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Charles MerrillAmerican philanthropist, stockbroker and co-founder of Merrill Lynch
Date of Birth: 19.10.1885
Country:  USA |
Content:
Biography of Charles Merrill
Charles Edward Merrill, an American philanthropist, stockbroker, and co-founder of "Merrill Lynch & Company," was convinced that the average American who wanted to invest should be able to buy stocks on the stock market, which was previously only a playing field for the wealthy. He instructed his employees to conduct seminars where husbands and wives were given a real opportunity to invest while their children were temporarily taken care of. The overall marketing strategy, which involved pressure tactics, required both spouses to attend the seminars so that neither could say, "Let me talk to my wife (husband) before making a decision."
Early Life and Education
Charles Edward Merrill, the son of physician Charles Merrill and Octavia Wilson, was born on October 19, 1885, in Green Cove Springs, Florida, where he spent his early childhood. After his school in Jacksonville was destroyed by fire in 1901, Charles' parents wished to send him to a special school at Stetson University. He studied there from 1901 to 1903 and in his final year was transferred to Worcester Academy. After two years at Amherst College, Merrill remained at the University of Michigan Law School from 1906 to 1907. He worked in various companies from 1907 to 1913 until he founded the investment bank "Charles E. Merrill & Co." in 1914 with his friend Edmund C. Lynch. The company later became "Merrill Lynch & Company". Merrill earned his fortune through investing.
Career and Achievements
In 1926, Merrill outlined a merger program that led to the birth of the supermarket chain "Safeway". "Merrill Lynch" began providing investment banking services to "Safeway," which led to the acquisition of other chains and the growth of "Safeway" to over 3500 stores across the United States by 1931. Anticipating the approaching stock market crash in 1929, Merrill withdrew capital from many of his holdings even before the Great Depression. He restructured "Merrill Lynch & Company" in the 1930s, and his financial conglomerate focused on investment banking activities. This allowed Charles more time to focus on the continued growth of "Safeway," where he became the largest shareholder and the de facto financial director.
In 1939, just before the boom caused by World War II, Edward A. Pierce reached out to Merrill to convince him to once again merge the brokerage firm "E.A. Pierce & Co." with "Merrill Lynch". Charles agreed, and after another merger with the firm "Cassatt & Co.", the new entity was named "Merrill Lynch, E.A. Pierce and Cassatt".
Personal Life and Legacy
Merrill was married three times. Friends called him "Good Time Charlie," highlighting his zest for life. In 1998, "Time" magazine described Merrill as "short, egotistical, proud, and a bright guy" who appeared in tabloids as often as financial journals. It is known that Charles had many extramarital relationships, which he referred to as "recharging his battery". Merrill's friendship with U.S. District Judge John M. Woolsey gave the philanthropist a unique opportunity to be one of two people who were allowed to read James Joyce's book "Ulysses" to help Woolsey decide whether society should be protected from its publication. Ultimately, the ban was lifted.
Charles E. Merrill passed away on October 6, 1956. He was inducted into the Business Hall of Fame of the organization "Junior Achievement" in 1976.
