Word: brazil
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Dates: during 1950-1959
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...carry tons of cement and steel for buildings yet to come. For Kubitschek, who plans to transfer 8,000 government workers to the new capital by 1960, it was a moment for an oratorical allusion to Brasilia's role as steppingstone to the vast, undeveloped interior of Brazil. The new capital, he said, "is the conquest of all that has been ours only...
Fighting dirt, dysentery and distrust, the salesmen are specialists in a unique investment operation known as Deltec S.A. Founded by a hard-driving Princetonian ('35), Clarence J. Dauphinot Jr., 44, Deltec has pioneered in raising investment capital in Brazil to develop new industries for the country and set a pattern that others are copying. Dauphinot, a onetime Wall Street foreign-bond trader, got interested in the project during trips to South America for Kidder, Peabody & Co. during World War II. He found that while Brazilian industry was starving for capital, money was stagnating in savings accounts and sewn...
...took on the job of selling stock of other companies. He found that often the trick was to get the most prominent citizen in a village to buy. For example, when the mayor in one town bought, 17 others lined up to buy. Soon Dauphinot branched out more, became Brazil's most active stock underwriter, was doing business in New York, Colombia and Venezuela. All told, Deltec has sold stock to some 50,000 Brazilians, 80% of whom, Dauphinot estimates, had never owned stock before. The buyers put their money into such Brazilian subsidiaries as Squibb, Dunlop, Willys, General...
Dividends: 25%. Most Deltec issues have paid the average Brazilian dividend or better-10%-25% of par value plus stock splits. Though its expenses are high, Deltec has found the operation profitable. The fees for underwriting a stock issue in Brazil average 15%-20% of the value of the issue (U.S. average...
Deltec's success has inspired imitators; two new open-end investment funds and several Wall Street-type firms are now busily stimulating the securities market. From his marble-walled Rio office and his spacious Copacabana Beach home, Dauphinot is looking beyond Brazil for other back roads for his thundering jeep-herd to travel. Newest challenge: the undeveloped capital markets of Argentina...