Lot 24: George Westinghouse signed document

RR Auction

RR Auction

2017-10-02 11:42:00

Lot 24

Significant manuscript DS, one page both sides, 8.25 x 13.25, May 27, 1871. Historic contract "between George Westinghouse and George Westinghouse Jr.," in which "the said George has this day by deed & by Bill of Sale sold assigned transferred & set over to the said George Jr., all the right title claim & interest of the first named George in & to all the estate & property real & personal of the firm of G. Westinghouse & Co. for the sum of $25000, whereof the said George Jr. has this day paid the first named George the sum of $8333.33 having unpaid the sum of $16666.67 the payment of which last mentioned sum has been secured by the notes of the said George Jr. delivered to the first named George, said notes being each in the sum of $8333.33 with interest one payable at the end of one year & the other at the end of two years from this date. Now for the further security of the payment of said notes, the said deed & Bill of sale instead of being delivered to the said George Jr. are herewith delivered to Jay Westinghouse to be by him held for the benefit of both parties hereto and to be by him delivered to the said George Jr. upon the payment by said George Jr. as it becomes due of the notes falling due one year from this date…But from this date the said George Jr. is to have & enjoy the full possession income & profits of the property and business conveyed to him as aforesaid & shall have & hold the same as owner until said deed & bill of sale shall upon the conditions aforesaid be delivered to the first named George." Signed at the conclusion in ink, "George Westinghouse," and by his son, "Geo. Westinghouse Jr.," the latter also signing a set of three 2-cent stamps affixed to left side, "G. W. Jr., May 27, 71." In fine condition. In 1856, George Westinghouse, Sr., established "G. Westinghouse & Co.," a shop for making for making agricultural machinery, mill machinery, and small steam engines. Westinghouse, Jr., grew up in his father's machine shop, where he honed his talents in engineering and business; he was 19 years old in 1865 when he created his first invention, the rotary steam engine. In 1869, at age 22, Westinghouse, Jr., invented the railroad air brake. Although he took a financial stake in his father's company with this document, his brothers Jay and John managed Westinghouse & Co. Westinghouse, Jr., set out on his own with the Westinghouse Air Brake Company, capitalizing on his first major innovation. He would go on to found the Westinghouse Electric Company in 1886, the "Westinghouse" company for which he is most well known today.

Estimate: $8000-$10000

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