Word: duponts
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Dates: during 1970-1979
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...scenery passes less quickly. A five-story apartment building looks somber with its dirtencrusted windows and greasy Venetian blinds. Opposite, a group of tenement houses stand in the glare of DuPont's smoke and flames. The passengers waiting on the platform of Philadelphia's Thirtieth Street Station look like molish members of a dust-filled underworld. The train pulls out into a complex of electric power lines, intricately crossing tracks, and still freight cars. It then runs parallel to a river, crosses over, and continues through a residential area. To the right, a small rowboat drifts lazily on a pond...
Following Perot's partial merger of the firms, Walston was given the retail stock-trading operation, while duPont Glore Forgan Inc. handled customer accounts, stock clearing and other record-keeping duties with data-processing techniques that Perot brought with him from Texas. To put the two firms back on their feet, he has poured in some $100 million from his own considerable fortune...
...York Stock Exchange member firms collectively lost some $80 million last year after turning a profit of more than $787 million in 1972. Among the biggest losers was Walston, which reportedly dropped $22.9 million between July and November, the first five months of Perot's stewardship. Meanwhile, duPont Glore Forgan has lost an estimated total of $33.2 million since Perot took control...
...Because duPont Glore Forgan's only data-processing customer is Walston, Perot's original Wall Street possession will probably soon be dissolved as well. Walston is trying to find other brokerage firms to assume the leases on its branch offices and its more than $350,000-a-month Lower Manhattan headquarters. So far, it has come up with takers for at least 71 offices. Many of Walston's 4,000 employees will probably be retained by the new managements; customers, if they wish to, can pick up their holdings at Walston and follow their old broker...
...investor mistrust of the stock market and make it harder for other brokerages to sell the industry's future to bright young recruits. Moreover, some securities men fear that a Walston disappearance may be merely the first in a new series of big shutdowns. "The combination of the duPont situation and the bad market has given everybody the jitters," says Richard Jenrette, chairman of Donaldson, Lufkin & Jenrette. "There will probably be more firms to go, and I hope they'll go in as orderly a way as Walston...