[D9226AAK], Letter from A Hayward, Jr., Lowrey Stone and Auerbach to Thomas Alva Edison, October 11th, 1892
https://edisondigital.rutgers.edu/document/D9226AAK
Transcription
New York October 11, 1892 Dear Sir: Mr. Lowrey directs me to enclose you copies of two letters written by him to Major Flood Page, and one copy from Major Flood Page. Respectfully, A Hayward, Jr. Thomas A. Edison, Esq., July 26, 1892. Dear Sir:- I am to-day in receipt of the Ninth Annual Report of your Company, together with an enclosure of blank proxy, to vote at the general meeting of the 19th of July, and note with interest “this proxy, to be available at the meeting, should be sent to the Secretary so as to reach him not later than by the first post on Saturday morning, 16th of July, 1892.” A reference to the Report led me to look for a copy of the Articles of the Association, but I find that if I ever had any, it has been mislaid. I received inquiries from Mr. Edison lately which make it desirable that I should read those articles, and I would be glad if you would send me a copy if they were printed. You would be glad to hear the expression of your opinion upon the question of whether B. shares are worth anything, or are over to be worth anything. It has been unpleasantly intimated to me what the Company has been managed with the purpose of expending funds which B. share holders had a right to see divided in the erection of the factories, etc., which after the expiration of the patent, will enable the A. shareholders to continue to receive their income, but which will probably give nothing whatever to B. shares. I shall forward a copy of this letter to Mr. Edison and another to Mr. J. Hoodwright, who is now in Europe. Very truly yours, (Signed) Grosvenor Porter Lowrey Maj. Samuel Flood Page, The Edison-Swan United Electric Light Company, 100 Victoria Street, London, S.W. Hardwicke, Great Malvern, 12th August 1892. Dear Sir: Your letter of 26th ultimo has been forwarded to me here where I am trying to get rid of persistent neuralgia which has stuck to me more or less ever since I recovered from influenza. I note that you wish to have a copy of the Articles of Association of the Edison & Swan Company and I will write to-day asking the Secretary (Mr. H. C. Gover) to post you a copy. I do not know from what source you have received the intimation as to the expenditure of the Company, which has led to your penning the last sentence but one of your letter, but there is no foundation for the suggestion that any expenditure has been made which is not strictly in accordance with the Articles of Association. You ask me whether in my opinion the “B” shares are worth anything, or are even to be worth anything.” When I first became connected with the Company the “A” shares were of a nominal value of a few shillings, and the “B” shares were manifestly not worth anything. Thanks to the courage of the Chairman and Directors which led to their fighting the Patents in the Courts, and to their continual and continuous attention to business, the “A” shares have received a very large proportion of the arrears of the Cumulative preference Dividend of 7 per cent per annum. This, of course, has improved the chance of the “B” shares; but the Key patent expires next year before which the price of the lamps must be materially reduced, and I do not think that any one can be very sanguine as to the ability of the Company with the reduced prices of the near future to earn more than 7 per cent on its “A” capital. This, of course, is merely my own opinion which I give you for what it is worth. I am, Dear Sir, Yours faithfully, (Signed) S. Flood Page, Grosvenor Lowrey, Esq. October 11, 1892 Dear Sir: I duly received yours of the 12th of August in which you kindly say that you will write that day, asking the Secretary, Mr. H. C. Gover, to post me a copy of the Articles of the Association. I have not received the copy, and presuming it has been overlooked will ask your attention again to the matter. You will have heard, doubtless, that upon appeal the U. S. filament of carbon patent of Mr. Edison, has been sustained in this circuit. This probably puts an end to the litigation, although it is legally competent for the Supreme Court or the Circuit Court of Appeals to order an appeal to the first named Court. Very truly Yours, Maj. S. Flood Page, C/o Edison & Swan Electric Light Company, 100 Victoria Street, London, S.W.