Word: ponte
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...cover story page 18) must seem like a plentiful waste of time. A peppery 89, Ball is a monumentally stubborn, bourbon-sipping, union-busting, Government-fighting apostle of 19th century free enterprise. As senior trustee of the estate of the late chemical heir Alfred I. du Pont, he regularly puts in a full, often tumultuous work week managing one of the nation's greatest private treasuries. Operating out of a spartan office in Jacksonville, Fla., the 5-ft. 5-in. entrepreneur has long been an awesome political and financial power in the state. Lately, though, Ball's iron...
...estate at Alfred's death 42 years ago, it was worth $27 million after taxes. Today it is estimated at more than $2 billion. The mainstay of the estate is its rich stock portfolio, which includes 1.1 million shares of General Motors Corp., in which the Du Ponts once had a huge investment, and 702,880 shares of E.I. du Pont de Nemours & Co. itself...
...Pont estate also owned 52% of Florida National-but in 1966 Congress forbade charitable trusts to hold interests in both banking and nonbanking businesses. Disposition of the estate's stock in the bank holding company then became the cause of a skirmish between Ball and Fellow Trustees Dent and William B. Mills, a former bank president jr a long, complicated fight, Ball a few months ago found a way to meet the letter of the law without losing control-the r individual owners of the bank holding company's stock-including Ball himself -voted to buy the estate...
...will stipulates that earnings from the estate be used to aid the crippled children of Delaware, a research institute and a hospital. For starters, Mills and Dent want the estate to sell off St. Joe Paper Co. and use the income to help the estate-funded Alfred I. du Pont Institute in Wilmington, Del. Says Ball...
...session. Steel was off; Republic, the industry's fourth largest producer, reported a $6.2 million loss for the period, caused largely by winter natural-gas shortages and transportation difficulties. Chemical company earnings were down, despite rising sales. Union Carbide was off 20%, to $81.5 million. Du Pont, the largest producer, registered earnings of $121 million, 12% below a year earlier. Chairman Irving S. Shapiro said depressed prices of synthetic fibers hurt...