[D8830ACX], Minutes, Edison Electric Light Co, December 27th, 1888

Item

Abstract

"A Special Meeting of the Executive Committee of the Board of Directors of the Edison Electric Light Company was held pursuant to call at the Offices of Mess. Drexel, Morgan & Co., on Tuesday, December 27th, 1888, at 10:30 A.M. ### Present: Mess. Johnson, Coster, Smithers, Smith and Thomas and the Secretary and Comptroller. ### On Motion of Mr. Smithers, duly seconded, the reading of the minutes was dispensed with. ### The Secretary explained verbally a proposition from our Paterson Company to consolidate with the existing Thomson-Houston arc and incadescent Company in that City. After a general discussion of the matter the Officers of the Company were requested to investigate further into the condition of the two Paterson Companies and report thereon at a future meeting of this Committee. ### A letter from Mr. F. S. Gorton under date of Dec. 21st, was read, offering to accept $5,000 of the of the Chicago Company's stock in full settlement of all his claim for commission both on present capitalization of the Chicago Company and on all further increases thereof. After a general discussion, it was, on Motion of Mr. Smithers, seconded by Mr. Coster, ### Resolved, that the Officers of the Company be and hereby are authorized to settle with Mr. Gorton by paying him $5,000 sotck of the Chicago Company upon his executing, under due form, an assignment to us of any and all claim that he may have. ### A letter from Mess. M.D. Barr & Co., under date of Dec. 24th, in relation to the formation of a Company for Montreal, was then read, in which it was stated that the necessary capital to put in a large central station Company in tha tCity can be raised if we will accept 20% on first capitalization and 30% on all subsequent increases, out of which we shall have to pay a commission of 5% on the first capitalization, leaving us 15% net. ### On Motion of Mr. Coster, seconded by Mr. Smithers, it was ### Resolved, that the officers of the Company be and hereby are authorized to negotiate for a Company for Montreal upon the basis proposed, provided we get 15% net on first capitalization and 30% on all subesequent increases. ### Attention was called to the fact that our contract with Major Eaton as General Counsel of the Company, expires on the 31st inst. The Officers of the Company stated that a large portion of Major Eaton's time during this contract had been devoted to the interests of the Company, and that, in their opinion, no more economical arrangement than the present one could be made; it was therefore, on Motion of Mr. Coster, seconded by Mr. Smithers, ### Resolved, that the officers of the Company be and hereby are authorized to extend the present contract with Major Eaton for a period of one year from December 31st, 1888, with the understanding that Major Eaton will consent to render such assistance in patent matters as may be requested of him by this Committee or as recommedned by the Patent Litigation Committee, and the Secretary was instructed to confer with Major Eaton and arrange for the details of the extension. ### The attention of the Committee was called to a plant installed by the Western Edison Company in the Elgin Insane Asylum, under a rental arrangement, by which we are paid a rental of $2,000 per annum, we paying for lamp renewals. The Comptroller explained that while this rental left us a good margin f profit, the contract expires within a short time and there will be very little prospect of our being able to renew it. The Asylum Managers will probably buy the plant for $8,000, providing we will take payment at the rate of $2,000 per annum, they operating the plant at their own expense in the man time. On Motion duly made and seconded, the matter was referred to the Officers of the Company with power. ### The attention of the Committee was called to an arrangement made with Prof. Barker which expires on the 31st inst., by which we paid him at the rate of $50 per day for services rendered, guaranteeting 50 days for $2500 for the year in addition to the regular annual retainer of $500. The Secretary stated that during the past year Prof. Barker's services had not been needed for more than 50 days and that therefore he was only paid $2500, and that probably we should not require as many days service during the coming year. On Motion of Mr. Coster, duly seconded, the question of renewing Prof. Barker's retainer and salary, be and hereby is referred to the Officers of the Company with power, but not to exceed the amount paid under an arrangement for the past year. ### The Meeting was then adjourned." Attest: [unsigned]

Date

1888-12-27

Decade

1880-1889

Type

Identifier

D8830ACX

Folder Set

D8830

Title

[D8830ACX], Minutes, Edison Electric Light Co, December 27th, 1888

Microfilm ID

123:122

Publisher

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