The New York herald., 1871-01-10
i Liberal Extension Granted by The Parties
Holding the AmGs Paper
Ehe liabilities Of AL the Ames Con-
Germs, go, ,4se,o75, Against
Assets Of SIS .2a7, ,164.
DOW the Union Pacific Railroad
Happened to be Built.
DosroS Ian. q Is

financial reclamation, ana olHeFS nave reported
him beng only temporarily embarrassed, with
assets nearly doubling his liabilities The creditors
OF MIR. Ames OF the firms with which ne is
connected, held an informal meeting one day last
week and appointed committee 10 examine into
the condition OF affairs and the prospects OF the
obligations being met If an extension was granted.
The committee appointed consisted OF Elisha Atkins
Franklin Haven, James II. Zeal, John b. Alley John
7. Coolidge, George B. Upton, T. W. Walker, b. E
Bates and Seth Turner and the result Of their inves
legations was made known at special meeting
called here to-day.
Creditors TO the number OF nearly hundred were
present, and II is probably no eyaggeration to say
that there never was larger representation OF
wealth before assembled. Not less than hundred
milncns. AT the very lowest estimate, probably
represented by individuals as individuals, to say
nothing about the vast amounts represented by
gentlemen who appeared as officers OF banks ana
corporations
John b, Alley OF Lynn, formerly member OF Con.
gress from Buffers district chosen chairman
OF the meeting and Seth J. Turner. OF Boston, was
elected secretary. Mr.. Alley, after a few prelimi-
nary remarks, submitted the following report OF his
committee
At the solicitation OF Messrs Aes and their friends
eSs %e o sa%s n ,e r. a
sae their shas and the result OF their inrestisa
chiefly the thai much time would be saved and
csschua element IN
Ibe liabilities are so large the property involved SO I'm
and OF description thai the best OF all
required that there should be no unnecessary delay in agree
The committee hnd upon an examination the liabilities and
MT. Oates An,es' Indebtedness and liabilities
OF this amount sioo Sco !: secured BY coia
erai estimated 10 be worth at its market
value about -. .'......S .Sss'oossS'Sv s'ooss'o
Dt unsecured debts
His assets amount lossl sss
assnoes after paving ali his debts ''''0' %
M b. r' M we Of egSrd Ear r1srerT as a
reasonable time is given TO dispose OF Il.
II is estimated that Oliver Anes Sons endorsers
upon he Obligations Of oases Anes to the extent OF about
oliver Sons accounts. sss5 3ss 81
esve % y asss ssu ,o he 1 aSn9a @ as e rom Mr. oeo %
oaies Gmes Leaving balance OF assets or os
This We regard As moderate estimate OF their property
The liabilities Of the Arnes Plough Company :,
rir + .%sssi as5si aPs .seo.a ss sass
fse kihscy IRON ana Machine Company Ia5ni
ties s5Ss y
Tsarns fesr assss sssac: a,s sass s S S
oerns--oakes Ames Oliver hnes Sons,
Ames Pow Co., and Kinsev Iron 4 Machine 80 -. ;.
Cos are s,tsg.o 80
Whcb leaves ~ balance . az sissosa IS
This private properly of the members
Of the frm of Oliver Ames sons, except that OF oakes
Tha, would swell this balance to considerably above
We feel that ia this estimate everything valued no higher
man y wl erns under prolef ana na,cios sn,,nn
of properly most OF it exceedingly valuable, ami II
Their properly S;Scui and heir 5u:
ass e haqe no seson e n sans most anaaasedy that
S BE- 1fT p s n nee fe T high ere ae
he a rss m % IsSo and @
se nay Is IL 5sn3g g time m e ii ,, TO I ss,aT sT
necessary 10 protect the interests all while the
ntttee Do not feei that 80 long time as .ney pro-
parties with whom they are dealing, they feel tina,
resent q I END hat the eredors grant an extension
Q! twelve eighteen and twenty mouths. win Interest Int
tes ranted this extension and allowed TO manage
ths indebtedness will be quia.ed before the expiration Of
the lime proposed.
When Mr. Alley had finished reading the foregoing
report he addressed tn meeting follows
Now gentlemen, wish TO say few words In be-
han OF Oakes AInes 1t is due to him, 10 you his
creditors, and TO The community, that he should be
SindIcated and an explanation made why ne ijnds
himself in this position. What say now is without
his knowledge and upon my own responsible
sert without fear of contradiction, but for
him, his boldness, his courage, his energy, that
greatest of achievements In ancient or modern en-
terplises-the building OF the Pacific Railroad
would not to-day nor for long time to come, II
ever, have become an accomplished fact.
hesitate not 10 assert tnat il the national govern.
ment, which saves many millions annually by Its
construction, had been faithful TO its Obligations
as he and those with whom he is associated IN the
management and direction OF this read have been 10
1t. lie would not have been obliged TO asksat your
hands the accommodation winch his necessities
now demand.
Instead Of denunCiati0n and abuse the builders OF
this road had q right expect the cooperation and
gratitude OF both government and people. But con-
lentions factions, rival interests and wicked
Spectators have done their worst to misrepre-
sent them and poison the public mind in regard
10 Its construction and managemenL ,a,,a ara
back-mailng, plundering and swindiing legal
raids upon IT'S operations, to impair its credit
that Mr. Ames, assisted by few others, was COM
pelled TO take il upon his herculean shoulders sew
era times, and lift It out OF Difficulty. To do this he
Invested largely In It's securities. and ths demand.
lately made By the government, just as the road
was getting into good position, and ''out OF tbe
woods and he fet that he should soon realize
sometlng near their real value, reduced tneir mar
ket value so much that with all his other burdens he
Was obliged - Succumh.
The demand was as unexpected and sudden as 1t
was unjust; ior, / venture 70 say, no iair minded
man VINO was IN Congress ~ the time the oils m were
dreamed OF such demand being made
py the government. TO be sure The real
demand OF the government Is not 50 very
burthensome, aud ought not 60 have seriously
affected the securities, but the misapprenenson OF
the puUlio with regard 20 the extent OF the de-
nand has reduced their market value very ma
teriaily. II you WIN pardon me, will briefly
Into thls enterprise. He was a member Of
The Pacific Railroad Committee in Congress, and
importance to this nation of having railroad
across the oontnent-and you all remember
dispensable Hp 1t was regarded. / remember
well that President Lincoln said to me. one day,
safety Of the nation, as well as 10 the material
interests Of the country. that ne should 30 for
almost any bill that the capitalists oi tue country
would accept snd agree 10 build the road under
The first bill passed by Congress provided that the
whole Of the earnings Of the road IN the service OF
the government should be appropriated TO the pay
mcnt Of the bonds and interest.
Tsey found they could not induce capitalists to
hllla the road under that bill, and they returned
Ihe next year and got II amended 30 that only one
haU OF the earnings IN the service OF the govern
pient should be retained and also tnat tne govern
ment lieu should be o second lien.
Mr. Ames on the committee, and favered the
bill. de came 10 me and asked me TO support It.. !
but, OF course, he was on that committee ano hdd
examined 1t thoroughly and should defer 10 lis
judgment
I remember his reply distinctly, that he did NOT
thlDk ~ toV much " give lthem; II was ol mestl-