_bonhomie_ which would have carried him successfully into the business
centres of the seaboard cities, and brought capital largely and
cheerfully to his feet. Of personal magnetism, indeed, except in private
intercourse, where he was eminently delightful, he had, at this period of
his life, none. This made his work difficult, especially with railroad
men. Yet the Telegraph could not have been entrusted to more genuinely
honest and able hands. On the part of those he represented this
confidence was so complete that their interests were committed to him
without reserve."

Professor Gale and Alfred Vail joined with Morse in entrusting their
interests to Mr. Kendall's care, but F.O.J. Smith preferred to act for
himself. This caused much trouble in the future, for it was a foregone
conclusion that the honest, upright Kendall and the shifty Smith were
bound to come into conflict with each other. The latter, as one of the
original patentees, had to be consulted in every sale of patent rights,
and Kendall soon found it almost impossible to deal with him.

At first Kendall had great difficulty in inducing capitalists to
subscribe to what was still looked upon as a very risky venture. Mr.
Corcoran, of Washington, was the first man wise in his generation, and
others then followed his lead, so that a cash capital of $15,000 was
raised. 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. Meanwhile an act of incorporation was granted by the