He was so welcome that Hubbard joyfully gave him everything he asked--a perpetual right to the whole State of Michigan.

Balch was not required to pay a cent in advance, except his railway fare, and before he was many years older he had sold his lease for a handsome fortune of a quarter of a million dollars, honestly earned by his initiative and enterprise.
By August, when Bell's patent was sixteen months old, there were 778 telephones in use.

This looked like success to the optimistic Hubbard.
He decided that the time had come to organize the business, so he created a simple agreement which he called the "Bell Telephone Association." This agreement gave Bell, Hubbard and Sanders a three-tenths interest apiece in the patents, and Watson one-tenth.

THERE WAS NO CAPITAL.

There was none to be had.