376 HISTORY OF THE GRANGE MOVEMENT; OR, 



pun and this place and had a good opportunity to con- 

 verse with him about the Grange, the work it has ac- 

 complished and that which it proposes, and, as he ex- 

 pressed more fully than any one else I have met, the 

 sentiments of the farmers on the transportation and 

 other questions, I shall repeat in part the substance 

 of our conversation. Very naturally our discussion 

 turned first to the railroads and their relations to the 

 farmers. 



" I had just been examining the last report of the 

 Wisconsin Secretary of State in regard to the operations 

 of the railroads of the State for the year 1871, and re- 

 marked that I found no evidence that the railroad com- 

 panies of Wisconsin were making any money. The 

 dividends declared were less than three per cent, on the 

 cost of construction and equipment; only two roads in 

 the State paid anything to their stockholders, and the 

 net earnings of the roads before either paying interest 

 on their bonds, laying aside ten per cent, to keep up 

 the road; or paying any dividends, amounted to only 

 little more than one per cent, on their cost. The fol- 

 lowing are the figures, although I did not quote them 

 at length to Colonel Cochrane : 



"'Total length of road reported, 2518 T Vn miles; op- 

 erated in Wisconsin, 148oT 4 o5 miles; operated elsewhere, 

 1033T 5 u miles; total cost of roads and equipments, $95,- 

 190,374.01 ; capital stock subscribed, $24,712,098 ; capi- 

 tal stock paid, $57,879,836.82; indebtedness of roads, 

 $45,896,647.54; total receipts and amount due compa- 

 nies, $22,260,085.67; of which there was earned in 

 Wisconsin, $7,623,904.60 ; expenditures less interest, 

 new construction and dividends, $10,832,545.98 ; total 

 net earnings, $11,427^537.69 ; cost of road and equip- 



