The Rise & Fall of a Jax F500 Company: Charter Company
Nearly 40 years ago, “The Charter Company” and “Mason” were some of the most popular, well-known names in Jacksonville. While they likely don’t ring many bells for Jacksonville’s most recent generations, the company’s nearly 30 year run impacted Jacksonville in many ways—some of which still resonate today, despite Charter Company’s lack of presence.
Raymond Knight Mason in 1983. Courtesy of the St. Petersburg Times.
Raymond Knight Mason began his business in 1949, under the name “Charter Company.” Mason had just graduated from college and was working for the Mason Lumber Company at the time, a family-owned company that had been around for generations. However, Mason wanted more. Between that, and Mason befriending Edward Ball, who was an extremely prominent business man and political figure in Florida, the Charter Company would be born.
The Charter Company began as a group of Florida mortgage, banking, and land development firms. The company would soon add approximately sixty small gas stations. By 1970, Mason had purchased a whole petroleum operation.
Expansion wouldn’t stop there for this rapidly growing company, though. Throughout the 70s, a portion of the Florida National Bank, and a portion of the St. Joe Paper Company, would also be purchased. Additionally, Redbook, Downe Communications, Ladies’ Home Journal, and Carey Energy Corporation would fall under ownership of Mason and The Charter Company, too. The company totaled over 180 subsidiaries, ultimately becoming a Jacksonville Fortune 500 company.
By 1981, the company had sales totaling over $5 billion. Their earnings per share was $.06 a share, which was the lowest point in that decade. The Charter Company was ranked the 61st largest public company in the nation.
Trouble would persist throughout the 1980s. For example, in 1982 the company faced tragedy, as four senior executives were killed in a helicopter accident. In 1984, the company would report a net loss of nearly $71 million, most of which was attributed to discontinued operations within the company. Then, in a separate incident, the company was slammed with a $1.8 billion lawsuit. This resulted in the company having to file for bankruptcy in 1984. The entertainment company Viacom would purchase the company’s last assets in 1999.
Russell Newton of Charter Oil in November 1975. Courtesy of Fortune Magazine.
Du Pont Estate:
For many years, Mason operated Charter out of his Epping Forest boathouse. Courtesy of the State Archives of Florida.
Known today as the Epping Forest Yacht club, this 58-acre estate used to belong to the du Pont family. Mason was a good friend of the family, and bought the estate himself in 1972.
The estate can be recognized in the film world, as it has been used as a location in many movies. The estate can also be recognized in the history world, as it was used as the meeting ground for a meeting held in 1975 between President for and Egyptian President Anwar Sadat.
Mason said the estate was in a good location because it was across the Naval Station and along the St. John’s. Mason sold the estate to Herbert Peyton in 1984.
The Charter Legacy:
During Charter's heyday, the company's offices were located in the Universal-Marion Building.
The Charter Company was known as being one of the best companies to work for. Mason put a lot of time into who he hired, making sure he had smart, skilled, efficient people behind his company. He also would send his employees all over the world for business travel.
Mason himself gave a lot to Jacksonville as a whole, too. Mason continued to effect the economy, even after bankruptcy, because many of the people Mason trained continued to work and flourish in Jacksonville. Mason also gave to a lot of charities and companies over the years, including what is now UF Health Jacksonville.
Article by Kristen Pickrell.