[D8848ADZ1], Letter from Thomas Alva Edison to Jesse H Lippincott, September 28th, 1888

Item

Abstract

"I acknowledge the receipt from you this day of your four promissory notes as follows: [list of 4 notes dated Sept 28th, 1888] ### To secure the payment of these notes I have received from you on deposit the following things. ### An order on your Metropolitan Company, of New York City, for $10,000, payable on or before October 10th, 1888. ### A similar order on your New England Company, of Boston for like amount and payable on like dates. ### Eleven thousand eight hundred and fifty shares (11,850) of stock in the Edison Phonograph Company, represented by six certificates, endorsed by myself and others in blank. I am to hold this stock as security for the payment of your notes with full voting power thereon. It is understood that the present Board of Directors of the E.P. Co. shall remain as at present, with such changes as I may see fit to make until this stock is either forfeited or turned over to you, also that upon payment by the said Boston Co. and the said N.Y. Co. severally, fo the respective amounts mentioned above; the E.P. Co. will grant those two Companies a full and complete license for their respective territories, under all the phonograph patents it has, subject to the contract with me and the Edison Phonograph Works for manufacturing. ### Should you default in payment of any of your four notes mentioned above, I am to have the right to make such disposition of your security as I may see fit, accounting to you for any surplus. In that case, you are to forfeit the $125,000. in cash already paid me. ### As regards the Hemenway stock of 150 shares you may when you pay your last note, if you do so, retain $22,500 for yourself to take care of that stock if it has not already been taken care of." Signed in T.A. Edison's name.

Date

1888-09-28

Decade

1880-1889

Type

Identifier

D8848ADZ1

Folder Set

D8848

Title

[D8848ADZ1], Letter from Thomas Alva Edison to Jesse H Lippincott, September 28th, 1888

Microfilm ID

124:421

Publisher

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