Word: forgan
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Dates: during 1970-1979
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...interests, and raise questions about the legality of some borrowing and the betrayal of fiduciary trust. The report singled out the activities of David C. Bevan, Penn Central's deposed chief financial officer, and Charles J. Hodge, a former partner in the Manhattan investment banking house of Glore. Forgan (now merged to become F.I. duPont, Glore, Forgan & Co.), who was the railroad's chief investment adviser. Their instrument was Penphil, a private investment company formed by Bevan. Hodge and 14 cronies in 1962, which they hoped to build into a large conglomerate holding company. The Patman report charged...
...those of the brokerages. Men who have entered the brokerage business from other fields have been shocked by the mess on Wall Street. Archie Albright, a former executive vice president for Stauffer Chemical who is now the president of the underwriting branch of recently merged F.I. du Pont, Glore Forgan, says: "These guys got carried away during the boom years. Nobody had the kind of internal cost accounting to tell what fast expansion would do to profits. Then everybody started buying computers to handle the paper work. In the past, when times became tough...
...biggest deals of all, Francis I. du Pont & Co., which had a $7.7 million operating loss last year, agreed to merge with Glore Forgan Staats, Inc. Du Pont, the U.S.'s third largest retail brokerage house, offers a valuable distribution system-a national network of offices with many customers-for the new securities issues that are a major part of Glore Forgan's business. As a cost-saving measure, Du Pont in the past year has been forced to pare back from Ill. branch offices to 95; it will now absorb 20 Glore Forgan offices. More important...