[D0329AAB], Letter from Eugene Howard Lewis to Thomas Alva Edison, May 20th, 1903
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Title
[D0329AAB], Letter from Eugene Howard Lewis to Thomas Alva Edison, May 20th, 1903
Author
Recipient
Date
1903-05-20
Type
Folder/Volume ID
D0329-F
Microfilm ID
188:693
Document ID
D0329AAB
Publisher
Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
Has Version
Item sets
Transcription
New York, May 20, 1903
Thomas A. Edison, Esq.,
Orange, New Jersey
My Dear Sir:
Re Marconi. I have to acknowledge the receipt of Mr. Randolph's letter of the 18th inst., confirming a telephone message which I had with him that day, telling me to go ahead and close the Marconi deal. Arrangements were completed last week for providing the Marconi Company with some working capital, amounting to a minimum of $250,000 and a maximum of $350,000 to $400,000., thus placing the Company on a good financial footing.
This is accomplished by means of a sale to a syndicate of contributing stock, the English Company contributing stock to the amount of $400,000 par value, the American Company contributing from its treasury stock of the same amount, and other stockholders contributing an assessment of 15% making an aggregate from all contributions of $1,000,000 of stock. The syndicate price is $25 a share. The plan involves the privilege to you as a stockholder, to deposit your stock with a selling pool, which cannot sell it for less than fifty cents on the dollar, thus yielding to you a sum of cash at least $12,000., and possibly $16,000 or $20,000, for your 240 shares. I have great encouragement that the plan will turn out successful, and that the syndicate will meet all their obligations.
Under these circumstances, it seems to me that it would be wise for you to complete the arrangement, which you proposed on October 23rd last, and which the Company accepted by a resolution of its Board.
Please execute the within assignment of your patent and acknowledge it before a Notary Public, and return it to me by my messenger.
Please also acknowledge the receipt of the within certificates of stock, amounting to 240 shares, being detailed below as to certificates and amounts. Please also endorse the within certificate, No. 852, for 60 shares, and have your endorsement witnessed and return it to me, being my one-firth of the stock. Please also acknowledge the receipt of the within notes of the Company. Five of the notes, amounting to $6,000. I have kept as my one-fifth of the notes, in pursuance of our agreement.
If you desire to deposit your stock under the Pooling Agreement, please endorse your certificate for 40 shares and have your endorsement witnessed and return the certificate to me, and I will deposit it for you and give you a receipt. Otherwise you may deposit it yourself with the Continental Trust Company.
Yours truly,
Eugene H. Lewis Certificates of Stock of Marconi Company
Certificate No. 702, in the name of Robert Goodbody & Co., for 100 shares.
Certificate No. 703, in the name of Robert Goodbody & Co., for 100 shares.
Certificate No. 851, in the name of Thomas A. Edison, for 40 shares.
Promissory notes of Marconi Company.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1904, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1905, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1906, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1907, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1908, for $1,200 each.
Thomas A. Edison, Esq.,
Orange, New Jersey
My Dear Sir:
Re Marconi. I have to acknowledge the receipt of Mr. Randolph's letter of the 18th inst., confirming a telephone message which I had with him that day, telling me to go ahead and close the Marconi deal. Arrangements were completed last week for providing the Marconi Company with some working capital, amounting to a minimum of $250,000 and a maximum of $350,000 to $400,000., thus placing the Company on a good financial footing.
This is accomplished by means of a sale to a syndicate of contributing stock, the English Company contributing stock to the amount of $400,000 par value, the American Company contributing from its treasury stock of the same amount, and other stockholders contributing an assessment of 15% making an aggregate from all contributions of $1,000,000 of stock. The syndicate price is $25 a share. The plan involves the privilege to you as a stockholder, to deposit your stock with a selling pool, which cannot sell it for less than fifty cents on the dollar, thus yielding to you a sum of cash at least $12,000., and possibly $16,000 or $20,000, for your 240 shares. I have great encouragement that the plan will turn out successful, and that the syndicate will meet all their obligations.
Under these circumstances, it seems to me that it would be wise for you to complete the arrangement, which you proposed on October 23rd last, and which the Company accepted by a resolution of its Board.
Please execute the within assignment of your patent and acknowledge it before a Notary Public, and return it to me by my messenger.
Please also acknowledge the receipt of the within certificates of stock, amounting to 240 shares, being detailed below as to certificates and amounts. Please also endorse the within certificate, No. 852, for 60 shares, and have your endorsement witnessed and return it to me, being my one-firth of the stock. Please also acknowledge the receipt of the within notes of the Company. Five of the notes, amounting to $6,000. I have kept as my one-fifth of the notes, in pursuance of our agreement.
If you desire to deposit your stock under the Pooling Agreement, please endorse your certificate for 40 shares and have your endorsement witnessed and return the certificate to me, and I will deposit it for you and give you a receipt. Otherwise you may deposit it yourself with the Continental Trust Company.
Yours truly,
Eugene H. Lewis Certificates of Stock of Marconi Company
Certificate No. 702, in the name of Robert Goodbody & Co., for 100 shares.
Certificate No. 703, in the name of Robert Goodbody & Co., for 100 shares.
Certificate No. 851, in the name of Thomas A. Edison, for 40 shares.
Promissory notes of Marconi Company.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1904, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1905, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1906, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1907, for $1,200 each.
Four promissory notes, dated May 15th, 1903, to the order of Marconi Wireless Telegraph Company of America, payable at the offices of the Company in the City of New York, on November 1st, 1908, for $1,200 each.