[HM89AAL], Agreement, Edison General Electric Co, Sherburne Blake Eaton, April 1889


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[HM89AAL], Agreement, Edison General Electric Co, Sherburne Blake Eaton, April 1889

Editor's Notes

Summary: This is a contract for the Edison General Electric Company to acquire all of the shares of stock in the Edison Machine Works, the Edison Lamp Company, and Bergmann & Company. Since S.B Eaton owns a controlling share of stock in these companies, he is to buy the remaining stock for the purpose of selling it to the General Co. The parties agree: 1) Details the prices at which Eaton is to purchase the rest of the stock, and the prices at which the General Co. is to purchase the stock from Eaton in turn. 2) Arranges for stock of the three shops to be paid for in General Co. shares, and deposited into the Farmers’ Loan and Trust Company of New York. It then details the percentages of stock to be deposited in the Trust. This agreement is called “Exhibit A.” 3) All stocks, cash and Trust Certificates provided for in the Trust Agreement are to be received and deposited by Drexel, Morgan & Co. without passing through the hands or custody of Eaton. This is Exhibit C. 4) Everyone involved in the deal is responsible for their own fraud or misconduct, but not that of anyone else. 5) The General Company is not bound to purchase stock from Eaton if Eaton does not acquire the stock as rapidly as required, the Board of Trustees may at any time vote on the stock involved in this deal, and the Company is not bound to pay for any stock until Eaton has secured 50 percent of the stock of each shop (or the agreement to sell at least one half). Exhibits A, B and C are attached. Text: Typed in the original.




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