Evening journal., 1916-07-13
Pierre S. DUPONT Reveals
Bio Powder Co. Contracts

The witness admitted that Alfred
made another request for the letter he
asked for on the first occasion. He
said II he had examined his first let
ter carefully. he might have known
Just what Alfred wanted
He was asked why he did not furn-
ish the letter when Alfred made the
second request. The witness answered
that he saw Alfred. personally. and
told him that he had gone over his
files and found that there was no such
letter 10 l.. l.. Dunham, and that IN
his letter to Coleman he did not define
the standing Of the finance commit
tee.
When did YOU first have any sus- !
picion that Coleman DUPONT contem- /
plated the sale Of any stock other
/ than the 20700 shares" the witness
was asked
"The first recollection that I have
that he was trying to sell. was back
in 1913. when he was negotiating with
Irenee dupont Lammot DUPONT and
Mr. Carpenter" replied the witness.
In answer to another question Mr.
dupont said. "In the summer Of 1914.
he made a suggestion to me that I
NMN NNNlAE VI MS HA0Ahf nNh FNAAA4
not entertain the offer at that time"
did you not know Coleman wanted
to raise money asked Mr. Johnson.
Il did not. replied the witness
Did you not know that he had
. large obligations in New York, and
: that he needed CASH counsel queried.
j. Mr.. DUPONT said he did not know
, that
r The witness said the first he knew
r that T. c. dupont still wanted TO sell
1 some stock after the company turned
g down his original offer. was on Feb
n ruary 16 or 17,'1q15. when Mr Dun
r. ham called him and told him that Mr.
dupont still had in mind a plan TO
sell 10000 or 10000 shares Of stock
Il to the men Of the company. He
. thought MIR. dupont also wrote a let
H. ter to him. dated February 10, which
/. he received about the time that Mr..
D Dunham called on him, stating he
a would like to sell the stock 10 the men
M Of the company.
az Mr. johnson jumped back 10 the ac-
- count Of the company with the Morgan
ar Company. The account was opened by
~ Mr. Raskoh the witness said who Is
the treasurer Of the company.
,e At this point the witness was with
ss drawn for the time. Mr. Graham ex-
"a planning that he had a witness from
so New York, who desired 20 return to-
,ir day. and that the other side had
agreed that he be examined.
Financier on Stand.
a. The witness was called and proved
of TO be Henry p. Dawson. a member
As of the firm Of j. p. Morgan and Com
raj pany. Mr.. Graham examined the wit
nv ness He handed him the note an
~ collateral agreement signed by IN
the purchasers Of T. c. duPonts stool
in and asked " as member of the firm
om- he passed on that loan. 81 DID II
s witness replied He said his partne
her Mr.. Porter. who is IN az his home {
ling Long Island, had communicated
( in him about the loan.
ade Tell what you took into accou
ing and what credit was considered
making the loan" Mr. Porter WI
asked
ses- He replied. I've took into conside
oon alton the character Of the people asl
ess, ing for the loan and the character {
on the collateral" The loan made wa
of SS 50O.O 600
hat Mr. Dawson was asked IL he ha
c. any knowledge of the signers Of II
,ck, note before the loan was made. y
and said he met P. S. DUPONT and NJ
not Raskob several months before thi
l. time.
hey was there any other considers
ome ton or influence than what has bee
'ont named, that caused you to make u
sug loan?" Mr. Davidson was asked.
With Nothing else" he replied.
own did the fact Of the powder cor
ON pany having a deposit with your col
ttee. pany enter into it IN any degree
s 20 was asked
ance at did not" he replied
ming He said the entire matter was rat
sell er unusual but that as far as
knew. there was no understanding
s to agreement In reference 10 the co
was pany maintaining a deposit accot
with the Morgan company.
Of Did anything like that have al
otia- thing 10 do with your approval OF
otion loan" asked Mr Graham
ohm "It did not" the witness replied
The witness said the loan was pla'
lder- lthroueh the Bankers Trust Compa
He thought that Mr Porter arran
.e OF what banks the loans should
nber placed with. and he did not think
the borrowers knew what banks {
) re- were until the loan was arranged.
was Mr.. Dawson was questioned as
,pted corporations buying their own &C
s16O mon stock. He replied that such
in procedure was unusual. and that
-ther company would be careful about 10
ing money for such a purpose. and
,tood fact. said he thought under the lf
, the OF New York y was Illegal for a {
that poration 70 buy its own stock.
. Cor The cross-examination Of the '
= his ness lasted but a few minutes.
= 20 stated that he regarded y as an
/, no+ tirely individual and personal n
than ter. referring 10 the negotiations
the loan. He said he regarded
vher part of the officers Of the comp
deal trying TO increase their holding in
G off company as indicating their appre
~ he ton of their company. The with
Feb said his company would not loan
500 900 10 strangers, or even ne
) that tiate with them
a the The cross-examination Of P. 5.
Pont was resumed. Mr. Johnson
illness marking "Mr. dupont let us resu
eouest our little talk"
Of the M. Johnson questioned the witnes
am OF length, relative 10 the organizing
lfred's the dupont Securities Company.
e offer DUPONT said the name was selet