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Stravinsky Conducts-1960(Columbia Symphony Orchestra, Igor Stravinsky conducting; Columbia, 3 LPs). This labor of love and profit offers Stravinsky's own readings of Le Sacre du Printemps and Petroushka, plus his recorded commentary on the composition of Le Sacre ("The idea of Le Sacre du Printemps came to me while I was still composing ze Firebird"). The performances have his expectable tautness and clarity. The accompanying text and pictures make the album a fitting tribute to one of modern music's living monuments...
Convinced that their 44-year-old marriage involved a "tendency'' toward monopoly, the U.S. Supreme Court last week forced a divorce upon two of the nation's industrial giants. In a 4-to-3 decision, the court directed E. I. du Pont de Nemours & Co. to divest itself within ten years of its 63 million shares of General Motors stock, worth about $2.8 billion at current market prices. The decision was the climax of a twelve-year legal struggle. A lower court had earlier ruled that Du Pont could hold onto its G.M. shares provided it gave...
Hardship Case. "Unfortunately," says Du Pont President Crawford Greenewalt, "the burden of the Supreme Court decision falls not on Du Pont as a manufacturing entity but on the stockholder." If Du Pont sold its G.M. stock on the market over the next decade, the sales would almost double recent New York Stock Exchange volume in G.M. stock every business day for the whole ten years, and would depress both Du Pont and G.M. stock prices. Alternatively, Du Pont could distribute its G.M. stock to Du Pont stockholders in place of or in addition to regular cash dividends-at a ratio...
...trouble with the dividend-distribution plan is that Du Pont stockholders would have to pay hefty income taxes on the distributed stock, would also suffer a decline in the value of their Du Pont stock because of the divestiture. Since many are in higher-income brackets, the taxes would average out at an estimated 55% to 60% a share. President Greenewalt guesses that about half the distributed G.M. stock would have to be sold to pay taxes...
Surfeit of Money. Du Pont hopes that the Government will look favorably on proposed legislation that would either 1) postpone taxes on distributed G.M. shares until the shares are sold, when only a capital gains tax would be paid, or 2) enable stockholders to pay income tax only on the average $2.09 a share that Du Pont paid for G.M. stock, and capital gains tax on whatever profit they might make when they sold. If Congress turns these proposals down, Greenewalt leans toward Du Pont's selling the stock itself through an underwriter, so as to be able...