As there were some funds available, a contract was entered into in May, 1864, with H. M. Hoxie, to build the first hundred miles. This contract was extended to cover from Omaha to the hundredth Meridian, two hundred and forty-seven miles, on October 3rd, 1864, and on the 7th of the same month assigned to a company (simple partnership) composed of Vice-President Durant and six others, all stockholders of the Railroad Company. The capital of this partnership consisted of four hundred thousand dollars (but a small percentage of the amount necessary to carry out the Hoxie contract). The members of the firm were unable or else unwilling, owing to the immense personal liability involved, to put up further funds and some other action was necessary. Durant and his friends accordingly purchased the Charter of a Pennsylvania Corporation of limited liability and elastic powers, known as the "Pennsylvania Fiscal Agency" changed its name by legislative enactment to the Credit Mobilier of America. Subscribers of the two million one hundred and eighty thousand dollars of Union Pacific Stock were given the option of either exchanging Union Pacific stock for that of the Credit Mobilier, sell their Union Pacific stock to the Credit Mobilier, or turn it back to the Union Pacific Railroad Company and have it redeemed. By this the stockholders of the Credit Mobilier became the sole holders of the Union Pacific stock. The Hoxie contract was reassigned to the Credit Mobilier who duly completed the work, finishing the line to the point specified October 5th, 1866. Owing to their inability to raise funds, it seemed as though the two companies, Union Pacific and Credit Mobilier, would fall down. There was no sale for the First Mortgage bonds of the railroad, the Government bonds were but little better, being worth but sixty-five cents on the dollar. Durant and his friends were not men of wealth nor did they command the confidence of wealthy men. The Company had become greatly involved and was compelled to sell some of its rolling stock to pay pressing debts. It was at this junction that Oakes Ames entered the field, being persuaded, it is said, to do so by President Lincoln who desired to enlist his well-known executive ability and capital in the enterprise. Through the efforts of himself and associates the paid up subscriptions were increased to two and a half million dollars. The original or first contract made with Hoxie for a hundred miles had been extended to cover up to the hundredth Meridian, and the line to that point, two hundred and forty-seven miles from Omaha, was completed October 5th, 1866.