Evening journal., 1916-07-26

/ can see you 1ultnel- anu III !
another place: Il am sorry and pro- a
voked that the proposition did not go I
through. for / feel that your oner
was a generous one and shouiu nave
had more considerate treatment, but {
like many other things. the hnai re-
suit cannot be obtained quickly.
There are number of letters {
similar in tone to that up to the letter Z
of January 25. 1915, and including the '
letter of February 1S, 1915. which the
other side make so much OF.
But I direct Your Honor's attention
to this evidence in connection with {
these letters, without worrying Your {
Honor with reading it all. | contend
that the language in these letters, to-
gether with the history Of this trans ]
action shows that two stockholders
conferred together as to what method ;
might be adopted for the purpose OF
connecting more Importantly the
executive committee, the new execu- ]
tive committee. the younger mem
hers of the DUPONT family. and some
others with the corporation. l ask
your attention to the fact that there
was never a corporate action looking
toward the acquisition of stock, but
Il was an offer from the outside 10
the finance committee through Pierre
S dupont and Coleman DUPONT | ask
your attention to the fact that in
every one of these letters 1t shows
that Pierre S. DUPONT was acting as
agent with T. Coleman DUPONT in all
that took place, and it is through him
that he submits the question. snail
I withdraw the stock or shall l not!
They were working together TO ac-
complish a result. And there are TWO
things that stand out in the history
Importantly clear, marking the de-
6nitive terms so far as the corpora
ton is concerned, as TO any determl-
nation of this proposition. They
went down to the meeting of the |
23d and other meetings OF the |
finance committee, and was there ever |
a single word at any of those meetings |
looking toward the acquisition OF the /
stock? Not a word. Then comes the |
25th of January. when Pierre DUPONT !
writes to Coleman DUPONT 81 have /
talked with Alfred about the stock, /!
and Alfred suggests that we had better |
provide for the employees by issuing |
treasury stock. unless we can buy II
in the market"
I ask Your Honor to remember, IN |
that connection that that is Pierre's
,letter to T. Coleman DUPONT, written
at the time before any controversy
arises and is conclusive evidence
that he must have had that converse
tion before that letter was written. he
saws that he wrote that on the 25th OF
Januarv-be thinks that it was two
days before that that he and Alfred
had this talk If Your Honor Will
turn to my cross-examination Of Alfred
/ dupont you will find this signif-
cant statement and admission by
him. between February 10th-prior
to February 10th-did you have any
talk With Pierre DUPONT and suggest
a plan by which stock might be issued
TO the employees unless it could be
bought on the marketg' And he says.
ayes. / did" and he fixes the ume
between December % and prior TO that
February meeting that he speaks OF.
No COrpOrate Acceptance Of Stock.
ask the court this question; Why
did Alfred talk about issuing treasury
stock or buying on the market if I.
Colemans offer was still open and he
knew il was still open? That fact Is
therefore established, first by Pierres
letter quoting what was said 10 T.
Coleman DUPONT; by Pierre duPonts
testimony swearing to the fact; by
Alfre6's admission that that converse
fion took place That confirms alb
solutely what Perre-S. DUPONT says,
that he notified him on January %,
that the whole thing was Off AND
wbv shouldn't he have done so; and
why isn't that the natural course OF
events; when you remember that the
telegram from 7. Coleman DUPONT had
reached him prior TO January 2S ana
the matter was ended. This is the
language of a man acting for the
man to whom he is writing. He says,
POSSIBLY / could have put it through
by insisting, but at great risk OF
having the other side appear against
me. That might have complicated the
whole plan for good and all. As II
remains now l feel that the PROPOSE
ton is open for reconsideration. Willie
is away at present, but will be BACK
in a couple of weeks. at which time
will take up the work again, unless
I have word from you to the contrary.
My judgment is that the deal VIII go
through this time"
This presents from the evidence the
picture of man not clothed with any
duty. but offering TO the company
stock. trying to get the company 10
take it. But there Is no corporate
action Of the company expressing
willingness to take. no action Of the
finance committee. nor Of the directors
nor anybody How can it be said that
he was created the agent for the pur-
pose of buying something and then
bought if for himself? He and Cole
man DUPONT conceived the plan to
benefit the men. They were two Of
the large stockholders. They appeal
ed to Alfred because he was a large
stockholder and he agreed to it, and
il was to be done then through the in
strumentality Of the company; but
later, as you will remember from the
letters that was changed as Pierre
suggested: after this transaction had
fallen down Pierre suggested that it
might be done in another way, and
then T. Coleman DUPONT writes back:
''Yes, and I say to you, we will take
IL up and effect a plan by which it
can be done and probably through the
Bankers Trust Company Of New York
financing the men" II was going to
be done without them.
Periidy on Other Side.
When this plan was finally put
through, when this gentleman who
worked honestly and consistently
with T. Coleman DUPONT to bring
about that result to benefit the men,
when he acquired this sixty-one thou
eand and some hundred shares of