New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-02-08
TESTIMONY OF b. r. HAM.
fGBNBRAL PRESS DISPATCH. |

TESTIMONY OF b. +. HAM
Mr. Ham recalled and stated that be had searched
the books for the OF the Hoxe contract on the road
between Omaha and the Tooth meridian. IL cost
S2o7in6 a. OF which 81 .99l7G9l96 remained unpaid;
the note was given account Of this indebted
ness the cost OF building t7,sO61s3 49, could not
give the cost of the first miles west of the 1Ooh me
rdian: he knew Of no adjustment Of profits the SO
miles but 3IOiOOO were paid IL by the Credit Mo
bier on y per interest and prospective profits;
the Credit Mobier advanced t7236OO 80 on the Ames
contract; no adjustment was ever made to witnesses
knowledge and he knew nothing OF the cost OF the l5
completed miles included in the Ames contract, nor
OF the SO miles built on the HoIie contract; there
were charged discount securities IN the Ames con
tract according TO the trustees books sl5OOO first
mortgage bonds. loss Of S5l70 Os and on Si6OdOO
Government bonds a discount Of S3260S5 a. the assg-
pees OF the subscribed TO the stock as PROVIDED
by the terms Of the conract the total amount thus sub
scrbed TO the and Davis contracts was $OOOO6OO
between January 1863 and July 1870, though portion
might have been subscribed for other purposes MI H.
C. Crane and Mr. John A. Rice made the subscriptions,
probably on checks OF the Union Pacific Company repre-
eptng the proceeds of the sales Of stocks and bonds
the trustees had other bonds and stock beside those be-
longing 10 the contract the amount OF stock OF the
Union Pacific Railroad sold during the execution Of
the Hoxie contract S,OOO0OO, h,250O0O
Of which went to the Credit Mobilier in Gov
eminent bonds; have examined the balance sheets
presented by Mr. Crane, yesterday, and ind them sub
stantay correct The trustees profits described
az in securities and stock OF which Mr. Crane gave the
footlngs and the several items testified to- The
summary is as follows Profits on the Ames contract,
s29s5l O6O on the Davis contract 1885, and on the
Hoxe contract t5Gs32 total profit 20 the contractors
OF the entire road s2 s25327 in stock and securities at
their par value. Mr.. John A. Rice paid into the Union
Pacific Railroad Company in cash. ,56303i 3d. the pro-
ceeds OF bonds and stock sold.
Mr Wlson-The aggregate profits on the Ames and
Dawes contracts shown by the balance sheets exhb
tied by Mr. Crane s37 657 O95 state how much
of that is in bonds, stock and money A. They
received on account the contract g. 900 first mort
gage bonds amounting TO t3399,3OO A,4O0OOO certif
Gates of first mortgage bonds afterward turned into
income bonds, amounting to AI250O0 S,s 900 income
bonds amounting *3,4s6GOO; and subscribed for sl4
OOO stock at par the balance being aSiG95 in cash
COST OF THE ROAD
Mr. Wilson-Now will you look at the books OF the
Union Pacific Railroad Company, and see what appears
20 be the cost OF the whole road A. should prefer 10
estimate myself and not trust myself 10 the estimates
made by Others as found the books II woud take
some time.
An intermisson was taken and the bookkeepers made
ND the answer under Mr.. Hams direction. II
follows
The whole cost to the Company appeared be by the
books tl4 72s 81 itemized statement Of which
submitted The actual cost TO build tl 2Oa39 49,
the items OF which were also submitted.
Mr. Ham continued The Trustees under the Ames and
Davis contracts were compelled account Of the press
ing necessities OF the Company 20 sell securities received
by them at 80 large discount from the amount paid for
them that the actual amount divided both contracts,
at its cash value should consider worth not more than
100000.
Mr. wilson-what securities do you refer 10 A. First
mortgage bonds land grant bonds. income bonds. and
stock
O. What did the trustees purchase the land grants at
A. They bought them at IS and sold them with other
securities the bonds being offered at S. o. 900
in land grants, 1900 In first mortgage and 5000 stock
sold together for $4,000 another sale Of 81 900
in land grants and $4,000 in stock for $500 the bonds
placed and the stock 10 but had
authority 20 enter 1t nothing was divided accord
ing the books the securities substantially sold
20 the trustees.
He admitted that bonds we're taken on tho con
tracts He also made explanation OF the shortage on
bonds IN March, 1862 he instructed to lock mp his
safe and1eaye New-YOrk until be sent for, and b.
did not return until July. when on making up his ao
count he discovered tho shOrtage large amounts had
been dePositoa various places collateral vS0s u