[D8717ACZ], Letter from Alfred Ord Tate, Edison Electric Light Co of Europe Ltd to Bank of Sheldon, December 31st, 1887
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Title
[D8717ACZ], Letter from Alfred Ord Tate, Edison Electric Light Co of Europe Ltd to Bank of Sheldon, December 31st, 1887
Editor's Notes
Alfred Ord Tate writing in response to Bank of Sheldon inquiry as to the cash value of EELCo stock. "You are probably aware that Edison Electric Light Co. of Europe L't'd., had a six per cent bonded indebtedness of one hundred thousand dollars ($100,000). During the present summer the stockholders compromised with the bondholders, giving them ---- for each $1,000 bond, principal and interest, $500 of the above being paid in cash, and $350 represented by a new ten year 5% bond, the first coupons of which were dated August 1st last and promptly paid. In addition to this, some of the old bonds were compromised at between 50 and 60 cents on the dollar, so that at the present time instead of a mortgage of $100,000, we have a debt of only about $35,000. The new bonds are secured by about 5,000 Founders' shares of the Compagnie Continentale Edison, of Paris, owned by this Company and pledged to the trustee in New york. Upon these we have an income, guaranteed by the Compagnie Continentale Edison, which is sufficient to pay the interest of our present bonded indebtedness; and we believe that, in view of the improved conditions of the affairs of the Compagnie Continentale Edison, we will soon have a fair income from that source." Tate notes that it will probably be some time before the stockholders will receive a dividend, but that every effort is being made to improve the condition of the company.
Recipient
Mentioned
Date
1887-12-31
Type
Subject
Folder/Volume ID
D8717-F
Microfilm ID
119:653
Document ID
D8717ACZ
Publisher
Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University