The Federal Reporter with Key-Number Annotations, Volume 256: Cases Argued and Determined in the Circuit Courts of Appeals and District Courts of the United States, May-July, 1919. Page: 164
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256 FEDERAL REPORTER
"As to stock subscription, I believed it was a good thing for the company
when I made the offer and made a price that I thought low; but I concede
that I have always placed a higher value on the stock than others. I did it
for the good of the new committee, but am not anxious from a selfish stand-
point to carry it out, except for the good of the company, and that is more
important than personal reasons. If you feel it a good thing for the com-
pany, talk to Willie and do it; if not, don't. It may make some diff. in my
Equitable finances, but I think not; that is, I think I can make some arrange-
ment when I get back that I canceled before leaving, so use your own judg-
ment."
From the above it is evident, first that Coleman, by his designation
of William Du Pont as the one for Pierre to talk to, still felt Alfred
would oppose his plan; second, that Coleman felt his plan was an un-
selfish one, and his offer below the real value of the stock; and lastly,
that he had some financial calls on him which he had evidently expected
to meet, from the company's acceptance of his offer. Indeed, that Cole-
man had counted on his offer being accepted by the company, and that
he had made some changes in his financial arrangements which the non-
acceptance of his offer by the Powder Company led him to change, is
indicated in his letter to Pierre of January 6th, when he says:
"After talking to you, I told some New York bankers that I would not
need the money that I had arranged to get from them, as I had made a more
permanent arrangement, but can, I feel sure, fix this when I get back. Per-
haps it would be well for me to withdraw the proposition; if you think so,
do it."
The suggestion of Coleman, that his offer be taken up by Pierre,
Pierre promised to carry out, and he also suggested to Coleman that if
the effort to get William's consent failed, and consequently the com-
pany would not take the stock for the men, that an offer be made direct
to the men. Of the effort to be made with William and the offer direct
to the men, Pierre on January 14th wrote Coleman as follows:
"As to the stock offer: In Willie's absence I shall do nothing. He will be
here in a week, and I will try to get some action. If this is not possible, it
will mean that the question of value of the stock was not uppermost in their
minds. If not flnall accepted, would you approve making an offer direct to
the men? I should think that a financing suitable to you might be arranged.
I am quite sure that they would like to take the stock, but do not feel in po-
sition to say anything while you are negotiating with the company. No one
but the executive committee and directors know of the offer as far as I know.
The board, of course, knew it through the minutes of the finance committee."
From the above it will be seen that on January 15th Piere regarded
Coleman as being willing that negotiations go on, that William was
away, that Pierre would take it up on his return, and that Pierre was
not only anxious to have Coleman's plan carried out of selling the stock
to the men through the agency of the Powder Company, but that he
then suggested to Coleman that, if the company did not accept his offer,
Coleman's plan might still be affected by dealing direct with the men.
From this correspondence and from the testimony, we are of opinion
that up to January 15, 1915, when this letter was written, Pierre Du
Pont was most earnest in his efforts and sincere in his purpose to carry
out Coleman's plan and have the Powder Company purchase Coleman's
offered stock for distribution among the men; that in that regard he
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The Federal Reporter with Key-Number Annotations, Volume 256: Cases Argued and Determined in the Circuit Courts of Appeals and District Courts of the United States, May-July, 1919., legislative document, 1919; Saint Paul, Minnesota. (https://digital.library.unt.edu/ark:/67531/metadc38827/m1/178/: accessed April 22, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.