tain. There would be, therefore, no object in abstracting them. My impression is that the books are mislaid; that is all. The stock-ledger is correct.

By Mr. SHELLABARGER:

Q. How was this stock in the Credit Mobilier taken; were there books pened, and an opportunity given to the public in general to come ino and take stock?-A. I do not know; that was before my time.

Q. Was there ever any time after you became connected with the company when such an opportunity was given?-A. No, sir. When I became an officer of the Credit Mobilier Company the subscription-list was completed, or nearly so.

Q. After you became an officer, what additions were made to the subscriptions?-A. About three hundred thousand dollars.

Q. By whom was that stock taken ?-A. It was taken by parties who were entitled to it.

Q. At what dates ?-A. The first was June 1, 1867, Williams & Guion, $16,000; the next was John B. Alley, June 29, $5,000; W. H. Macey, $500; G. G. Gray, from the 2d to the 15th July, $69,000; December 16, Thomas C. Durant, $165,500; December 17, George Francis Train, $6,000; December 20, Thomas C. Durant, $7,500; December 26, Thomas C. Durant, $5,000; December 18, David Jones, $13,000; January 18, 1868, Henry C. Crane, trustee, $6,000; February 29, Anna Dodge, $1,000; March 11, Charles H. Neilson, $5,000; April 1, Oakes Ames, trustee, $9,300. That is all the money I received on account of stock. That makes the amount up.

Q. No original stock has been taken since that which you have just named?-A. No, sir. The stock was then made up to its full amount, $3,750,000.

Q. That includes the 50 per cent. which was added and allowed to the original stockholders?-A. Yes, sir.

Q. You spoke in your testimony about a dividend of 12 per cent, that was made for two years-6 per cent. a year. Out of what business did that dividend arise?-A. A portion of it must have arisen out of the business of the Hoxie contract, and a portion of it arose out of the profits of the Oakes Ames contract up to a certain period.

Q. So far as you know, did the Credit Mobilier ever embark in any other enterprise, or lend its credit to any other enterprise than in connection with this railroad?-A. No, sir.

Q. Never?-A. No, sir.

Q. Then there was no other source of income except under the Hoxie contract or the subsequent contracts?—A. No, sir; except its capital stock.

Q. Did it ever loan out any of its capital otherwise than toward forwarding this enterprise?-A. No, sir; it may have done so originally. Q. Not after it changed its name?-A. Not after it came into the hands of the present owners.

Q. Was that stock ever offered in the market?-A. I presume it can be bought now.

Q. Was there ever a time in which it was offered in the public market or quoted for sale ?-A. No, sir; it never was on the stock-list. It never was dealt in on the stock exchange.

Q. What is the first sale that you know of having being made of that stock at its full value?-A. I cannot recall any one.

Q. You know of no sale at all being made at its full value?-A. Not of my own knowledge.

Q. There is no time at which you can give us the true value of the stock, from any transactions in it, of your own knowledge?-A. No, sir; because I never dealt in it myself.

Q. You never heard any of the members of the Credit Mobilier say what its value was, or what they were able to sell it to strangers at, who had no interest in purchasing it except as an article of merchandise?-A. I may have heard them say, but I paid no attention to it.

Q. Can you not recollect now any sales that were made?-A. No, sir. There were very few sales made. I do not think there were a thousand shares sold.

Q. You stated a while ago that there were no dividends ever made by this Credit Mobilier as a corporation, except for the two years you men tioned-A. Yes, sir.

Q. But that all payments that were ever made as profits from the Oakes Ames contract were made directly to the stockholders of the Credit Mobilier, but not through the corporation?-A. Yes; it was paid to individual stockholders.

Q. Did all the stockholders participate alike?-A. Not unless they signed a certain agreement.

Q. Were there any who did not sign it?—A. I do not know; I had nothing to do with the books.

Q. You were the auditor of the Union Pacific Railroad Company?— A. Yes.

Q. What were your duties in the office?-A. I had charge of the books and accounts of that company; I kept them.

Q. What amount of subscription to the capital stock of the Union Pacific Railroad Company was, in fact, paid up from first to last by the several subscribers to the stock of that company-paid up in cash, according to the requirements of the act of Congress?-A. The original subscribers, the men who took the thousand-dollar shares, sold their stock to the Credit Mobilier, except, perhaps, two or three. The Credit Mobilier bought up that stock and held it.

Q. Was your answer that the Credit Mobilier bought up all the stock except from two or three subscribers ?-A. Yes; except from two or three parties who held on to it; and that was a very small amount.

