Evening journal., 1916-06-30
ALFRED |. DUPONT
Tells OF Great
POWDER ORDERS
fContinned From Page II

considered. lie said there was an agree
ment of the stockholders in writing, asl
TO this proposition and that he had
agreed to it as stockhOlder. The wit
ness stated that the company was reor
gained as set out in the circular.
Did il take over the E. |. dupont |
de Nemours Powder Company, OF New |
Jersey" Mr.. Glasgow asked.
1T did" the witness replied
Mr.. DUPONT then told Of the trans
fering to the stockholders OF two |
shares Of stock OF the new company
for each share OF the old company.
WAS there any increase of capital |
because of this sale?" inquired Mr. |
Glasgow. referring to the purchase
by the new company OF the assets OF
the old powder company
There was" he replied.
Was any new money put in?'
Not that know Of" replied the
witness.
Mr.. DUPONT identified the minute
book containing the minutes of the di-
rectors' meeting when the sale was
passed on.
WAS a stock dividend declared on
December II, on the stock Of the Del
aware Company" asked MIR. Glasgow.
(This Is the new company.
There was" answered Mr.. du-
Pont The witness identified a copy
Of letter which he and others sent
to Pierre S. DUPONT. president ano
John J. Raskob. treasurer, dated De.
cember II. 1916. protesting against
any dividend being paid on the for
mer stock OF T. Coleman DUPONT and
at that time held by p. S. DUPONT and
others in the Securities Company
Congressman Graham. for the
company, objected to the admission OF
this letter on the ground that IL was
immaterial. as this suit was filed on
December S and this letter was sent
December IL. The objection was
over-ruled and the letter admitted
The letter was signed by the yari-
Gus complainants in this case
COunsel Has Clash.
At this point counsel engaged in
some repartee which is becoming a
feature OF the case.
Mr.. Graham had requested Mr.
Glasgow TO question the witness as to
who delivered the letter. The latter
at first refused but then turning to
Mr.. Graham, said
"All right. Mr. Graham, will do
anything for YOU"
That's very sweet Of you" re-
piled Congressman Graham.
The witness said he thought Fran
els I. dupont delivered the letter.
Much time was taken up in the pro
tl..NsaanNf.t. Of
letters. all of which, however were
not read.
There was admitted into evidence
on the offer of Mr. Glasgow, report
of the finance committee of the com.
pany to the directors. date December
30, 1914. which Mr. Glasgow stated
contained a report of the business of
the company from November 10 to
| December %. Mr.. Glasgow also read
a section of this report which told OF
| the offer of T. G. DUPONT to sell 20,70O
shares of his common stock at Sl6C
a share and of the action of the com
mittee in refusing the offer because
| II thought $125 was sufficient for the
/ stock. and instructing p. S. dupont
TO take up the matter of the purchase
! further with T. c. DUPONT The min
utes of the directors meeting of that
/ date was also put in evidence and
stated that the board approved rati
fed and confirmed the action of the
finance committee relative to the
stock.
Mr.. Glasgow called on the counse
! for the defense for the copy OF let
ter sent to the board of directors Jan
uary s 1916, and signed by p. 5. du
Pont and others. The defense die
not have the letter and IL was agreed
that copy held by Mr.. Glasgow b'
used.
Mr.. Graham. however. objected e
the admission of this letter on the
ground it was sent after the suit was
filed.
Mr. Glasgow said his purpose was Z
show the circumstances OF Alfred /
dupont leaving the company.
The court was just giving a rulint
on the matter when Mr.. Graham SAID
81 withdraw my objections
Mr. Glasgow laughingly remarked
that counsel had Withdrawn his objec
tion after the court had ruled agains
him.
The letter was read and proved tC
be a recommendation by p. S. duPon
to the board of directors for the re
moval of Alfred 1. DUPONT as vice
president, director and member of tn,
finance committee, because OF his at
titude and connection with the suit
The letter was a long one, and in
the statement was made that Alfre
I. dupont had said that the compan
would have TO purchase the stoc
(meaning that OF T. c. Dupont
Mr.. DUPONT, when questioned by Nj
Glasgow, testified that this was nj
correct. and what he did say wa
that in all probability the compau
would have 10 pay for the stock