582 THE IMPENDING REVOLUTION. 



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 con- 

 tract to the trustees. Subsequently, all the stockholders 

 of the Credit Mobilier Company complied with the condi- 

 tions named in the transfer, and thus became entitled to 

 share in any profits said trustees might make in executing 

 the contract. All the large stockholders 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 stockholders, but not of all. After the Ames con- 

 tract had been executed, it was expected by those 

 interested, that, by reason of the enormous prices 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, three or four times the 

 par value; but it does not appear that these facts were 

 generally or publicly known, or that the holders of the 

 stock desired they should be. 



"As will be seen from the above statement, the stock- 

 holders of the Credit Mobilier were also stockholders in the 

 Union Pacific company. L,ike all great corporations of 

 the present day, the Union Pacific road was largely de- 

 pendent upon the aid furnished by the government for its 

 success. The managers of the company, being shrewd 

 men, succeeded in placing all the risks and burdens of the 

 enterprise upon the general government, while they secured 

 to themselves all the profits to be derived from the under- 

 taking. The railroad company was endowed by Act of 



