Reading 4904-3

TEXT OF READING 4904-3

Text

Date: 6/20/1931 Sex: M ReadingID: 12925

This Psychic Reading given by Edgar Cayce at his office, 115 West 35th Street, Virginia Beach, Va., this 20th day of June, 1931, in accordance with request made by Messrs. Weaver, Drummond and Kahn.

[Edgar Cayce; Gertrude Cayce, Conductor; Gladys Davis, Steno. W. W. Weaver, J. F. Drummond, and L. B. Cayce.]

Weaver & Drummond, Time of Reading 422 Dickson Bldg., 3:45 P. M. Eastern Standard Time. Norfolk, Va.

1. GC: You will have before you the bodies and the enquiring minds of W. W. Weaver and J. F. Drummond, present in this room, and the Automatic Insurance Vending Machine which they are attempting to put on the market. You will also have those associates and individuals who have been consulted in regard to, and interested in, this proposition. You will answer the questions which they will ask regarding these.

2. EC: Yes, we have the bodies, the enquiring minds, W. W. Weaver, J. F. Drummond, present in this room, and those conditions as relating to the distribution and manufacture of automatic insurance vending machine, and those that have been, and may be, consulted as respecting same.

3. As we find, as we have had before, there have been contacts made that are interested in the machine, and in the distribution in the insurance, and in the various features as may be had from such a machine.

4. There are those conditions that enter in that make for an indecision as respecting the beginning, or the operations, or the contract for. This is a financial status with some of those interested, and the lack of wholehearted confidence on the part of others without consulting others with whom they have been associated.

5. As we find thus far, conditions are satisfactory in some respects; as in other respects, not so well. There needs be, while not PRESSURE - but rather that of decision on the part of those handling same, as to the contacts, and what shall be done, and how soon; for, as has been given, the merits of same are noteworthy, as will be the operations of same when they ARE put in action, or on the market. There will be the necessity, to be sure, of turning the mind of the public to this mode of insurance, more from that of assuring the insured that it is a BONAFIDE condition, or contract, with those that deliver, or the manner of delivery - see? Ready for questions.

6. (Q) Has Kahn made good connections with insurance companies in Chicago? (A) These are very good, though they should be with more of those that have the authority to act - and insist on going all through the board!

7. (Q) Is there any reason why insurance companies should not accept proposition? (A) None, as we find!

8. (Q) As time is a vital element is there any reason why we should not get immediate action from them? (A) As to the whys and wherefores, these have been given. As to two MEET them, as has been outlined, there should be some PRESSURE; not demands, but good sales proposition as respecting the thing! and play one against another! Don’t stop with just one because they’re interested!

9. (Q) If they want more time should they not pay for option? (A) They SHOULD, and pay handsomely!

10. (Q) What would be a fair price for an option? (A) That would depend upon how many machines they are CONTEMPLATING using at the time, see? or as to whether they are to be the distributors AND the insurance people, or whether they are to be just the insurance people - see? or if it’s to be combined, be made into one, as there are some contemplated actions in this direction, then it should be at least from ten to twenty thousand dollars!

11. (Q) Would it be better to raise the capital among a comparative few, or to have a large number of stockholders? (A) BETTER if it may be done by the insurance company, or insurance companies, and if they are to be made into two organizations, have these in a comparative few!

12. (Q) Could Weaver & Drummond sell all the stock necessary in New York with Kahn’s assistance? (A) In three to four months, they could!

13. (Q) Would it be advisable for Weaver & Drummond to go to New York at once for this purpose? (A) That depends upon the answer as to be received from those who are contemplating joining in same!

14. (Q) Weaver & Drummond having exhausted their resources to the point of endangering the proposition, advise how they could and should obtain immediate financial aid. (A) Through these same channels!

15. (Q) How should they go about it? (A) Have more than one who have offered to finance the proposition, or see it financed, and play one against another for immediate action! That doesn’t ENDANGER; neither does it entail them!

