The Portland daily press., 1873-02-10
the fresh delights offered us at the gay Capitol
were acceptable to our saddened hearts.
M f. H
The Credit Mobilier Investigation in
Boston.

The investigation by Hon. j. NJ. Wilson,
chairman of the Union Pacific and Credit Mo-
bilier Committee No. 2, which has been in pro-
gress in Boston for three days past, was con-
cluded Friday afternoon. Mr.. b. f. Ham, sec
retary of the Credit Moblier and auditor of the
Uaion Pacific Railroad in New York, was the
witness. He stated that the cost to the Union
Pacific Railroad Of the road built under the
Hoxie contract from Omaha to the Tooth mer-
idian was S12, ,974, 416.24, and $1,9S4, 7699o re-
main unpaid From the books OF the Creuit
Mobiler it appears that the cost Oh the ho2le
contract to the contractors was Sh6o6, lo3.33.-
Mr. Ham said he was unable to give the cost of
tba ~ miles west of the Tooth meridian, and
stated there never was any settlement with the
Credit Mobiler on account OF this 5S miles, but
there was paid the Mobilier $4, 104 900 on ac.
count of the Oakes AmeS contract In reoard
To the interest of the Credit Mobilier in tba
Ames contract, he stated they were to have the
profits on this 5o miles and q Der cent but
there was no move by which he could ascertain
the proflts OF the 58 miles Mr. Ham said that
$oio'ey!.9 ~ VI was advanced on the contract and
that the Credit Mobilier advanced S723 606 so
Inc total amount subscribed on account of the
Ames contract was 30,960,000 the subscrip-
tons being made by III. G. Crane assistant treas
urer, and John A. Rice, the latter of whom had
money to his credit on the books of the Union
-eSAtO 4eetillOou, NulCu tuS nau re-
celved at different times from the sale of bonds
by Rice. The trustees received this money
partly on account of the contract. and partly
from what was derived from the sale of stocks
and bonds. The company found itself with a
large floating debt which they must wipe out
and they sold these securities to the trustees
and the trustees sold them to stockholders.
The trusteee first had s4,000000 stock on hand
on account of the contract. Then they pur-
chased bonds of the company on account of the
contract. They then had stock to go to work
with. They then sold this to various persons,
from which sales they got the money which was
placed to the credit of Rice, and so they have
money account and an account ON contract
About $5, 900, 900 of stock was sold on account
of the Hoxie contract, but the company sold
nothing but government bonds while the Hoxie
contract was being executed. After it was
completed they dis posed of all these first mort
gage bonds but sold only 81 ,250, 900 of them to
the Credit Mobiler Mr.. Ham said the trus-
tees profits were in stock and bonds, amount
ing to $42, ,825, ,327, as follows: Profits on the
Ames contract, $29,854 800; on the Davis con-
tract, 81, ,S02, 1885, and on the Hoxie contract
So, 168, ,232. The profits on the Ames and Davis
contracts were S37, ,657, ,095, eivided as follows-
3777 first mortgage bonds, for which they re-
ceived $3,999, 300; 4400 certificates for first
mortgage bonds, which were afterward convert
ed into income bonds amounting to $4 425, 600;
5S41 income bonds, amounting to 81, 4S6, 600.-
There was subscribed for $24, ,O0O, ,000 worth of
shares for stock. The balance was received in
cash, $2,346 ,195