Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1917-04-13
4dge Thompsons Decision Big dupont Ponder Suit

fact that the offer was withdrawn to the
finance committee. The only construc.
ton which can be put upon his conduct
mp 10 that time. which harmonizes with
the resolution of the committee, the re.
port TO the board of directors his cor.
rcspondencc with Coleman and his subse.
qucnt conduct is that he had at that
time the intention of conccalng from the
finance committee the fact that be was
negotiating with Coleman and of TAX
ing the position with them that he UNI
dcrstood that the offer had been rejected
ON December %; of keeping Coleman in
ignorance of the attitude Of the finance
committee and at the same time keep
ing the negotiations open with Coleman
and the matter in such position that. in
lease the opportunity arose, he might take
advantage of the negotiations for his
Town benefit rather than that of the
company. Coleman. In the meanwhile,
replied on January 10, TO pierre's letter
To him of January II, in which Pierre
had suggested that "f this some ac-
ton upon Williams returnl is not pos
sible it will mean that the question
of value of the stock was not upper
most in their minds
Rochester, Minn Jan. 10 1918.
"Mr. +. $. dupont, Wilmington, Del.
{ Dear Pierre-Upon receipt of your
{ letter of the l4th | telegaphed you,
( Letter fourteenth received. If you are
r not committed withdraw my offer. will
I write, which is now confirmed
o "lnasmuch as Christmas and January
q LIST are past don't think two or three
I more months will make any difference,
o and in my mind il would be such a good
thing for the young men to have a stock
% interest that | am sure we can arrange
o for them to take it without it being
d purchased by the company through one
?. lof the New York banks, probably the
G Bankers Trust Company, but / believe
if this is left until / get homo we can
work it out better.
- 81 note by the Wilmington papers Of
a few days ago that common stock was
/, selling at 1866 to 100. With the outlook
= and the orders ahead I can't understand
" why the prediction in my letter to you
a that the stock would be $50 even 200
during the first few months of 1915,
is not being fulfilled
e IL note that the total orders are some-
n thing over S4O,O0O,OOO with SlOOOO.OOO
C. more in prospect, not counting the two
n partially payable IN bonds. These should
X certainly make the dividend 90 per cent.
lie on 1915 and 1916 and 1917 which should
= make the stock easily worth 200. At
any rate, i feel sure we can work out
q some plan that will be beneficial to the
m important men in the company and.
IL therefore, beneficial to the company, Just
T. as soon as i get back home.
m Speaking from memory, you OF some
e. one told me that Alfred considered the
ne common stock worth 300; therefore the
ne price was not the reason for his chang
1T ing his mind after ! left Delaware
d. "Your letters are all fully appreciated,
a. but there is nothing going on at this
ne end of the line give me the oppor-
ne tunity of writing much in reply.
11u "Yor aiiectionate cousin
~ Coleman dupont"
To- This letter and the telegram of the
18th should be considered in the light Of
Coleman's ignorance of the position of
IN the finance committe and pierre's con.
~ cealment from Alfred and William Of the
NJ correspondence between himself and Cole
VI man and concealment from them of Cole
a mans Ignorance of the position of tn,
committee in relation TO the price q
s0 the stock on December %
m In Pierre's letter of January Ia. IA,
'"' puts TO Coleman the suggestive ques
M, ton;
49,, 80 If not finally accepted would you ap.
~. prove making an offer direct to the men :
~, l should think that a financing suitable
TO you might be arranged"
.oJ Thus the first suggestion of not sell.
~. ing TO the company came from Pierre at
>" a time when il was his duty TO keep the
negotiations alive for the company.
+ Coleman replies in the letter of January
i 10;
- Il AN sure we can arrange for them
TO take It without it being purchased by
the company, through one of the New
York banks, probably the Bankers
70 Trust Company, but I believe If this
an is left until | get homo we can work
." it out better"
r. Then on January 20, 1915, Coleman
wrote TO Pierre in answer to Pierres
OF letter of the 18th;
KS Rochester, MINI, Jany. 20, rs.
Nv Dear Pierre; Yours 18th received this
~ A. NJ. and / am sure we can work out
-o some plan ON my return that will accom-
~ plish what we want. 1 cannot understand
~ why the other two should not have
no taken advantage of the offer and let the
of Co. to help the men on whom the sue.
m. cess must depend.
"
or. Regards to all
on. "Your aft. cousin,
RE Coleman
rot IF Pierre had given Coleman the in.
est formation which it was his duty to give
IN. him and had given Alfred and William
mt the information contained in his CORE
spondenco with Coleman, Coleman would
ct have understood their position and they
tn. would have understood that of Coleman.
Coleman would not then have been I'M
der the impression that they did not
want to take advantage of the offer and
let the company help the men, and that
9Th in order for the sale TO be beneficial TO
TX the company it would be necessary to
lb- work out some plan upon his return by
re- which the men could take the stock
he through some outside method Of finan-
al, cling, as suggested to him by Pierre.
on, On January 25, 1915, Pierre wrote to
TN Coleman;
ng "Mr T. Coleman dupont, Rochester
~ Minnesota.
Of "Nfy dear Coleman, On nv return
ms from New York, where have been TO
prs couple Of days, find your letter an,
he am glad to hear from you again. an
ire sure that some plan of advantage can b
he worked out when we next meet.
TO couple of days ago Alfred suggested I
mr.. me that the Finance Committee take u
the question of selling Treasury stoc
the to our important men. What would va
4 Of L l.