The McIntyre Watch Co. was incorporated in the state of Illinois on the 14th day of August, 1908. The charter was actually signed by the Secretary of State, James A. Rose on May 19th, 1909, which was the date the charter was actually filed with the state.
The original capitalization was for $200,000 of which $125,000 was Fred McIntyre's contribution of patents and intellectual property and $19,000 was unsold stock that Fred took in exchange for a demand note. Thus the actual cash paid in for the company was $56,000. Fred had a major controlling interest of 72% which gave him effective full control with over 2/3rds of the stock.
The situation did not last very long. William J. Brock who was the notary for the initial filing and who subscribed for $2,400 worth of stock had been elected President even though Fred McIntyre, H. S. Dixon and Wm. Fraser were the original incorporators and commissioners. On May 26th, 1909 Brock called a board meeting that Fred did not attend and they had a special shareholders meeting to raise the capital stock to $500,000. This reduced Fred's interest to 28.8% and effectively took away his control. There is no record of who the additional subscribers were but this appears on the face of it to have been an effective steal of the corporation by Brock. I am sure from Brock's point of view it was putting the business on a sound fiscal footing and taking the crazy entrepreneur out of control.
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