16. (Q) Any other advice and counsel that will be of help to them at this time? (A) In these considerations, there is to be, of course, THIS consideration given by all concerned: True enough, circumstances and conditions demand an immediate action, but do not JEOPARDIZE selves any more than absolutely NECESSARY in the existing circumstances, for large propositions such as this - to become or be of any VALUE - MUST move slowly. If the contemplated action of the groups are just a few machines, then get somebody else! or get a larger stock, or make it from a different proposition and demand that they give some immediate action on the proposition, see? for while stock was being sold - were this begun immediately - there should be sufficient from same coming to those issuing same, or selling same to take care of immediate needs. If one can’t be done, then do the other - see?

17. We are through for the present.

Copy to Weaver & Drummond ” ” David E. Kahn ” ” File (Edgar Cayce’s folder)

Reports

Reports & Follow-up

R1. 6/22/31 Weaver and Drummond’s letter to David E. Kahn:

WEAVER AND DRUMMOND 422 DICKSON BUILDING NORFOLK, VIRGINIA

Mr. David E. Kahn, New York, N.Y.

Dear Dave:

We are in receipt of your letter of the 19th inst. but regret to have to advise that same was not received by us until this morning, and consequently too late for the reading which was held Saturday afternoon. We went down to the beach this morning and showed your letter to Mr. Cayce, and left your questions with him, but he does not know when he can have another reading, as he is not feeling at all well.

We read with interest the copy of your letter, and congratulate you on the clearness with which you have outlined the whole proposition.

Our only criticism is the length of time involved, as they practically have an option until July 15th, with no consideration, as yet.

We note with interest that you are going back to Chicago this week, and we trust that you can get something definite from them.

While we dislike exceedingly to have to continually bring up the financial situation, we are afraid that you do not realize our desperate situation, and the proposition itself will be endangered unless we receive some immediate money.

Please get them to let us have not less than $1,500.00 immediately, and our need is so urgent we will ask you to wire same to us. This of course will be considered as a loan until the contracts are signed.

You will notice that reading suggests that we take same up with others who have offered to finance the proposition, and “play one against the other.”

However we do not want to do that, for as we have told you previously, we are with you 100%, and we know you are going to “put this over” quickly.

With kindest regards from both of us, we are,

Cordially, WEAVER & DRUMMOND BY

R2. 6/30/31 Leonard Emerich’s letter to David E. Kahn:

Chicago

Mr. David E. Kahn 419 Lafayette Street New York, N.Y.

Dear Mr. Kahn:

Following my telegram of Sunday night, I want to emphasize that we have been very busy on this matter and it develops our insurance contact is very much interested; in fact, to such a degree that another company, and one of the largest in the United States, is also interested with them and have arranged to send their representative here for a conference with us the first part of next week. Aside from their interest from an insurance standpoint, I am advised they are very close to certain of the large railroads and are agreeable to using their influence in that direction in our behalf. This is only incidental, however, as we are arranging our own direct contacts.

You must realize that in the preliminary work which you have accomplished thus far time was an almost negligible element inasmuch as I realize that it takes a certain amount of time to perfect certain developments. By the same token you also should realize that it takes a certain amount of time for us to perfect these various contacts, so that when we know just where we stand with the insurance situation and with the railroads we will be in a position to proceed with the final development of the machine and with arrangements for organization of such companies as may be necessary to carry on this work. Please understand that we are not losing one minute’s time in this development and will keep you thoroughly posted as we proceed. As soon as we have these matters definitely arranged I will communicate with you and arrange to meet you in New York as originally proposed. It might be well for you to advise the inventors of our progress so that they may fully understand the situation. You may expect to hear from me promptly after our conferences with the officials of the two insurance companies.

Trusting that you are surviving the heat, and with kindest regards, in which Harold Leopold joins, I am

Sincerely yours, [Signed] Leonard Emerich

Copy for: Weaver and Drummond Edgar Cayce

R3. 7/3/31 David E. Kahn’s letter to Weaver and Drummond:

Messrs. Weaver and Drummond 422 Dickson Building Norfolk, Va.

Gentlemen:

Attached hereto is a letter which I have received today from Mr. Leonard Emerich.

You can see that we are getting some very definite action now and it is only a matter of keeping our feet on the ground and doing nothing to up-set this plan, because if any conditions arise that might cause them to feel there are misunderstandings or we are not 100% together on our proposition, then all the big companies will be afraid to touch a matter of this kind.

