THE FARMER'S WAR AGAINST MONOPOLIES. 59 



Mobilier Company was never considered worth its par 

 value until after the execution of the Oakes Ames 

 contract hereinafter mentioned. On the 16th day of 

 August, 1867, a contract was executed between the 

 Union Pacific Railroad and Oakes Ames, by which Mr. 

 Ames contracted to build 667 miles of the Union Pacific 

 road at prices ranging from $42,000 to $96,000 per 

 mile, amounting in the aggregate to $47,000,000. Be- 

 fore the contract was entered into, it was understood 

 that Mr. Ames was to transfer it to seven trustees who 

 were to execute it, and the profits of the contract were 

 to be divided among the stockholders in the Credit 

 Mobilier Company, who should comply with certain 

 conditions set out in the instrument transferring the 

 contract to the trustees. Subsequently, all the stock- 

 holders of the Credit Mobilier Company complied with 

 the conditions named in the transfer, and thus became 

 entitled to share in any profits said trustees might 

 make in executing the contract. All the large stock- 

 holders in the Union Pacific were also stockholders in 

 the Credit Mobilier, and the Ames contract and its 

 transfer to trustees were ratified by the Union Pacific 

 and received the assent of the great body of stock- 

 holders, but not of all. After the Ames contract had 

 been executed, it was expected by those interested that, 

 by reason of the enormous prices agreed to be paid for 

 the work, very large profits would be derived from 

 building the road, and very soon the stock of the 

 Credit Mobilier was understood to be worth much more 

 than its par value. The stock was not in the market, 

 and had no fixed market value, but the holders of it, 

 in December, 1867, considered it worth at least double 

 the par value, and in January or February, 1868, 



