Promontory Point fifty-three miles west of Ogden, April 28th, 1869. By act of Congress, it was decided that the Union Pacific Railroad Company should build the line to Promontory where the two roads should connect but that the Central Pacific Railroad Company should pay for and own the line west of Ogden. This was "settled out of Court" and the action of Congress simply ratified an agreement made by the two Companies. The above covers the more important matters so far as the action of Congress was concerned. Many other minor matters received attention at their hands--both before and since the completion of the road. As is stated in the opening paragraph of this chapter, the Pacific Railroads have been ever present in Congress. The more important questions being referred to in their order later. CHAPTER III. _Mostly Financial._ Preliminary Organization--Board of Commissioners--Company Organized--Directors and Officers Elected--Hoxie Contract--Credit Mobilier--Ames' Interest--Compromise Contract--Davis Contract--Cost of Line--Land Grant. When the Pacific Railroad Bill passed Congress and received the President's signature in 1862, there was a well organized company to take hold of the western or California end. The Union Pacific or eastern end was not in such good shape. Thomas C. Durant, who was afterwards Vice President of the Company had with a few associates taken a prominent part in the matter but no regular organization existed. Under the Charter there were one hundred and fifty-eight persons named, who, together with five to be appointed by the Secretary of the Interior were to constitute a "Board of Commissioners" to effect a preliminary organization, open books for the subscription of stock and to call a meeting of the stockholders to elect a board of directors as soon as two thousand shares had been subscribed and ten dollars per share paid in. When the board of directors had been elected, the property or rather the proposition was to be turned over to them and the duties of the Board of Commissioners should cease and terminate. The Company thus organized, should follow established precedents, stockholders should hold annual meetings, elect a board of directors, and adopt bylaws and rules for the conduct of its affairs. The directors thus elected to be not less than thirteen in number, two to be added to their number by appointment of the President of the United States. The Board of Directors to elect the officers of the company and exercise supervision.