Shipmans was first a stationary store, but Asa Shipman was very quick to notice the genius behind Lewis Waterman's channel feed fountain pen. He made a partnership with Waterman and leant him $6,000 and a space in his store so that Waterman could move out of the Cigar store where he had been working. The deal soured quickly and Waterman moved out and into his own office at 155 Broadway. However Waterman was unable to repay Shipman right away and under the deal Shipman was allowed to use Waterman's patents to make and sell his own pens.
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