Word: ponte
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Dates: during 1950-1959
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...shares of Eastman-one of the company's ten largest blocks of stock. Quinby, who charges between 4% and 6.8% commission (the bank charges another 1% to 2.4%), is now grossing some $120,000 a year. Besides Eastman, he now also offers three other gilt-edge stocks-Du Pont, General Motors and Standard Oil (N.J.). Quinby tells prospective customers just to ignore what the stock market does. "If it goes up," he says genially, "all the shares you own are worth more. If it goes down, you are getting bargains; your money is buying more shares than the same...
Nevertheless, U.S. industry is discovering some distinct and valuable principles. One is the principle that decentralization is the key to producing executives. Such corporations as Du Pont and Procter & Gamble (TIME, Oct. 5) have found that separating a huge complex into distinct divisions-each with its own chief executive responsible for his own costs and his own profits-develops initiative, command and responsibility...
...federal taxes for the first half of 1953, E. I. du Pont de Nemours & Co. set aside $233 million, $7,000,000 more than it paid its 90,000 employees in wages...
...about the difficulty of competing with giants. He has been doing it since he first went into business in 1925 in a one-car garage in Detroit. Son of a German paint manufacturer, Reichhold had come to the motor capital a year earlier, attracted by the exciting new Du Pont auto finishes. He spent three years as supervisor of Ford's paint manufacturing plant, but on the side, with a $10,000 stake from his father, began boiling synthetic resins experimentally in a kettle in a friend's garage. He used a formula developed by his father...
What did all this add up to? Few businessmen thought it was anything more than what they called it: isolated soft spots. Some of the biggest, like Du Pont's President Crawford H. Greenewalt, were strongly optimistic. Said Greenewalt: "There is in my opinion no more reason to credit current pessimism than there was to take to the woods in 1945." The facts bore him out. Business was still expanding vigorously, as evidenced by A.T. & T.'s plans to offer $625 million in convertible debentures, the largest single new financing issue in U.S. corporation history...