Evening journal., 1919-03-29
SATURDAY, MARCH 2e, 1919.
A DISSECTION AND A SERMON.

CoAfEwHERE in the legislative scrap-heap in Dover
- rests Alfred l. duPoncs bill provldins that the IN
corporation Laws Of Delaware be amended as to permit
Of the cumulative votins Of stock held in private
poratons
1t may be cheek-by-jowl with j. Frank Alee's mori-
bund Kent county Ripper" bills. which ripped to
death by decentminded Republicans.
II may snuggle close to what is left OF the Snake
aacetrack BILL in memory Of which certain horsey New
Workers, certain Delaware friends Of the pari-mutuel
system of betting and certain Delaware lobbyists in
deep mourning.
Or. perchance it may repose in peace between the
bills 10 do away with the State Council Of Defense
% provide commission form Of government for the
~ OF Wilmington
Let its association in death he what 10 may, il is
4here-entombed by Intermittent exercise OF sound
comnon-sense by State Senate that previously had
been led driven. into sultfylng Itself by giving en-
dorsement TO Aieo's Kent county Ripper" bills.
Aid, that dead why dissect and preach
little sermon over what is left Of it, When 10
iivng Alfred ]. dupont It's proclaimed end admitted
father, advanced the specious argument that the pro
posed amendment designed honestly to protect the
interests OF minority stockholders in corporations That
argument is shown in its true light by analysis OF
the vote cast by dupont Company stockholders when.
voting by direction OF the court. they overrued the
courts decision and Alfred l. duPonrs contention that
nc present management Of the company had hot
properly for the interests Of the minority stockholders
Alfred l. dupont acknowledged that his proposed
amendment was simply part Of his night against the
uuPont Company when he wrote:
while this bill is manifestv in tho interest of All
s'oekhoders n Delaware corporations it Is in partlcu
ar sermane TO situation existing in reference TO the
anPon' Company where approximately twenty-three
per cent ownership in the voting stock Is without any
representation on It's board Of directors whatsoever"
It is therefore perfectly proper TO take him al his
word and show how the minority stockholders OF the
great dupont Company really feel
1t is OF record that the vote at all recent meetings
has been virtually unanimously support Of the present
scient management OF the company. except insofar as
the stock held by the plaintiffs in the famous suit is
snected- The holdings OF these plaintiffs, and their
associates represent 9202 shares out Of total issue OF
HE common stock OF SIS 5s2 shares.
At the time the meeting directed by the court was
held an analysis Of the vote showed that after leaving
out all Of the so-caled interested stock and dedueng
he Coleman dupont stock. then litigation there were
left 22s2es shares which held by persons not ac-
lively interested In either side OF the litigation These
holders may well be termed the independent minority
stockholders.
The court had bluntly told them In its decree that
they were entitled to take over at no cost to them
selves. the immense amount OF money involvd in the
suit.
They thought well OF the management Of the COM
pany aid rallied strongly to the support OF those
"nom Alfred dupont fighting, that they repudated
- e"aH'p'nship OF tnelr interests Dy voting p TO !
tsainst him. The vote showed that out OF these
.2'S shares. all except iooos shares or slightly less
sssu nne'ysx per cent refused to believe that their
would be jeopardized by continuing the man
c,,o o. me company that they needed any pro,
A..,. In "e courts or from Alfred l. dupont
Il, 'aere were 2297 individual Stockholders e,,,,ed
~ so'e at that meeting Out of ,nis en.i'ep
and ,sr1a reuans all the plaintiffs and their associates
was o,,ss,,, - " us' estate, the right OF which a, -.
Stockholders who ers U@wsa Alfred duPonrs BANNER
VINO therefore We're in position 70 ,nNs Mnnnson and
Tue merits Of the case numbered 500 ot az nrslhsnd
Getting down to ,'u, ,Ss voted against Alfred l. dupont
ms less than twenty shares each the nsra r.OSe own
that 1911 out OF total of i,ai4 rkexYts showed
Alfred l. duPonts leadership Many OF the rs, asa'eo
U3 did not vote either way. ne
These facts and figures all OF record as mar, =.
The court proceedings. They stand the strongest
kind < refutation Of AR dnpnnts claims for special