Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-01-25

a direct line of Eleuthere Trenee du Pont
to take over the business at the price
for which it was proposed to sell to the
Latin & Rand Powder Company
CLOSE Sl2OOOOOO DEAL.
Although there was some opposition to
the proposal, it was championcd by Colo
mel Henry A. du Pont and was finally
accepted. The company was turned over
TO Alfred Irenee du Pont for approx
imately sl2,OJoOOO
1t was with this transaction that new
era dawned for Il. I. du Pont de Nemuurs
- Co. The common stock of the concern
was virtually valucless and Alfred l. du
Pont realized that development must be
along new and better lines. With this end
In view, he determined to get 'ncw blood"
into the organization and SO offered his
cousins, T. Coleman du POut and Pierre
s. du POnt an interest in the business,
T. Coleman du Pont was Of the "Kcn-
lucky branch Of the family, but had
become known to the du Points of Della
ware through his efforts TO promote the
Delaware Button Company, a concern
which erected a factory, but never made
a burned BUTTON" according to the legend
in Wilmington.
Pierre S du Pont was of the "Dea-
ware branch" of the family. but like his
COUSIN, L. Coleman hu l'Oli, Ilu never
been connected with the powder industry.
He was associated with a real estate
company in Lorraine, o.. when Alfred |.
du Pont took over the powder company
in 1902.
NEW BLOOD IN CONCERN.
Upon being brought into Il. /. du Pont
de Nenours K Co., each of these men
received a large block OF stock in the
concern from their cousin, Alfred I. du
Pont Whatever value the efforts of the
new management might bring to this
stock would he "velvet" for them.
As Alfred l. du Pont was the only
member of the family participating in the
new organization who had been trained
in the powder industry, he took over the
management of the various plants then
in the control of the company. T. Cole
man and Pierre s. du Pout knew nothing
of that phase of the business, and it was
decided they SHOULD look after the eXecu-
tive interests Of the concern. To this end
4. Coleman was elected president and
Pierre 5. du POnt was made treasurer of
the company.
e. 1. du Pont de Nemours & Co.
progressed remarkably under the new
management In 1903 there We're lOS
corporations controlled by the company,
and in order to consolidate these into
one large corporation the f.. l. du Pont de
NemOurs Powder Company was in
eorporated on May 10 Of that year.
The officials of the new r. l. du Pont
de Nemours Powder Company We're the
same as those OF the company it replaced,
but as many valuable executives of the
smaller consolidating companies could not
well be disregarded there was another |
now of new blood into the organiza-
tton, and 1t was not the aristocratic blood
OF the du Points.
OTHER NAMES APPEAR.
In addition TO these newcomers, Pierre
S. du Pont acquired John j. Raskob. who |
Is Teputed TO have been a trolley car
conductor; John p. Laffey, a lawyer, and
others foreign TO the business but for
whom he found places in the company.
The first serious difficulty experienced |
by the f. 1. du Pont de Nemours Powder
Company was when dissolution proceed |
ings were Instituted by the Government |
agalnst this so-ealled trust" On June |
- 1912. a final decree was handed down |
by the United States District Court divid- /
ing the combine into three distinct /
which were from that time 4
70 be absolutely unafiliated. The three /
resulting corporations We're the +, /. du 1
Pont de Nemours Powder Company. the /
a tlas Powder Company and the Hercules /
Powder Company
The court also dissolved e. I. du Pont /
de Nsmours & Co., the concern incor-
aofated in 1902 by Alfred 1. du Pont,
which had been merely "a holding concern /
since 1893, when IT'S available assets were
taken over by the r. i. du Pont de Ne
mours Powder Company in the Feorgan-
ization effected az that time.
The decree OF June l3. 1912 did not
zhange the personnel OF the r. l. du Pont
- Nemours Powder Company. 4. Cole