Management: Hauling Down the Horse Flag?

In the 1860s, when maritime raiders roamed the East Coast to lure sailing ships onto reefs and loot them, a mustached sea captain, Israel J. Merritt of New York, organized an honest salvage operation. Merritt's aim was to save a vessel from sinking if he could—or, if he could not, to salvage it and its cargo. He succeeded so well that his firm, joined by two others, grew into Merritt-Chapman & Scott, the nation's largest corporation involved in marine salvage, and later a construction giant as well. But eventually, Merritt-Chapman & Scott...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!