[HM89AAN], Agreement, Samuel Insull, Sherburne Blake Eaton, Edward Hibberd Johnson, Farmers Loan and Trust Co, April 1889


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[HM89AAN], Agreement, Samuel Insull, Sherburne Blake Eaton, Edward Hibberd Johnson, Farmers Loan and Trust Co, April 1889

Editor's Notes

Summary: This is an agreement made between the Farmers’ Loan & Trust Company, Sherburne Eaton, and Edward Johnson and Samuel Insull regarding the deposit of shares in the Edison Machine Works, the Edison Lamp Company, and the Bergmann & Company. This details “Exhibit A” as laid out in HM89AAL. 1) The Loan & Trust Company agrees to issue Trust Certificates as against deposits made by Eaton, Johnson and Insull, and Drexel, Morgan & co. 2) The total value of the deposits will be $2,250,000, or 22,5000 at par value of 100 dollars each. Johnson and Insull are limited to $875,000 deposits, as is Eaton. 3) Drexel Morgan & Co. can request Trust certificates at amounts they wish, and the Trust Company keeps a register of the same. 4) The Trust Company holds the said shares of the General co. until the later shall earn 8 percent of its entire capital stock, meanwhile all dividends and shares of stock are to be contributed to the General Co. 5) Whenever 1) the net earnings of the General Co. are 8 percent of the entire capital stock and 2) a dividend is declared upon the outstanding stock of no less than 8 percentum, the Trust Co. receives 22,500 shares of stock held by it, and pays over the same to the registered holders of Trust Certificates, and it will exchanges certificates of stock for its trust Certificates, surrendering the latter to the holders to be cancelled. 6) The Trust is to exercise voting power on all of the stocks it holds, provided that it calls a meeting of all holders of at least 10 percentum of stocks, advertising this meeting in a New York City paper, and delivering a list of the holders of its Trust certificates upon request by anyone holding at least 10 percent. 7) All parties to the agreement are only responsible for their own fraud and misconduct, not that of anyone else. Exhibits A, B and C are then 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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