Q. When did that transaction occur?-A. The Credit Mobilier commenced buying at once.

Q. What was the "at once?"-A. The books show that they commenced buying stock of the Union Pacific Railroad Company on December 1, 1864. They commenced buying stock from the first stockholders.

Q. Was that done by the Credit Mobilier as a corporation, or by the members thereof?-A. It was done by the corporation.

Q. As such ?-A. That is what the books show-that the corporation bought it and paid for it.

Q. At what rates?-A. The books show that they paid the full value for it.

Q. Par value?—A. No, sir; the stock was not paid for in full; but only $5 or $10 a share was paid.

Q. Did they ever pay up the balance at any time?-A. Yes; they paid up the balance, and made it a full-paid stock before they issued it to their stockholders.

Q. Who paid it up?-A. The Credit Mobilier.

Q. And issued the stock to whom?-A. To their stockholders; or sold it to them. My recollection is that they sold it to them when it was a 30 per cent. stock. They bought the stock when there was, say

20 per cent. paid on it, and they continued to buy it all along until they bought it all.

Q. The stock was issued to somebody, was it? A. Yes.

Q. To whom was it ultimately issued by the Union Pacific Railroad Company? Was it issued to the Credit Mobilier or to their individual stockholders?-A. It was first issued to individuals, and, when the Credit Mobilier bought it, it was issued to the Credit Mobilier. As fast as they bought it, it was transferred, and new certificates made out in the name of the Credit Mobilier of America.

Q. Was all the stock issued to the corporation, and not to individual members ?-A. To the corporation, and not to individual members.

Q. And that was done after the Credit Mobilier had become owners of the great body of the stock?-A. It was done at different times. According as the Credit Mobilier bought the stock, it was transferred. Q. What do you mean by transferred ?-A. It was put in the name of the Credit Mobilier of America.

Q. But the certificate was never issued to anybody until it was paid for?-A. Yes; they had scrip certificates, or receipts, on which they were required to pay ten per cent.

Q. When did it come to pass that the Credit Mobilier had substantially all the stock of the Union Pacific Railroad Company?-A. At the time of making the Oakes Ames contract they had substantially all of it. There were, perhaps, eight or ten men who had not sold their stock. Q. How did the Credit Mobilier make payments to the Union Pacific Railroad Company of the hundred per cent. on the stock subscribed?A. That was before my time.

Q. Can you tell from the books?—A. I can examine and see.

Q. Do you know whether they had come to own all the stock before the Oakes Ames contract was assigned to the trustees?—A. Substantially. There may have been eight or ten men who had not sold their stock, but not more than that.

Q. Do you know who were directors of the Union Pacific Railroad Company at the time of this assignment?-A. No, sir; I do not.

Q. Do you know whether they had retained any of the stock of the Union Pacific Railroad Company or not?-A. No, sir; they did not retain any of the old original stock.

Q. What is the difference between the old original stock of the Union Pacific Railroad Company and something else?-A. The old original stock consisted of thousand dollar shares, subscriptions made by these different individuals before the organization was effected. That stock was all bought up by the Credit Mobilier, and new certificates of $100 shares were issued under the act of 1864.

Q. Were the $1,000 shares canceled and re-issued as $100 shares?— A. Yes, sir; ten shares for one.

Q. When was that done?—A. As fast as they were bought up.

Q. When the re-issue was made, were the certificates issued to the Credit Mobilier as a corporation, or were they issued to individuals?— A. They were issued to the Credit Mobilier as a corporation.

Q. And the stock is held, so far as you know, now by the Credit Mobilier of America?-A. No, sir.

Q. How is it?-A. The Credit Mobilier made a dividend of 6 per cent., payable in stock of the Union Pacific Railroad Company at 30, and it also sold Union Pacific Railroad stock.

Q. Can you give us the payments that were made from time to time in the shape of dividends or profits to the individual members of the

Credit Mobilier?—A. I have stated that these dividends were entirely out of my jurisdiction. They were in the hands of the seven trustees. Q. You got the same dividend as the others got on your son's shares?— A. No, sir; not that I know of. I do not recollect anything about that. Q. I thought you stated that yours was about the same as the rest?— A. No, sir, I do not recollect anything about it, because I paid no attention to it.

Q. Then you have no knowledge, either as auditor of the Union Pacific Railroad Company or as an officer of the Credit Mobilier, about the dividends made to the shareholders of that company?-A. No, sir. Q. You were never connected in any way with the lettings of the work of the Union Pacific Railroad?—A. No, sir.

