The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-08
THE BOSTON INVESTIGATION.

Judge Wilson Exam ming the Books Of
the Union Pacinc-The Whole Cost Of
the Road SII4, O33, 72s 5X-Closc Of the
Investigation mt the Hub-Thc Books
To BE Sent to Washington.
BosroN, Feb. z 1873
The books of the Union Pacific Railroad Company,
which autographed for, arrived this morning, and
Mr.. B. +. Ham, Secretary of the Credit Mobilfer and
Auditor of the Union Pacific Company in New York,
ceeded to make up the figures upon which Mr.. Wilson,
chairman Of the committee proposed to examine him.
Mr. Ham recalled and stated that he had searched
the the the Hoxie the
between Omaha and the Tooth meridian; II cost 4-
6, of which 81 9769 remained unpaid the OO0
note given account of this ndcbtcdncss the cost
OF building was 81 1885, could not give the cost Of the
first fifty eight miles OF the Tooth meridian he knew
10 naS rE rs On On. nc miles mil but
advanced s72s 500 thc Xmcs contract adustment
nothing the Of the rs completed miles included in
the the noxe nSl there e, miles built on
DISCOUNT SECURITIES
on % iissS arst mo1aags bonds Sss Of ISL ana
on oo goysrnmen bonds discount Of $sa G,s;
BY the terms S Of the The total
pcTgn might have been ubscflsed for other pafpo.ss;
tons probably checks Of the Union Pacas COMPANY
bonds the trustees had other bonds and stock besides
sS Ss ps S Sn e e.
cution Of the Hoxe contract $4,000 600 million and
vh hRo the @
senied by Mr. crane yesterday and find them snbstan,
And stock %hsh NJ Sfsn; the foot
ngs' and the several items TEN . Were sssthed to-
is TIE A%es contract go
tract profit 70 Ma Of the en-
! cash s ss he piSsssd' bonds
Mr. wiison-rhe aggregate profits on the Anes and
Rs Sy l sre 81 g. s: aoS . sas hsw
mSGh q that amount Is bonds stock and
s% ss:'
o1 az psr e Se and
s2seiss in cash 49," ~ p"'' WIG '"'""'e 0''"s
I look che r ssst Of s
to be the cost OF the whole road
rus! to the estimates made by others as found
the books i would 2. some tine &C.
up the answer under Mr. HAMS direction 1t was as io
THE WHOLE COST TO THE conrAsr
appeared to be by the books sllios572s an tcmized
build ST. Dos sss the items Of which were also sub
Mr. liam contlnued-The trustees under the Ames and
Davis contracts compelled on account Of the press
BY them large discount from the amount pad for
its cash value should consider worth not than
Mr Wilson-what securities do you refer tor
Mr.. Ha-Flrst mortgage bonds, land grant bonds. In
Mr. Wiison-What did the trustees purchase the land
grants atr
other securities the FIRST meriage bonds being offered at
S. 600 sold together for ~ 900; another sale
was $1,000 in land grants and 5000 in stock Tor ss
the bonds placed at 90 cents and the stock at 10
cents hut had no authority 10 enter II nothing was
divided according to the books the securities were sub
stantaly
He admitted that bonds were taken on the contracts
lie also made explanation of the shortage bonds
In March, 1862 he was instructed to lock W hi safe and
leave New York until he sent and he did notre
turn until July, when, making up his account, he dis
covered the shortage. Large amounts had been depo
tied in places collateral prior to his depart
and every effort had been made since TO discover
HOLDER BONDS
without success though the coupons regularly pre-
sented and paid.
Mr.. Rollins, the Treasurer OF the company, re-
called and presented list OF directors aud officers from
the organization to the present date; also solution
passed in 1869 authorizing the sale OF $1,000 90 each OF
first mortgage and land grant bonds the first at eighty
five and the latter at fty-hvc the shareholders to take
precedence in the purchase, and the remainder 20 be
offered at public and private sale at not less than the
prices stated the sale placed in the hands Of
mittec OF ve-Mcssrs W. T. Glidden, Cakes aud Oliver
Ames, Is. r. Bates and Brooks. by special vote
January 49, 1871 Mr.. G. $. Bushnell was allowed TO buy
e. land grant bonds at seventy the matter
SETTLEMENT BUSHNELL
was afterward referred to committee, who made q