Evening journal., 1916-06-28
SUIT over sale
OF Gen. DUPONT'S
STOCK UNDER WAY
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gov, when Congressman Graham, for
the defendants. objected. stated that
the purpose of this line of questioning
was to show the powder company was
started in 1908. The objection of Mr..
Graham was oyerruled and the wit
ness was allowed to answer. There
followed a long list Of questions and
answers as TO the organization Of the
T.. l. DUPONT de Nomours Powder Com
pany which testimony was about the
same as given in the government dis
solution suit several years ago. Mr.
DUPONT said he associated II. c. DUPONT
and p. S. DUPONT, his cousins, with
him in the purchase of the interests
that had control of the powder busi-
ness prior TO 1908, when the business
was not incorporated
Mr.. DUPONT, after testifying 70 other
details Of the organization of the
powder company i'm 1903, was brought
down to a date when he heard that
General r. Coleman DUPONT wanted 10
sell his stock.
Mr.. DUPONT in answer to Mr. Glas-
COWS questions stated that on Sep
tember 10 or 70. 1914, he learned from
Pierre S. DUPONT that T. c. DUPONT,
then president of the company. desired
to sell his stock He said he was told
by =. S. DUPONT that r. G. DUPONT de-
sired TO sell 10000 shares of his stock
at $3.50 share, ex-divldends, for the
purpose Of redistributing it among
some of the company's more import
ant employees
Mr.. DUPONT said he and p S. du-
Pont at that time agreed that it would
he an excellent thing 10 make the pur-
chase for redistribution among the
employees but that he thought the
price $,l60 a share. was too high A
letter was produced and read from
Alfred !. DUPONT to p. S. DUPONT.
dated December "a. 1914, In which the
witness said he believed that the price.
$3.50 for the stock was too high. and
suggested $3.50, which would be a
oasis OF per cent. on the investment.
IL also stated that in the opinion of
the writer the stock would not be at
tractive to employees at that price.
Another letter from Alfred |. DUPONT
10 +. S. DUPONT, dated December 2f.
1914, was also read. This letter stated
that he (Alfred l. duPonD made a
mistake in his previous letter when
he stated that the purchase Of the
stock at $3.50 would be on a basis of
o per cent The letter said the price
on per cent. basis would be s133
share.
Mr.. DUPONT testified that on Decem-
DER % a meeting of the finance com
mlttee, of which himself. William du-
font. T. c. DUPONT and p. S. dupont
We're members. was held. All mem.
ners were present but T. c. DUPONT
MINI. " ~ wv ''''' 'e'
What views relative TO the pur
chase of the stock were expressed a
that meeting?" the witness was asked
Mr.. DUPONT answered: ct stated tba
the purchase OF tho stock for distri
button among employees was in nrin
ciple good, but that the expendItur
was so large the directors could NO
justly make the purchase on less tha
6 or 6 10 per cent. basis. I sue
gested that the price was too high an
that Sl25 would be an equitabl
lprice."
The witness said William duPon
agreed with him that the price wa.
too high. while p S. dupont though
the price proper
Mr. dupont said p S dupont told
him r. c. DUPONT wanted to sell %. .O0C
shares OF his stock and he had no in.
timation that the offer Of the number
of shares that r c. DUPONT wanted tC
sell had been increased
Mr.. DUPONT told of a resolution thai
he offered at the above meeting of tn,
finance committee and which wa.