[HX89044], Agreement, North American Phonograph Co, Jesse H Lippincott, Thomas Alva Edison, July 22nd, 1889

Item

Abstract

Agreement made July 22nd 1889 ## First, The agreement of October 30 1888 which indebted Lippincott to Edison to the amount of &175,000 is hereby cancelled and annuled, as of the date thereof, and the said Edison hereby re-delivers to Lippincott 11,850 shares of stock in the Edison Phonograph Company, together with 6,100 shares of stock in the capital of North American Phonograph Company. ## Second ## Edison is released from any and all obligations to buy the Hemenway stock, for $22,500, and Lippincott's indebtedness is reduced by that amount, from $87,500 to $65,000 with interest on the latter amount from December 1 1888. ## Third ##A promissory note dated December 1 1888 payable October 31 1889 , with 6 percent interest per annum, is to be given to Edison and endorsed by Lippincott's Company. Edison acknowledges the receipt of this note. Lippincott has the right to pay before maturity. ## Fourth ## Edison holds 11,850 shares of stock in the Edison Phonograph Company which Lippincott has delivered, to be held as security for the payment of said note. Edison has full voting power on this stock. If Lippincott defaults Edison will sell the stock and keep the amount of money owed him by Lippincott, handing over the surplus.

Date

1889-07-22

Decade

1880-1889

Type

Identifier

HX89044

Folder Set

HX89

Title

[HX89044], Agreement, North American Phonograph Co, Jesse H Lippincott, Thomas Alva Edison, July 22nd, 1889

Microfilm ID

145:319

Publisher

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