[LB050303], Letter from Alfred Ord Tate to Bell and Biggar, July 13th, 1891
https://edisondigital.rutgers.edu/document/LB050303
→ View document with UniversalViewer
→ View document on Archive.org
→ Re-use this digital object via a IIIF manifest
Title
[LB050303], Letter from Alfred Ord Tate to Bell and Biggar, July 13th, 1891
Author
Recipient
Mentioned
Date
1891-07-13
Type
Folder/Volume ID
LB050-F
Microfilm ID
142:409
Document ID
LB050303
Publisher
Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
Has Version
Item sets
Transcription
July 13, 1891
Messrs Bell & Bigger
Belleville, Ont.,
Canada
Dear Sirs:-
Replying to your letter of 2nd instant, in which you state that you do not remember having any correspondence with me about the Marmora property, I beg to advise you that my first letter was addressed to you on the 4th January, 1890, and was accompanied by Mr. Edison's check for $100, as a retainer for your services. On the 10th, 21st and 30th of January, and 7th of February of the same year I received letters from your firm, containing certain information, which was, however, incomplete.
If a reasonable arrangement could be with the people who control the property of the Consolidated Gold Mining Co., I think it quite probable that Mr. Edison would undertake to do some work there. He has examined the mines himself, and during the past year had an Expert report upon them, and these investigations show the character of the mine to be such as would not justify the expenditure of any large sum of money; but by the exercise of economy, together with the application of Mr. Edison's gold process, the property might be made to yield a small return, which would be better from the bond-holders' point of view than its present unproductive state. I would propose leasing the property upon a minimum yearly guarantee, the bond-holders to have a definite percentage of the net profits, but not to be liable in the event of any loss. Mr. Edison at first had an idea of taking up the bonds, if they could be had at a fraction of their face value, but this arrangement would involve the investment of more money than the prospects warrant. Before making a more definite proposal, I must know that Messrs. Rhodes and Stevens are in a position to enter into a contract. I am, of course, aware that they represent a large number of bonds and that their influence must therefore be strong with the rest of the holders of these securities, but I do not know whether they have an actual majority, and that this majority would permit them to lease the property. Will you kindly give me this information? I think it would be desirable for you to communicate with them, asking if they would entertain a proposition on the lines which I have suggested, unless you are sufficiently well informed of their views to answer for them, If anything is done it must be arranged at once, because in addition to the restrictions of a Canadian winter with respect to this class of work, Mr. Edison has interests elsewhere that will soon absorb all his attention, when it will be impossible to renew this subject with him.
Yours very truly,
A.O. Tate
Private Sec'y
Messrs Bell & Bigger
Belleville, Ont.,
Canada
Dear Sirs:-
Replying to your letter of 2nd instant, in which you state that you do not remember having any correspondence with me about the Marmora property, I beg to advise you that my first letter was addressed to you on the 4th January, 1890, and was accompanied by Mr. Edison's check for $100, as a retainer for your services. On the 10th, 21st and 30th of January, and 7th of February of the same year I received letters from your firm, containing certain information, which was, however, incomplete.
If a reasonable arrangement could be with the people who control the property of the Consolidated Gold Mining Co., I think it quite probable that Mr. Edison would undertake to do some work there. He has examined the mines himself, and during the past year had an Expert report upon them, and these investigations show the character of the mine to be such as would not justify the expenditure of any large sum of money; but by the exercise of economy, together with the application of Mr. Edison's gold process, the property might be made to yield a small return, which would be better from the bond-holders' point of view than its present unproductive state. I would propose leasing the property upon a minimum yearly guarantee, the bond-holders to have a definite percentage of the net profits, but not to be liable in the event of any loss. Mr. Edison at first had an idea of taking up the bonds, if they could be had at a fraction of their face value, but this arrangement would involve the investment of more money than the prospects warrant. Before making a more definite proposal, I must know that Messrs. Rhodes and Stevens are in a position to enter into a contract. I am, of course, aware that they represent a large number of bonds and that their influence must therefore be strong with the rest of the holders of these securities, but I do not know whether they have an actual majority, and that this majority would permit them to lease the property. Will you kindly give me this information? I think it would be desirable for you to communicate with them, asking if they would entertain a proposition on the lines which I have suggested, unless you are sufficiently well informed of their views to answer for them, If anything is done it must be arranged at once, because in addition to the restrictions of a Canadian winter with respect to this class of work, Mr. Edison has interests elsewhere that will soon absorb all his attention, when it will be impossible to renew this subject with him.
Yours very truly,
A.O. Tate
Private Sec'y