I have just had a situation which has arisen with a concern here in New York, where they had $125,000. ready to put up in a proposition, and one of my associates called up to say he had an interest and wanted them to know it. The result is that it brought discord and the whole matter dropped, so please be sure that no commitments or conversations are had with anyone unless you notify me immediately who it was and the circumstances. I will keep after this daily until we get some action.

With kindest regards to all of you, believe me

Cordially,

DavidEKahn/BBS Encl.

cc: Mr. Edgar Cayce

R4. 7/6/31 Weaver and Drummond’s letter to David E. Kahn:

WEAVER AND DRUMMOND 422 DICKSON BUILDING NORFOLK, VIRGINIA

Mr. David E. Kahn, New York, N.Y.

Dear Dave:

We are in receipt of your letter of the 3rd inst. also copy of letter of Mr. Emerich of June 30th, and contents have been carefully noted.

We understand from our telephone conversation also letter of June 12th that you are to have a conference with these people this week at which time they are to formulate a plan and “lay some money on the table”, for our acceptance not later than July 15th.

We are not willing, and as a matter of fact cannot wait any longer than this time, as we know we can get the proposition handled elsewhere.

We want you to know that so far we have done nothing that will interfere with you in any way, and we are with you 100%. Even should your people fail to “come across” as outlined we expect to count you and Mr. Cayce in with us on the proposition.

We are still hoping that you can consummate a deal with your present connections, and only dire necessity forces us to look elsewhere for immediate cash in the event of their failure to produce same.

We believe you realize that it is our disposition to accept any proposition that you consider fair and reasonable for our group. This should give you enough leeway to proceed without fear that we will be unreasonable in any way, it being our understanding that any profit derived from any source goes into the general fund for division. However we do wish to again emphasize the fact that we cannot wait any longer for them to put up some cash, for as far as we are concerned they have had this under advisement since last November, and as Mr. Cayce says “It is now time for them to either do business or get off the pot”.

It is up to you; Go to it.

With kind regards, we are,

Cordially, Weaver & Drummond By

cc to Mr. Cayce

R5. 7/10/31 Letter to Weaver and Drummond:

Weaver and Drummond 422 Dickson Building Norfolk, Va.

Gentlemen:-

Your telegram arrived late this afternoon after Mr. Kahn had left the office. He has gone out of town and expects to be in Chicago next week on this proposition.

They have had several meetings there, and nothing can be done until Mr. Kahn gets out there and meets with them in Chicago.

You will no doubt hear from Mr. Kahn very shortly.

Very truly yours,

Secretary to Mr. Kahn BBS- cc: Mr. Cayce

R6. 7/29/31 J. F. Drummond’s letter to Dave E. Kahn:

Mr. David E. Kahn, New York, N.Y.

Dear Dave:

Mr. Lauterstein gave us a very promising report when we met him in New York last Saturday and at the same time we asked him to urge you to send a letter outlining the situation, which we have not yet received.

We are hoping to get this in every mail, as we need it badly.

We understand from Mr. Lauterstein that action from Chicago will be forthcoming this week. We hope so, and trust to hear from you immediately.

With best wishes, we are,

Cordially yours, Weaver & Drummond J. F. Drummond

Copy to Mr. Cayce

Dear Mr. Cayce:-

We went to see Mr. Kahn in New York last Saturday, but he hadn’t returned from Chicago. Mr. Lauterstein met us and reported as above.

Regards, W & D by J. F. Drummond

R7. 7/31/31 Letter to Weaver and Drummond:

Weaver and Drummond 422 Dickson Building Norfolk, Va.

Gentlemen:-

I have just returned home from Chicago today. We have had very wonderful meetings. I believe we have accomplished a great deal towards the insurance machine. We have spent nearly $10,000. so far in getting this product before the groups in Chicago who have finally given their approval of the plan. They are now going into meetings with the railroad companies to discuss the amount of money that is to be put up and to work out organization plans which I discussed with you before.

It is going to require several weeks to consummate these plans but am leaving again next Wednesday for Chicago to discuss the other details of this proposition and I will be able to acquaint you with them the week following.

