Evening journal., 1919-03-07

not OF violation OF duty. on the other
hand. and as c,idencing the then state
OF mind Oh Pierre toward Colemans
oner. 10 Is significant that although
Pierre regarded the offer as not ac-
ceptod. II Is quite evident that his cf-
fort was 90 Keep Coleman from being
rcbuned, and induced Coleman 90 carry
The offer along lie tells him his Her
culcs plan was accepted I'm good spirit
That he thinks % VIII go through and
that his Atlas plan was accepted. And
his suggestion Il think 70 wise 20 let
the matter rest for The moment; pre-
fcrably until ] can see YOU. before tax
ing any other step was certainly along
She line Of encouraging Coleman 90 go
ahead in this plan
on receipt OF pierre's letter Coleman
did hot withdraw his oflcr, but left 70
slill open. writing Pierre on January 6,
1915: Perhaps Il would be wei for
me TO withdraw the proposition, II YOU
think so do 'it" II Pierre had any
ulierior purpose. here was his opp0r-
tunty 20 withdraw the offer. Tor Cole
man authorized him 10 90 SO. But the
letter OF Pierre 90 Coleman IN reply,
JanuaI y Oh. 1915. shows Pierre urging
Coleman 90 follow up his offer
In reply Coleman allowed his offer
10 stahd and suggested that Pierre talk
10 over with William dupont
The decision then continues
Prom the above 10 Is evident nrst:
that Coleman by his designation pf
William dupont as the one for Pierre
20 talk 10. still felt Alfred would op-
pose ais plan, second that Coleman
felt his plan was an uhselilsh one and
his offer below the real value OF the
stock. aud lastly, that be had some
financial calls on him which he had
evidently expected 60 meet. from the
company's acceptance OF his offer. In
deed. that Coleman had counted on his
offer being accepted by ihe company,
and that be had made some changcs In
his financial arrangements which The
n0n-scceptance Of his olor by the pow
der company led him 10 change, Is in-
dlcated IN bis letter 20 Pierre Of Jan
usry 9Th
The suegesti0n Of Coleman that bis
offer be taken up by Pierre. Pierre
promised % carry out, and he also sug-
ccsted 20 Coleman that n the effort 20
get Williams consent failed and con
seQuently the company would not take
The stock Tor the men, That an offer be
made direct 90 the men. OF the effort
20 be made with william and the OFFER
direct 10 the men. Pierre on January
filh wrote Coleman as follows.
AS 90 the stock offer. 10 Willies
absence shall do nothing He viii be
here In week and ] viii try 20 get
some action. II this is not possible -
will mean that the question Of value or
the stock-Nas not uppermost. in their
minds. II not finally accepted. would
YOU approve making an oner direct 10
the men9 I should think that lnanc-
ing suitable 20 you might be arranged
am quite sure that they would Ike 10
take the stock. but do not feel In posi-
ton 20 say anything while you are
negotiating with the company. No one
but the executive committee and diree-
tors know Of the offer as far as | know.
The board. OF course. knew 10 through
the minutes OF the finance committee.
Prom the above 10 will be seen thai
on January 18TH Pierre regarded Cole
man as being willing that negotlations
60 on, that William was away, that
pierre would take it up on his return
and that Pierre was not only anxious 20
have Colemahs plan carried out Of sell
lng the stock TO the men through the
agency Of The powder company, but
that he then suggested 20 Coleman That
IN the company did not accept his offer,
Coleman's plan might siill be effected
bv dealing direct with the men. From
this correspondence and from the iesti-
mony. we are OF opinion that up TO
January 18th. 1915, when this letter was
written. Pierre dupont was most earn
est i'm his efforts and sincere In his pur-
nose 10 carry out COlcman's plan and
have ihe powder company purchase
Coleman's offered stock for distribution
AMONG the men: that in that regard he
had done his whole duty as an c-;icer
Of The company, II any agency and duty
20 continue negotiations with Coleman
were placed upon him az the finance
meeting OF December 23rd.
But on the day previous, January
fith. 1915, Coleman. Of his motion, IN
his letter Of that date. had taken mat
ters i'm his own hands and Withdrawn
his oner. In doing so he recognized
amt pierre might have carried out his
succestiln Of talking 90 William du-
p0nt and committed him coleman
He therefore announced himself ready
to stand by what Pierre had done, but
subject % such commitment Colem>b
withdrew his offer.
Subsequent 10 writing this letter,
Coleman received Pierre's letter Of the
i4th. which We have quoted above, and
therupon Coleman confirmed the with
drswal az his offer by a telegram OF
January i7th 10 Pierre
with this letter and telegram. it viii
thus be seen that on January "a, 1915,
Coleman dupont. Of his motion with
drew his offer Of 1000 shares Of Com
mon stock and with such action on his
part. anv and an foundation for any
claim on the part Of the Powder Com
pany 70 an acquisition Of this stock.
and Of course the obligation Of every
agent or cflcer Of that company % take
any steps looking toward the acquisi-
tion Of said stock, ended Tho facts
now known and recited above make
that very clear. and we have no doubt
that had the whole correspondence be-
tween Pierre and Coleman been male
known by Pierre 20 William dupont
and Alfred dupont when the Finance
Committee met on February 10th, we
venture the opinion that possibly the
present controversy would not have
arisen. We do not say there was any
legal duty on Pierre dupont n state
ali these facts We do not say that he
violated any duty in not stating them,
but we have no hesitation in saying
that a spirit Of entire frankness on all
sides. and especially. between Pierre
and Alfred, might have saved a large
part OF these troubles.
Starting then with January "a, 1915.
when Coleman withdrew his offer and