Word: ponts
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Dates: during 1950-1959
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...three months, suddenly nose-dived and opened the week with the biggest one-day break since 1955. The Dow-Jones industrial average plummeted ten points to 423.06, lowest level since May 1955. Every major group took a beating in the slump, with drops in such stocks as Du Pont, American Telephone & Telegraph, Bethlehem Steel, Goodyear, Alcoa and all but three of the 25 rails...
...with a strong rally, the greatest bull market of all time weakened and fell in the last three days to end the week at 433.83 on the Dow-Jones industrial average, the lowest point in 2½ years. All told, 263 stocks, among them such blue chips as Du Pont, General Motors and Alcoa, reached new lows for the year...
TRUSTBUSTERS this month will explain how they think Du Pont should dispose of its 63 million shares (23%) of General Motors; Du Pont will then have 60 days for rebuttal. Government turned down Du Pont's initial proposal to put the stock on a nonvoting basis, restrict its participation on G.M. board. Justice Department will insist on complete and final sale of all G.M. stock owned by Du Pont, but Du Pont will press fight to hold stock and dividends while divesting itself of control...
Ever since June, when the U.S. Supreme Court ruled that Du Pont's 23% stock interest in General Motors Corp. was illegal (TIME, June 17). the Justice Department has been seeking the best way to divorce the two giants. Last week the trustbusters gave the first real hint as to how they will proceed. The one thing Justice will not accept, said Assistant Attorney General Victor Hansen, is one thing Du Pont would probably agree to: a permanent, nonvoting trust for Du Pont's 64 million G.M. shares. This, Du Pont hoped, would remove control without forcing...
Though no final decision has been reached, Justice's lawyers will probably demand that Du Pont sell its stock on the open market. But they are not likely to ask Du Pont to dump the entire 64 million shares all at once-something that would not only disrupt the market but also cost Du Pont a $600 million to $700 million capital-gains tax (25%) in one lump. To ease the pinch, the Justice Department favors a more moderate plan, under which Du Pont's stock in G.M. would go into a temporary, nonvoting trust, which in turn...