Evening journal., 1916-07-03
|. DUPONT
QUESTIONED About
POWDER Co. DEAL
contInued From TIrst Page.

Continued From First Page.
whether or not he said anything at
that time 10 Mr. Beardslee about there
being an omission of several words in
a resolution that he had offered at
the meeting. to the effect that S16O
share was too much for the stock
and Sl25 would be a reasonable price
and which was testified 10 in direct
examination Mr.. dupont could not
recall that he did say anything TO Mir.
Beardslee about the omission. and in
fact could not recall just when he
learned OF the alleged omission. He
was asked IL he did not learn Of the
alleged omission about the time oI
shortly after this suit was hled HC
could not recall. he repeated, when h'
learned of the omission.
The line at examination was
continued at considerable length. AZ
one time. after he had asked a ques-
ton, Congressman Graham suddenly
looked up at the witness and shouted
"What are you laughing at? I Will
wait until you are through, II this is
not serious" Mr.. DUPONT made no
reply
The witness was examined as TO the
general propositions of the original
offer Of r. c. DUPONT, in which he sug-
gested that the stock be bought by the
company and resold to some of the
more important employees OF the com
pany. He was questioned as to the
dissensions relative to the reselling of
the stock to employees in case II was
bought. and asked: did the COM
pany expect to profit by the sale Of
this stock TO the employees"
NO" replied the witness, the
/ question involved was one Of loss and
profit"
Mr.. Graham asked the witness II he
OF william DUPONT, at any time after
the meeting Of the finance committee
Of December %. 1914. when he offered
the resolution suggesting S125 a share
for the T. c. DUPONT stock, had mad
any suggestion as to the acquisi
tion OF the stock
AT a meeting OF the Board OF direc
tors on February %. 1915, ] made
suggestion TO buy it for 5000 a share.
replied the witness There was NOR
questioning relative to the proposition
OF issuing treasury stock to employe
and Mr. Graham asked:
From 1908, until March /, 1915, eS
cent what Il bought for bonus pun
noses. for the employees, did that CON
pany (the old powder company bu
anv of the capital stock Of the con
pany for any purposes whatever
"Not that / can recall replied tn
witness.
Counsel showed the witness the mi
ute book OF the hnence commute
contain z the minutes OF meetin
held October 2S, 1914, and asked hll
If be had attended the meeting an
had signed the minutes.
Il did" replied Mr.. DUPONT.
Mr.. Graham read a letter from u
treasurer 10 the finance committee
dated October 81. 1914. which wa
embodied I'm the above minutes, re
ommendine that S5.0q0000 Of the con
panv's funds be carried in banks VII
{ which the company was doing bus
ness as demand deposits and that ~
600 900 be deposited with trust con
panies in New York City at per cen
and that the remainder be invested
high grade stock exchange investmer
securities. His recommendations th
minutes showed TO have been adopte'
r WAS not that the regular polio
(, Of the company?" inquired Mr. Gri
ham. referring 10 the last part OF Oh
minutes relative TO purchasing secur
T. ties.
ns That was a policy 70 meet a n
'h qnirement which was unusual" al
OF swered Mr.. dupont.
rs Then followed a long line of eros
81 examination In connection with n
correspondence between the witnes
ng p. S. dupont and r. G.. dupont. rel
err tive 10 the sale of the latter's stoc
al which was brought out on direct Z
lnt animation.
In this line Mr.. Graham aleo p
ing ferred to the letters put in hv 1
he complainants In direct examjnati
rs, from r. s. DUPONT 10 r. {. dupo
he suggesting that the four largest sto,
Ird holders-p S. DUPONT r. G.. dupo
Alfred /. DUPONT and William dup,
I'VE pool their stock in order 10 M
ar criticism about the probability Of O
be siders getting control OF the compi
Dn. and the interference with contracts
,ss the Allies. Questions along this
at brought out Il reply from The Win
vi that I. c. DUPONT had refused 10