ng for the Credit Mobilier, he and his brother
Oliver Ames being among the number. This last contract carried the
line to nine hundred and fourteen miles from Omaha.

The fifth contract was made with J. W. Davis for one hundred and
twenty-two miles at twenty-three million four hundred thousand
dollars, and was in turn assigned to the same seven trustees for
completion. In adjustment of accounts the Union Pacific Railroad
Company would turn over to the Credit Mobilier or the Trustees for the
Credit Mobilier in payment for the work as fast as it was completed
First Mortgage (Union Pacific Railroad) Bonds, Government Bonds, Union
Pacific Railroad Income Bonds and Union Pacific Railroad Stock, these
being sold or hypothecated by the trustees, furnished them the
necessary funds required to pay for the construction work.

As the Union Pacific Stock could only be sold for cash at par
according to act of Congress, notwithstanding it was only worth thirty
cents on the market, the Railroad Company would give their check to
the Credit Mobilier on construction account and this check could then
be used in payment of stock, making it a cash transaction.

In settlement of the several contracts, the Union Pacific Railroad
Company paid the Credit Mobilier:

Hoxie Contract Miles
Omaha to 100th Meridian 247 $12,974,416.24
Ames Contract
100th Meridian West 667 57,140,102.94
Davis Contract
To point five miles west of Ogden 125 23,431,768.10
______________
1039 $93,546,287.28

These figures represent stocks and bonds at par and deducting amount
of depreciation, would bring the actual cost of the Main Line Omaha to
Ogden to about seventy-three million dollars.

There were issued in payment for this construction, equipment, station
building, and the expense of the Company during the construction
period.

Government Bonds $ 27,236,512.00
First Mortgage Bonds 27,213,000.00
Income Bonds 9,355,000.00
Land Grant Bonds 9,224,000.00
Union Pacific Stock 36,000,000.00
_______________
$109,028,512.00

There were granted to the Union Pacific Railroad Company under its
Charter land grants of eleven million three hundred and nine thousand
eight hundred and forty-four acres. Up to December 31st, 1866, sa