Evening star. [volume] (Washington, D.C.) 1854-1972, 1954-03-28

This is what Washington sa
SuraSky, Buddy" Gerbert, Cecil al
in the stock market with real sue
cess. This dangerous pastime has
been outgrown, however.
At this same time, he invested
in a half dozen local businesses. all
but one of which made him nice
profit. At least two were started
simply to set up old friends in bust
ness.
The one that folded cost Mr.. Wolf
son money, but enhanced his reputa-
ton among his associates. When
the concern Topped, he dug into his
own pocket to repay q fellow-in-
weston. mo stakeholder ever lost
nickel with me-and never WILL"
he explained.
This statement has now become
the golden rule Of the Wolfson en-
terprises, and has turned Mr.. Wolf
son into something Of an evangelist.
In a recent speech to New York
financial writer's, Mr.. Wolfson
charged that too many corporations
are run for the benefit Of company
officials. Stockholders, he said. get
a share only after the officials have
given themselves large salaries,
bonuses and pensions and have
plowed liberal sums back into the
plant. This, he says. diScourages in
vestment even more than high taxes.
There ought to be law. says Louis
Wolfson. Such statute would limit
executive salaries in companies
which do not pay regular dividends.
The Empire
AS of today. Mr.. Wolfson's empire
shapes up this way:
Construction: itt-Chapman
& Scott. New York: Fitz-SimonS
g. Connell Dredge q Dock Co..
Chicago (earmarked to be a part
of M. C. & S..
Ships: New York Shipbuilding Co.
Gle owned and sold Tampa Ship
building Co. and st. Johns River
Shipyard, Jacksonville
Iron and steel: Somerville Iron
Works. Somerville. N. j.: Newport
Steel Corp. Newport. KY: Milton
Electric Steel Corp. Milton. Pa.
Electric and metal products: Utah
Radio Products Co.. with two In
diana plants; Nesco. Inc. Kitchen
ware and steel drums). Milwaukee.
Construction materials wholesaler:
Southern Pipe & Supply, Jackson
vile, Tallahassee and Orlando. Fla.
successor to Florida Pipe.
Amusements: National Theater
Enterprises, with 81 theaters in
Florida and Georgia.
Public utility: Capital Transit.
Realty and Investment: NJ. L. & S.
Corp, Jacksonville.
Associates
Control over this network of
properties is exercised by Mr.. Wolf
son, three of his four brothers. and
seven close associates. The Wolfson
lieutenants are:
Sam Wolfson, A, the eldest
brother. He is involved as an officer
or director of Southern Pipe. Somer-
vile Iron, Capital Transit. New York
Ship, M. L. 81 S. and Nesco. A nat
ural-born civic booster and baseball
fan who runs the local pro baseball
team, Sam operates mostly in jack
sonville and keeps the home fires
burning.
Saul Wolfson, 81, next brother
after Louis. He lives in Jacksonville.
and is mainly interested in South
ern Pipe. He also acts as director
for M. L. & S. and Somerville Iron.
Cecil Wolfson, "a, the youngest
active brother-asSociate. Formerly
an inSurance-buSineSs partner OF
Notre Danes ex-Coach Frank
Leahy, Cecil lives in New York, and
is most interested in Southern Pipe
and Somerville Iron.
A fourth, brother, Nathan. "a, is
serving in the Navy. 1t is expected
that he will become an associate
when he returns to civilian life.
Outside the Fomily
OF the seven non-family asso-
ciates, the two closest are Mr.. Wolf
sons longtime confidential secre-
tary and his Jacksonville major
domo.
The secretary is Mrs. Monteen
Clements Tomberlin, whose nick
name around the office ("MiZ
Clements") and her tenure with
the Wolfson organization (almost
20 years. belle her pert good looks
and relatively tender age Of "a.
Miz Clements got her first job-as
young Louis Wolfson's first Office
help-when she was a teen-ager,
fresh out Of business school.
The major domo is Elkin B. 1"Bud-
dy') Gerbert, forceful. brisk Gig
ar-smoking man with a deep Flor
ida tan and a sharp eye for busi-
ness. He keeps a watch over all
Wolfson enterprises from Jackson
vile Office. Its my job to get ul-
GERS so can save Lou the trouble"
Buddy explains.
The third associate is ]. A. B.
Broadwater, Capital Transit's presi-
dent, whom Mr.. Wolfson character
ICES as lone of the best corporation
executives in the country" He
picked up Mr.. Broadwater at Tampa
Ship. where the latter was control
Ter. Mr.. Broadwater lives in WASH
ington. but takes little part in civic
or business affairs.
Outside man" for the group is
Jack Surasky, a small, dark man in
his early 40s who first worked for
the Wolfsons when they had the
snran ward He oY,erates y,owo a IL We