[D9226AAL], Letter from Samuel Flood Page to Grosvenor Porter Lowrey, August 12th, 1892
https://edisondigital.rutgers.edu/document/D9226AAL
Transcription
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.