Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-12-28
DU POINT FAMILY IN
HOT FIGHT OVER STOCK
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Continued from Page One
directors, that the action of the Finance
Committee was due to the votes OF ALFRED
|. and William du Pont. that there was no
wrong doing in the purchase Of all Of the
stock of the general by Pierce S. du Pont
and others, but that it was Legitimate
transaction after the offer of the general
had been refused by the powder company.
EMPLOYEES INTERESTED.
The answer also sets forth that in De-
cember, 1914, T. Coleman du Pont who
was the president Of the company, stated
that it was his wish that certain officers
and employees of the company should be-
come interested in the stock and that he
was willing to sell 10000 shares OF his
. stock to ;he corporation in order that i
might he resold to the mployes, This
offer was made to Pierre S. du Pont, who
communicated ii to Alfred /, du Pont VINO
expressed himself as being entirely in
favor of accepting it, and this was COM
municated to T. Coleman du Pont VINO
offered to sell the stock at $3.50 per share.
eX-dvidend, the total amount to be soid
being 20, 200 shares.
So far as he knows Pierre du Pont says
that this is the only offer made by !:
Coleman du Pont TO sell any portion OK
his stock to the company. II is dec'arei
that while Il. Coleman du Pont was ser
ously i'll I'm Rochester, Mimi. that lhs
Finance Committee, composed OF AiIrei
|. du Pont, William du Pont and Plerrs
s. du Pont, met on December %, 1914, anu
that. although Alfred |, du Pont haa
previously declared himself in favor OF
the proposition to purchase the stoeA,
It was rejected. Pierre $, du Pont voted
to purchase the stock.
Pierre S. du Pont denies that at this
meeting any resolution or motlol "Ss
passed with the words lat this tlme'
on which so much stress is laid N me
bill of complaint. on December ~ .he
board of directors ratified this dees'oh
of the Finance Committee, Pierre o uu
Pont told r. Coleman du Pont thar II me
offer was left open il might be aecepied.
but a few days later T. Coleman du Foh.
definitely withdrew the offer and y was
never renewed to the company MI us
Pont admits that Alfred |. du Pont asAss :.
for certain letters which were sent !,
Coleman du Pont and inadvertently o'her
letters We're sent him, but at the saIle
time Alfred |. du Pont was told ps u
defendant of the situation of the Whole
matter and there was no misundefs's"a'
ing of it.
He denies that Alfred |, du Pont sem
letter to T. Coleman du Pont, but ina. =.
wrote a letter in which he set toIln ne
the price which had been suggested We s.ss
too high. and that he thought that u,
a share would be an attractive hsuIe az az
one which would be of advantage 70 ~
company. The answer quotes y,
from T. Coleman du Pont to Alfred l. - "a
Pont, In which he says that ne hau 49,
Pierre S. du Pont 10 withdraw MS ons.' s,,
The letter ends: II am reahy ~ sosi
but, TO be perfectly frank with YOU ,,s- vs
not understand the purpose OF your ~
to me-" -. anar
The answer then sets forth thar sitss ~
this proposition had been droppeu ss
ascertalned that T. Coleman duFohl vi VI
willing to sell a large amount OF s. =
and that. ON behalf Of herself, Irene =
dupont. Lamott DUPONT, r. Il. n, - a., -
penter and John j. Raskob, he oheieu s,,,en N
purchase the 63.3li shares OF eo1iisSio1 .sSo
stocl, held by II. Coleman DUPONT az W ~
a share and I4,5ss shares OF preis''sss ss
stock at $50 a share. payments aes nSo h
made sSO3,T15 In cash and so,syy,s so,S.Io,, vas
deferred payments, which proposltioH ~, Feb
accepted by r. Coleman duPohl :"
ruary 20. 1915.