Evening journal., 1916-07-11
Pierre S. DUPONT UnfoIds
Details of Stock Purchase

the stock TO the company. The boarc
met on March and voted not 10 buy
the stock for the company. He ex
planned that his reason for this offel
was that after considering the matter
Of opposition TO the purchase, he desired
to get the view Of the board on The
matter.
He told of an interview with ALFRED
|. dupont when he said the latter tolC
him he had inquired over in New YorI
if S5,000,000 could be borrowed on du
Pont Common and was told that il
could not. He also said that Alfred tolc
him he had inquired in New York il
Coleman's stock was for sale
The witness denied that he schemed
70 have the proposition for the pur-
chase Of the stock for the company by
the finance committee turned down.
Mr.. DUPONT went into a long ex-
planation Of the reasons for getting
H. l.. Brown, F. G. Tallman, W. G.
Ramsay, William Coyne and J. P. Laf-
fey, interested in taking some of the
stock that was purchased from T. c.
DUPONT and held by the Securities
Company. He said that in view Of the
great work ahead Of the company, in
connection with military powder con-
tracts, IL was considered a good thing
10 get the heads Of the departments TO
become large stockholders. The wit
ness said he did not ask any director
10 vote any way or use any influence
as 10 his vote when matters pertain
ing to the purchase Of stock we're be-
ing considered by the board.
Mr.. dupont told Of the meeting OF
the board when Alfred l. DUPONT Of
fered a resolution 10 purchase for the
company the stock of T. c. dupont
then held by p. S. DUPONT and others
The witness said sixteen voted
against the resolution. Alfred, VIII
liam and Francis l. dupont voted foI
it. One was absent and Mr.. Connable
answered mot voting"
Mr. DUPONT was questioned about
the letter which Francis J. DUPONT
one OF the complainants, produced IN
which he (Pierre) offered to sell
some OF the T. c. DUPONT stock Il
Francis I. dupont This letter was
placed in evidence by the complain
ants. The witness said he sent the
same letter making the same Offer
TO a number Of other members Of the
DUPONT family
When court was about TO take a re
cess for noon, Mr.. Glasgow, of coun
sci for the complainants, addressing
the court said he desired to make a de
mand on the defendants for the com
pany's bank balances In other New
York banks, other than those tha
participated in the Morgan loan from
January l to April l, 1915. This start
ed the first wrangle of the day be
tween counsel.
Mr.. Graham objected to the defer
dants being interrupted in this mar
ner stating that Mr. Glasgow had pu
in his case.
MIR. Glasgow insisted and said h
did not want to have to use a sui
poena but that he must have tn
! books that would show what he d.
sired and also insisted that he e
! them to be examined during the moo
recess
Mr.. Graham and Mr.. Glasgow e.
changed some repartee and the TO
mer remarked "Mr. Glasgow, you r.
mind me OF the man in the show. VIII
said I want what l want when / wan
it,"
THAT was not in a show" remark
ed Mr.. Glasgow.
Il was told it was" replied MI
Graham.
Now that you have talked about
me. will you give me the books" ask
ed Mr. Glasgow.
Il will not answered Mr.. Graham
At this point Mr.. Graham also insist
cd that counsel for the complainant
come to some agreement with hin
relative to taking the deposition o
Mr. Porter, of Morgan & Co., who /
i'll in New York.
Mr.. Glasgow made no reply to this
but insisted that he be allowed 10 Sc
the books.
1T will be ample time for you {
see those books when we put in ou
case. We will produce what you wan
and put it in" stated Mr. Graham.
The court asked Mr. Glasgow If thi
was satisfactory. and he replied ths
II was not. He said owing to wha
had been brought out by direct eS
animation OF this witness he woul
require the information relative {
the New York banks for cross-eS
animation.
When the time for cross-exanina
ton arrives l will see that you &c
the books" stated Judge Thompson
This satisfied Mr.. Glasgow and a re
cess was taken.
Yesterday Afternoons Session.
At the opening OF the afternoon SCI
sion Of court yesterday Mr. Grahal
examined the witness. Pierre
DUPONT. as 10 the contents Of letts
received by the witness from T
DUPONT. dated January II. 1915 NJ
Graham, speaking 70 the witnes
said
He said in that letter that the off,
was for the benefit OF the new con
mittee What committee did he r.
fer to-"
The new executive committee
The witness explained that III
committee was organized in Septen
Der, 1914. and was composed OF dire
tors who we're az the heads OF va
ious departments. These men. I
said, had not participated in the bonl
distribution Of stock, and il was pr
posed that they should receive Il
largest part Of the stock offered I
T. c. DUPONT. should II be purchase
by the company.
A letter from T. c. DUPONT 10 P.
DUPONT. dated Rochester. MINI. Jal
uary is, was identified by the wi
ness. and was put in evidence, beir
read by Mr.. Graham. In this lett'
4 General DUPONT said owing 10 the o.
position OF Alfred l. DUPONT,