[D8848AFD], Letter from Samuel Insull to Alfred Ord Tate, December 10th, 1888
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Title
[D8848AFD], Letter from Samuel Insull to Alfred Ord Tate, December 10th, 1888
Editor's Notes
"I have your favor of the 7th which came to hand whilst I was away from New York. I think you will find several difficulties in the way of doing what you want to. Do you intend that the North American Phonograph Company should pay the experiments amounting to $25,046.54, i.e., that after they get control of the Company they will find this liability and will have to discharge it, or do you intend that this amount shall be deducted from the $500,000 which Mr. Edison receives for the Phonograph Company's stock? Of course, if the latter is intended there is no object in putting the account on the books of the Phonograph Company. If you want ot pursue the former course I am very much afraid that you will meet with misunderstandings with Mr. Lippincott and his colleagues when they get control of the Phonograph Company and find such large liabilities. I should say that the impression of Mr. Lippincott was that $500,000 would buy the Phonograph. Was not that Mr. Edison's original intention? The turning of the deal around and mking it a sale of stock was simply done to protect Mr. Edison in case Mr. Lippincott should default on his payments. I would like to discuss this matter with you before you take any action. Perhaps I may not understand it fully. On the other hand, I would like to have you think over the points raised above." Yours truly, (should be signed) Saml Insull
Author
Recipient
Date
1888-12-10
Type
Folder/Volume ID
D8848-F
Microfilm ID
124:468
Document ID
D8848AFD
Publisher
Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University