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 could not feel any assurance that they or their friends would have any voice in the management of affairs or control of the Company. The capital of the Company was fixed by the supplementary act at one hundred million dollars, (one million shares at one hundred dollars each), consequently any interest holding over fifty millions of the stock would be paramount and vice versa. Until it was determined who would be in control, investors fought shy. Under the Charter the subscription books must remain open until the completion of the road, making it possible for outsiders to wait until the road was near completion and then step in and by large subscriptions acquire control.