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

nave any iuiNt anu tutNl ba Ndllu ]
action on the part of the directors or
OF the stockholders.
Judge Thompson lays stress on the !
question of the iiduciary relation of |
director OF a corporation to a stock ]
holder. The judge says:
"a director of a corporation may |
freely purchase it's stock, and occupies /
no relation of trust to an individual |
stakeholder which prohibits his using
whatever advantage his position may !
afford him through knowledge of its
business and condition supSeio- to
that OF the stakeholder with whom
he deals He is not accountable to
the stakeholder for Withholding infor.
nation from him which affects the
value of the stock, but TO the corpor
alton, the whole body of stockholders,
ne stands in a fiduciary relation which
requires him to exercise the utmost
good faith in managing the business
affairs of the company with a view
to promote not his own interests, but
the common interests, and he cannot
directly or indirectly derive any per
sonal benefit or advantage by reason
OF his position distinct from the CO.
shareholders"
Some persons who have followed the
litigation closely today expressed a
belief that II a meeting of stockhold-
ers such as Judge Thompson orders
shall be held, the defendants and their
friends could control the meeting, even
with the T. c. DUPONT stock barred
from voting
Uurge Suspended Judgment.
In local legal and financial circles
the opinion prevails today that, in
view of the fact that the defendants in
the case are not satisfied with Judge
Thompson's decision, and in view OF
the further fact that they have an
nounced officially their purpose to
appeal the case 10 a higher court.
the public should suspend judgment
until there has been a final adjudi-
cation of the controversy. The prime
importance of such a suspension of
Judgment is emphasized by the fact
that strenuous efforts have been made
by certain interests in the case TO
poison the public mind by placing
upon the decision of the court below
the most sinister interpretations pos
sible and giving to them widespread
publicity. That has been done, it Is
pointed out, Notwithstanding the fact
that the questions of law and fact
involved are exceedingly complex and
the litigation radiating from them
has just passed its initial stage. 1t is
felt that il would be manifestly un-
fair and unfortunate were the public
TO permit such biased and vindictive
interpretations Of the initial decision
in the case to warp its judgment or
lead to unjust conclusions relative
TO the motives which impelled the
defendants to perform the corporate
and individual acts upon which the
litigation was based, in its initial
stages. by the compliments.
The public cannot be unaware. u
is asserted, of the personal and other
bitterness which has underlain the
suit since its inception. nor will it
fail to take that bitterness into ac-
count at the present time and feel
that II supplies ample ground for
suspension Of judgment until the
whole matter has been finally ad1udi-
Gated by the appellate courts.
Pierre S. dupont, who owns 3d.
per cent. Of the Securities Compan!
stock. would have to relinquish assets
worth approximately SIC ,S0S.044 II or
dered to turn back his stock in thu
Securities Company and dividends
Irenee and Lammot DUPONT each will
a lag per cent. interest in the Sc
curities Company, would surrender
unfortunately S6.324,676 each; A
FELIX dupont, with a 10 per cent. in
terest about S3422.256; r. r. NJ
Carpenter. owning 81 per cent, abou
S2.9O2 APO, and John J. RaskoD, VIII
n a. per cent interest, about " VSo'
O26 Five Of the stockholders OF th'
Securities Company own IL per cent
each OF that corporation and each o
the five would presumably have 10 sur
render assets valued at St5b'45o' Ihes.
stockholders are william 10Y n y
Harry G. Haskell, Harry +. Brown,
G. Tallman and the estate or Wlillan
r Ramsay Six of the stockholder
of the Securities Company own .
Der cent. interest in the concern am
aocb would presumably surrende
S3O2 .23S in assets if ordered 10 re
turn their stock and dividends. IN
six are: Henry F. DUPONT Eugene +
dupont J. p. Laffey, w. w. Lairc
Charles Copeland and H. Rodne
Sbarn william F. Raskob is a.
owner of a A per cent. interest, esti
mated at S173279.
r. c. duPont's stock was first onere
Tor sale to the powder company o
Docember Z 1914. so it could be dis
tr,buted TO leading men OF the CON
many The stock was bought D
pierre s. DUPONT and his associates o
February 20. 1915. and the suit Jus
decided was entered December ., lSli
Judge Thompson's decision is as To-
lows: A. rrn;to
States for the District of Delaware;
Philip +. DUPONT. a Citizen and lnhab
tant of the State of Pennsylvania an
Residing Therein,
Pierre s. dupont, Irenee DUPONT, Lam
mot dupont. Alexis Felix DUPONT, job
i Raskob. Robert Rulith Morgan Ca
penter. Henry f. dupont, Eugene
dupont. William Coyne, Harry
Haskell. Harry f. Brown, John p. Lo
few. Citizens and Residents of u
state of Delaware, +. |. DUPONT Z
Nemoms accompany and DUPONT -
curities Company, Corporations u
ganized and existing under the Law
of the State of New Jersey, and
Citizens and habitants of said State
and L. I. DUPONT de Nemours Powd
Company, Corporation Organized an
existing under the laws of the sta
of New Jersey, and a Citizen and II
habitant of said State.
No. $40. In Equity.
Upon Final Hearing.
Thompson. j.
Philip F. DUPONT, the original plail
tiff. and Eleanor duPort Perot, Ele
~ 4,