Evening journal., 1916-07-11

send another one IN week or TWO.
Love 20 all.
Your an cousin.
Coleman.
A letter from T. c. to Pierre, dated
January IS az Rochester, MINI, was
read as follows:
Dear Pierre: Thinking over the
stock offer matter. I still think II an
to the company. but in
view of Alfred's position l think u
best 20 withdraw II II the Finance
Committee has not accepted my pro-
posltion when I get home we can
talk IL over and II best can renew
II but II seems very unbusinesslike
to leave It in its present condition.
OF course II you have talked TO
Willie or are in any way committed
that settles II I will carry out any
statement you have made on the
other hand II you have not made any
my judgment is to withdraw II, again
II you have any good reason for not
doing so let we know your position.
Your affectionate cousin,
Coleman dupont.
Tells Of Some Contracts.
A letter from Pierre to Coleman
next was read. The witness said he
believed these two letters crossed each
other in transit Pierre's communi-
cation. dated January IA. follows:
My dear Coleman.
Things are still moving rapidly
with the company. At last all the
contracts in negotiation when you
left her are signed and the first pay
ments made-an aggregate OF $4,000
600 pounds Of powder. 3.lOO. 900
pounds of gun cotton and 5,116,00O
pounds of trinitrotuluol. Meantime
other important negotiations are in
progress. l think I wrote you that
Nobels want 43O0, 600 pounds and
Bethlehem Steel 100000 pounds of
powder and Nobels 100000 pounds
of guncotton. In addition to this
we have the large Russian negotia-
ton part payable in bonds, but in
looking over your letter / find l have
not clearly explained the proposition.
You are correct in understanding
there are two alternatives: one Of
thirty million pounds. another fifty.
In case the price OF one dollar per
pound payable one-half in cash and
half In bonds (the latter valued be-
tween so and $50. At the end OF the
contract and upon final payment a
two and one-half per cent. discount,
in cash, is TO be allowed on the one
dollar price. However, our offer 70
purchase s5.O0O,O0O Russian bonds
on the larger proposition would be
the equivalent TO the taking Of thirty
million bonds and twenty million
cash. I hope this is now made clear
to you. You understand OF course
that this order would be filled out
OF existing plants, so that no depre-
citation would have to be charged off
The cash would be very ample fol
taking care OF manufacture. II
however, we should accept all bonds
we would have TO put up on the
larger proposition, say, twelve and 4
half million. which I think we coul,
easily arrange through sale OF bonds
or our other resources. With sucl
large business as this, such an tier
is quite safe.
Apparently the proposition has bee
we'll received by the Russian repre-
, sentative in this country. We hop
to hear from Petrograd this weel
OF course anything final can hardl
be expected, but we should at leas
have an indication OF their interest
Buckner has made a similar propo
sition to the French Representative
and cables have been sent TO Franc
on this subject. II seems possible
that two large orders could be Sc
cured in this way. thus establishing
our 1915 business I believe in m.
last letter I wrote you these order
| frarnaufru fhf
year, our guncotton capacity from tn
figure / gave you (70,000,00 lbs.) q
about 100. 1000. 900 lbs. Powder ca
pacity must be raised from sixty 4
ninety million pounds. This mean
J we will have TO increase our appro
: priations to ss,8OO.O00 A total o
$500 900 is the figure already au
, thorized
! Raw Material Satisfactory.
: Today the Finance Committee au
thorized the purchase Of 100000
/ short terms notes and bonds, in orde
, to make some return on our larg
cash balances. do not think II tn
right time to invest any funds in
1 permanent way, particularly II W
, are TO take securities in payment 70
o. future powder orders
4 Our raw material arrangement
- seem in satisfactory shape. Yer
y large quantities Of cotton have bee
- covered Ct low price. as we'll as sun
cient nitrate Of soda; the latter. how
r ever Is in storage in Chile. We ar
I now working on a plan to have
e this country sufficient nitrate to pre-
S duce all the powder already sold. a
n a matter Of insurance. Diphenyla
[ mine, over which we had some cor
g cern, is now being manufactured b
us. the plant having been starte'
4 but IL has not operated sufficient
n long 10 establish what we can do. tn
u General Chemical Company have ais
5 succeeded with their factory so
2 think it unlikely that we shall IA
e short Of a supply. Sulphuric acid
d to be supplied largely by the Gener'
e Chemical Company. but in additio
G we are 10 erect a comparatively sma
o plant az Hopewell, Virginia. Nitr
- acid we will Of course supply oul
r selves in he usual way. l do not 81
+ how we can fall down" in any wa
0 as far as raw materials for existir
}. contracts are concerned.
n 1t is reported that Francis 1. is m
F gotiating with Moxham in regard
/, guncotton and smokeless powd'
manufacture. understand that Pc.
n ton announced he was going into n
h smokeless powder business on his ov
e account If the Aetna Explosives Con
l. pany did not join him; hence the
o determination 10 go ahead, in whiS
I they are, 1 believe, much in erro
Z Francis will have TO decide SOC
= whether he is to go with them
not. He should not be working {