64 HISTORY OF THE GRANGE MOVEMENT; OR, 



lands, farms, town lots and labor upon the road.' Of 

 the whole road as it stands we are told that, of the 

 $18,663,876, now representing the cost of the road and 

 equipment,' etc., the shareholders contributed in cash 

 only about ten per cent., or less than $2,000,000 ; and 

 their contributions in cash, bonds, notes, lands and per- 

 sonal property, labor, etc., amounted to something less 

 than $4,000,000, or rather more than twenty per cent, 

 of the present cost of the work. The difference between 

 this sum and the capital stock, as now shown by the 

 books of the company, is made up of dividends which 

 were paid in stock, interest on stock paid in stock, 

 premium on stock allowed to stockholders at the time 

 of consolidation, which was paid in stock, and a balance 

 of stock still held by the trustees. 



" This, however, was in the early days of the enter- 

 prise, the days of doubtful success, when the stock was 

 thought worthless, and was almost given away. But 

 in 1866 a new era dawned upon the Fort Wayne road ; 

 it began to pay dividends. In 1870 the stock of the 

 company, the history of a portion of which has just 

 been given, stood at $11,500,000, while its indebted- 

 ness amounted to about $13,600,000 more, being in all 

 some $1,150,000 above the cost of road and equipment 

 as they stood upon the books of the company. In June 

 of this year a lease was effected of the entire property 

 by the Pennsylvania Railroad Company. The Fort 

 Wayne stockholders had their option between annual 

 dividends of 12 per cent, on the stock then in exist- 

 ence, or the more moderate rate of 7 per cent, on a 

 proportionately increased amount. They wisely chose 

 the latter, and forthwith the $11,500,000 of stock be- 

 came $19,714,000, while the road, which was claimed 



