu but not wealthy Once Dr Merrill Merril was being beilig ribbed for selling a small smal piece of real estate in Miami that later became valuable I sold it to get money for a better beter investment investment- the best one I ever made in my mylie life lie said Dr Merrill Merri Later he told Charlie Charle That was the piece of real estate I sold to send you to college The man who was to build Wall WallStreet's Wal Streets Street's biggest brokerage firm at attended attended attended at- at tended Amherst college 1904 to 1906 then spent a year at University University sity siy of Michigan I Looking back Charlie Charle says he wasn't much of a student He did however have a liking for mathe mathe- matics In 1927 Merrill Merri gave the college for the assistance assistance- of needy students with wih strings atta at at- ta ed The income was wa to be used to pay quarters three of the tuition of needy students excelling in one but not shining lights in inal all al their courses The trustees kicked like steers steer I at first but then they saw my view and ad accepted the gift gif with wih I iy my ny provisions he said I reasoned reasoned rea rea- that the students smart in everything get a whack whack at the scholarships but many a boy who is Is a crackerjack at chemistry or engineering has ha no chance of winning winning winning win win- ning financial aid because of a medium ability to absorb history or a foreign language For a time Merrill Merri worked for forthe forthe forthe the Tropical Sun Su a small smal bi biweekly bi- bi weekly weekly- newspaper in West Palm Beach Fla He e became reporter society writer city editor makeup makeup makeup make make- up man and circulation manager all 61 a a the he saie same tm time On the Sun h he said I le learned to meet people and learned leared human nature ever ver had It I was wa the the best training I Iver Then he entered the employ of Patchogue Plymouth Patchogue-Plymouth Mills Mis Inc of ol which he now is i a director At Patchogue he learned leared merchandising ing ig methods In 1909 he got his big chance in inthe the securities business business-a a desk In ih offices s of George H. H Burr Coin Co in Wall Wal Street The things Merrill Merri learned leared in his hs early jobs before he entered f fi finance f- f 1 nance help him hi today Taking Taing a page from his smalltown smalltown small small- smal- smal town newspaper experience Merri Merrill Mer Mer- rill nil ri of the young em em- of his hs firm in the branch offices He says says' work in the smaller small small- smal- smal er towns town gives starters starter the best chance to come in contact contact contact con con- tact with customers and learn lear how to get along with them |