Evening journal., 1919-03-07

I seen, "a total and therefore a suggest
1 I've silence on the subject Of agency
| These minutes have been subjected ~
/ The criticism Incident 10 their import
ance as tho storm center around which
controversy Hes: it has been urged thai
/ The words at this time or at The pres
ent time DE added. but even SO tho
! the significant fact remains that in an
I these criticisms there is no suggestion
/ that the minutes failed 20 record any
action OF the meeting that was taken ON
/ the subject Of agency. And In that
/ connection IL viii be noted that in all
Of the subsequent meetings, converse
/ lions and contentious which took place
/ In the two months following. and In
deed until This bill was flled there was
no assertion on The part Of anyone that
/ The powder company had created Pierre
Its agent at this meeting That sug-
gestlon ilrst appeared after the bill'was
/ filed"
/ Large sections Of the testimony IN
regard 20 these finance committee meet
/ ings are then quoted In the decision
and IL points out that Alfred's letter 90
! Coleman assumed that a decision had
been made and his only concern was
/ That his position and reasons for al
lvocaling the finance committees de-
cision IN the mater should be under
stood by Coleman The decision then
adds when we consider that THIS
| letter was written by one member 0f
the finance committee 20 another, that
( there was no reason why. II Alfred
/ felt Colemans offer had not been de-
cided upon, he should not have said
the company would take 70 up or wished
3 20 consider It further; or II Pierre had
ibeCn made an agent 20 negotiate fur
/ ther. why Alfred should not have so
F told Coleman. The opportunity and In
deed the duty OF Alfred as an 0illcer
Of the company. TO then and there state
and urge his company's rights. II he
I then considered 10 had any such rights,
was imperative. And The fact that Al
: fred did not on February 20, when the
occasion CHALLENGED such action. assert
the asency Of Pierre, and II the latter
denied II or declined 10 act as such.
himself, as an ollcer OF the company
and q member of the executive commit
tee call the samo 20 the attention Of
Coleman when as vice-president he
wrote him on February IS. are an facts
and Circumstances which strongly indi-
rate that 90 February 60 1915. All three
members OF the finance committee, for
different reasons and from different
views, all acted on the status that the
offer of Coleman OF the 20100 shares
was declined.
such being the status OF the Powder
Company. and Coleman I'm relation 60
such offer as evidenced by Tho several
acts or omissions OF the three members
OF the finance committee on February
! 20. let Us inquire what was the status
of the stock between Pierre and Cole
man.
Taking up the testimony from that
ANGLE. let MS view the situation from
Pierre's and Coleman's standpoint As
we have said in the fall Of i9ii Cole
man dupont was the largest stock
holder OF the Powder Company and
/ had been and was its head. tie was
confronted by q serious personal sit
uatlon. which might end his life In the
operation IN the hospital 20 which he
was going. He had been solicited %
sell his stock. by men prominent in the
company. It has been the policy OF The
company FOR many years 10 purchase
rs own stock IN order 70 enable rs
employees % become owners OF such
stock, and q Is quite plain TO read be-
/ tween the lines and sec that Coleman
I In tddition 20 following out this policy
I Of the company, felt that the placing
Of this large block OF his stock IN the
hands OF the administrative officers Of
the company would counteract the Of
fers he foresaw would, IN the great
activities OF the war. be made 10 them
not only 10 leave the company but
possibly TO embark In the powder busi-
ness themselves. 10 Is quite evident
from the correspondence also, that Cole
man was deeply Interested In his plan
OF stock distribution 20 tho employees.
Indeed. In the nature Of things the sta
.bility and value OF Coleman's remain
inc stock would be Increased for his
estate n his operation terminated Ia
tally. From Pierre's standpoint and
the pI oofs. IL is equally clear that he
too was anxious about the status OF
COlemans stock, but for a totally dif-
ferent reason. His attention had been
sharply CHALLENGED by the repOrt-the
proof as 90 which we quote later-that
anti-Auy interests might buy from a
stockholdor said 20 be In financial dif-
nculties large blocks Of the stock. II
the stock was bought by these anti
Ally interests, future contracts could
not be gotten from the Allies. Pierre,
looked. therefore, with great favor ON
.Coleman's wish 10 dispose Of this largo
holding for distribution among the
leading members Of the company. it
requires no reading between the lines
TO see that. whether justly or not, the
fact was that Coleman felt that for
AHFrnH nrrDHn. had
thwarted his plans and might thwart
this one. And II Is equally clear mat
a warm intimacy existed between Cole
man and Pierre. that he connded MS
plan 70 Pierre. and before he MADE any
OFFER 10 The Powder Company, Pierre,
doubtless at Coleman's suggestion, had
.ascertained in advance OF Colemans or
fer that Alfred favored It. That Cole
man felt, as noted. Alfred's opposition,
he frankly states in s letter 70 Pierre
OF Janusry 6, 1915: Il am sorry that
Alfred has taken the position you in
dlcate !, OF course, know
Alfred has some ulterior motive
in mind, as he has tried 70 do what
he could against me at every oppoIr-
tInitv. but this we both know ana al
ways take It into consideration. Ana
Rlat Pierre had taken the precaution
10 ascertain Alfred's attitude toward the
offer in advance. is shown by Pierre.s
letter 10 Coleman Of January 4, 1919
This was the famous letter In which
Pierre spoke Of Alfred as having got
somewhat crosswise" and suggested
that they let the matter drop for tho
moment. 90
1--WE here note that this was the let
ter which Pierre did not turn over to
Alfred in compliance with his request
on February 10th. and which Pierre
-. D.. Ala nj ihan clun him hacamsn