Evening journal., 1922-04-14
Chemical CO. TO
Wind Up AFFAIRS
Continued from First Page


tion In having sold most OF the
property which II acquired In the
year 1918. and certificate OF. dis
solution OF the corporation has been
executed and filed In the Office OF the
Secretary OF State OF the State OF
Delaware. II thereupon became the
duty OF the board OF directors OF the
company TO wind up the business
and affairs OF the company. arrange
Tor the paymcn tor discharge OF It's
debts. obligations and liabilities and
distribute 20 the stockholders the
remaining assets OF the company
pro-rata to their stockholdings.
In order TO properly provide for
the payment or discharge OF It's
debts. obligations and liabilities. and
10 make available for distribution
the remaining property OF the COM
pany, the board OF directors has sold
TO Industrial Salvage Company. a
new corporation organized under
the laws OF Delaware. all OF the
property and aesefs OF DUPONT
Chemical Company OF every kind
and character. including all rights,
claims and demands 10 now possesses
and that may hereafter arise In It's
favor. excepting only SS.5G7 shares
4 OF the non-voting debenture stock OF
f. l. dupont d,Nemours and Com
pany and {i.665.O73.7O cash now in
It's treasury. the property sold be-
Ing OF such a character as cannot
now be readily disposed OF Said
property Is estimated TO be OF the
aggregate value OF approximately
s2.293.4O0 and the new company. as
a part Of the consideration for the
purchase OF said property. assumes
all OF the liabilities and obligations
OF the DUPONT Chemical Company
OF every character and description
now existing and which may here
after arise or accrue.
The existing obligations and IA
bilities are estimated TO amount 70
approximately t556,sO0. The net
asset value OF such property Is esti-
mated 20 be approximately S1,736.-
600. Dupont Chemical Company
Will receive In payment for said
/ property 70S.542 shares OF the cap
iial stock OF Industrial Salvage
Company COZ the par value OF s1.Oc
per share). this number OF shares
being exactly equal to the total
number OF issued and outstanding
shares OF stock OF the DUPONT Chem.
ical Company and representing the
total issued and outstanding shares
OF stock OF Industrial Salvage Com
pany. II Is intended that the new
company proceed with the collec-
ton OF the accounts and bills re-
ceivable transferred to II and sell OF
otherwise dispose OF the remaining
property acquired from the DUPONT
Chemical Company. distributing IN,
receipts therefrom 10 its stockhold
ers after payment and discharge o.
its liabilities and obligations.
when the transfer OF the prop
erty 10 the Industrial Salvage Com
> pany has been made and the detail
, incident TO the winding up OF IN
, business Of the DUPONT Chemici
: Company have been completed. N
assets which will be distributed {
1 the stockholders OF the DuPor
Chemical Company will, consist OF
"s1.665.O73.70 in cash. equal
S2.35 for each outstanding share G
3 DUPONT Chemical Company stock.
"ss. .567 shares OF debenture stoc
t OF e. I. dupont deNemours s. Com
pany, equal 20 one-eighth OF a shar
OF debenture stock for each out
standing share OF DUPONT ChemicS
Company stock
"70S.542 shares or Industrial Sal
wage Company stock. equal TO on
share OF Industrial Salvage Compan
stock for each outstanding share O
DUPONT Chemical Company stock.
The officers OF the DUPONT Chem
ical Company are now engaged 4
carrying out the resolution OF II
board OF directors authorizing tn
above procedure. and as provided {
said resolutions. the stockholders q
, DUPONT Chemical Company OF recor
( at the close OF business on May p
, 1922. will be entitled to receive thel
g distributive share Of the asset
aforesaid on said date or as 500
{ thereafter as may be. upon surrende
! TO the company al its office at WI
q mington. Delaware. OF their certif
D Gates Of stock duly assigned In blanl
"A special dividend OF 20 cent
per share has been declared by IN
board OF directors OF the DuPor
Chemical Company payable on Ma
s, 1922. TO stockholders OF record q
the close OF business on April q
1922, this dividend being In additio
TO the liquidation dividend afors
said"
The work OF the DUPONT Chemi
cal Company was In many respect
e-o,, covcrasle