The Thomas A. Edison Papers Digital Edition

Transcription

London,  
26th Nov. 1892. 
My dear Mr Seligman, 
After months of hard work day and night, I am at last able to announce the successful completion of the business that I came here to undertake, and I desire to state here in connection with this business that I could have accomplished this in a much shorter time and on much better terms, where it not for the obstacles and the practical killing of the business by those who had it in charge before I arrived in this country. However, I have resurrected that part of the business and have now surrendered it with the strength of the best men in the united kingdom. The terms which I have made are better in every way than those I spoke to you of when you were here; and I have completely re-arranged the Syndicate. I did not arrange with our Solicitors until after the entire bargain was completed; for had I done so, in view of the present light, the bargain never would have been completed. The men who comprise the Syndicate are now familiar with every detail of the business, and no-one can make them accept or do any thing against their wishes or judgement, either in relation to the machines or the business, as they feel that they have a perfect knowledge from the investigation which they have made, as to the exploitation and arrangement of the business. The prejudice which every member of this Syndicate, I believe, has against Durability has made my work doubly hard, and they would have no connection in any way, shape, or manner, with anything that he was, to use the leading Member of the Syndicate’s words, “even remotely connected with.” 
So you must be very positive in getting rid of this difficulty which, unless it is done now, will always bring serious difficulty which, unless it is done now, will always bring serious difficulty and may prevent many of the future arrangements from being effected. I speak entirely without any personal feeling or prejudice, but simply in regard to the business and in the interest of those who have invested their large amount of money in the enterprise, and I say it as absolutely necessary for their protection as well as your own that this matter should be dealt with in no uncertain way and terminated at once, and if possible all connection between him and Dungyard be also severed, so as to give him no excuse to do further injury [illegible text] in any way to this business. Several times the parties have been on the verge of breaking this contract on that account alone, and it was only after I got your authority to sign the paper that they felt at all inclined to go on. 
Now as to the contract; I feel that it is in every respect a good one and much better even than I had hoped to effect   You will observe that I tried in every way to protect our interests and have relieved the Company from any contribution as to expenses or charges, either for underwriting or any business charges that can be made. In fact, our one-third portion is in every way perpetual from any charges of any description whatsoever, and they are obliged, as you will see by the Contract, to have a positive guarantee and underwriting affected within the fixed time after the placing of the first fifteen hundred machines. I tried to get the perpetuity clause in relation to our one third of the interest into the contract and got t their agreement to do so, but the law is so explicit on that point that it could not be done. But our one-third interest is a perpetual interest, as they cannot increase the capital stock without our written consent; and besides, no ordinary shares can be issued under the law of England except for cash to its full amount, Our shares are fully paid and every detail and every word of the Contract have been carefully weighed. I will now ask you, knowing the men we have to deal with and their positive character that it will be necessary for you to insist that the contract be carried out without any change in its phraseology. With the Contract which I forward to-day I will send you also a letter in which I will express exactly what I mean in relation to it. 
The men who compose the syndicate are the leading bankers, merchants and gentlemen in England, and they are enthusiastic and anxious to begin at once. The contract is plain and simple and no representations have been made other than these expressed in the Contact. Mr Crisp said to me to-day to send to the contract and to have ratification cabled to me at once, and I will cable you advising you to call a Meeting of the Board immediately upon receipt of the Contract, in order that you can cable ratification to me; as, on receipt of that cable the notification as to where to send the machines will be handed, and the contract begins to be enforced at once. I have arranged with Mr Molten to make his report next week, so that by the time of the receipt of your cable everything will be ready for the transfer of the patents and they payment of the money; and as the contract itself is an order for the machine they will notify me where to cable that they should be sent.  I wish it were possible for you to arrange that Mr Dolan and Dungyard and yourself and such other members of the Board should be called together, say as a Committee, and complete this arrangement; as from recent information received by me, I think it would be most unwise to acquaint your ability in any way with this matter, And I would like to ask you now to caution Morrison and others not to have anything to say to them in relation to this matter. 
Immediately this contract is completed I believe there will be an order given for an additional thousand automatic machines, and I am also arranging now with some of the persons in the Syndicate in relation to the formation of a syndicate for the Colonies on what I believe to be very good basis; and I have also commenced here in London, the negotiations which are very well under weigh in relation to France, and at present writing feel that this will be quite as good as a contract as the one I send you that perhaps better, as the same obstacles may not present themselves there if my suggestions are favourably considered. 
I send this as a personal letter to you, but you can use it with such members of the Board as you see fit. I have worked very hard to put this matter through. As it is now finished I hope that the Board will send a cable ratification to me immediately on receipt of the contract. It may please you to know that I, as your representative, have received from members of the Board, expressions of respect and esteem for, to use their language ‘the honourable, gentlemanly 	xxx and patient way in which I have carried xxx out the difficult and trying negotiations which are now happily terminated. As this first syndicate is a private syndicate Mr Smith thought it might be quite as well that I should act with them, at least for the present, on the Committee of the Syndicate, and if this meets with our approval, if you will cable me, I will do my best to carry out what I feel would be the best interest of the Company, always, however, referring to you all matters of importance before taking any steps myself. 
Hoping that you are very well, and that you have entirely recovered from the fatigues of your journey, and kindly remembering me to each and every member of your family and to those in the office whom I have such kind remembrances of,    With sincere respect and kindest wishes to you,  
I remain, 
Very faithfully,