Word: fonts
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...inherited from his maternal grandfather-and promptly lost it all playing the market. He went to work for General Motors, rose to be assistant treasurer at a salary of $35.000 a year before going to Du Pont as financial adviser to the late John J. Raskob. Du Font's top financial man. Young made his first million by selling short just before the 1929 crash, set up a brokerage firm with an old friend. By picking up securities that looked worthless to most people, then stepping in to run the properties involved, he added another...
Ever since the U.S. Supreme Court ruled that Du Font's 40-year-old ownership of 23% of General Motors stock violated the 1914 Clayton Act (TIME, June 17), U.S. businessmen have been fretting over just how far the Justice Department will try to push the new decision. Last week they could breathe a little easier. In a carefully prepared speech Robert A. Bicks, a top member of the Justice Department's Antitrust Division, told the American Bar Association that the Government would take a long, hard look before trying to upset other longstanding affiliations. Said Bicks...
...their immense prewar business and prestige than the most optimistic German had hoped for. Sales of the three biggest companies last year topped $1.09 billion, just over Farben's prewar total; and they are rising at the rate of 12% a year (but are still well behind Du Font's $1.89 billion). Even so, the German chemical industry has grown so fast that the trio accounts for but one-third of all West German chemical sales. Yet it holds 7% of the capital invested in West German companies, employs 2% of the country's industrial work force...
...Pont officers (none later than 1926). Item: Treasurer Raskob's 1917 report, arguing that purchase of G.M. stock "will undoubtedly secure for us" the entire G.M. market for paints, artificial leather and other Du Pont products. Concluded the highest court: "The inference is overwhelming that Du Font's commanding position was promoted by its stock interest and was not gained solely on competitive merit...
...that Du Pont had supplied General Motors with about 67% of its paint and finish supplies, between 38% and 52% of its textile requirements in the years 1946 and 1947), the two items together make up only about 2% (or $20) of an auto's total cost. Du Font's total G.M. business amounted to only about 3% of the company's $795 million sales in 1947; Du Font's real profit from G.M. is from its stock investment, which last year paid the chemical company $126 million in dividends-nearly 6% of its total gross...