58 HISTORY OF THE GRANGE MOVEMENT; OR, 



The company had bought up an old Charter that had 

 been granted by the Legislature of Pennsylvania to 

 another company in that State, but which had not 

 been used by them. 



"In 1865 or 1866, the late Oakes Ames, then a 

 Member of Congress from the State of Massachusetts, 

 and his brother Oliver Ames, became interested in the 

 Union Pacific Company, and also in the Credit Mobilier 

 Company, as the agent for the construction of the road. 

 The Messrs. Ames were men of very large capital, and 

 of known character and integrity in business. By 

 their example and credit and the personal efforts of 

 Mr. Oakes Ames, many men of capital were induced 

 to embark in the enterprise, and to take stock in the 

 Union Pacific Company and also in the Credit Mobilier 

 Company. Among them were the firm of S. Hooper 

 & Co. of Boston, the leading member of which (Mr. 

 Samuel Hooper) was then and is now a member of the 

 House ; Mr. John B. Alley, then a member of the 

 House from Massachusetts, and Mr. Grimes, then a 

 Senator from the State of Iowa. Notwithstanding the 

 vigorous efforts of Mr. Ames and others interested with 

 him, great difficulty was experienced in securing the 

 required capital. 



"In the Spring of 1867, the Credit Mobilier Com- 

 pany voted to add 50 per cent, to their capital stock, 

 which was then $2,500,000, and to cause it to be 

 readily taken, each subscriber to it was entitled to re- 

 ceive as a bonus an equal amount of first mortgage 

 bonds of the Union Pacific Company. The old stock- 

 holders were entitled to take this increase, but even 

 the favorable terms offered did not induce all the old 

 stockholders to take it, and the stock of the Credit 



