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 mortar was poor and they fell to pieces. Finally, at all points, the locks were built of stone. This experimenting was extremely expensive work and explains why, for a long time, no dividends could be paid. Up to December, 1804, the company had received $232,000, which was paid on 2,630 shares of capital stock. It had received $25,494 on forfeited shares. The tolls at Little Falls since 1796, when the works there were completed, amounted to $58,346; at Rome, $15,037 had been taken in as tolls. The sum of $12,500 had been received as a gift from the state. Of the total stock the state held $92,000, and the private stockholders, $140,000. In 1798 a dividend of 3 per cent had been declared; in 1813, a dividend of 3½; in 1814, a dividend of 3; 4½ per cent dividend was paid in 1815, 8 per cent in 1816, 3 per cent in 1817, and 5½ per cent in 1818. All receipts from 1798 to 1813 had been absorbed in improvements and repairs.