[D8961AAD], Letter from Thomas Bernardr Connery to Thomas Alva Edison, July 12th, 1889

Item

Abstract

[letterhead of Edwin Fox] I have at last after much difficulty succeeded in getting the phonogrpah interests in Mexico in satisfacotry shape. I ahve found it necessary, in order to secure the concession, and raise the necessary capital for the carrying on of the business, to make an arrangement as to part of my interest with J. M. Ceballes the head of the firm of J. M. Ceballes & Co. 30 Wall Street New York City. Mr. Cebgalles is a very wealthy man, the head of a transatlantic company of steamers and stands as high financially in this city as any man doing business with Mexico. You can very readily find his rating [continues in this vein]. He has been in communication with the proper parties in Mexico and has the assurance of the exclusive concession to the Mexican phonograph for 15 years at least. He has agreed to furnish all the capital necessary for the carrying on of the business but there are two points in the contract that he must have your assurance about. The first is with referrence to the clause that the Mexican company shall bind itself to take at leat 1000 machines during the first year. He doesn't want to be bound to take so mnay as it may take more than a years to get the business fairly established and besides he is sensible of the fact that you are making important improvements all the time and he would not like to have 1000 machines of the present pattern if the future machines are improved thereupon. He wants from you a letter to the effect that thet company will not be bound to take so many during the first year. Second, he wants Clause 6th with reference to the provilege inherent in you to subscribe for one half of the remaining third of the capital stock of the company modified. He willl agree to subscribe for the entire third, so that you are not bound to invest any money whatever in the enterprise. Of course this is in accordance with your idea as you probably do not want to invest any cash money in the enterprise. His idea is to invest $50,000 in cash as a workign capital but if more is necessary he will invest more. A letter from you to the effect that you waive your right to subscribe for any portion of the working capital will be all that is necessary. Immediatley upon the receipt of this he will send his representative to Mexico to start the business. . . .

Date

1889-07-12

Decade

1880-1889

Type

Identifier

D8961AAD

Folder Set

D8961

Title

[D8961AAD], Letter from Thomas Bernardr Connery to Thomas Alva Edison, July 12th, 1889

Microfilm ID

127:1079

Publisher

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