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By 1883, the machine was perfected and patented in 1884. Meanwhile, Clephane had formed the National Typographic Company for manufacturing it, with a capitalization of $1 million and named Mergenthaler as manager of its Baltimore factory. The company became the Mergenthaler Printing Company in 1885. It had its first "commercial demonstration" on July 3, 1886, before Whitelaw Reid of the "New York Tribune", who exclaimed "Ottmar, you've done it again! A line o' type!" from which it got its name: the Linotype machine.