[X120CAU], Letter from Frank Julian Sprague to W W Gooch, November 21st, 1889

Item

Abstract

I did not receive your personal letter until Tuesday morning. Things have been moving on pretty fast here. [Written after Sprague Elect meeting on Monday, 18 November see X154A8DE] I had hoped to be able to step in and make a counter proposition, backed by plenty of capital, to offset the proposition made us by the Edison Company, but the powers on the other side, Drexel, Morgan Co., together with the uncertain element on which it be impossible to count, have forced me, practically, to the necessity of accepting the proposition which they have made to us. Johnson, Drexel, Morgan & Co. and Wise on the part of his friends, recommends acceptance of the proposition which has been made, and I being then, of course, in a decided minority, made up my mind that the best thing to do was to accept as gracefully as possible. Why my own connection with the company in the future will be I cannot say. I made one of the conditions of my acceptance an absolute release from my contract within thirty days, which will leave me free to follow out,without later hindrance, certain projects which I have in mind. I will not remain with the Company with the change of management in anything closer than a purely consulting position, and perhaps as a director.##The propositions made are in some ways advantageous; but in view of the undoubted value of our work and the great source of profit it has been to their manufacturing organization, they might have afforded to have been somewhat more liberal in their propositions; but as the matter stands I will come out with actual cpaital enough to be independent of their wishes and desires, and if I live, will make them pay me a goodly sum before I am a year older.##I shouldlike to see the company get the Lowell contract, of course, but my solicitude is somewhat tempered by existing circumstances. A committee, however, meets here on Friday to decide the future business policy of the Company, and the conditions which I have imposed in my acceptance, Johnson and I both feel that I cannot afford to stay away--especially hunting work for the other concern.##I have just wired you that I could not come, but that Green will come if you sent me word in time.##I hope you have not gone far enough with C. to have embarrassed your self in any way.##I will be in boston in a few days at farthest, and shall go to see you.

Recipient

Date

1889-11-21

Decade

1880-1889

Type

Identifier

X120CAU

Folder Set

X120C

Title

[X120CAU], Letter from Frank Julian Sprague to W W Gooch, November 21st, 1889

Microfilm ID

Publisher

Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University