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in 1897, he was rich both in money and in the affection of his friends. pass out of its history. Thomas Sanders sold his stock for somewhat less Within five months from the signing of the agreement, there had to be a reorganization; and the American Bell Telephone Company was created, than a million dollars, and presently lost most of it in a Colorado gold than a million dollars of gross earnings. into the National Geographical Society. He was a Colonel Sellers whose expected to possess. Thomas A. Watson resigned at the same time, finding employed four thousand workmen and had built half a dozen warships for country. Its pioneer days were over. There was no more ridicule and his factory to the Bell Company in 1881 for more money than he had ever dream of millions (for the telephone) had come true; and when he died, As for Bell, the first cause of the telephone business, he did what a himself no longer a wage-worker but a millionaire. Several years later Charles Williams, in whose workshop the first telephones were made, sold mine. His mother, who had been so good a friend to Bell, had her fortune Western Union, and hastened to join in the grand Te Deum of applause. hundred new towns and cities were marked on the telephone map, and a telephone boom that the Bell System was multiplied by two, with more the first dividends were paid--$178,500. And in 1882 there came such the United States Navy. impossible for a man of his ardent temperament to be idle, he plunged he established a shipbuilding plant near Boston, which grew until it doubled. Gardiner G. Hubbard withdrew from business life, and as it was incredulity. Every one knew that the Bell people had whipped the At this point all the earliest pioneers of the telephone, except Vail, with six million dollars capital. In the following year, 1881, twelve