Word: ponting
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...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...
...market had turned to despair in Wall Street. Panicky rumors flew-that several mutual funds were insolvent and dumping stocks, that several computer-leasing firms were about to go bankrupt. Goodbody & Co., a major brokerage house, had to deny that it was going out of business. Francis I. du Pont & Co. laid off 15% of its research staff; most of Shearson, Hammill's executives took pay cuts of as much...
...Middle Atlantic: The armies of office and service workers are in no danger of idleness, but manufacturing payrolls are starting to shrink. A general nervousness is in the air. In Delaware, a prosperous white-collar state, a decline in Du Pont profits that began last year is expected to force reductions in state spending-most likely for educational television and enforcement of antidiscrimination laws. The Pennsylvania government had to extend an extra $15 million in aid to Philadelphia to avert a shutdown of the city's schools...
...that McDonnell had invested some of its capital in the sagging stock market. Investing capital reserves in stocks is a common though risky practice on Wall Street. Many of the larger firms, including Merrill Lynch, refuse to chance it. But McDonnell did, and so does Francis I. du Pont, among others...
...seen it since 1953. At Carnegie-Mellon University in Pittsburgh, recruiting is off 10%. At Stevens Institute of Technology in Hoboken, N.J., interviews by Standard Oil of California, Boeing, Uniroyal, Gulf Oil, Carborundum and Volkswagen of America were canceled. For the first time in 30 years, Du Pont is not interviewing Princeton seniors...