THE FARMER'S WAR AGAINST MONOPOLIES. 67 



America it has stood at about half of that amount. 

 According to the books of the company over $50,000 

 of absolute water has been poured out for each mile of 

 road between New York and Buffalo. 



" The next step towards Chicago was one of 88 miles 

 to Erie. This was made up of a consolidation of two 

 roads effected in 1867, which went in with $2,800,000 

 of capital and came out with $5,000,000. The total 

 capital account of the company was then a trifle over 

 $3,200,000. In 1869, the consolidation of the lines 

 between Buffalo and Chicago was effected, and this road 

 became a party to it with $6,000,000 of stock and 

 $d, 000,000 of indebtedness at least 30 per cent, of 

 water in excess of all cost of construction. 



"The next step in the line is one of 96 miles to 

 Cleveland ; this was filled by the celebrated Cleveland, 

 Painesville and Ashtabula road, which, in the six 

 years between 1862-67, divided 120 per cent, in stock, 

 33 per cent, in bonds, and 79 per cent, in cash. Hav- 

 ing really cost less than $5,000,000 in money, it was 

 consolidated at nearly $12,000,000. 



" The next step was from Cleveland to Toledo, 148 

 miles. Here it was that Vanderbilt began his opera- 

 tions, for in 1866 he secured possession of this road, and 

 signalized his administration of its affairs by the issuing 

 of a scrip dividend of 25 per cent, upon its $5,000,000 

 of capital. 



" The last two roads were consolidated into the Lake 

 Shore road, 258 miles in length, in 1867; the stock and 

 indebtedness of the new company was $22,000,000. In 

 1869 the work of consolidation was perfected from 

 Buffalo to Chicago by the merging of all the connecting 

 links into the Lake Shore and Michigan Southern 