Q. Were you an auditor of the Union Pacific Railroad Company at the time of the contract with Oakes Ames in 1867?—A. Yes, sir.

Q. What contracts had been let before that date?—A. I had nothing to do with that part of the business.

Q. Do you know anything about it?-A. I do not.

Q. Was there any more than the one Hoxie contract?-A. That was the only contract which the company had made for building so many miles of road.

Q. Do you know, as a matter of your own knowledge, or from the statements of the directors of the Union Pacific Railroad Company, what inspections or surveys had been made of the line of road that was covered by the Ames 'contract prior to the letting to Mr. Ames?— A. No, sir; I had nothing to do with inspections or surveys.

Q. Who made the surveys and inspections on which the Union Pacific Railroad Company let that work to Oakes Ames?-A. General Dodge was chief engineer of the company.

Q. Are you able to state, from your own knowledge, that that survey was made throughout the entire line covered by the contract, and a report and estimate made?-A. No, sir; I do not know anything about it; I had nothing to do with it.

By the CHAIRMAN:

Q. Did the Credit Mobilier hold a majority of the stock of the Union Pacific Railroad Company at the time this contract with Oakes Ames was made?—A. No, sir; it did not.

Q. After the stock was re-issued to the Credit Mobilier, what was done with it by that company?-A. That company sold some of it to its stockholders, and then it divided some of it.

Q. Did it sell any of that stock to persons other than its own shareholders?-A. No, sir; not to my knowledge.

Q. Then the stock of the Union Pacific Railroad Company which was issued to the Credit Mobilier, as you have stated, was either sold to the stockholders or divided out among the stockholders of the Credit Mobilier as dividends?—A. Yes, sir.

Q. Did the Credit Mobilier hold any portion of that stock at the time the contract with Oakes Ames was made?-A. Yes, sir; it did.

Q. Can you tell about what proportion?-A. It held 1,970 shares at that time.

Q. And how many shares were there altogether at that time?-A. That I cannot state; our books do not show that.

Q. At that time, what percentage of the Union Pacific Railroad stock had been paid in in cash?—A. All had been paid in to the Union Pacific Railroad Company in cash. The charter did not allow them to issue stock in any other way except for cash.

Q. How much is the stock of the Union Pacific Railroad Company?A. $36,000,000.

By Mr. SWANN:

Q. What amount of the stock had been issued at the time of the contract with Mr. Ames?-A. That is what I stated I did not know. I have not the Union Pacific Railroad books here.

WASHINGTON, D. C., January 14, 1873.

OAKES AMES sworn and examined.

By Mr. HOAR:

Question. What property has been paid over to the Union Pacific Railroad Company by the United States Government under the acts of 1862 and 1864, and other acts relating to that road?-Answer. We have been paid, I think, $16,000 a mile to the foot of the Rocky Mountains. Q. How much in the aggregate?-A. About $27,000,000 of bonds in the whole.

Q. How much in value in land?-A. That is hard to say. I think we were voted twenty sections to the mile. The Government has given us about one-fourth of it, and withholds the other three-fourths.

Q. How many sections does that make?-A. We have got the land certified to us for 250 miles, at twenty sections to the mile. That would make 5,000 sections..

Q. And how much remains, as you understand, to be conveyed to you by the United States Government?-A. Three times as much.

Q. How much more in bonds?—A. No more in bonds.

Q. What is the amount of the first-mortgage bonds of the Union Pacific Railroad Company bonds prior to the lien of the United States?— A. The same amount as the Government bonds, about $27,000,000.

Q. What disposition has been made of those first-mortgage bonds?— A. They were used for the construction of the road-both classes of bonds.

Q. Were they used for the construction of the road as so much cash at any fixed cash value?-A. No, sir; I think not. I know that the first bonds which we got from the Government were sold at 923.

Q. And you paid the cash which you received for the construction of the road?-A. Yes, sir.

Q. Then you received in cash about an average of 90 cents on the dollar?-A. More than that. The first bonds were sold at 92, and we afterward got par for them.

Q. About what amount of cash did you realize from those Government bonds, according to your judgment?-A. I should think an average of 95 per cent.

Q. According to your best judgment, what did you realize in cash from those first-mortgage bonds?—A. I should think from 80 to 85 on the average.

Q. What does the property of the Union Pacific Railroad Company now consist of?-A. It consists of the railroad and its rolling stock, its machine-shops, machinery, and lands.

Q. How large an amount of the land given to it by the Government has been sold by the Union Pacific Railroad Company?—A. That I cannot tell you, but I think the company has sold about enough to come to about $2,000,000. We sold it on an average, I think, of about four