Eleventh. All moneys paid under or with reference to the plan and this agreement shall be paid over to the Managers, who shall, as bankers, hold the same subject to application for any of the purposes of the plan and this agreement as may be most convenient, and as from time to time may be determined by the Managers, whose determination as to the propriety and purpose of any such application shall be final and nothing in the plan shall be understood as limiting or requiring the application of specific moneys to specific purposes. Any obligation in the nature of floating debt or otherwise against any company or property embraced in the plan either as proposed or carried out, or any securities held as collateral for any such obligation, may be acquired or extinguished or held by the Managers at such time, in such manner and upon such terms as they may deem proper for the purposes of reorganization, but nothing in the plan and this agreement contained is intended to constitute, nor shall it constitute, any liability or trust in favor or in respect of any such obligation. Twelfth. All calls for the payments to be made by depositing stockholders or for the surrender of certificates of deposit issued hereunder, all notices fixing or limiting any period for the deposit of securities or for such payments, and all other calls or notices hereunder, except when herein otherwise expressly provided, shall be inserted in the New York Times and the New York Tribune, or in two other daily papers of general circulation published in the City of New York; the Baltimore Sun and the Baltimore American, or in two other daily. papers of general circulation published in the city of Baltimore, Md., and in two daily papers of general circulation published in the city of London, twice in each week for two successive weeks, beginning on any day of the week. Any call or notice whatsoever when so published by the Managers shall be taken and considered as though personally served on all parties hereto and upon all parties bound hereby, as of the respective dates of insertion thereof, and such publication shall be the only notice required to be given under any provision of this plan and agreement. When a call or notice shall have been advertised as above specified in New York or in London, publication shall be complete as regards all holders of certificates of deposit, issued by the depositary in the city in which such publication shall have been made, and no further publication shall be required in such city. Thirteenth. The plan and this agreement shall bind and benefit the several parties, including the depositors hereunder, their and each. of their survivors, heirs, executors, administrators, successors and assigns. In witness whereof, a majority of the Reorganization Committee, the Managers, and the Mercantile Trust Co. of New York have caused these presents to be duly executed, the day and year first above written, and the parties of the third part have become parties hereto by depositing their securities and accepting certificates of deposit therefor hereunder. THE DISSOLUTION OF THE POWDER TRUST 1 It is thereupon, on this 13th day of June, A. D. 1912, ordered, adjudged and decreed as follows, to wit: 2. That the remaining twenty-seven defendants, namely: Hazard Powder Company, Laflin & Rand Powder Company, Eastern Dynamite Company, Fairmont Powder Company, Judson Dynamite & Powder Company, Delaware Securities Company, Delaware Investment Company, California Investment Company, E. I. duPont de Nemours & Company of Pennsylvania, duPont International Powder Company, E. I. duPont de Nemours Powder Company, E. I. duPont de Nemours & Company, Thomas Coleman duPont, Pierre S. duPont, Alexis I. duPont, Alfred I. duPont, Eugene du Pont, Eugene E. duPont, Henry F. duPont, Irenee duPont, Francis I. duPont, Victor duPont, Jr., Jonathan A. Haskell, Arthur J. Moxham, Hamilton M. Barksdale, Edmund G. Buckner and Frank L. Connable, are maintaining a combination in restraint of interstate commerce in powder and other explosives in violation of section I, of an Act entitled "An Act to Protect Trade and Commerce against Unlawful Restraints and Monopolies," approved July 2, 1890, and have attempted to monopolize and have monopolized a part of such commerce in violation of section 2 of said Act. Wherefore, It is further ordered, adjudged and decreed that the twenty-seven (27) defendants above mentioned, and each of them be enjoined from continuing said combination and monopoly, and that said combination and monopoly be dissolved. 3. That the petitioner having availed itself of the permission granted in said interlocutory decree and having presented a certain plan for the dissolution of said combination and the dissolution of said monopoly, so far as the present situation of the parties and the properties involved will permit, to which plan the said twentyseven (27) defendants do not object, which said plan is as follows: First: Dissolve the defendant corporation E. I. duPont de Nemours & Company (1902, Delaware corporation) and distribute its property among its stockholders. Second: Dissolve the defendant corporation Hazard Powder Company and distribute its property among its stockholders. 1 Quoted by W. S. Stevens in his Industrial Combinations and Trusts from the opinion of Court and Final Decree in the case of The United States of America v. E. I. duPont de Nemours & Company and Others, in the District Court of the United States, for the District of Delaware in Equity No. 280. Third: Dissolve the defendant corporation Delaware Securities Company and distribute its property among its stockholders. Fourth: Dissolve the defendant corporation Delaware Investment Company and distribute its property among its stockholders. Fifth: Dissolve the defendant corporation Eastern Dynamite Company and distribute its property among its stockholders. Sixth Dissolve the defendant corporations California Investment Company and Judson Dynamite and Powder Company and distribute their property among their stockholders. Seventh: Organize two corporations in addition to E. I. duPont de Nemours Powder Company (1903, New Jersey Corporation) which shall be capitalized as hereinafter provided, or reorganize the Laflin and Rand Powder Company and the Eastern Dynamite Company, or either of them, to be used instead of one or both of said two corporations, and in case the said Eastern Dynamite Company is so selected, then it need not be disssolved as hereinbefore provided. In case the Laflin and Rand Powder Company is not used under this paragraph dissolve said company and distribute its property among its stockholders. To the first of said corporations transfer the following plants: For the Manufacture of Dynamite: Plant at Kenville, New Jersey, For the Manufacture of Black Blasting Powder: Plant at Rosendale, New York, Two (2) plants at Ringtown, Pennsylvania, Plant at Youngstown, Ohio, Plant at Pleasant Prairie, Wisconsin, Plant at Turck, Kansas, Plant at Santa Cruz, California. For the Manufacture of Black Sporting Powder: Plant at Hazardville, Connecticut. Plant at Schaghticoke, New York. To the second of said corporations transfer the following plants: For the Manufacture of Dynamite: Plant at Hopatcong, New Jersey. Plant at Senter, Michigan, Plant at Atlas, Missouri, Plant at Vigorit, California. For the Manufacture of Black Blasting Powder: Plant at Riker, Pennsylvania, Plant at Shenandoah, Pennsylvania, Plant at Pittsburg, Kansas. And permit the said defendant E. I. duPont de Nemours Powder Company to retain the following plants: For the Manufacture of Dynamite: Plant at Ashburn, Missouri, Plant at Gibbstown, New Jersey, " For the Manufacture of Black Blasting Powder: Plant at Connable, Alabama, Plant at Oliphant Furnace, Pennsylvania, Plant at Mooar, Iowa, Plant at Nemours, West Virginia, Plant at Patterson, Oklahoma, Plant at Wilpen, Minnesota. For the Manufacture of Black Sporting Powder: Plant at Wayne New Jersey. For the Manufacture of Smokeless Sporting Powder: Plant at Haskell, New Jersey. For the Manufacture of Government Smokeless Powder: Plant at Haskell, New Jersey. Eighth Transfer to or furnish the first of said two corporations with a plant for the manufacture of smokeless sporting powder and the brands now or heretofore owned by the Laflin and Rand Powder Company. Such plant to be located at Kenville, New Jersey, or some other suitable Eastern point, and to be of a capacity sufficient to manufacture 950,000 pounds per annum of smokeless sporting powder of the brands to be assigned to the first of said corporations. |