Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1917-08-31
LconLlnued From FIrst Pace


vote 10 take over the stock in questio
they will be in eftsct adopting q reso
luton of a lack Of confidence in P.
dupont and the present management
For this company 10 lose either 4
personnel or IN efficiency, the manage
ment which Il Is so fortunate as &
now nave and which. during the re
cent period OF extraordinary expansion
and development, has achieved sucl
phenomenal success. would be a los
SO much greater than the gain TO b
secured by acquiring the block OF stoc
as TO render the latter. we think, un
worthy OF serious consideration.
Accompanying the letter from IN
three above men Is the CODY OF a let
ter from General dupont 70 the diroc
tors OF the company dated May A. o
this year In which General DUPONT
who sold the stock says, IN part:
Il think it fair that the stockholder
should know directly from me that
believe that they have no right or In
terest whatever in the stock which
formerly owned, and that, II for an
reason the sale 10 Pierre S. duran
was not effective, then title TO stocl
Is properly mine.
The letter Of General dupont FOL
lows
Wilmington, Del, MAY n, 1917.
10 the Directors OF r. I. DUPONT
de NemOurs and Company:
"Gentlemen-In view OF the de-
cislon OF the United States Court
In the suit OF Philip r. dupont ct
al vs.. Pierre :. dupont ct al,
think Il proper that your stock
holders should be advised OF the
following facts;
In December, 1914, I proposed q
plan OF Interesting those Ia respOn-
sible positions In Il. I. dupont de
NemOurs Powder Company as
stockholders, and suggested that
the company advance money from
its treasury 10 help carry tho stock
Tor those men. Under this plnn
offered 10000 shares OF common
stock OF =. ]. dupont de NemOurs
Powder Company for distribution.
when this proposition was dis
cussed by the finance committee OF
tho company was absent from
Wilmington, and during my alb
sence II was reported TO me that
the finance committee OF the com
pany had not accepted the PROPOSE
tion.
"Mr. Pierre 8. dupont, then vice
president OF the company wrote
me fully OF the affairs Of the com
psny during my absence. and, on
again reading his letters. ] ind that
he left unreported no material fact
In regard 10 the proposition made
by me nor 10 is non-acceptance
by the finance committee. On jan
uary II, 1915. 7 finally Withdrew
the proposition In a telegram 10
Pierre S. dupont. confirmed This
withdrawal In my letter OF jan
uary ~, 1915.
about this time I authorized MIR.
T.. J.. Durham 10 sell from twenty
10 forty thousand shares Of my
common stock OF +. I. dupont de
NemOurs Powder Company at $500
per share. I also expressed my will
ingness TO sell stock OF r. ]. dupont
de Nemours Powder Company 10
Mr.. p. :. dupont for distribution
among men In responsible posi-
lions, arranging for a financing OF
the transaction through bankers.
"On February 20. 1915, I received
n proposition from y. :. dupont
personally Offering to purchase my
holdings OF STOCK I was fully
aware at this time that the pur-
pose was FOR his personal account
and MS associates. I agreed 10 sell
my entire holdings 60 him.
80 4 than
20,700 shares OF common stock TO
f. I. dupont de Nemours Powder
! Company. or IFS finance committee,
and that offer was with the sole
purpOse OF resale TO the principal
employees Of the company. and the
proposition so stated. I never. OF
fered TO sell or expressed willing
ness 10 sell more than forty thou
sand shares 70 anybody until re
CENT Of MFR. Pierre :. duPOnts oher
10 purchase these shares. ! never
sold any stock TO anybody II did
not sell 10 MIR. p. :. dupont.
"The statements put forth by the
attorneys for the plaintiffs In the
above case. in which they claim
that pierre :. DUPONT deceived mo
IN the transactions relating TO 'ne
purchase OF nv stock, are entirely
unwarrantcd and are untrue In
every particular.
II think Il fair that the stock
holders should know directly from
me that 1 believe that they have no
rIoht or interest whatever III the
stock which formerly owned, ana
that. N for any reason the sale 70
Mr.. pierre s. DUPONT was not ef-
festive. then title 10 stock Is prop
erly mine.
"Yours very truly.
fs,cnedN COLEMAN DUPONT"
The letter sent out by Mr.. Bark
5ale Mr.. PATTERSON and Mr.. Hask
wilmington, Delaware.
August 80, 1917.
ssro stockholders Of y. I. DUPONT
Nemours and Company
ON compliance with interlocutory d
cree Of the United States District Oou
meeting of the stockholders Of 20
company viii be held at the oiiices
The company In Wilmington, Del,
Octoer 10 1917, &C. vote upon the Gus
lion referred 20 the stockholders
court-To wit: Shall the company "a
from P. s. DUPONT and associates !
stock purchased by them from 20
man DUPONT;
"If YOU do not expect TO attend u
meeting. the undersigned solicit 70
PROV 20 be voted in opposition 70 u
proposition.
1--WE have no financial interest wis
ever. either direct or indirect, IN {
stock in question.
ave are familiar with all the fS'
and circumstances surrounding the Pr
chase OF this stock and. as a cons
o,ence are Of The positive opinion th