The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1872-09-20

received from the Railroad Com
pany:
United States per cent bonds S27 ,o37, 900
U p. r. r. frst-mortgage bonds 27,237, 900
Receipts of the road from 1866 to 1869
(estimated) 5000, 900
Total $57,474, 900
This sum, MIR. Ames and his associ-
ates in the U. p. Il. r. voted to Mr..
Ames and his associates in the Credit
Mobilier, for building the road. The
actual cost of the road was $25, coo
per mile, or something less than &c.
Geo. It will be seen, therefore, that
the profits of the Mohil;er were
great. In the organization of the
Credit Mobilier, Mr.. McComb sub
scribcd for certain shares for himself,
and some for the FAINT. The latter
failed to pay, and his stock was assigned
to McComb. In course Of time the
dividen Is were enormous; the capital
stock was increased and divided among
the original holders. An irregularity
in the transfer was taken advantage of
of by the managers, and they declined
issuing to McComb certificate of the
stock subscribed for by FAINT. And it
was in a suit before the courts in Penn
syvania, concerning these shares, that
the whole inner history of the Credit
Mobilier came out.
From the evidence it appears that
the Credit Mobilier paid out, from
April 10, 1866, to April 1, 1867, as
dividends, 270 per cent stock Of the
Unian~ Paciic Railroad Company.
FROM Jan. 1, 1868. to Dec. 10, 1868,
the dividends were as follows:
500 per cent in stock of the Union Paci-
fc Railroad.
$50 per cent in frst-mortgage bonds Of
the Union Pacific Railroad
So per cent in cash.
II per cext in stock OF the Credit Mo-
bilier.
When the dividend in stock of the
Credit Moblier was issued, at the be-
ginning of 1868, Mr.. McComb demand
ed the FAINT stock and its increase.
Mr.. Oakes Ames informed the Company
that it was necessary to place some Of
the stock with certain parties, in order
to help the road, and finally it was
agreed that, without prejudice to Mr..
McComb's claim, 247 shares of the
Credit Mobilier stock (par value $lOo
each, but worth 5000, was assigned
to him, as Trustee, to 'locate." In
the distribution of these shares, there
was considerable discussion among the
managers, and much correspondence.
Ames had his lists, which were discuss
ed, and finally he furnished list Of
those shares actually placed, and sug-
gested how he intended to dispose of
the others. This list, thus furnished
by Ames, was as follows:
BLAINE, of Maine 8 900
PATTERs ON, of New Hampshire3 900
WILSON, of Massachusetts 2 900
s. COLFAX, Speaker 2 600
SCOFIELD and KELLEY, of
Pennsylvania 2 900 each
ELIOT, of Ma ssachusetts 5000
DAWES. of Massachusetts, 1900
FOWLER, of Tennessee 1900
BOUTWELL,, of Massachusetts 1900
BING HAM and GARFIELD, of
Ohio 1900 each
In Ames' letter to McComb, which
will be found in another column, he
states: II have used this when it will
produce most good to us, l think" In
the other letter he says: Il have
assigned, as far as I have gone, four
from Massachusetts,; one from New
Hampshire: one, Delaware; one, Tenn
essee: one-half, Ohio; two, Pennsyl-
vania; one, Indiana; one, Maine; and
have three to place" This confirms the
list, except that later he had to give
the Ohio members one each, and gave
one to the elder Bayard, of Delaware,
who left the Senate in 1850.
It appears from the evidence that, at
the time Of this present, the accrued
dividends amounted to several hundred