Evening journal., 1916-07-25


down grade"
"Our taxes have not seen the peak
yet" observed Senator Thomas.
Apparently not" observed Senator
Salisbury" This tax is retroactive.
which isn't fair. Those contracts
which II is proposed to tax under the
retroactive feature were entered, the
money paid on them has been distri-
buted in dividends. Our community,
from bank presidents, to milliners and
clerks in stores. have been buying
this powder stock. l read the testi-
mony in the suit where one man testi-
fed he had been buying the stock up
to 500 a share. The stock was S400
a share a year ago and is s235 a share
today Senator Salisbury explained
how the stock had been divided, and
that the old stock had gone higher
than 5000 a share.
Senator Thomas, referring to the
speculation in the stock, said it was
unfortunate that the feature could not
reach that.
Looks Like COnfiscatiOn.
Senator Salisbury stated that to
take away $50 or $40 a share from the
stockholders of dupont stock isn't fair
And it looks mighty like confsca-
ton" he added.
When we get an army like Ger
many's and a navy like Englands this
/ powder company will get a great deal
OF business" remarked Senator
Thomas.
This company has been providing
powder for the United States govern
ment at the old rate Of So cents a
pound, although 1t has received as
much as 81 a pound from its war
orders" Senator Salisbury stated.
1T always has stood ready and will
ing TO help this country"
Referring to the representative dele
CATION present, Senator Salisbury
stated:
THE governor Of our State is here.
He doesn't own a share of powder
I stock, he cells me. l don't own a
share, but a member OF my family
does, and IL may embarass my vote
on the bill. I've told this delegation
that they will get justice from this
committee. You'll not permit an in
justice to be perpetrated on this COM
! munity they represent"
Whatever is done they'll get
4 Justice Senator Thomas remarked
He stated that year ago he had
sounded a warning about prepared
ness. and If the country gets it. il
must pay for It.
You can pay for il. but in a fair
way Senator Salisbury stated. "You
can do il as 1t is done in Canada. %
He then asked: What are muni-
tionsY and enumerated gasoline
guns, automobiles. Missouri mules
Yes, Missouri mules for which they
are paving $500 q piece as a war
price Senator Salisbury said II
makes a lot of difference whether the
Missouri mule along with zinc and
copper Is taxed fairly or unfairly.
Senator Stone said English agents
mad been buying tie Missouri mule.
Wherever they could be them, and h,
asked how the persons who sold then
and got the money were 10 be taxed
Senator Salisbury said the income IA,
would be one way of reaching them
Senator Stone asked some question
about the capitalization OF tho duPon
r Company, the number of IFS nlants
etc, and Irenee dupont INFORMED
: him that the capitalization was an
proximately $4,000. 900. and tina
there were twenty-eight differenr
plants. In response to a question o.
Senator Stone as to who were III,
principal stockholders, Senator
salisbury named Pierre, Alfred. VIII
liam and Irenee DUPONT, and saiC
/ there were about rs other principa
stockholders. There are about A 0Ot
stockholders, Senator Salisbury sale
g as far as he could recall. and Their,
had been that number for four OF
five years.
In response to another question a,
TO who controlled the company. Irene,
dupont explained that control wa,
not centered in any one person bu
was scattered widely, and would re
quire several stockholders to ioin I,
control the company.
The Chamber of Commerce Of vii
mington has taken this subject II,
= because II is an important publi
question in our community" Senate
Salisbury continued. 1T held
( meeting and appointed a committe
= to arrange for this visit here. Tha
r committee has selected a former AT
- torney-general of Delaware. MI
3 Andrew c. Gray, who you may know
Z TO speak for the stockholders.
What do you think of issuinI
E bonds instead Of leving this tax 4
meet the demands confronting us.
4 senator Stone asked of Senator Sauls
4 bury.
I favor issuing Of bonds. the Dor
rowing Of money as individuals do :
meet the extraordinary condition :
{ providing a navy" Senator Saulsbur
S said. He pointed cut that once a
adequate navy was built, there woul
S be no such a financial demand a
Z snat required TO build II now.
s Mr.. Gray Voices Plea.
s Mr.. Gray started his address wbe
recognized by Senator Stone az
man can say a word on this propose
J. tax feature without speaking for m
" community for It is vitality intereste
j. in this problem" said Mr.. GRAY t,
e the outset. I'VE are a small con
munity, but we cannot endure in 81
d ence what we consider an injustic
n like this"
n Mr. Gray quoted statistics 10 sho
i that 800 holders OF dupont novvds
e stock own 100 shares or less eacl
y and that 5000 holders own fifty shar,
II or less each. The greater part Of the.
e shareholders are in Delaware. he sal
L The duPont's and the dupont Con
d pany have been engaged in the man,
L facture Of explosives for more tina
: one hundred years. he added. 1T
a patriotic company We claim thi
n we, as Delawareans. are patriotic. tt
g DUPONT Company always has preferrt