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 The subscription books of the new company having been, as the law required, opened on February 8, 1785, a summons was issued for a meeting of the subscribers at Alexandria, Virginia, on May 17. The meeting having been called to order, Daniel Carrol was elected chairman and Charles Lee, clerk. The books being opened, it was found that Virginia had subscribed for two hundred and sixty-six shares, the Richmond book showing one hundred shares, the Alexandria book, one hundred and thirty-five, and the Winchester book thirty-one; Maryland had subscribed for one hundred and thirty-seven shares, divided as follows: Annapolis, seventy-three; Georgetown, forty-two; Frederick, twenty-two. The total shares were therefore four hundred and three, giving the company a capital of £40,300. President and four directors of the Potomac Company, as it was known, being ballotted for, George Washington was elected president, and Thomas Johnson, Thomas Sim