Word: greenewalts
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...letter to Du Pont's 122,000 stockholders, President Crawford Greenewalt referred to the new project merely as "new production facilities for atomic materials." In addition to the $1 fee, Du Pont agreed to the same terms as those for Hanford (now operated by General Electric Co.). The Government will pay all costs, including the salaries of Du Pont personnel assigned to the project, and Du Pont will turn over to the U.S. all patents and discoveries arising from the project. The site of the new atomic city has not been selected, but a decision is expected shortly...
...stockholders, Du Pont's lean, able President Crawford H. Greenewalt last week totted up the score on a year of "transition from a sellers' to a buyers' market." His cheerful finding: "No serious dislocation or detriment to the company's business...
...part in this, 47-year-old President Greenewalt, who came to Du Pont as a promising young chemist and later married Irénée du Pont's daughter, was well rewarded. To his $138,000 salary, the directors added a bonus of $224,760 and 1,254 shares of Du Pont common stock...
Test-Tube Triumphs. Chemist Greenewalt was well aware that Du Pont's continued growth depended on "aggressive research and . . . the development of new products." It was neglecting neither: on research, it had laid out $33 million in 1949, turned up an impressive array of promising new products. Among them...
...This means," said Greenewalt, "that if we risk $6,000,000 in research on a nylon there are perhaps $24 million spent on unsuccessful ventures that must be paid for by the one that does come through." No magic guaranteed that the new products could be sold. "The only power corporations have, whether large or small," said Greenewalt, "is the right to stand in the market place and cry their wares...