, 1873-02-08


BosroN, Feb. 1.-The books Of the Union
Pacific Railroad Company, which we're tole-
g1raphod! for, arrived this morning, and B. i:
Ham, Secretary Of tho Credit Mobi1ier, and
York, proceeded to mako up tho hgnros upon
which Mr. Wilson, Chairman OF the Committee,
propoHoa to examine him:
Mr: Ham WAS recalled. and stated he had
contract on tho road botwoon Omaha and tho
1ooth meridian. It cost 912, ,97t, ,416.24 Of which
81 1904, 769.96 remained unpaid. Tho 90, 900, 900
sdn os FL fg'1 cost q S''0Suf Sne o 3
first fty-oight miles west Of the l0oth meridian
Ho knew no adjustment of the profits on tho IS
milca, but 81, ,1o4 goo wero paid on it by the
prospective profits. Tho Credit 1ioIiiior ad-
vnnced $723,G00.8 on tho Ames contract. No
adjustment was over made to witnoss' knowl-
edge, and lie know nothing Of tho cost Of tho 1888
nor Of the IS miles built on tho Hoxe contact.
There woro charged as discount on securities on
the Amea contract, according to tic Truatees
books, on 50, ia, 900 frat mortgage bonds, loss
bonds, q discount Of s9260s5.44 rho
Aseignoes of tho contract subscribed to
the Btock as provided by the terms OF tho
contract The total amount thus subscribed to
between January and July, 1870, though por-.
tton might have been subscribed for other pur-
poses. II. O. Crane and John a. Rice mado
sltbacriptions, probably On checks Of tho Union
Of stocks aRd bonds. Tho Trlsfees had ID othor ,er
bonds md stock beside those belonging to the
contract. The amount OF stock Of the Union
Pacific Railroad, sold during the execution Of
ts and aaafep r. abss %sot % te aR oee
Mobilier in Government bontB. Have examined
the balance sheets presented by Crane yos~
tt!s;rdsy, aud find tllem substantially correct.
The Trustees profits we're described as in &C.
inga and sevora1 ttoms wero testified to. Tho
summary Is as follows:
profits the Ames contract. 800 1862 0G0
Profits on tue Davis contract. 7eo21s5
IT oaH on tho Ho1le contract. b,1B8, ,232
Total profit to contractors Of entire
road In stock and securities ut their
par value. $42, 81, 1927
John 4. Rice paid into tile Union Pacific Rail-
road Company in cash, so.3esos4.oo, proceeds
Of the bonds and stock sold.
Wilson!:The aggregate profits on the Ames
and Davis contracts. ne shown By the balance
aleets exhibited by Crane, are 937, ,857, ,095 now
state how much OF that amount iB In bonds,
stock, and money?
Ham-They received on account Of the contract,
gu, 500, 800 %, 400, 600 certificates Of first mort
gage bonds, afterwards turned into income
bonds amounting to e4,425 9oo; 95.a41 900 in
sorlbod for ell 0oo. .ooo stock at pr, tie balance
being 81, $40. 1876 in caBh.
Wiison-Now will you look at tho books Of tho
Union Pacific Railroad Company and SEQ whit
11am-l should prefer to estimate it myself
and not trust myself to estimates made by
others. As found on the books 1t would take some
time. 1nsernlission was taken, and tho book
Keepers made up the answer under Hams diroc-
ton.
It WAS as follows Tho whole cost to the Com
pany appeared to be by tho books $114 093, ,728.52
an itonlized statement OF Which WAS submittod.
items ton T Of Which were also submitted. Ham con- on
tinued Tho Trustees under the Anaa and Da-
Wis contracts we're compelled, on account Of the
pressing nocoBsitteB Of the Company, to sell tho
oeun seSnfss from fssTsa tie ~ na pa e Io % e.. H.
actual amount, divided on both contracts at it's
cash value. ho should consider not worth more
than 90, 100000.
Wilsoil-IYhat securities do you refor to-?
Ham--Firat mortgage bonds, land grant bonds,
income bonds, and stock,
Wilaon.What did tho Trustees purchase land
grants Mt
llam--Ihoy bought them at IS, and sold thom
being offered in land grants 81 ,d(0 In laud
grants, ~ 600 IN first mortgage, anG $5 900 stock
wore sold together tor $4,000. Another sale
was Of 81 600 IN land grants and o., 900 in stock
stock at 10 oontB, but I Aal no authortyt to enter
i. Nothing was divided according to tho books
Tho geonritioH wore substantially sold to Irua-
toes: He admitted tho bonds were takon on con-
tracts.
Nollns, Troaeuror Of tho Company, was ro-
oallod and testified: BY special yoto on jan.
" " ~ lS3l, 1 Q. y. Bushnell was allowed to buy
s2tetSo ooo IN ,lane.grant bonds at 70: Tho
ward referred to a Committee who made ro-
port, submitted with testimony. No other
measures had boon talon to settlc With hlm.