Evening journal., 1916-07-08
LAWYERS Clash
over Securing
COMPANY'S BOOKS
Continued from Page u.

ed money to.
Mr.. Graham. Of counsel for the de-
fendant. objected to producing these
books. claiming it was move on the
part of the complainants to secure
the names of the powder corpor-
ations customers. He claimed that If
these books were produced they should
be examined in court and limitation
nlaced on the market to prevent eX-
posure of those names. It was finally
agreed that the books would be pro-
duced. and later counsel after long
conference announced that an agree
ment had been reached whereby
several days would be saved in the
proceedings by a private inspection OF
the records desired.
In the early afternoon the time was
taken up by Mr.. Glasgow in reading
The daily balances Of the powder COM
panv in various New York and Pm
delphia banks. that had loaned money
to the Securities Company for the
nurchsse of the T c. DUPONT stock.
rbese balances we're read for the
months Of February and March 1912
and showed some large increases IN
the deposits in these banks.
When court reconvened yesterday
afternoon Mr.. Glasgow OF counsel
for the complainants, continued tne
reading of the daily balances to the
credit of the company in New YORK
and Philadelphia banks, during Feb
ruarv and March Of 1915. II was
from these banks that the Securitiet
Company is alleged to have borrowed
money with which to pay for the
stock of T. c. DUPONT.
The balances in these banks ranged
rs follows. -
First National Bank, of New York
5000 900. on February "a, to S1,4sO'
noo on March 1. Chase National
FEBRUARY "a. S50O.000 March 4, s6s4.-
mn Hanover National, February 2S
S5e5 600 TO s60e,0 on March 6. Ma
t,onal Park. February "a, S59O,O0O L
March 5. 100000 Empire Trust
FEBRUARY %. 1921 900 TO s6o1'0OO oi
March 3. Chatham and Phoenix Ma
tional from s2Os 900 to s502.000 ol
March 5. Equitable Trust Company
February %. s491, 900 to March 4
1850. 600. National Bank of Com
meroe from S196,00 on February 2
N over s6O0.O00 ]. P. Morgan an
Company. from s742l00O to S2'ssS. .oo'
the latter part of February All Q
these banks are located IN New Norf
The balances of the Philadelpnl
National Bank were read and range
from s275, 900 to s1,S97 900
The purchase of the stock OF
dupont. took place the latter par
of February. 1915, and it is the IN
tention of the complainants that tn
halances in banks where money wa
borrowed to pay for the stock wer
materially increased about that tim'
After reading the bank balance
Mr. Glasgow resumed the examins
lion of John Hood. Jr., the accountan
who examined the books Of the com
nanv for the complainants, identine
balance sheet that he made an
which was placed in evidence. lie ais
n,t in evidence the statement OF ai
sets and liabilities A list giving 10
nunober of stockholders Of the con
nsnv and two letters from I.
suPont to P. S. dupont. in Decemoe
1914 These letters follow:
+ Coleman duPOnts Letters.
December 7th, 1914.
Mr. P S. dupont, Vice-President.
near Sir-As you know. ! have a.
wavs felt those in responsible pos
tlons in our company should oe eI
couraged to become Importantly il
tarested in the common stock, and
have. as YOU know, always tnoust
we'll of the common stock and put
higher figure on it than you have.
think II we'll worth 1856 today, an
mink IL will 60 TO 100 to 200 befol
the year 1915 is many months OIL
This ownership of the common stoo
bv the leading men is of so much IN
portance to the company that as
member of the finance committee ltf
company having away beyond its r
ouirements) I would recommend II
funds needed to carry the stock Il
these men be advanced by the trea
ury.
I am willing to sell for the purpo
twenty thousand (20000) shares
$3.50 per share ex-dividend, payab
in say thirty or sixty days.
To guide me ] would like to have
suggestion from the finance committ
or a committee appointed by them
10 how IL should be distributed.
Inasmuch as important men ass
ciated with us have asked me to 81
them some stock, ] should like
have a prompt answer from q
finance committee to enable me
reply
In the important stockholders in H
cules Powder Company think well Of
plan. make a similar offer to preside
Of Hercules Powder Company, eXc'
the number of shares will be M
smaller, say four thousand. and thi
and hope you gentlemen feel the imp
tant stockholders in that compa
should recommend to the directors
that company that the Hercules Co
many advance the cash needed rs
company can spare il TO enable the
rectors land those they suggest) to
cure this stock.
The same with much reduced mum
of shares. seven hundred or eight h
dred, to the president of the Atlas CO
pany.
attach copy of letter ] was 60
10 write to president of Hercules (
Atlas companies, but before send
same would appreciate any suggest
you gentlemen care to make.
Very truly yours,
T. G. dupont
December IA, 1914
Mr.. P. s. DUPONT,
Building.
Dear sir-I have given a great
of thought to mv letter OF Decembei
-4r l.