Evening journal., 1916-07-13
continnea from First Page.

Mr. dupont was questioned rs 70
the balances in all banks and sala
from February. 1915 until the latter
nart NJ Iune the deposits never zen
- tbeia,r siS O0O 600 10 $4,000 900. In II
February Of 1915, the dep9slls Ian az
from seven 10 fourteen mlilons' -
said the highest total deposlts ~ ny
time was September 2S lslS w m1S noo
a was s31 100000 OF the e'VvVv,oVo
that had been in the Morgan uanA
N the credit Of the company up ul,
tu September, 1915, the witness salu AZ,
as geo 600 had been credited py W.
Noroan house and only Sl2,oUO'o0u on
nc smount had been deposited ny
the company Many other hsutes
sho,,ing the enormous business that
tbe company was doing about thal !
time with New York banks were
given by the witness.
The witness in answer 70 cues
+,ons bv Mr.. Graham told sometnlhs
from the bank statement that was
headed him about the deposits IN ths
Nrau- York banks that participated
l.. tbe dupont Securities Company
ioor compared with the deposits IN
ne other four large New York bahhs
-,bers deposts we're kept. that dla
M, lake part in the loan MT Johh,
sor In his cross-eXamination lalu
sneciol stress on the Increased de-
nosits in the fourteen banks on rev
rnarv "a. 1915. over eFbruary ~ 1919
the dav Nr. Raskob went TO Ne"
Vorl m arrange with Morgan 4 Co.
for narrowing money 10 pay lot lhe
n Coleman dupont stock. Mr. duFoht
said id the fourteen banks the m
crease En- deposits Of February "a
over February o. was about 90 per
can't and the increase in the Tour
cher hanks on the same day was III
ner cent. The witness said that he
and Mr.. Raskob used no control over
deposits TO favor the. banks thal par
ticipated in the loan.
Mr.. Graham addressing the witness
said the complainants had placed u
evidence the contracts and that ny
desired 10 question him about them
The witness said the military pow
der contracts up until February Is
amounted 10 S59,374000. On Feoru
arv 25 and 26. contracts were close
amounting TO S4.400,0OO and after tina
no more contracts we're closed unit
March p. The total contracts h
said from February 2G to Septemoe
1915. amounted TO Sl76,593.O OOO' 10
military powder contracts.
At this point Mr. Graham said n
would like TO withdraw the wines
for the time being, to give som
bankers an opportunity to TESTIFY
that they could get back TO the
business.
Bankers Give Testimony.
Levi l.. Ruc. president OF the Pm
adelphia National Bank president
the Philadelphia Clearing House a
sociation. a member Of the Feuei
Reserve Bank and connected with n
merous other financial institutions
New York. testified that his bank
Philadelphia National, participated
the loan through Morgan and co
panv. He said he had known =.
dupont for ten years, but that neitl
he nor John J. Raskob, had anyth
10 do with the bank participating
the loan. Ee said the loan was mi
on the personnel of the men securi
fhe loan and the collateral offered.
Yesterday Afternoons Session.
More than half an hour OF the s
sion of the court yesterday afterno
Immediately after the noon rece
was taken up by Mr. Johnson IN &C
tinuing the cross-examination
Pierre S. dupont, as to letters u
passed between the witness ana T.
dupont, relative TO the latter sto'
In December and January, 1914
1915. He was asked why he did
show all Of these letters TO Alfred
dupont and he replied because q
were personal letters He said so
of the letters that T. Coleman dup
had made propositions in and q
Vested that they be taken up "
the financial committee, were sho
10 the members Of the finance q
rnittee at a meeting Of the commit
The witness was questioned as
the resolution passed by the fna
committee in December, 1914 turi
down the T. G dupont oner 10
10000 shares for $3.50.
Mr.. dupont said he took this
mean that as far as the company
concerned the offer was rejected
"Were YOU not to take charge
.he matter and continue the negS
tions further as a result OF the &C
of the finance committee, Mr. u
son asked the witness.
He replied that he did not so un
stand t.
Mr. Johnson produced a minute
the directors meeting or Deceh
80. 1914. and read a report from
meeting Of the finance committee
ferred 10. in which report II
stated that a resolution was ado
bv the committee rejecting the
offer. but that T. S. DUPONT was
structed 10 take the matter up fur
with T. c. DUPONT
The witness said, as he unders'
It. this instruction for him to take
matter up further simply meant
he was 70 tell l. L. Dunham, agent
T. c. dupont. that his offer to sell
stock to the company for s160 was
iected, and that the committee did
think the stock was worth more
s125
After many more questions as TO v
and why the witness thought the
for the stock by the company was
MIR. Johnson asked the witness /
did not tell Alfred l. dupont. on
ruary 10 that the deal was off
Il think il was on February %
told him II was all off, replied
witness.
Mr.. Johnson then asked the wi
n Alfred l. dupont did not re
him 10 furnish him with a copy
letter he wrote 10 J. L. Dunhl
T c. dupont. regarding Al
and williams position as TO the