I know it is very difficult and it has been a very strenuous time for you but if all of the plans which have been discussed, continue along the lines we are now discussing, you fellows will be in line for tremendous returns for the labor and worry you have put into the proposition.

I naturally do not feel like putting more money into this proposition at the present time to relieve your situation. It still requires money on the merchandising end, so it is up to you to just have patience and to get your friends in Norfolk to have patience and I am sure there will be an opportunity for all of us to cash in on these machines. I consider there will be not less than one hundred thousand of them in use, and the returns should be at least $5,000.00 a day net and more on the smaller schedule on which these big companies are discussing plans.

We have nine men in Chicago who are directors of large national corporations with whom I have been associated for a number of years, and two million dollars back of the group, so there will be no want of capital once the details are worked out. No big proposition is launched in a day and these people move slowly through their directors and officers.

So far we have been very successful in connecting with the right people and I hope we will soon have a development program which will ease your present financial condition and I will only be too happy to see that you have enough money to carry you through the rest of the year, as soon as this proposition is lined up in the new organization.

With kind personal regards, believe me

Cordially, DavidEKahn/BBs cc: Mr. Edgar Cayce

R8. 9/3/31 David E. Kahn’s letter to Weaver and Drummond:

Weaver & Drummond Norfolk, Va.

Gentlemen:

Following my letter of yesterday and answering yours of today, we have three insurance companies, who have already agreed to handle the insurance and the question is now up to the railroads with whom we have very close contact as you will note by yesterday’s letter.

The situation is this: we must have both of these angles closed up before we will know how much capital it will take to build the machines and finance the organization. The insurance end having been taken care of, we will soon have the railroad end taken care of so it will then only be up to us in the financing of our holdings company. We have people who are thoroughly able and willing to take care of this phase as soon as we can assure them that the other two phases are covered.

I expect to go to Chicago on Monday. You will note by yesterday’s letter that Mr. Emerich has been very sick but I guess by now is alright and back to work.

With kind personal regards and hoping to have some good news soon, believe me

Cordially, David E. Kahn

R9. 9/18/31 David E. Kahn’s letter to Weaver and Drummond:

Weaver and Drummond 422 Dickson Building Chicago, Ill.

Gentlemen:

I have just returned from Chicago today and following my telegram to you, I can only give you the following as additional information.

One of the partners of Halgarten & Co., investment bankers, will be in New York on Sunday. He is arranging with a very prominent designer to design four cabinets to cover the machine. The Railroad Company would not consider this machine in its present appearance and as soon as the designs are finished, we are to submit the entire picture to the Board here in New York.

I understand that the Insurance Company and the Railroad feel very encouraged about the prospects of this plan and of course, I will be very glad to give them wooden cabinet in preference to metal cabinets as they will be much more sightly in the stations.

Mr. Leonard Emerich and Mr. Leopold expect to come on next week as soon as the designs are finished. The designer just finished a half million dollar home for Mr. Emerich and I am sure that he will make a beautiful job for the insurance machine.

We are pushing it very strongly and I hope to get some quick action from this channel. Another one of the men arrive home from Europe on Sunday so they should be able to have a meeting sometime during the coming week. Now that the Fall is here, I believe that these fellows will try to push this program to a full completion.

With kindest personal regards, believe me

Cordially, DavidEKahn/BBS

R10. 9/23/31 J. F. Drummond’s letter to EC:

WEAVER AND DRUMMOND 422 DICKSON BUILDING NORFOLK, VIRGINIA

Dear Mr. Cayce:

Herewith is the letter from Mr. Kahn which we have copied. Thank you.

Wiley talked with Dave last night, but learned nothing definite.

He was asked to tell you that Dave “might” be down and you might hold those appointments open for him.

This morning we wired as follows:

“David E. Kahn, New York, N.Y.

May we meet you and associates New York tomorrow or Friday? We also have suggestions for financing that may be helpful. Please wire immediately.”

We have just this minute received this answer:

“Mr. Kahn in Springfield Thursday and Friday. B. B. Sidelman”

Yours very truly, Weaver & Drummond [signed] J. F. D.

R11. 9/28/31 See 257-74, Par. 2-A—14-A advising [257] to concentrate in next few weeks on insurance vending machine to insure largest future income; also advising as to individuals involved, etc.

