New-York tribune., 1873-01-20
which he said could get. and that therefore, that was
no reasonable for the Company treating MN aS
they had done.


PURCHASE OF STOCK.
As result OF this conversation had an interview
with Mr.. oakes Ames I inquired of him If there were
not s. 900 Credit Mober stock that could have nc
said: mo- You declined subscribe for IT, and II mas
been disposed Of" replied that had been informed
that that amount and more was undisposed of anu 'n
could have so shares he replied that the stock was u
posed Of and that whoever had told me what hHi
stated was mistaken communicated the result OF tns
interview to Mr. McComb who said that II was just Ae
Ames and that II he could take care OF himself ana
friends everybody might whistle for their rights
said See Ames again, and tell him that there is ho
mistake about the matter, and that tMeComb) kno"
there is not :" did Mr. Ames again, who salu tha'
Mr. McComb's statement not true and repeated MS
former statements then asked him II 1t could not DC
arranged that could get the stock; he reped tna'
he did not believe that could be- but that he was soon
going to New-York and would what could be done'
some time afterward Mr. Ames told me that he
had arranged for 10 shares for me AT par anu
per cent ex prior dividends that that was the best ana
most he could do theD but he would see he coud uo
any more took the ten shares and asked hai 10 ar
for the rest II he could but more was araDgeu
for; when / subsequently told Mr.. MeComb he salu'
"Wel that another Of his trcks he don't want " uo
any bettor but If you insist 1t he will and that nc
Nir. McComb) wanted the stock on the ground noor'
lust as the rest had theirs had talked so much TO
Mr. Ames that concluded 10 await his movements tna'
ANYTHING further would look much like importantly;
but as have stated, he arranged for any more
Stock and the ten shares were on my hands, heid ne
stock until in the Winter Of 1862 when SOFA
it, the reason which will state; good deal ot con-
tention had sprung up among the parties Interested ID
the Union Pacific Railroad and the Credit MoDher rea-
tive TO the mana of the affairs OF the said conpa
MES and an effort to be made at meeting OF the
stockholders Of the Union Pacific Railroad Company I'D
March, 1862 to change part Of the Board of Directors
my opinion was asked for concerning the rlght oi
stockholders in the Union Pacific Company to vote
shares held by them regardless Of proxy which was
said 10 run with stock under the terms OF the con-
tract and agreement existing between said company
uhe Credit Mober) and certain parties designated as
trustees in order 10 enable me TO understand the qes
ton submitted copies OF certain papers were placed IN
INV hands some of which have now in my possession
and among which were the contract of oakes Ames oI
the first part T. c. Durant Oliver Ames, John b. Aey
Sidney Dillon, c. S. Bushnell, Henry S. AcComo, ana
BENJAMIN S. Bates, Of the second part; the Credlt
Mobier of America, of the third part, an agreement
between the aforesaid parties OF the second part III
which they bound themselves to vote their own stock and
for which they held, and should hold proxies, whlch
was represented to embrace all that issued or 10 DC
issued under the Oakes Ames contract in the manner
provided in the agreement, and other papers not
bearing directly on the question submitted l exam
ued the question and gave opinion 10 the effect that
stockholders OF the Union Pacific stock could vote their
own shares regardless Of the proxy running with It, and
that the affairs OF the corporation could not be ted up
in the hands of a few individuals in the way at
tempted by said contract and agreements, and that
the scheme of the Credit Mober one which might
render every officer and director of the Union Pacific
Railroad Company which was party to 1t accountable
to the latter company for the profits aecruing to him
| from the construction contract.
WHY HE SOLD OUT.
Down to the time these papers were placed IN my
hands knew almost nothing Of the organization and
the details Credit Mober. Of the value OF its
stock but then that there abundant ground for
further trouble and litigation and as one OF the results
sold out my interest and have at 10 time since been In
any manner interested in the Credit Mobier, did
at any time in have any interest OF
kind or character said Company other than herein
before stated so far Mr.. Ames is concerned, his
action the resultof my application TO him for the
purchaseof thestOck My action was induced solely by
the conversations had with McCOmb who actuated
as understand. by what he denounced as gross in
Justice practced him by the Company, and it was
well known TO both of them, as it was TO everybody
that my connection with Congress would end with my
third The reports of the testimony given before
this Committee as published IN the newspapers, show
that Mr. MeCOmb has testified that he had requested Mr.
Aes 10 letme have Credit Mobier stock Not one
word Of thsever TO my knowledge from him, Mr..
Ames any other person, except as have related in
this statement and desire here to recall the fact that
when the transaction above related occurred the
whole country resonded with praises Of the energy
manifested by the constructors of the Union Pacific Rail
road They had pushed the work with great vgor and
under great difficulties In March, 1863 the chief
gineer in reviewing the difficulties attending, told the
country that during the past two years the road had
been built through the Indian country with all the tribes
banded together and bostile best and abest men
had been killed. cars, stations and ranches burned
our men driven off and our stock stolen. Graders and
trackayers temen and station-bunders, have had to
sleep under guard and have gone their work in the
uic dshn nd OF
cal tools hand and their rifles in the other, and
they have often to drop the and the other The
graders went their work soldiers, stacked their
arms by the cuts and worked all day by hostile bands OF
Indians in view, ready 20 pounce upon them, and kill
and scalp any unlucky or negligent person who gave
them opportunity" Down to this time the interest
on the bonds advanced by the Government had been
paid by the Company, and with only about 400 miles Of
the road completed There had been saved to the Gov
in the cost Of transportation for the year 1867
900. Every person seemed satisfied with what
being done, and asonshed the results produced
These facts together with recognized high character
of most OF the genemeneonnected with the enterprise
sufficient to satisfy any person unlearned the
data which those yersed in the secrets OF the Credit
Mobnier in purchasing stock in either company pos
sessed; and it will be remembered that the praises OF
what being done sweled until they burst forth in
the ringing OF bells and firing ofcannons all the
country. ..
The witness then testified, IN answer TO questions OF
Judge Poland that he sold the stock carrying the diy
dends with II TO the best Of his memory he realized
profit of 80 900 the stock knew nothing about any
other members Of Congress having held stock as Gov
ernment director OF the Union Pacific Railroad he de-
sired to enter his protest against the reports gong
round the country that the Government would lose Its
investment in that road he had no doubt the road
would be able to pay back every dollar neither Mr.
Ames Mr.. McComb. any else attempted to inhu
ence the action Of witness a member OF Congress did