Business & Finance: Florida’s Helper

When about two and a half years ago Florida’s banking structure was toppling, a Strong Man came to save it. He was Alfred Irénée du Pont, stormiest of the great Wilmington family. Last week he was still continuing Florida’s financial salvage.

Alfred Irénée du Pont is 67, has one eye and an irascible nature. His 500-acre estate (“Nemours”) near Wilmington is guarded by a high, barbaric wall. Firmly cemented in its top are great jagged pieces of glass. The gates are made of iron grillwork backed with steel sheeting. No unwelcome eye may look at “Nemours,” no unwelcome feet tread its lawns.

In 1902 when the du Pont company was celebrating its centennial, the death of Eugene du Pont had left the family’s holdings at their lowest ebb. Alfred brought together his cousins Senator Thomas Coleman du Pont and Pierre Samuel du Pont, acquired $12,000,000 worth of stock and a good grip on the company. In 1915 Senator du Pont wished to get out, sold his stock (then worth $56,000,000) to Pierre Samuel du Pont & associates. Alfred, not one of the associates, declared war. There followed a cousinly battle of giants, du Pont against du Pont for great E.I. du Pont de Nemours & Co. The war had banking ramifications, Alfred obtaining control of Delaware Trust Co. and with it great power in Wilmington. It had its political aspects, Alfred fighting the late Colonel Henry Algernon du Pont in State politics and Senator Thomas Coleman du Pont fighting Alfred. It had its ramifications in the company, where Alfred, William and Francis du Pont were ousted from executive positions by a 55% vote of stock. It even was carried on socially, for Alfred divorced his wife (a cousin), tried to say her youngest child was not his, brought upon himself du Pont wrath. Later he married the former wife of an employe, increased the family ire.

Aging Alfred now spends most of his time in Florida. He became a newsworthy figure again last year when he started a pension fund for Delaware’s deserving aged. He is an able engineer, has invented many a powder machine. He is an able musician, likes a violin. Once he organized and conducted a band at the powder-works, composed stirring marches. The Marine Band recently tried to get copies of them but found he has given up music, destroyed his manuscripts. His hobby now is his yacht Alicia (named for his second wife), designed by him; his pet is a much pampered mongrel dog.

To Florida he brought new, sound banks, all with the name Florida National. Last week in Miami the newest one of these began business with $1,250,000 deposited, a good half million more than any other bank in the State has ever received on its first day. Other du Pont banks (all controlled by his Almours Corp.) are in Jacksonville, Orlando, St. Petersburg, Bartow, Lakeland. Applications are pending for Daytona, De Land and Tampa.