Word: brazilian
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Much government work will be done in Brasilia with Kubitschek in residence, but the airplane-shaped city (TIME, Dec. 30) is still years from becoming the Brazilian government's exclusive place of business. For last week's inauguration, 20,000 workmen toiled through the night under strings of temporary lights to make the palace, the chapel and a hotel ready for use. Sewer and water systems were installed; 80 miles of roadway were paved within the federal district, and 500 homes and six apartment blocks were nearly finished. Of the ministries and the thousands of housing units still...
...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-up mattresses. "The U.S. had been exporting all sorts of American know-how," says Dauphinot, "except a very basic one-the formation of capital-marketing techniques...
...issue for an American & Foreign Power Co. subsidiary. With a sales crew of 25, Dauphinot began a door-to-door selling campaign. But after six months, only about half the issue had been sold, and all but one salesman had quit. The undaunted survivor, Paulo Quartin, son of a Brazilian diplomat, doggedly kept at the job and succeeded, by year's end, in selling the remainder of the issue...
...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 Tire, Lone Star Cement, I.T.&T. and Brazilian department-store, telephone, textile, cement and steel companies. Dauphinot's salesmen also sell investment trust shares for as little...
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...