Evening journal., 1916-05-13
Delaware TRUST
CO. CONTROL FOR
ALFRED |. DUPONT
lcnntInned From Page onel

Continued From Page One)
- foot frontage and extending through
10 King street. il estimated 10 bc worth
100000 although bought for less than
half that figure
According 10 the announcement made
in behalf ol the purchaser, by acquiring
the trust company. and its property, Mr.
DUPONT has taken the first of a series on
steps which will make him one of the
dominating factors in financial circles Of
this state.
II is virtually certain that a huge
Office building will be- erected at Ninth
aud Market streets. and that this will
also serve as the new home Of the trust
company. Plans for the actual cou-
struction of the building will not be for
mulatcd until the reorganization Of the
bank is completed
Mr.. Pennington announced that at
though more than S5O0OOO was paid for
the controlling interest in the Delaware
! Trust Company, this s only the first
and minor step. az the company Is To be
recognized aud capitalized nt much
greater ig than at present VITA
his own fortune and thc wealth of some
]
| Mr.. DUPONT Intends that his company
shall be one of the most powerful hnan
cial in-' .utions in Delaware
n is also known that a large trust
company of New York City figures
in the transaction. A conference be-
tween a representative OF this bank.
Mr.. Pennington and Mr.. DUPONT WAS
held last night at "Nemours" the
DUPONT residence. Upon his return
TO the city after this conference. Mr..
Pennington said that the negotiations
for acquisition Of the Delaware Trust
Company had been under way for
several weeks. and the final docu-
ments will he signed today.
Colonel Smith, president of the
/ Delaware Trust Company, will not be
/ replaced by Mr.. DUPONT himself. It
is announced, but by relative Of
/ Mr.. DUPONT. who rs now associated
with him in several business under
| takings.
Mr.. duPouts Statement.
Although Mr.. DUPONT refused TO
discuss the details OF the transaction,
he said that he and his associates
had had the matter under considera-
tion for some time.
THE Delaware Trust Company
seemed to offer the best opportunity
for what we wanted" he said "Its
broad charter. It's location and its
name arc assets which can be dovol-
oped. Il has been In good hands. and
we'll managed. and It only needs the
impetus which large capital can give
II In order to make Il very success
ful institution.
1T is my intention to work with
the stockholders OF the trust COM
pany TO this end. The executive on
GERS and those who will he in charge
of the various departments. will be
carefully selected. and II Is hoped
that this company will be in a posi-
tion to handle larger matters thar
heretofore possible in the city OF vii
mington"
Consider Future Plans.
: Mr.. Pennington. who had Represented
Mr.. dupont in the negotiations, said
"Mr Alfred l. DUPONT. as a publi
spirited citizen is naturally interested
In the financial development Of tn
city OF Wilmington. In acquiring thl
controlling interest In the Delaware
Trust company. Mr.. DUPONT will worl
with the other stockholders tOwars
: making this a very strong financial in
stitution and a credit TO the city anC
the State.
"The plans for the future develop
ment OF this trust company are re
ceiving consideration and at the
; proper time will be made public. Mr.
dupont is not actively connected viii
q ANY other financial institution In the
city OF Wilmington and his energies
will be directed towards the success
OF the Delaware Trust Company"
VIII Take All Stock.
Colonel Smith. the president OF th'
] Delaware Trust Company, said tina
, Mr.. dupont had purchased the major
u ity OF the stock Of the company. will
= 1.-THE agreement that the balance o
! the stock would he purchased by hin
at the same price as that paid 70
the majority interest. II offered 70
5 sale within a specified time. lie con
tinuod:
y "Of course. all the stockholder
u since the confirmation Of the salt
, have received due notice OF the condi
y tions OF purchase. Il is thought tina
y many of the stockholders will retail
their stock in the company. believing
that the earnings on an increaseI
business OF the company will be ever
- larger than in the past. although tn
business OF the company has increasel
rapidly In the last few years. until III
deposits now amount 10 over S50O.0OO.