Evening journal., 1917-04-13


and necessary power to act for you i'm
portant this be kept confidential for
present.
"Pierre"
To this telegram Coleman replied as
follows:
Chicago, Ills, Feb. 20-l5.
pierre S. DUPONT,
"Wilmn, Del.
Telegram received would rather keep
preferred than sell at so think deferred
payment should be at six per cent. March
dividend to be adjusted have talked to
Durham and asked him TO confer with
you Durham will be here Tuesday per-
haps you would prefer to have me call
you up then leave Wednesday.
''T. c. DUPONT"
Pierre then sent the following telegram
to Coleman;
"Syilmington, Del, Feb. 2O-l5.
"T. Coleman DUPONT,
Blackstone Hotel, Chgo.
1--WE accept your notifications to our
/ telegram six per cent. on deferred pay
ments and eight five for preferred stock
This makes deferred payment five mill
lion eight hundred thirty-one thousand
/ eight hundred siXty-fve dollars carrying
/ the six per cent Please write letters
confirming details will be settled with
banks on Tuesday Pierre.
/ On the same day Pierre wrote Coleman
as follows;
February goth, 1915.
/ "Alr. Coleman DUPONT,
] Blackstone Hotel.
Chicago, Illinois.
/ MY dear Coleman:
Il beg TO confirm my telegram Of to-
day and your phone conversation:
Then follows recital of Pierre's two
kilograms of February 2Oth)
Il understand | have purchased from
you sixty-three thousand two hundred
fourteen (63.2l4) shares of the common
stock of f.. /. DUPONT de Nemours Pow
der Company at two hundred (20Ol dol
lars per share and thirteen thousand
nine hundred eighty-nine l3,9S9) shares
of the preferred stock of +. l. dupont
de Nemours Powder Company at eighty
five (s5l dollars per share. Also, you
are to be paid eight million (S,0OO,O00l
in cash and five million eight hundre,
thirty-one thousand eight hundred sixty
five (5,S3l ,S6j dollars in six per cent
t6fo) seven ~ year notes of com
papy to be formed to complete thi:
transaction; the collateral on the note.
being thirty-six thousand four hundred
fifty (36,450) shares of the common
stock of L i. DUPONT deNemours Pow
der Company. The company is to hav,
the privilege of paying these notes be
fore maturity. Until we have all tn,
details arranged, | suggest that tn,
transaction be kept confidential. / will
let you know as soon as it is announced
which, of course, must be fairly soon
have arranged for the loan in New
York, hut some details will have to b,
finished on Tuesday, February twenty
third (Monday being a bank holiday
will arrange Immediately with Lol
Durham for the transfers.
"Your aliectionate cousin
pierre :. DUPONT"
On February ODD, Pierre sent the fol
lowing telegram:
wilmington, Del, Feb. 22-l5.
. ct. G. dupont
Blackstone Hotel, Chicago.
"Please wire acceptance of PROPOSE
ton my letter twentieth in order tina
we may have definite proposition 70
. banks tomorrow. "Pierre."
To which Coleman replied:
D Chicago, Ills, Feb 22nd. Is,
'P. ;. dupont, Wilmn.
proposition accepted for entire hold
I ings don't know exact number share a,
sumo collateral on deferred payments (
be maintained relatively same as a
start.
Coleman"
! Pierre and Raskob made the final al
rangements with Mr.. Porter in Ne
York, on February 23rd The arrang
!, ment is outlined in letter as follows;
February "a, 1915.
70 -. p. Morgan and Company,
. New York City,
. Observation-Disclosures of Mr. Porte
- IL wish to confirm my understands
, of our conversation of yesterday. "
y are Incorporating the dupont Securiti,
. Company under the laws of the State
- Delaware with a capitalization of 81 SOC
:, 900, which company will purchase ID >!
u shares of the preferred and Oh ,49l shar
n of the common stocks of the T.. /. d
Pont de NemOurs Powder Company. III
T. company will issue a seven year note
S5,903,7l5 to II. G. DUPONT, carrying 81
% 900 shares Of the common stock of L.
y dupont de Nemours Powder Company
! collateral. They will also issue note (
!
date, with interest at the rate of six p
cent. per annum, 20 be sold by you
z, par. The collateral on this note will
d 1859 shares of preferred and 54,5
=, shares of the common stocks of +.
u DUPONT dc Nemours Powder Compan
10 COUPLED with underwriting or guaran
agreement The company is to have {
10 riQht to renew this note for Il furth
l.. ,sr.1,A 4ptnfh he nj
rate of interest A commission of !
per cent. is TO be paid on such part
III may be renewed.
. "Papers Of incorporation are being pi
pared today by our counsel, Mr.. Villa
II $. Hilles, who, with Mr.. Raskob, "
ne meet Mr.. Prosser and counsel of {
m Bankers Trust Company in New York
lg morrow with view to agreeing on
OF the forms of necessary resolutions, for
IN of notes, guaranty agreement, etc; {
at intention being TO file the certificate
y incorporation on next Monday at Dow
X, Delaware. and complete the transact
ed in New York on Tuesday, at which ii
at the ss.5OO0 900 cash will be available.
nd "The commission for your services
u connection with this transaction will
~ $4,000 being per cent. on the amol
ne of the loan.
le- "Very truly yours,
en- "Pierre $. DUPONT
raj Pierre, Irenee, LaInmot, r. r. NJ {
ey penter. Raskob and A. Felix dupont,
an subscribers, caused the Incorporation
IT. the dupont Securities Company
OF March /. 1918, with an authorized ca
he tai Of SlO,OOO,OOO. A loan of $780,
er' was obtained through j. p. Morgan q
eIt CnmpanV. The stock purchased IN