Evening journal., 1919-03-21
WANTS Law To
ELECT HIMSELF

4. Coleman DUPONT Tor tcir own ac-
count. Mr.. dupont was removed from
The directorate and Vice-prcsidency OF
the company sometime after that liii-
sauon had started. and has been on the
"ouis" with the management ever since.
lie and the men associated with him
as plaintiffs in the suit over the for
mer r.. Coleman dupont stock holdings
have failed by an Overwhelming ma
ioriiy to control any meeting OF stock
holders OF The dupont Company since
The litigation started. and a recent
opinion Of the United states Circuit
Court OF Appeals decided the case in
favor Of Pierre 5. dupont and his asso-
ciaies, and also sustained the action
Of the special meeting Of stockholders
which supported Pierre :. dupont and
] his associates by an unusually large
ipreponderance Of votes.
But Alfred /. dupont has nos given up
| hope Of obtaining representation him
self. OF for somebody who would be
in sympathy with him, on the board OF
directors Of the dupont Company Mr..
dupont il said 90 he the owner Of more
shares Of stock in the company than
any other individual siockholdcr. Pail
/ ing under the plan now set by law,
under which a majority OF the stock
voted controls meetings, 10 obtain rep
I resentation on the board OF directors
! Mr.. dupont has asked the Legislature
/ 10 amend the general incorporation
/ laws so as 10 provide for cumulative
voting Of shares for directors Of the
company.
For several weeks there have been
reports about the legislative halls and
, in Wilmington TO the effect that a
/ bin would be sprung toward the
close OF the session that II passed.
would have a far-resching effect upon
/ the management Of the dupont Com
pany, but the intent Of that bill was
kept secret.
There also were reports that II a seri-
Gus strike" bill should be enacted
as intimated, against the dupont Com
pany by the Legislature, the company
might pack up bag and baggage, aDan-
don its offices in Wilmington and move
its Offices TO New York City.
That there was some foundation TOT
the report that a drive might be made
on the Legislature by Alfred /. du-
Pont against the dupont Company s
management was verified by the action
Of Mr.. dupont himself yesterday. Just
one day before the time the Legislature
had fixed, by concurrent resolution
10 shut or the consideration Of gen
eral business, Mr.. dupont sent TO Sena-
tor John NJ. Walker Of Mil Creek hun
dred, a letter asking him 10 Introduce
IAN accompanying bill TO give minority
Interests, when OF sufficient importance
OF all corporations incorporated under
1.-THE laws Of Delaware, an equitable rep
lresentatioh on their board OF directors.
The bill forwarded BY Mr. duPon
would legislate generally what Is cal
ed cumulative voting" by stOckhOld
lers Of Delaware chartered corporations
1.-THE adoption Of that form OF votin.
now being optional with corporations
THE bill would apply TO all Delawar'
corporations, but Mr.. dupont points
out in his letter that it Is 'in partic
lular germane TO a situation existing II
reference 10 the dupont Company"
Mr.. dupont says his delay in sendln.
the bill 10 the Legislature was because
Ihe deemed it inadvis3ble TO sugges
LEGISLATION which might possibly be an
ticipatlng decision by the court II
self" The court decision did no
come the way Alfred l. dupont anc
his associates hoped 10 would be, so h'
is now asking the legislature to enac
a law that viii enable him, by votins
his own stock. to elect himself direc-
tor Of the dupont Company, and at th'
same time possibly elect some Othel
men in sympathy with him as directors
Under the cumulative voting plan {
stockholder would be empowered L
cast as many votes as the humber Of
shares he holds. multiplied by the mum
her Of directors TO be elected, and HI
could distribute his votes for one, tive
OF more directors, as he might see Mt
Thus a minority Of stockholders coulC
by a combination make a formidable
. showing at a stockholders meeting
although they could not obtain contrO
of the directorate II the majority hold
ers should vote by the cumulative
method. 4.
j. receive a two-thirds vote in senate an'
House. It syas introduced by Senate
Walker yesterday in the face OF oppo
sition TO letting down the LEGISLATIVE
, bars. since new business was smut OF
sometime ago by concurrent resolution
. II was introduced, read and referred Y
committee by a vote Of in favor OF J
Ia s against 1t.
tors who are classed as supporters o
Alfred l. dupont, voted to permit intro
duction OF the bill, and the five Demo
2 crsts and Senators Pool, Brown an
Long. Republicans, voted against con
, sidering the bill.
b. II would require ~ votes TO pass N
senate. and the prediction was mad
: TODAY that II will not receive more tina
b, Q or 10 votes at the most, in that bod,
II senator Walker In bringing up th
subject. said he had received the fol
lowing letter from Mr.. dupont, whic
was read:
Mr.. duPOn'S Letter.
senator John NJ Walker,
II The Senate, Dover, Del.
"Nfv Dear Senator: I am enclosin
herewith five copies Of a bill, 1.-The pul
nose OF which is to give minority In
ierests. when Of sufficient impOrtanc
of AL corporations incorporated und'
the laws Of Delaware an equitable
representation on their board Of dire
tors.
"While this bill is manifestly In II
interest Of all stockholders In DelawaI
corporations, it is in particular gel
name 10 a situation existing in refel
ence TO the dupont Company, wher
approximately a 23 per cent ownel
ship in the voting stock is without an