R12. 10/17/31 Weaver and Drummond’s letter to David E. Kahn:

Mr. David E. Kahn, New York, N.Y.

Dear Sir:

Referring to the letter written to you a few days ago by Judge Dey, we wish to emphasize the fact that we agree with him that the time has now arrived for your parties to act, if they mean business, and to be perfectly frank, we are not in a position to wait from them any longer.

We know we can get this capital, provided you have an insurance company ready to underwrite the business - and we understand you have this practically arranged. If not, we can get one in a very short time.

Now to review our position:

We came to you almost a year ago with our proposition, at the suggestion of our mutual friend Mr. Cayce, who told us that you were the man to raise the capital, and help up put it over in short order, and we have been waiting for this ever since - but now can see not reason for waiting any longer. Mr. Cayce concurs in this opinion, and expressed himself some time ago with the statement that it is neither right nor just for us to be kept waiting in this manner.

Your people seem to have the idea that we are simply inventors with an idea, which they can continue to investigate indefinitely. However we wish to assure you - and we think that you have seen enough of us to agree - that we are business men, with considerable experience, and all we need to put over this proposition is capital.

We have investigated in every way, and know we have something that will make all of us fortune, if we get connected with people WHO WILL ACT.

It would be very nice to have all the railroads signed up, hotels, filling stations etc. also for that matter if the element of time did not enter in - but you know, and we know that we will have no difficulty in placing in choice locations all the machines we can build in the next few months - and within a very short time we can place 100,000 machines in paying locations.

What we want to know now, is not what your people are contemplating doing sometime in the distant future, but what they will do NOW. If they cannot or will not do anything NOW, let’s find someone who will - according to Judge Dey’s letter.

We understand that Mr. Emerich and Mr. Leopold will meet you in New York on the 25th - so we will ask you to arrange a meeting at that time with all parties concerned, and let us be present at the meeting - form at least a preliminary organization, and start handling this proposition in a business like way, and in a manner it certainly deserves. We think it is up to you to do this.

Please write or wire us as soon as you have this meeting arranged so we can make our plans to be there.

We wish to again state that we still have the utmost confidence in you and your ability, but we do think that you have been so busy with your other affairs you have not given us the time and consideration which we feel we deserve.

We again wish to state that all we need is capital and an insurance company, and we will have the country covered with perfect working machines in a very short time, and an organization equipped to care for them - and in our judgement we will have one of the best paying propositions in the country.

Awaiting a prompt reply, either by wire or mail, we are, with kindest regards,

Cordially, WEAVER & DRUMMOND BY

R13. 11/4/31 See 279-11, Par. 6-A advising Mr. [279] to continue conversations and negotiations in reference to the Insurance machine, indicating it to be a worthy undertaking and one which would make money. Also 279-11, Par. 9-A advising that signed agreements were necessary, and on a fair, equitable basis, before a success could be made.

R14. 2/19/32 […]‘s letter to EC: “Will you please get in touch with Weaver and Drummond and ask them to advise me what they have done so far on the Insurance Vending Machine proposition. They should certainly let me hear from them. I have an inquiry from an insurance company, and would like to get a report from Weaver and D. as to what is being done…”

R15. 2/24/32 EC’s reply: ”…About W. & D. - without getting in touch with them, I met Drummond the other night at the lecture we had in Norfolk, and he came out to see me yesterday. They are just about distracted. It seems they are unable to even get a hearing from your people in Chicago on the insurance. As to just how they tried, I don’t know, for Drummond was too wild in his statements to get anything very coherent. It seems that Weaver is about out of the picture. I don’t know what’s to become of the proposition, if anything…”

R16. 3/7/32 DEK’s reply: ”…Re. W. and D., I have a letter from Chicago from another insurance company and from the people who originally worked on the model. Will you be good enough to phone D. to write me just what they will do at this time and give me complete authority to proceed to again open this matter. I believe it will work.

I understand from Mr. Lepold the thing was badly handled in Chicago as they tried to work around me and make their deal direct…there should be no entanglements of any kind.

