[LB061096], Letter from Thomas Alva Edison to John Adriance Bush, June 11th, 1894
https://edisondigital.rutgers.edu/document/LB061096
Transcription
June 11, 1894. My dear Bush:- My opinion is that matters with the North American Phonograph Co. have now reached a very serious point. I find that it is absolutely impossible for Mr. Gilmore to conduct the Phonograph Works any longer, without money, and I am not in a position to loan them any more money, so much so that is has been decided to insist upon the North American Co’s. paying cash for everything that they obtain from the Phonograph Works before shipment is made. If the North American Co. continues for six months longer, I do not see that the Bond Holders will have anything left. The representatives of the minority Bond Holders have visited me and they appeared very desirous of closing things up, and the sooner this is done the better. If the business should revert of the old Edison Phonograph Co., I believe I can pay off the Bonds and everything else, as we shall simply work it absolutely on a merchandising basis. Yours very truly, Thos A Edison