Word: christiana
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Dates: during 1940-1949
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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...
...small office in Wilmington, Del., E. Herbert Tinney performed an annual rite. A onetime accountant for Price, Waterhouse & Co., Herbert Tinney earns $5,700 a year as the only paid officer-secretary and assistant treasurer-of Christiana Securities Co. Last week he sent out Christiana's annual report. In 1948, the company had netted $28.4 million, a substantial gain over the $23.3 million earned in 1947. For each of Christiana's 150,000 common shares, this was an earning of $182.72. Tinney mailed out all but 2? a share of this to Christiana's select little band...
That gave Christiana the distinction of paying out 99.9% of earnings and the biggest dividend of any U.S. company required by law to make a public report. It also gave the public a clue to the income of the famed Du Pont clan. Christiana, formed in 1915, is in effect the Du Pont family's own investment trust, in which the Du Ponts own or control 79,859 shares. Christiana owns 27.42% of the common stock of E.I. du Pont de Nemours & Co., which, besides making explosives and Cellophane, owns 22.67% of General Motors and 60.17% of Remington Arms...
...Christiana is the highest-priced stock on the market. It was quoted last week, over the counter, at $3,005 bid, $3,055 asked. Even at that price, it seemed to be a bargain. By buying a share of Christiana, an investor would indirectly own 19½ shares of Du Pont stock, almost three shares more than if he had spent the same amount of cash to buy Du Pont stock...
Saint Augustine, "the Saint of the Intellect," is enthroned among the saints as "the first great teacher of rational thought." His Doctrina Christiana, "the earliest pedagogical textbook of the Western world," supplied "the foundation on which the first European universities were built." From his teachings arise the famed Protestant tenets of "the pre-eminence of faith over good works, of grace over reason...