Charles E. Merrill

Charles E. Merrill
Charles E. Merrill
Born	Template:Birth date; Green Cove Springs, Florida, U.S.
Died	October 6, 1956 (aged 70)
Occupation(s)	Financier, philanthropist, stockbroker
Known for	Co-founder of Merrill Lynch

Charles Edward Merrill (October 19, 1885 – October 6, 1956) was an American financier, philanthropist, and stockbroker, who co-established Merrill Lynch alongside Edmund C. Lynch. The firm was initially known as Charles E. Merrill & Co.

Early years

Born in Green Cove Springs, Florida to Dr. Charles Morton Merrill, a physician, and Octavia (Wilson) Merrill, Charles E. Merrill spent his formative years in Florida. The family briefly relocated to Knoxville, Tennessee in 1898 before moving permanently to Jacksonville, Florida. He attended the preparatory school at John B. Stetson University (currently Stetson University) between 1901 and 1903, then completed his secondary education at Worcester Academy. Following two years at Amherst College, he pursued legal studies at the University of Michigan Law School from 1906 to 1907. Merrill gained early work experience at Patchogue-Plymouth Mills from 1907 to 1909 and subsequently at George H. Burr & Co. in New York City until 1913, prior to founding his own company.

Merrill Lynch

In 1915, Merrill partnered with Edmund C. Lynch to launch Merrill Lynch. Through strategic investments, Merrill accumulated considerable wealth and played a pivotal role in the 1926 merger that formed the Safeway grocery chain. Merrill Lynch served as Safeway’s investment banker, supporting its growth to more than 3,500 outlets by 1931.

Foreseeing the impending stock market collapse in 1929, Merrill liquidated numerous assets ahead of the Great Depression. He consolidated his retail brokerage and wire services with E. A. Pierce and Co., steering Merrill Lynch towards investment banking specialization. Merrill also advised President Calvin Coolidge against speculative practices; however, no action was taken.

Following restructuring after 1930, Merrill concentrated on Safeway where he held the largest shareholding and acted as the unofficial chief financial officer; management later passed to his son-in-law and grandson. Additionally, he was a significant stakeholder in the S. S. Kresge Corporation, which later evolved into Kmart.

By 1939, amid difficulties at E. A. Pierce & Co., Edward A. Pierce suggested merging with Merrill Lynch. Merrill consented provided that the Lynch name remained part of the new entity’s title. After acquiring Cassatt & Co., based in Philadelphia, the combined company rebranded as Merrill Lynch, E. A. Pierce and Cassatt. Merrill promoted broader stock market participation among everyday Americans by instructing staff to conduct seminars where couples could learn about investing together while childcare was offered—an innovative approach that enhanced client engagement and boosted sales efforts.

Personal life and family

Known for his extravagant lifestyle and dubbed "Good Time Charlie," Merrill married three times and was recognized as a bon vivant. Time magazine characterized him in 1998 as "short, self-absorbed, prideful," frequently appearing in gossip columns alongside financial reports. He candidly admitted to numerous extramarital relationships, describing them as ways of "recharging my batteries."

In 1926, he purchased the estate known as "The Orchard" in Southampton, a sprawling 30-acre property originally designed partly by Stanford White with landscaping crafted by Frederick Law Olmsted. This estate was subsequently transformed into 29 upscale condominiums while preserving essential historic elements and was listed on the National Register of Historic Places in 1980.

Merrill also owned a townhouse located at 18 West 11th Street in Greenwich Village, which was destroyed in a dynamite blast in 1970 attributed to the Weather Underground.

His three offspring inherited wealth secured through irrevocable trusts established early on. Among them were educator and philanthropist Charles E. Merrill Jr., founder of multiple educational institutions and former chairman of Morehouse College’s board; philanthropist Doris Merrill Magowan; and poet James Merrill, founder of the Ingram Merrill Foundation. During the 1950s, they declined further inheritance beyond nominal amounts, directing approximately 95% of Merrill's $25 million estate—after donating "The Orchard" to Amherst College—to charitable organizations including hospitals, churches, and educational institutions.

Merrill’s grandson, Peter Magowan, later became President and CEO of Safeway Inc. and served as managing general partner of the San Francisco Giants.

Other affiliations

The Charles E. Merrill Trust, a charitable foundation created by Merrill's estate, provides funding for the Merrill Science Center at Amherst College as well as Merrill College at the University of California, Santa Cruz, which was established in 1968.

In 1976, he was honored with induction into the Junior Achievement U.S. Business Hall of Fame.

Despite popular misconception, Merrill did not play a part in Judge John M. Woolsey's ruling that allowed Ulysses to be published in the United States. That responsibility was held by Charles Edmund Merrill Jr., who served as president of the New York-based textbook publisher Charles E. Merrill Company.

Sources

External links

Merrill Lynch: The Early Years
Merrill-Magowan Family Papers at Amherst College Archives & Special Collections