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

tinue the negotiations.
The following resolution appears up
on the minutes of the meeting of De
4 ccmbcr %:
Purchase of Common stock owned by
| Mr. T. c. DUPONT
MIR. p. $. DUPONT presented a letter
/ from Mr.. +. c. DUPONT. Offering TO sell
2O,7O0 shares of Common Stock of this
company at Sl60 per share. After dis
cussion, il was moved and carried (Nlr.
p. S. DUPONT voting in the ncgativel
that Mr.. +. 5. DUPONT be instructed to
advise Mr.. L. l.. Durham, attorney for
/ Mr.. T. C.. DUPONT, that we do not feel
! justified in paying more than Sl25 per
share for this stock
Alfred DUPONT testified that when the
resolution was offered and adopted, it
contained the words at this time and
William DUPONT testified that it contain
ed the word now" or some equivalent
expression, so that the latter part of the
minute should have read that we do
not feel justified in paying more than
Sl25 per share for this stock at this
time Tor now.')
1t appears that the minutes of the
Finance Committee were examined and
signed by Pierre and Alfred, which seems
to lend some weight to Pierre's denial
that the words now" or "at this time"
were part of the resolution as presented,
but Williams recollection of the reso-
luton as presented agrees with Alfred s.
There was a meeting of the Board of
Directors of the Powder Company on
December 30, 1914, at which a report of
the Finance Committee dated December
"a, 1914, was presented, containing the
following statement;
Purchase of common stock. An offer
was received from Mr.. I. c. DUPONT to
sell 20700 shares of the common stock of
, this company at Sl6O per share. The
committee expressed the feeling that VIC
are not justified in paying more than
J Sl25 per share for that stock and asked
Mr.. p. S. dupont to take the matter up
with Mr. T. c. DUPONT further"
The report was accepted and ordered
filed" and approved, ratified and con.
% frmed" by the Board of Directors on
: December 80, 1914.
In connection with what occurred at
4 the Finance Committees meeting, tn,
+ letters of Coleman DUPONT and what oc
t CURED between Pierre and Alfred priol
e to the meeting throw some further light
S upon what was the real action of the
committee
e On December 7, 1914, Coleman wrot,
( to Pierre as follows;
p "Mr. =. S. DUPONT, President:
Dear Sir-As you know l have al
I ways felt those in responsible positions
4 in our company should be encouraged t,
e become importantly interested in tn,
= common stock, and have, as you know
always thought well of the common
= stock and put a higher figure on it thai
e you have. think it well worth Isl
o today and think it will 90 to 100 or 90
a before the year 1915 is many months old
g This ownership of the common stock b.
l. the leading men is of so much importanc
l. to the company that as a member 0
e the finance committee 1.-THE company hay
y ing cash away beyond its requirements
y would recommend the funds needed {
g carry the stock for those men be ad
vaneed by the treasury.
B. 81 am willing to sell for the purpos
IN twenty thousand (2O,OOOl shares at SIC
T. per share ex-dividend payable in 50
a. thirty or sixty days.
81 "To guide me / should like to have
er suggestion from the Finance COMMITTEE
81 or a committee appointed by them, as t
IA how it should be distributed.
sr "Inasmuch as important men associa'
ID cd with us have asked me to sell ther
some stock, l should like to have
,e prompt answer from the Finance Com
lie mittee to enable me TO reply"
3, Then follows similar offer to tn
u presidents of the Hercules and Alta
d Companies
re- This offer of Co ,man was orally com
d municated by Pierre to Alfred and h
in expressed himself to Pierre as entirel
he in favor of its acceptance. Pierre the
gave to Coleman a memorandum of tn
1t employees of the company to whom
10 suggested that the company should II
L. sell without consultation with the othe
N members of the Finance Committe,
IN Coleman then sent to Pierre the follow
ing letter;
r December IA, 1914
ne 'Mr. P. S DUPONT, Building:
e. Dear Sir-I have given a great dei
L. of thought to my letter of December
w as to redistribution of this stock, an
ri my Judgment is that each member {
I'd the Executive Committee be above
of | 500 shares. That the men whose ga
"a airy is $500 a month and over will be a
of lowed to subscribe for three times III
.. amount of their salaries. This make
total according to the memorandum
Il. you left with me of 20,70O shares. al
=. willing to furnish the other 700 share
.. or the company can do this, as in YOU
81 Judgment seems advisable.
~ 81 suggest you make this announce
- ment some time prior to the 23rd of tn
- month as think it has some advantag
~ GAS I am going away today and Z
nc not know how long l will be gone,
~ have left the matter in Mr.. i. l.. Dul
4 hams hands. He can come TO Whining
10 ton and see you upon receipt of tel
nc gram from you.
III 'Yours very truly,
n ct. G. DUPONT"
OK On December ID, 1914, Alfred wro
~ to Pierre as follows:
m 'E. I. DUPONT deNemours Powder Con
Tn Pany,
on December Ia, 1914
le- "Alr. P. s. dupont, V. p, Building.
on Dear Sir-After giving the questi,
ne of purchasing a certain large block
ne DUPONT common further consideration,
believe that l60, the price you talk
les of, is too high. $50 would be purcha
ne ing it on a per cent. basis and 100
400 4 9er cent This is too low n rate {
M the company TO invest its spare funC
ties and Furthermore if it were offered
IN any of our employees it would not
tn sufficiently attractive at that price.
In see no objection to the company purchs
lte ing this stock, but the question of pri
is one of great Importance owing to I
&C. large investment. / would suggest tn
De- no decision as to the actual price
OF given the present owner until the
OF nance Committee has had ample til