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continued by Mr. Lodge immediately after his return to Chicago, and that they finally resulted in a sale of 350 shares to Max Lewis, and the execution of the trust agreement dated November 10, 1908, placing the control of the company in two trustees. Max Lewis testifies that the negotiations for the sale of stock to him were commenced eaily in the month of September. Lodge's testimony shows that these nogotiations were continued tbronghout September (Lodge, pp. 476 to 477; pp. 522 to 523); and on cross-examination he admitted tliat on September 18, ll»08, negotiations for the sale of the stock to Max Lewis were then pending (Lodge, p. 524).
The evidence conclusively shows that substantially all the cash that was ever paid int(j the treasury of the George Melies Company (with the exception of the trifling amount advanced by Carter or L(jdge for promotion expenses), was contributed by Max Lewis, and that before he put up a dollar the trust agreement above referred to was executed. This agreement (Deft.'s Exhibit 7) will be found read into the record on pages, 165 ff. This agreement is executed between Max Lewis, party of the first part, and Lodge and Carter as parties of the second part. It recites in substance that Lodge is the owner of three hundred and seventy-eight shares of the George Melies Company, capitalized at $75,0u0, of the par value of $100 per share, that Carter is the owner of 50 shares, that Max Lewis is about to purchase 320 shares from the company at par upon the terms and conditions therein expressed, and is about to purchase 30 shares from said Lodge, and pay him tliercfor ^3,000, all u|)on tlie following conditions:
First, that the stock of Max Lewis when so purchased and delivered shall, with the stock of Carter and Lodge, be deposited with 'Ihomas F. Howe and R. W. Dunn of Chicago, as trustees, to be held by them under the terms and conditions of a certain other agreement of even date thereto attached and made a pait thereof and marked Exhibit A; second, that the royalties payable to George and Gaston Melies under their contract with Carter and Lodge, dated August 3rd, 1908, shall be paid