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Despite its size, the Du Pont chain of command which Tom Clark wanted to dismember was simple. The Du Pont family controls the Christiana Securities Co. (TIME, Feb. 21), a holding company in which anyone can buy stock (current bid price: $3,050 a share). Christiana Securities Co., plus other holdings of the Du Pont family, control E.I. du Pont de Nemours & Co. In turn, Du Pont controls General Motors Corp. through its 10 million shares of G.M. stock. Du Pont and G.M. together own Kinetic Chemicals, Inc., a maker of refrigerants; G.M. and Standard Oil Co. (N.J.) own Ethyl...
Stock Sale. Tom Clark wanted to eliminate any personal or stock connection between these companies by forcing Du Pont to sell its stock in G.M. and Kinetic Chemicals, forcing G.M. to sell its interests in both Kinetic Chemicals and Ethyl Corp. and the Du Ponts to sell their stock in U.S. Rubber...
Just how this could be done was a problem which the complaint did not discuss. Its only suggestion was that G.M. purchase its own stock from Du Pont...
...back up his demand for dissolution of the Du Pont empire, Tom Clark charged that the Du Pont company had enforced...
Stock Charges? To Du Pont's President Crawford H. Greenewalt, a son-in-law of Irénée du Pont, the charge of "bigness," and that alone, seemed to be the nub of the complaint. Snapped he: "Since these relationships [between Du Pont and the other companies] have been a matter of public information for many years, the motive for this suit must arise out of a determination ... to attack bigness in business as such." The New York Herald Tribune agreed. It gave the back of its hand to Tom Clark for "Pecksniffian" charges, and said: "Mere...