Evening journal., 1916-07-10
Pierre S. DUPONT
OPENS Defense IN
BIC POWDER Case
Continued from Flrgt Page.

Continued from First Page.
countant. who was on the stand most
Of the session on Friday, was again
put on the stand when court recon
vened this morning.
William A. Glasgow, Jr.. OF counsel
Tor the complainants, asked the wit
ness this question:
From your examination OF the
books Of the powder company are you
able TO tel whether that company
was buying any OF its stock in Janu-
ary, February and March, 1852
Il am" replied the witness.
"Will you tell me how many shares
were sold. the dates of sale and
prices?" asked Mr.. Glasgow.
The witness, reading from a paper
he held in his hand. told of the pur-
chase by the company of its COM
mon stock during those three months
as follows:
January 20. 1915, from z. d. Lsckey
and Company, 80 shares of DUPONT
common at S1S6.
January 27, 25 shares from Lackey
and Company at $1S6
March 10. 100 shares from the same
company at $3.50.
March 10, 800 shares from Laird
and Company at S290.25; 1875 for
1896 25; 426 shares for $295.50 and
1879 shares at $30025.
March 20. from Lackey and Com
pany. 20 shares at S240 and 50 at
$3.50
March %. from Laird and Company,
100 shares at s295.75, and on March
%, 5S shares at S29475, and 100
shares at $295.75.
On March "a from Frank L. Con-
nable, 6S shares at 1896, of which MIR.
Connable bought back 25 shares on
March 26 at the same price.
March 20. from Mcclure, Jones and
Reed. 500 shares at 1896.
March q. from c. l. Hudson and
| Company. 292 shares at 1895, and 54
shares at $294.75 and on March 30.
| from the same company, 1872 shares at
1894.
March 81. from Lackey and Com
pany. shares at 1920.
March 2l, the witness said, the com
pany issued from its un-issued stock
300 shares at Sls5 a share.
On January l3. by cancellation OF
bonus stock to employees, "a shares at
Sl2s4l, the same price charged out
when given, and on February %, "a
shares under the same conditions at
Sl3l02 and March 81, 1897 shares
charged out to bonus stock at Sl39.
In answer TO Mr.. Glasgow's question
the witness said the total shares of its
common stock bought by the company
during those months, not including the
bonus stock referred to, was; January
IS shares, and March, 2630 shares.
The witness was then turned over for
cross ss-examination and Mr.. Graham
asked him if he did not see from the
books that all of this stock was for
bonus to employees.
81 did" he replied.
"Did you see that all Of the stock
was given to the employees without
charger Mr.. Graham asked.
The witness said he did not see that
from the books.
The number Of stockholders on
March 10. 1915. 1896 holders Of pre-
ferred stock and ,760 holders Of COM
mon stock, was placed in evidence, il
having been furnished by the defend
ants. This stock. Il was announced
trolling shares were held in Whining
ton. Mr.. Graham asked that It be
placed on the record that some who
held preferred stock also held COM
mon. and therefore the above figures
did not show the total individual
stockholders.
At this point Mr.. Glasgow closed
the compIainants' case. Mr.. Gra-
ham stated that an arrangement for
the examination Of the books in
private had been made. and that it
would save several days of the time
of the court.
Defense Opens Case.
Mr.. Graham made no statement out
lining the defense following the close
of the complainants' case He spoke
of a witness by the name Of Porter
who is i'll. and some arrangement will
be made to take his testimony. He
is in another State
There was a buzz around the room
when Pierre S. DUPONT, president OF
the Powder Company. who, with his
associates, bought the T. c. DUPONT
stock was called as the first witness
for the defene There we're no pre-
liminaries to the taking OF his testi-
mony. The head of the great powder
company was cool and collected as he
/ took the stand. He gave his testimony
in a clear voice that could be heard
distinctly in all parts Of the room.
Waving all questions as to the Off
cial position of the witness with the
company, Mr.. Graham went direct to
the important details OF the talks be-
tween the witness. Alfred I. DUPONT
and r. c. DUPONT relative to the pur-
chase of 10000 shares OF the latter's
stock
Mr.. DUPONT told OF the original offer
/ that T. c. DUPONT made to sell 10000
shares OF his common stock at $3.50
/ for redistribution among the employees
/ OF the company. Mr.. DUPONT said a
few days later, al the suggestion Of
T. c. DUPONT. he had talk with Al
fred l. DUPONT about the proposition.
At that interview he said Alfred l..
dupont said he approved OF the plan
and made no objection as to the
price.
The witness said the next develop
ment in the matter was a letter from
T. c. DUPONT on December Z. 1914,
which letter was put in evidence by
the complainants.
On December Ia. 1914. the witness
said he received a letter from Alfred
I. dupont objecting to the price and
suggesting $3.50 a share on a per
cent basis. or SIPS on a 5 per cent.
basis. which, he thought. was enough
for the company to pay for this stock.