Christiana Securities Company

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The Christiana Securities Company was a private, closed-end investment company established by A. Felix, Pierre S., Irénée and Lammot du Pont and their associates. Its primary function was to retain control of E.I. du Pont de Nemours & Company in that branch of the family through the ownership of a large block of stock.

The Christiana Securities Company was incorporated on March 2, 1915, as the Du Pont Securities Company for the purpose of purchasing the shares of E.I. du Pont de Nemours & Company then held by T. Coleman du Pont. Pierre S. du Pont was president of Christiana Securities and John Raskob was treasurer. Christiana Securities also acquired stock in the Atlas Powder company which had been spun off from the Du Pont Company as a result of the 1912 antitrust suit but sold it immediately for cash. Beginning in 1919, it began buying stock in the General Motors Corporation. It was renamed General Industries Company on April 29, 1919, but the name was changed again to Christiana Securities Company two months later. By 1920 members of the du Pont family, along with the Du Pont Company and Christiana Securities, owned 25% of the stock in G.M. In 1920, Christiana Securities also purchased the entire stock of the Every Evening Printing Company and the Morning News Publishing Company, which, combined as the News-Journal Company, published Wilmington's leading, and later only, newspapers. In 1929, it purchased stock in the Wilmington Trust Company, the bank established by Pierre's branch of the family. During the last phase of the stock market boom, Christiana Securities bought heavily into Anaconda Copper Mining Company and Kennecott Copper Company, but sold these stocks within two years.

In 1948, the U.S. Department of Justice filed suit in the District Court of Northern Illinois charging that the interlocking holdings of the Du Pont Company, General Motors, the U.S. Rubber Company, Christiana Securities, and the Delaware Realty and Investment Company violated the Sherman Antitrust Act. After fourteen years of litigation, the du Ponts were forced to divest themselves of their General Motors Stock, a process that was completed on March 1, 1962. During the divestiture, on February 24, 1961, Christiana Securities absorbed the Delaware Realty and Investment Company, another family investment company, whose holdings included 300,000 shares of the Hercules Powder Company. These shares were sold in 1967.

By the early 1970s, the Christiana Securities Company had outlived the forces that had brought it into being. The founding members were dead, and the family was yielding active management of the Du Pont Company to outsiders. Christiana Securities was merged into the Du Pont Company on October 17, 1977. Du Pont then sold the entire stock of the News-Journal Company to the Gannett newspaper chain in 1978.

From the description of Records, 1915-77. (Hagley Museum & Library). WorldCat record id: 122292283

Archival Resources
Role Title Holding Repository
creatorOf J.P. Morgan & Co. The Christiana (formerly DuPont) Securities Co. $6,000,000 five-year 7% collateral trust notes : syndicate records, 1920 July 24. Pierpont Morgan Library.
referencedIn Du Pont, Francis Victor, 1894-1962. Francis Victor du Pont family papers, 1804-1961 [bulk, 1915-1960]. Hagley Museum & Library
referencedIn E.I. du Pont de Nemours & Company. Legal Dept. Records, 1801-1965. Hagley Museum & Library
creatorOf Christiana Securities Company. Records, 1915-77. Hagley Museum & Library
referencedIn Shapiro, Irving S., 1916-2001. Irving S. Shapiro papers, 1964-1981 Hagley Museum & Library
referencedIn Raskob, John J. (John Jakob), 1879-1950. Papers, 1900-1956. Hagley Museum & Library
referencedIn Du Pont, Pierre S. (Pierre Samuel), 1870-1954. Papers in the case of the United States versus E.I. du Pont de Nemours & Company, General Motors Corporation, et al., 1909-1954. Hagley Museum & Library
referencedIn E.I. du Pont de Nemours & Company. Public Affairs Dept. Records, 1912-1981. Hagley Museum & Library
referencedIn Carpenter, Walter Samuel, 1888-1976. Business papers, 1926-1975. Hagley Museum & Library
referencedIn Du Pont, Pierre S. (Pierre Samuel), 1870-1954. Papers, 1880-1954. Hagley Museum & Library
referencedIn E.I. du Pont de Nemours & Company. DuPont Finance. Records, 1917-1991 (bulk, 1950-1991). Hagley Museum & Library
referencedIn Carpenter, Walter Samuel, 1888-1976. Personal papers, 1917-1976. Hagley Museum & Library
referencedIn Henry Belin du Pont, Jr., papers, 1920-1970. Hagley Museum & Library
referencedIn [Corporation annual reports. Corporations beginning with the letters Chi to Cle]. Cleveland Public Library, Main Library
referencedIn Brown, Donaldson, 1885-1965. Papers, 1921-1966. Hagley Museum & Library
referencedIn Wilmington Trust Company. Trust Dept. Investment analysis files ("C"), 1909-1959 (bulk 1931-1954). Hagley Museum & Library
Role Title Holding Repository
Relation Name
associatedWith Atlas Powder Company. corporateBody
associatedWith Bankers Trust Company (New York, N.Y.). corporateBody
associatedWith Brown, Donaldson, 1885-1965. person
associatedWith Carpenter, Margaretta du Pont, 1884-1973. person
associatedWith Carpenter, R. R. M. 1877-1949. person
associatedWith Carpenter, Walter Samuel, 1888-1976. person
associatedWith Chatham Phenix National Bank & Trust Company (New York, N.Y.). corporateBody
associatedWith Copeland, Lammot du Pont, 1905-1983. person
associatedWith Delaware Realty and Investment Company. corporateBody
associatedWith Du Pont, A. Felix 1879-1948. person
associatedWith Du Pont, A. Felix 1905-1996. person
associatedWith Du Pont, Alfred I. 1864-1935. person
associatedWith Du Pont, Francis Victor, 1894-1962. person
associatedWith Du Pont, Henry Belin, 1898-1970. person
associatedWith Du Pont, Irénée, 1876-1963. person
associatedWith Du Pont, Lammot, 1880-1952. person
associatedWith Du Pont, Pierre S. (Pierre Samuel), 1870-1954. person
associatedWith E.I. du Pont de Nemours & Company. corporateBody
associatedWith E.I. du Pont de Nemours & Company. DuPont Finance. corporateBody
associatedWith E.I. du Pont de Nemours & Company. Legal Dept. corporateBody
associatedWith E.I. du Pont de Nemours & Company. Public Affairs Dept. corporateBody
associatedWith Every Evening Printing Company. corporateBody
associatedWith First National Bank of the City of New York. corporateBody
associatedWith General Motors Corporation. corporateBody
associatedWith Hercules Powder Company. corporateBody
associatedWith J.P. Morgan & Co. corporateBody
associatedWith Laird, Bissell & Meeds. corporateBody
associatedWith Laird Incorporated. corporateBody
associatedWith Morgan, Stanley & Co. corporateBody
associatedWith News-Journal Company. corporateBody
associatedWith Philadelphia National Bank. corporateBody
associatedWith Raskob, John J. (John Jakob), 1879-1950. person
associatedWith Shapiro, Irving S. person
associatedWith Wilmington Trust Company. corporateBody
associatedWith Wilmington Trust Company. Trust Dept. corporateBody
Place Name Admin Code Country
Delaware--Wilmington
Subject
Antitrust investigations
Business enterprises
Close corporations
Consent decrees
Corporate divestiture
Corporation law
Investment companies
Newspaper publishing
Stock ownership
Stock purchase agreements (Close corporations)
Occupation
Activity

Corporate Body

Active 1915

Active 0077

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