Evening journal., 1916-07-14
S. dupont money without col

p S DUPONT money without col
lateral
Mr.. DUPONT on Stand Again.
Pierre S. DUPONT was recalled to
the stand and Mr. Graham resumed
his redirect examination Of the wit
ness. Mr.. duPont's attention was
called TO the fact that when he was
taken from the stand he had been tes-
tifying TO the large contracts of 1915.
The witness was then asked what the
problem OF the company was in Feb
ruary, 1915 Mr.. dupont then told of
the great work Of the company in fill
! ing the enormous contracts.
He said in October and November,
1914. the ,'pany began taking on
large contr which required large
additions. new plants and outlays for
raw materials In order to manu-
facture the powder and have it ready
for delivery on time, il required large
expenditures. All contracts, he said,
required quick delivery. AS time
went on, he said. larger and larger
contracts were taken on. which re-
lqlired larger expenditures. Mr. du-
Pont said had they fallen down on
the contracts the raw material pur-
chased in such large quantities could
not have been returned. or if they had
fallen down in the quality Of powder.
or the war ended, the contracts would
probably have been terminated.
Spent Sixty Millions.
Mr. DUPONT told Of the employment
of thousands Of extra workmen, and
the building Of large new plants He
said from November. 1914. until the
spring Of the following year. 100000.
600 were spent to get the war con-
tracts out He said some $4,000 men
7 were trained 10 do the work. and that
{ they did do il, and turned out the
: contracts on time The witness also
told Of the introduction in Congress
, in the spring Of 1915 Of several bills
, which had for their object the pre-
I venting of shipments Of munitions
The bills have not been passed by
. Congress.
Mr. dupont said the facts that he
, had stated. as to the condition Of
! the affairs of the company. was
when the stock Of the T. S. du-
Pont was offered for sale, HI
J thought II would not be a good thinl
for the company 10 make a large out
! lay TO buy the stock.
u Receive Same Percentage.
The witness was next questioned
y about the large percentage that haI
l been realized on the stock bough
{, from T. c. DUPONT. something like Is
q per cent. referred to by Mr.. John
: son on cross-examilation. He wa
= asked if T. c. DUPONT. had he hel
the stock. would not have received IN
! same percentage and, if all stock
v holders did not receive the same. an
u he replied that was true. He wa
+ then asked if Alfred |. dupont di
u not receive the same percentage o
Is his large block of $1,000 shares, an
n he replied that he did He said
round figures what Alfred I. duPor
'r has received is s7,O0O,OOO. and if h
< could have taken advantage of the
s. per cent referred to by Mr.. johnson
v in regard to the reduction of the stoc
ol OF the old company he would have r.
le ceived sS.50O.000 more, and that b
still owns all his original stock.
r Mr.. DUPONT said, in answer TO NJ
~ Graham. that he owns about 90
L shares and the company has 10C
shares Of the Chatham and Phoen'
n Bank of New York, which was in b
IN Up. S. duPont's) name, and was pu-
n, chased by the company some yeal
~ ago.
OF On re-cross examination, Mr.. JohI
son went into another long examine
SIS ton about the working capital of tn
N company.
as II was shown by figures which II
Mt witness verified that in Februar
Id 1915. the assets Of the company wei
in round figures. about $6O,OO0,O0o ar
Of the liabilities about s66 100000.
al Mr.. dupont said in cases where d
ny contracts called for 81 pound 4
gh the powder, the company required
ny advance of so cents a pound.
NJ Mr.. Johnson. in continuing b
tn cross-examination of the witness
S. to working capital. assets and liabil
as ties asked him II the statement
of had read from where il showed u
he assets of the company at the time
he the sale Of the stock to be about $50
s. 600 900 and the liabilities S66 10000
an did not indicate surplus of SIT