[HX88023D], Agreement, Jesse H Lippincott, Ezra Torrance Gilliland, July 17th, 1888


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[HX88023D], Agreement, Jesse H Lippincott, Ezra Torrance Gilliland, July 17th, 1888

Editor's Notes

Summary: These are copies of agreements between Gilliland and Lippincott, dated July 17th and October 5th, 1888, having to do with the deal to sell Edison’s stock and Gilliland’s contract. In this document, Gilliland sells his contract with the Edison Phonograph Company, to Jesse H. Lippincott for one dollar and “other valuable considerations. ## This, provided that should Lippincott fail to purchase stock in the North American Phonograph Company and make payments provided in a June 28th 1888 contract, then the rights and interest of Lippincott is only the amount he actually paid proportional to the total sum of $250,000. ## Cable Message If Lippincott agrees to conditions named in a previous cable, he pays $25,000 cash and gives three notes worth 50,000 each with Gilliland’s stock as collateral. Tomlinson’s friend, Lawyer Kitchen, will draw the contract. Western Union Cable: “Dear Sir: the word ‘Linestock’ is registered by this company as your cable Address.” Agreement between Lippincott and Gilliland: Whereas Lippincott owes Gilliland $150,000: In exchange for one dollar and other “valuable considerations,” the debt is modified as follows: Lippincott delivers Gilliland three promissory notes for $50,000 through January 1889, and Lippincott is to deliver Gilliland 3,847 shares in The North American Phonograph Company valued at $100 per stock—or, Gilliland has the option of retaining one $65 share in the company for each $65 of debt Lippincott owes him. (Signed by Lippincott, Gilliland, Attorney, and Witness, and notarized as well)








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