The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-27


return 10 Delaware; in fact. made his
return a condition OF the undertaking.
Pierre s. Du Pont had served two
years In practical manufacture of
black powder and seven years in the
smokeIess powder factory at Carney's
Point. New Jersey, starting there with
the inception of that factory In 1894
and remaining until the development
OF military smokeiess powder was we'll
under way. He had resigned from
e. l. Du pont de Nemours and Com
pany In 1899 to take charge OF real
estate. street railway and other in
terests IN Lorain. Ohio. Through this
means, as we'll as In the MANAGEMENT
OF his fathers estate. he had gained
financial knowledge and experience.
with John j. Raskob. who had be-
come associated with him at Lorain,
he purchased and re-organized the
Dallas Electric Street Railway of Dali
las, Texas. He had also been in close
touch with r. Coleman Du Point for
some years both personally and
through their mutual interests
The talents Of these three associates
In the enterprise led quickly to
mutual understanding as to the role
that each was to play.
r. Coleman Du Point, the acknowl
edged leader of the administrative at
fairs was to be president Of the com
pany.
Alfred l. OH Point the practical man
In black powder manufacture tthen
the companys principal product), was
made vice president In charge or black
powder operations.
Pierre s, Du Point. the man of
financial experience. the treasurer.
r. Coleman Du Pont, in acknowl-
edgement of his future position. i'm
mediately took entire charge OF the
negotiation for purchase of the prop
erty; he devised the plan under which
purchase was made and bargained for
the amount OF stock of the company
which the sellers OF the property were
to receive from the new organization.
He proposed a division OF the remain
ing stock among the three associates
and, though a modification was sug-
gested by Alfred l. Du Pout. Cole
man Du Pont made the distribution
after the transaction with the sellers
was completed. so per cent TO him.
self and 25 per cent each to Alfred /,
Du Pont and to Pierre S. Du Pont.
No cash was paid for this stock. but
it's value rested entirely upon the
u Only OK INC now AShiih &SAhNih w
make II good,
Sale Ia Made.
Prior TO March l, 1902, the stock
holders OF the company had inttmated
to #. Coleman Du Pont their ideas of
the value OF the property. and Ii was
decided that Pierre s. Du Point, on the
part of the purchasers. was to have
opportunity to examine the books to
determine values So great was thu
faith OF the former owners in the In
tegrity and good intent of the buyers
that on March 1. 1909. when Pierre
s. Du Pont called at the office Of the
company to discuss the question of
sale, the entire administration OF af
fairs was turned over to him and T.
Coleman Du Pont never again to be
assumed by the former owners, though
they did not finally negotiate the sale
Of their property until some weeks
later.
It Is OF interest to record the fact
that each of the five surviving owners
OF tho property OF E, I. Du Point de
Nemours and Company had been as
ISOLATED with It's affairs for periods of
| fifteen to thirty years. while the buy
ers had no knowledge of the admin
istrative part OF the business and
very general knowledge only Of the
whole situation. However. within two
months OF the first proposal to make
tho investment the buyers had agreed
to pay the highest price that had been
suggested by any one of the former
owners Thus II was that r. Coleman
Du Pont. largely on account OF his
ability to take the lead In the enter
prise that bore his name, found OPP
portunity to pay to those who proceed
ed him their full valuation for their
property and then set out resolutely
to build on that foundation his own
future fortune ana to place e. !. Du
Point de Eemours and Company in the
front rank OF Industrial enterprise.