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 allowed, in the future, to take up land without first having paid for it—settlement to be made afterward in proper legal form. The land under all locks was vested in the company owning the locks.

It would seem from Elkanah Watson's account that, when these subscription books were opened for signatures of prospective stockholders, there were absolutely no subscribers forthcoming. "They had been opened three days by the committee," he wrote from New York where he happened to be in April (?), "at the old coffee-house, and not a share was subscribed. I considered the cause hopeless—called on my friend (I think it was) James Watson, Esq., and induced him, with much pursuasion, to subscribe twenty [?] shares; from that moment the subscriptions went on briskly. On my arrival in Albany, the commissioners had kept the books open several days, at Lewis's old tavern, in State street, and no mortal had yet signed to exceed two shares. I immediately subscribed seven in each company"