[D9242AAK], Letter from Sherburne Blake Eaton to Thomas Alva Edison, May 28th, 1892
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Title
[D9242AAK], Letter from Sherburne Blake Eaton to Thomas Alva Edison, May 28th, 1892
Author
Recipient
Mentioned
Date
1892-05-28
Type
Folder/Volume ID
D9242-F
Microfilm ID
133:605
Document ID
D9242AAK
Publisher
Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
Has Version
Transcription
Letterhead Eaton & Lewis
May 28, 1892.
Thomas A. Edison, Esq.,
Dear Sir:
Re Proposed Agreement as to Collateral Security with the N.A.P.Co. Your letter of yesterday is at hand, and I note three questions you ask. I beg you to reply as follows.
The conditions of the agreement need not be [rented?] to by the stockholders. They approved of the settlement and of the note and of giving of the collateral security. That is all the stockholders need do, and even more than they need do as matter of law.
The rate of interest need not be stated on the note and usually is not stated in this State, because the law takes care of that. The legal rate of interest is six per cent. It would be illegal to exact a higher rate, though by inserting it, you could take a lower rate. But your criticism makes me think of one thing that I had not thought of before, viz: that possibly some future legislature, before this note is paid, may reduce the rate of interest to five per cent, and to avoid any possible question that might arise, we had better state on the face of the note that the interest is to be at the rate of six per cent.
The note need not be countersigned by the Treasurer.There is no provision in the By-Laws in regard to the making of notes. The execution of the note by the President is all you require.
Helping the above will be satisfactory, I remain,
Very truly yours,
[Signed]
May 28, 1892.
Thomas A. Edison, Esq.,
Dear Sir:
Re Proposed Agreement as to Collateral Security with the N.A.P.Co. Your letter of yesterday is at hand, and I note three questions you ask. I beg you to reply as follows.
The conditions of the agreement need not be [rented?] to by the stockholders. They approved of the settlement and of the note and of giving of the collateral security. That is all the stockholders need do, and even more than they need do as matter of law.
The rate of interest need not be stated on the note and usually is not stated in this State, because the law takes care of that. The legal rate of interest is six per cent. It would be illegal to exact a higher rate, though by inserting it, you could take a lower rate. But your criticism makes me think of one thing that I had not thought of before, viz: that possibly some future legislature, before this note is paid, may reduce the rate of interest to five per cent, and to avoid any possible question that might arise, we had better state on the face of the note that the interest is to be at the rate of six per cent.
The note need not be countersigned by the Treasurer.There is no provision in the By-Laws in regard to the making of notes. The execution of the note by the President is all you require.
Helping the above will be satisfactory, I remain,
Very truly yours,
[Signed]