This Psychic Reading given by Edgar Cayce at his office, 115 West 35th Street, Virginia Beach, Va., this 13th day of November, 1930, in accordance with request made by Edgar Cayce himself.
P R E S E N T
Edgar Cayce; Mrs. Cayce, Conductor; Gladys Davis, Steno. W. W. Weaver and J. F. Drummond.
R E A D I N G
Weaver & Drummond, Time of Reading 422 Dickson Bldg, 11:35 A. 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 contemplate putting on the market. You will also have those associates and individuals who have been consulted in regard to this proposition. You will answer the questions which we will ask you regarding these:
2. EC: Yes, we have the bodies, the enquiring minds - Weaver - Drummond - the proposed automatic vending machine, and the conditions as surround same. In the consideration of conditions as surround same, in regards individuals who have been consulted as respecting financing for the various conditions as surround same - THESE, as we find, rather as an outline than as specific activities on the part of those holding patents, promissory patents, etc:
3. The whole proposition presents many interesting, as well as unusual factors in many ways. Those holding the patents and those building, or financing the building of machines, should be an interlocking corporation, and there should be a separate contract for underwriting of insurance vended. This would have many features that would make same most attractive, both to the insurance companies and to the individuals handling the proposition. Ready for questions.
4. (Q) Is the Automatic Insurance Vending machine ready to market? (A) Ready to be BUILDED FOR marketing.
5. (Q) What is most advantageous plan to market proposition? (A) As outlined, that the holdings company of patents - and the builders of machines - be an interlocking corporation. Then, at the same time, there may be the contracts with insurance companies for the underwriting of insurance distributed.
6. (Q) Should the insurance company buy machines or only sell insurance? (A) As given, best that these be kept separate for many reasons; for insurance companies are organized for selling
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insurance, not for selling VENDING machines! Then the interlocking corporation, as holders of patents and the distributing of machines, be the holdings company for THAT operation. This will prevent the activities of others obtaining similar patents for distributing insurance in like or similar manners, see? So that, when - or should there be - and of course there will be many changes wrought in the manner of construction, in the various classes of machines as would be builded - THEN there could be those PROPER handling of basic patents - as some of these ARE - that are held on such machines, see?
7. (Q) What will be best insurance company to handle proposition? (A) There are MANY that may be considered. These are only as ones to approach: ANY that make a SPECIALTY of accident insurance, that have sufficient capital, and that are of a reputation that is unquestioned. These should be considered first. As Travellers, as National, as International, as Lloyds (this could be considered best), as ANY of those that make a specialty of same. The NATIONAL presents an ideal one, on account of the manner in which servicing of same, would be most or best considered; as would Metropolitan in another field in which THAT may become interested. Any of these - for these will be considered, see?
8. (Q) When will be the best time to approach them? (A) When a machine is built and it is shown how it may deliver the product!
9. (Q) Will Joe Blume and Al Blume firm in New York be able to handle this proposition satisfactorily? (A) They may AID in same, and their associations and connections may be influenced, but DO NOT give same WHOLLY in their charge until it has gone farther along.
10. (Q) What basis should Drummond and Weaver deal with David E. Kahn? (A) This should be on a basis of that as is presented in an operative measure; that is, each are furnishing - or will furnish - a portion of a service, and on THAT basis should there be the proper consideration given each; for one is as necessary to the other as the other is to the one.
11. (Q) What basis shall Kahn suggest to insurance company? (A) These would rather make their own rates! and would be very apt to! Make the best rates with, as an underwriting basis, see?
12. (Q) What bankers should be seen on this matter? (A) That would depend considerable on the insurance companies, or company - for they make it companies - that would handle the proposition; for there are few of the STRONG insurance companies that haven't already banking
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connections that are UNQUESTIONED, and THOSE would be the ones MOST interested in the proposition. The FIRST proposition is to BUILD a machine, even whether hand built, machine built, or what!
13. (Q) What organization should be formed and how should they function? (A) It has been given that there should be a HOLDINGS company, or two - these being interlocking; those holding the patents and rights, and those BUILDING the machines for distribution, see?
14. (Q) What improvements can we make on the machine? (A) These would merely come as the DEVELOPMENTS are made. As laid out, WE find it would work, would deliver - and that's what's necessary!
15. (Q) What are the best selling arguments? (A) As to the great amount of distribution of insurance at the least cost to the insurance company, and at the least cost to the man insured - and those are irrefutable!
16. (Q) How much capital should we raise to handle the matter fully and satisfactorily? (A) Couple of million.
17. (Q) What legal protection to we need now to proceed? (A) These have all been set right, but it will be NECESSARY for the proper legal attention to be given in the setting of an interlocking HOLDINGS and an interlocking DISTRIBUTING company that will be protection. This is where legal advice would be the MOST necessary.
18. (Q) Is this machine fully protected against competition of a similar nature? (A) No one ever would be! It is protected in basic PRINCIPLES, which - as has been given, is the main reason for there being an INTERLOCKING - see? Get what this means! An interlocking holdings company, of those holding basic patents and the distributors; so that, when there might be MANY machines eventually - or different machines eventually distributed by the SAME COMPANY to OTHER insurance companies, or in other fields. You are not given the full right, except as in that special TYPE of machine. When types or changes are made, they may be made to other fields too.
19. (Q) What is the best manner of distribution? (A) That would be determined a great deal by the company who was underwriting the insurance; that is, they may be in cooperation, and in those fields and those centers where there is the best opportunity for the first SERVICING. Then they would be extended in their various fields and manners, for they will cover a GREAT territory. Those that
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apparently now represent, or present the BEST fields - would be found later in other centers to mean much more. See?
20. (Q) Would Max Hammerling and his father be of advantage in this deal? (A) Max Hammerling's influence and abilities as an advisory capacity in the legal phase would be MOST helpful in this handling, or in the handling of this proposition - and the INTERESTS as represented BY the father or associates would be helpful in the financing, provided those conditions, those agreements between the two holdings companies - or the interlocking holdings companies - were set properly.
21. (Q) Please advise David E. Kahn how to handle this matter. (A) It's laid before him here! Then just go to work and do it!
22. (Q) Any other advice to these bodies regarding this? (A) This should be taken in an idea of being able through such channels to render a service to many, and if that idea and ideal is kept - rather than "how much I may gouge the other fellow" - the proposition can be made to become most worth while, for the laborer is ever worthy of the hire. It should make ALL associating self with same independent! and WILL, if kept on that basis! FROM the financial standpoint.
23. We are through for the present. Copy to Weaver & Drummond Two copies to Ass'n office - Edgar Cayce's personal file Copy to David E. Kahn (one of these later sent to DEK, as he lost his copy)