[D8949ADA], Agreement, Edison Iron Concentration Co of New Jersey, Thomas Alva Edison, 1889


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[D8949ADA], Agreement, Edison Iron Concentration Co of New Jersey, Thomas Alva Edison, 1889

Editor's Notes

Capital $2,000,000 Edison Iron Concentration Co of New Jersey##525,000 to Edison Ore Milling Co. and a royally of 20 cents per saleable ton of concentrate of license - of the 520,000 stock issued 175,000 is to raw for dividends as cash stock but the remainder 350,000 is to be held in trust and will at ranks for dividends until the cash stock and the 175,000 recovers 20 percent dividends any earnings above that amount availaable for dividends is to be divided equally to the whole stock. The concentration cos sabribuerm are to subscribe for enough money to put up one complete plant with a capacity of 200 tons crude ore per day of 24 hours and are to be given 60 days from the formula of the Co. errect such plant and 60 days further to determine its success, if after these periods the reports of the subscribers Engineers and the results obtained are satisfactory the over subscribers agree to call up the subscriptions to the extent of putting in actual operation. 16 plants of 200 daily tons capcacity per year until 100 plants are in actual oepration should the Co. fail to put in 8 plants in any 6 months the Ore Milling co is to have the right to license others to put in the number deficient for that period without claim from the concentrating Co. The method of issuing the stock is to be Thurs all stock when issued for cash will not by a percent paid on stock and the stock issued subject to future assesments but for each 100 dollars poid in 1 share will be issued to the subscribers appropoximate share of the 175,000 and also of the 350,000 issued to the Edison Ore Milling Co. The latter problem have even to go into trust but the former to go directly.##In case the first plant is not considered a succion and the subscribers do not desire to go into it further, the affairs of the Co. are to be wound up by precious agreement, the machinery said and the proceeds divided propalaling the actual cash subscribings rat. The license is only for concentrating magnetic ore those ores which are naturally magnetic and not for similater specular iron which are not found magnetic, the sale of Michigan Wis. And Min known as the Lake Superior region and also Canada and the Pacific coast slate is excepted from this license. No license to be conveyed to concentrate magnetic starts but only magnetic ore in sites.
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Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
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