Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1917-04-13


inform him of the feeling oi
the majority OF the Finance Com
mitter as to the value of the stock !
although be knew that the opinion OF |
Alfred and William of the value of the |
stock was based upon the fact that the |
company was then paying "A dividend
of Gih per cent And he did not. 10y show
the price of $3.50 share would make II |
bring but a > per cent. return in divi-
dcnds, and that the price of Sl25 a share
was suggested upon an Investment basis
of [ per cent And he did not, by show
ing Alfred or William. Coleman's letter
of December 9TH. inform them of Cole
mans opinom as stated in that letter;
81 think it. well worth $50 today and
think il will 90 to 100 TO POO before the
year 1913 is many months old II sure
ly would have been of advantage To the
company 20 have the other members OF
the Finance Committee informed of the
opinion of its president, who, with Pierre
as acting president was in the hest posi-
ton to know all about its business and
its prospects; that its stock was worth
at that time $500 share more than
the price at which he was Offering IL,
and that during the following twelve
months il would be- worth $4,000 a share
more; and il would have been to its adj
vantage for Coleman 10 know that the
price of SIPS a share suggested by the
Finance Committee was based upon the
present dividend rate, and that Pierre
had not placed before the committee
Coleman's opinion of its present and
prospective value Alfred and William
inf Il st.1t.. snlt arf.
nation would have been of advantage TO
the company, of the contents of Cole
mans letters of December 9TH and l4th
except so much as was stated TO them
| by Pierre at the meeting of December
23rd, nor did they know of other cor
respondence concerning Coleman's offer
which passed between Pierre and Cole
man between the time of the meeting
and the time Of Pieue's purchase of the
stock on February 2S, 1918. And there
! is no evidence that Coleman ever knew
of the feeling of the Finance Commit
tee as TO the value of the stock ON De
cember %, 1914, until he received that
information in letter from Alfred dat
ed February l6, 1915, written at a time
when Pierre was negotiating for the
purchase of the stock for himself and his
associates at a price of 5000 per share.
There is nothing in the evidence to
show that Durham reported to Coleman
upon the subject of the stock, but it
does appear that Pierre did take the
matter up further with coleman with
out, however, informing him of the true
position of the Finance Committee or
the reasons for that position On Jan
uary 4, 1915, he wrote to Coleman;
"T. c. DUPONT, President, Rochester
Minnesota.
Dear Coleman-I have been intending
TO write you about the reception OF
your proposition by the Finance Com
matter up further" with Coleman with
Improved the plan before you went away
got somewhat crosswise in the meeting
and ] think it wise to let the matter
rest for the moment; preferably unit
can see you, before taking any othe
step. ] am sorry and provoked tina
the proposition did not 60 through, TO
feel that your offer was a generou
, one and should have had more consid
crate treatment; but. like many othe
E things, the final result cannot be oh
tanned quickly.
T "Your affectionate cousin,
pierre $. DUPONT,
d "Vice-P President
. This letter shows that Pierre under
stood that he was to take the matter Il
further, and the letter does not inforI
Coleman nor does it contain any int
4 nation that the offer had been rejected
, but it does not give Coleman the infor
nation which Pierre knew the com
mittee intended him to have concernin
their opinion of the price of the stock
suF
mittee was not informed of his view
as TO its value on December 23rd or il
prospective value during 1918 To thi
. letter Coleman replied as follows;
"St Mary's Hospital, Jan. 6, 1915
"Dear Pierre; This is my first let
ter, note yesterday to the kids wa
somewhat shaky as is this, but l hop
, you can read il.
81 am sorry that Alfred has takel
the position You indicate and too tina
it has passed the lst Of January, as &
have made the announcement at Xma
q seems 10 me would have been muc
, more value TO us from the human ma
r ture standpoint.
! After talking TO you told some Ney
! York bankers that I would not nee
the money that 7 had arranged to re
] I
I permanent arrangement, but can fec
10 sure fix this when get back. Perhap
4 IL would be well for me 10 Withdraw
e the proposition, if you think 50 do i
n ! of course know Alfred has some nj
p terror motive in mind as he has trie
T to do what he could agin me at ever
70 opportunity, but this we both know, an
& / always fake it into consideration.
{ ct think Lew Durham will be able I
l. look after everything in the way q
= Equitable Finance until I get back, eve
n with the changed conditions; if not h
t will let me know and I will write you.
z "Your afrec. Cousin,
o Coleman"
This letter informed Pierre, if he ha
n not been informed before, that Colema
l. was relying upon the sale for the pun
l. pose of obtaining money which he ha
,r formerly arranged to get from some Ne
4. York bankers, and when Coleman Al
r thorizes him 10 withdraw the propos
AZ ton, if it is well 10 do so. he is sti
4 allowed by Pierre, with the responsible
AZ ity upon him Of correctly informin
n Coleman rs to the action of the commit
u tee to continue in ignorance of the re-
N situation and TO base Alfred's atttuc
n. in getting somewhat crosswise in q
h. meeting upon some Interior moti'
40 upon his part. He writes to Colema
4. on January Q. 1915; =
I. Coleman DUPONT, President Rocheste
!, Minnesota.
= "AIy dear Coleman: ] was very haI
- DIV to receive your letter of JanuaT
-. Il