New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-05-05
FAILED FOR HALF A MILLION
JESSE II. IIpprNcoTT's ASSIGNMENT.
NE PUT HIS FAITH AND HIS MONEY IN THE
PHoNoGRArH-THE COMPANY
NOT AFFECTED.

PHONOGRArH-THE COMPANY
NOT AFFECTED.
The phonogrsph as a scientific instrument is par
tal success but as business enterprise 1t has hoU
brought fortune TO H. Lppincott the president
OF the North American Photograph Company VINO
failed yesterday. His failure brought about ny
his confidence in this invention Of Edison MI
Llppnootts obligations, II is estimated VIII amo"'.
10 S5OOOOO against which he holds stocA VI
the North American Photograph Company Vi
face valuation OF s4Ooooo The failure N"' 49,,
noanced yesterday morning, and soon A ~.
was affirmed by the assignee Frederick o. "-s
LAWYER 10 whom an individual assignment was N"uo'
ny Rochester Tumhlcr Company got the preference III
The assignment 10 the amount Of all Just anu "eA
claims now due The other creditors nainea are
Harriet E Iippncott Amos NJ LippmcoV' anu en-
H. Vance, who creditors each 70 tiie sun ~ o. NJ
and j. Adriance Bush, Of No 10 "slFs' @''O0O'
Bush is a we'll known lawyer. .. ,,,a ovs-
Tho canse Of Mr. Lppincott's failure was mo wv
.oned.re. in IRE value Of the photograph as DaSr
ss investment Some time ago he became intereS.ou
On hi. invention and no thought he saw IN IL hou io
! extcnsive operations. The company VIM" ~ a.
.ro,lsd maid IL is said, 100000 70 Mr. bNsou W. -
,cbt N sell tlas instrument, besides paying S%oooO
to others who had interests In It, MI huisop 800
.. h,,nsef the right to manufacture the phonoei 'pn
IT, coronany was organized in July, 1885 unaer Olo
Iau-s q, New,Jersey with capital oil SoVo,ooo.
t,hts amount Mr. Lippincott put UP nearly 9ooo,ooO
,ho outset everything looked bright for the com
,,.nv II sold something like forty OF my 1870 .,
r,ghts IN as many companies and the puDhc app1'.I
49, ,ebo great interest IN the photograph business
' .nSdonIv however and Mr.. Lippincott became
Az ne believed thoroughly in the future OF his IN
os,,n.nt and he borrowed good deal OF money HO'
his friends TO push the enterprise Inc aS7isi1'
created no sensation In business circies' Hii PFi
cot, is stlI sick man and is confined to MS nome "'
No 40 West Fifty-pntlst ~,
Az the office Of the assignee, No. 10 WaIlst' MI
W., Yesterday afternoon desire st to be unuer
s,ood that the failure of Mr. Lippncott is entirely
eooo, matter and that the North American tiiono-
,s,h comnany of which he is president and tile
American GrapbophOne Company, when nc lhfIasos'
are not in the least affected by H. MT LAPp"00V
borrowed money 10 invest in the stocks OF these cum
an,es thinking that rise In their value "ouu %
likely 20 occur The market value OF them mas "Vs
been up to his expectations and seeing tt nc "o.'u
nuob.bv have judgments entered against him. ne mas
tbon this course The liabilities Will not DC rar from
$500 600. estimate his assets at about S4oo'ooo'
That depends somewhat on the amount Vn"' u0 ''ON
is likely to bring the market
7 Adrance Bush, who has been Mr.. Lppinoo''s
atornev said that his client was in need OF money
80 orsoonantIy could not continue business. nc
had been Iii for several months and was UNABLE II"
attend 10 business. $780, . .,, M 1inr,,cott
nae fenced lie began business in Pittsbirg as
grocer I'm 1894 and in 1865 he began me mahulscVsT
81 i,akine powder lie conducted this business lo
Some Tnsrs In 1872 he Of the organizers Of
sIa Rochester PENN Tulnbler Company, OF which ne
now is he treasurer II is said that he has S1OOO9O
invested in ths company. In 1870 Il Is repHL.9a o mo
promised AT that time with his creditors at 40 cents on
HE dollar lie came TO this city about three years
ago. 80, ~,., ,,,os.or phonoeranh
Company now are at No. 14l6 MorTs-st Jersey lily
Formerly they were at no $50 broadway but te C0i
many moved from there In the last week OF ApII'
When Mr. Lippncot elected president OF TINS IS con-
pany he turned over 70 II the emu c lon oId vi The
American Graphophone Company, wlch ne nel1' HHr
head Office Of this company IS IN MashusIo1' CO W
llppnco,t also turned over 10 the monograph Oolr
pany a number Of patents which he owned