Mr.Reid says: "It was provided, in this original subscription, that the payment of $50 should entitle the subscriber to two shares of $50 each.

A payment of $15,000, therefore, required an issue of $30,000 stock.

To the patentees were issued an additional $30,000 stock, or half of the capital, as the consideration of the patent.

The capital was thus $60,000 for the first link.

W.W.Corcoran and B.B.French were made trustees to hold the patent rights and property until organization was effected.