I do not want Judge Dey or anyone else to meddle in again. It shows you what their promises amounted to… Will you be good enough to send the attached letter to Drummond…”

R17. 3/7/32 EC’s letter to William Cravis: “Some days ago the man who owned the patent on that insurance vending machine came to me. I suggested that he write you regarding their approaching Mr. Gold [Louis] as he seemed interested in the machine when I spoke to him about it. If you want the whole story I will be glad to give it to you. It might be another one of those things where it is not worth considering, but I believe there is a lot of money to be made out of it…”

R18. 3/12/32 EC’s letter to David E. Kahn: ”…We are mailing the letter on to Drummond. I saw him a few minutes, and it seems they are in a very bad way. I don’t know whether they will ever be able to do anything with the matter or not. I’m afraid they have so involved themselves, in so many different ways and manners, that they don’t know where they are…”

R19. 3/14/32 Weaver and Drummond to Mr. David E. Kahn:

Mr. David E. Kahn, New York, N.Y.

Dear Dave:

Your letter dated the 7th through Mr. Cayce has just been received.

The status of the insurance machine is as it has been for some time, that is we have what we know is a wonderful proposition, and all we need is capital to put it over.

We found your Chicago friends cordial, but with nothing accomplished with the insurance company or elsewhere.

At present we are waiting for financial conditions to improve, and we have several persons who are interested in putting up the necessary capital when conditions are better.

We are not tied up with anyone, and if you can produce sufficient capital we will be glad to discuss with you the handling of the proposition on a business like basis. However to be perfectly frank we are not interested in dealing with anyone who cannot produce the money necessary, on account of our experiences in the past.

We received a letter from our patent attorneys a few days ago, and our patents are in good shape.

Since seeing you we have been negotiating with one of the largest manufacturers in the country, who will produce a perfect machine on a satisfactory basis.

As stated above, all we need is capital, and if you are interested on this basis, we will be glad to hear from you, and to go further into details.

With kindest regards, I am,

Cordially, J. F. Drummond

Copy to Mr. Edgar Cayce

R20. 3/23/32 EC’s letter to DEK re. Drummond: “He sent me a copy of his letter to you. I do not know what may be expected in that direction, Dave, but I do believe the proposition would be, if it is possible to be put over, a financial success from the very beginning. I do not see how it could possibly be otherwise. It may be a lack of sound judgment on my part, or short-sightedness, but I believe that it would work.”

R21. 3/23/32 Letter to J. F. Drummond:

Mr. J. F. Drummond, c/o Weaver & Drummond, 422 Dickson Bldg., Norfolk, Va.

My dear Mr. Drummond:

I am in receipt of the copies of the letters to and from Mr. Kahn. I do not know that you could have handled the situation better. I haven’t as yet heard anything from Cravis, and it may possibly be as there had already been some misunderstanding between he and Mr. Kahn and he, knowing that Mr. Kahn had had something to do with this, prefers to remain “hands off”.

As to just what your attitude should be under the existing circumstances, it is very hard, impossible in fact, for me to even suggest what would be the proper and right thing for you to do. I would like to offer some suggestion and know that I was giving proper and sound advice, but I feel very short, even on advice, at present. I would like to keep in touch with you and know your decisions, and if there is any time I am able to be of help to you, let me know.

With all good wishes to you and Mr. Weaver,

Sincerely,

R22. 3/26/32 DEK’s letter to EC: ”…I’ll see what I can do for Drummond in Chicago, as I’ve a new live lead now. I’ll let you know…”

R23. 5/11/32 EC’s letter to DEK: ”…P.S. I noticed in the Norfolk paper the other day that Wiley Weaver was drowned - fell overboard from the ferry boat - it was intimated that he committed suicide, but later denied - as someone who saw him said he seemed dizzy and sick and fell into the water.”

Background

Background

B1. See 4904-1 and 4904-2.

B2. Subject of Reading 4904-3 “AUTOMATIC INSURANCE VENDING MACHINE.”

Mentioned Entities

David Kahn, Chicago, King David, New York City, Photography (Atlantean), Book of Job, Free Will, Gertrude Cayce, Gladys Davis, Purpose, Virginia Beach

Source: The Complete Edgar Cayce Readings, A.R.E. CD-ROM (2006). Reading 4904-3, ReadingID 12925.