y thus organized, should follow established precedents,
stockholders should hold annual meetings, elect a board of directors,
and adopt bylaws and rules for the conduct of its affairs. The
directors thus elected to be not less than thirteen in number, two to
be added to their number by appointment of the President of the United
States. The Board of Directors to elect the officers of the company
and exercise supervision.

The Board of Commissioners met in Chicago in September, 1862, and
organized, electing W. B. Ogden, President and H. V. Poor, Secretary,
as called for in the charter, and subscription books were duly opened.
There was no disposition on the part of moneyed men to subscribe for
the stock and it was only owing to a few public-spirited men coming in
and taking the two thousand shares that the Charter did not lapse.
When the necessary stock had been subscribed, a meeting of the
stockholders was held in New York City, in October, 1863, at which a
Board of Directors were to be elected,--a strange situation confronted
them, there being no man or set of men who were able to assume
control, although there were no lack of cliques who were desirous of
doing so, but these were largely irresponsible parties either lacking
in the necessary capital or not command the confidence of those who
did have it.

Something had to be done, and accordingly thirty men of more or less
prominence were elected to the position of directors, some of them
without their knowledge and some declined to serve. The Company was
accordingly organized October 30th, 1863. General John A. Dix, who was
elected President, had been a member of the Cabinet and later a
general in the United States Army, was a man who was universally
respected. The position was not of his seeking, and he gave notice he
had neither the time nor inclination to give active attention to its
affairs and the burden was practically assumed by the Vice-President
Elect, Thomas C. Durant. But two hundred and eighteen thousand dollars
the ten dollars per share called for by the Charter on two thousand
one hundred and eighty shares had been paid in and further funds were
not obtainable. Agitation was kept up and due representation made to
Congress, resulting in an amendment to the Charter being passed. After
the passage of the Supplementary Act in 1864 made necessary by the
failure to secure funds, it was still regarded as an unpromising
investment for the reason that investors c