DEAR MR. HALL,--You were to cable me if you sold any machine
royalties--so I judge you have not succeeded.
This has depressed me. I have been looking over the past year's letters
and statements and am depressed still more.
I am terribly tired of business. I am by nature and disposition unfitted
for it and I want to get out of it. I am standing on the Mount Morris
volcano with help from the machine a long way off--doubtless a long way
further off than the Connecticut Co. imagines.
Now here is my idea for getting out.
The firm owes Mrs. Clemens and me--I do not know quite how much, but
it is about $170,000 or $175,000, I suppose (I make this guess from the
documents here, whose technicalities confuse me horribly.)
The firm owes other sums, but there is stock and cash assets to cover
the entire indebtedness and $116,679.20 over. Is that it? In addition
we have the L. A. L. plates and copyright, worth more than $130,000--is
that correct?
That is to say, we have property worth about $250,000 above
indebtedness, I suppose--or, by one of your estimates, $300,000? The
greater part of the first debts to me is in notes paying 6 percent. The
rest (the old $70,000 or whatever it is) pays no interest.
Now then, will Harper or Appleton, or Putnam give me $200,000 for those
debts and my two-thirds interest in the firm? (The firm of course taking
the Mount Morris and all such obligations off my hands and leaving me
clear of all responsibility.)
I don't want much money. I only want first class notes--$200,000
worth of them at 6 per cent, payable monthly;--yearly notes, renewable
annually for 3 years, with $5,000 of the principal payable at the
beginning and middle of each year. After that, the notes renewable
annually and (perhaps) a larger part of the principal payable
semi-annually.
Please advise me and suggest alterations and emendations of the above
scheme, for I need that sort of help, being ignorant of business and not
able to learn a single detail of it.
Such a deal would make it easy for a big firm to pour in a big cash
capital and jump L. A. L. up to enormous prosperity. Then your one-third
would be a fortune--and I hope to see that day!
I enclose an authority to use with Whitmore in case you have sold any
royalties. But if you can't make this deal don't make any. Wait a little
and see if you can't make the deal. Do make the deal if you possibly
can. And if any presence shall be necessary in order to complete it I
will come over, though I hope it can be done without that.
Get me out of business!
And I will be yours forever gratefully,