Word: ponts
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Dates: during 1970-1979
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...powder mill that Eleuthere Irenée du Pont de Nemours built in 1802 on the banks of Delaware's Brandywine River has exploded into a vast corporation that did $3.6 billion worth of business last year, and now ranks 18th on FORTUNE'S roster of the largest U.S. industrial companies. Du Font's base remains in tiny Delaware, 47th in population among the states. That disparity in size intrigued Economist Lewis Anthony Dexter, who studied the situation in 1963 and concluded: "The elephant takes care not to dance among the chickens." It also intrigued Ralph Nader...
...page report, titled The Company State, Nader writes: "Du Pont dominates Delaware as does no single company elsewhere in any other state. Virtually every major aspect of Delaware life is pervasively and decisively affected by the Du Pont company, the Du Pont family, or their designees." Irenée du Pont Jr., 51, a company vice president and de facto family spokesman, told TIME Correspondent Hays Gorey that the charges are nonsense. Du Pont approves a description of the report by Dr. Julian Hill, a retired Du Pont chemist, as "intellectual vandalism." He adds: "I don't believe there...
...Irenée Jr., for example, is president of the family-controlled Christiana Securities holding company, a director of the Wilmington Trust Co., the News-Journal Co., Delmarva Power & Light and chairman of the Greater Wilmington Development Council. The state's sole U.S. Representative is Pierre S. du Pont IV, a freshman Republican. Governor Russell Peterson is a former Du Pont executive. Together, Du Pont family, employees and associates make up 25% of the state legislature...
...undervalued for tax purposes. Irenée Jr. says that he knows nothing about any contacts made with Senator Williams in the family's behalf. To the other point, Vice President Irving Shapiro, the company's first Jewish director, replies: "If the accusation is that Du Pont is chiseling on existing tax laws, that's absurd. If the criticism is that tax laws should be changed, that may be needed...
...PRESS. Through Christiana Securities, the family owns 100% of the stock in the company that publishes the state's two largest and most influential newspapers, the Wilmington Morning News and Evening Journal. Creed Black, editor from 1960 to 1964, quit when a Du Pont public relations man was put in above him; the owners, said Black, obviously wanted "house organs instead of newspapers." But now, insists Irenée Jr., the editors "call the shots the way they see them." He says that if the papers were sold to two separate owners, as the report recommends, they would probably...