[D8526U], Report from Edison Electric Illuminating Co (New York), Edison Company for Isolated Lighting, June 4th, 1885

Item

Abstract

"Report of Special Committee on unadjusted and disputed matters...EELCo, Edison Isolated, EE Illum Co." Statement of Illuminating Co indebetedness and license payments to parent co. Notes that the expenses of constructing First District MUCH higher than estimated, and have almost ruined the Illuminating Co., which by its contract with parent co had to bear costs above the original estimate ($500K above estimate $250K). Earnings still low (4-5%); can't afford to build uptown district. "Under these circumstances it seems to your committee that the basis of license payment to the Light Co oringally adopted, is excessive and should be modified. "The financial difficulties of the New York Station and the failure to start a station up-town have done more than any other one fact to retard the organization of Illuminating Companies in Boston, Philadelphia and throughout the country generally." Recommend that Parent Co cancel most of the Illum co's indebtedness to it resulting from the First District; also give it some assistance in raising capital for an uptown district. The parent Co indebted to Isolated Co by [blank] amount; isn't paying anything to overhead at 65 5th Ave.; think it should pay $275 monthly. (Also refers to past overhead payments by Const Dept.) Recommends parent co sell its 3/4 interest in Roselle plant to satisfy its debt to Iso. Iin closing, the committee says "that while it has perhaps been essential during the past that the three Companies should exercise leniency towards each other and support each financially," ENOUGH ALREADY: "Each Company should stand on its own merit." Propose resultion to be adopted by all 3 boards to this effect.

Date

1885-06-04

Decade

1880-1889

Type

Identifier

D8526U

Folder Set

D8526

Title

[D8526U], Report from Edison Electric Illuminating Co (New York), Edison Company for Isolated Lighting, June 4th, 1885

Microfilm ID

77:758

Publisher

Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University