Evening journal., 1916-07-11

Otner teleEramS ueiWtth eAc
men we're placed in evidence. II was
shown that T. c DUPONT did not agree
TO $50 for his preferred stock, ana an
agreement was reached OH $50. lne
final agreement for the STOCK as
shown in the kilograms and letters'
between P. s. DUPONT and 7. =. ou.
Pont. was 5000 a share FOR oo,1lt
shares of common stock and $50
share for 1889 shares Of preferred
stock 10 be paid for ss,00o,o0o cash. /
and S5.s31 .S65 seven-year nve per
cent notes.
A telegram was read from T, G. du-
mont confirming the sale Of his en-
fire holdings at the above figures. !
THE commission of Morgan and
companv for floating the loan was
s17O 600. being two per cent of the
amount borrowed. This was disclosed
in a letter from P. S. DUPONT. dated
February "a, 1915. to Mr.. Porter, OF
Morgan and Company. This letter
told of the incorporation Of the du-
Pont Securities Company, as the mold
ing company for the stock purchased
The witness told OF final conference
that himself and John J. Rasob held
with Mr. Porter. when all the details
as TO the loan were discussed ana
agred to-
The guarantee agreement and note
FOR the money borrowed through Nor
gan and Company. was read by MI
Graham and put in evidence.
Correspondence in Detail.
The correspondence between P s.
dupont and T. c. dupont relative 10
the offer of the latter to sell his STOCK
TO the company and later relative 10
its purchase by Pierre and associates
and the letters pertaining TO the DOT
rowing of the money to pay Tor tne
stock were of unusual interest. Tnls
correspondence follows:
Under date Of January 4. 1915:
T. c. dupont, President
Rochester. Minnesota:
near Coleman-I have been intend
ing to write you about the reception
Of vour proposition by the Finance
Committee. Unfortunately, Alfred,
who had approved the plan before
vou went away, got somewhat cross
wise in the meeting and l think II.
u,isa 70 LET the matter rest for the
moment. preferably until I can see
YOU. before taking any other step. l
am sorry and provoked that the prop
osition did not go through. for 1 feel
that your offer was a generous one
and should have had more consider
ate treatment: but, like many other
things the final result cannot be OBJ
tanned quickly
The Hercules plan was accepted in
very good spirit. II is held up tenn
porarily because their attorneys have
told them their company cannot loan
the money to the directors. Teen
nioallv. this may be correct; but / do
not think they should hesitate to put
the thing through, nor do l think
they will. The Atlas people, acting
under the same laws (of Delawarel
have accepted the proposition and
understand from Lou Durham To-Day
have taken over the stock. On-
doubtedly the Hercules viii come 70
the same conclusion.
Colonel Buckner still continues
-busv. The Nobel and Russian con-
tracts are to be closed today or to-
morrow and we have other similar
ftsus in view. The actual sales
amount to about thirty-hve million,
Construction work Is reported well
along
ON New Years Day I was sur
nrised to find Moxham III in bed. BY
this time you have probably heard
that he was threatened with pneu-
rnonia. but believe all danger has
now nassed. He seemed quite himself
and willing 70 talk. 1 understand
that his company is determined tc
20 ahead on smokeless powder ano
guncotton. II seems great mistake
Int not for us to dictate.
Lou Dunham gives me the good
ews that YOU have been up from pee
olrendv. II seems almost too good q;
be true and shows your ~eserv'
strength. Altogether your operation
severe as II was, seems to have prom
isa of very good results. All here
are interested in hearing from you
I have daily inquiries.
Your affectionate cousin,
Pierre S. dupont,
Vice-President.
Wrote From Hospital.
A letter from T. G. DUPONT wa
next offered in evidence and read o.
Mr.. Graham:
ST. Mary's Hospital, Jan. s, 1915.
Dear Pierre:
This is my first letter a note yes
terdav TO the kids was somewha
shaky as is this but I hope you ca
read it.
am sorry that Alfred has take
the position you indicate and too tina
Il has passed the LIST of Jany as I
have made the announcement a
Xmas seems 70 me would have bee
much more value to us from the hu
- y Inn