Page:Oregon Historical Quarterly vol. 3.djvu/266

256 building to be erected and ordered lumber for the same. Employed a competent accountant, took an account of stock, made a balance sheet which showed at that time the assets of the company made the stock worth fully $650 a share (in pencil: "the original not counting cost of Santiam water in the account"). The wool arriving in Boston in good condition and at a favorable time sold readily at a net gain of over 200 per cent. Including the proceeds in the estimate of the value of the stock it would exceed $850 a share. It will be observed that in about four years the value of the stock increased from $250 per share and over $20,000 in debt, to over $850 a share and no debt, making a net gain of over 400 per cent. (In pencil the figures 156 and 500 are placed over $250 and 400 per cent respectively). This was accomplished with the disadvantages under which we were laboring as before mentioned at the commencement. I would challenge any other woolen factory on this coast to exhibit as favorable a showing under less difficulties.

L. F. Grover, being one of the shareholders of the company, upon hearing my report of the standing of the company associated with him Joseph Smith, W. K. Smith, and J. F. Miller, and in a quiet way commenced to procure the controlling interest in the stock, in which they succeeded by paying from $2,000 to $2,500 a share. A meeting of the company was called in January, 1863. I had about twelve shares at the time and was putting all my earnings in the stock. At this meeting James F. Miller claimed and voted a share of stock I had paid for two months previous and I held the certificate transferred to me by the original owner, but he did not allow me to represent it. This gave to those men the majority or control.

They voted to themselves all the offices of the company. Then, voting to each one an exorbitant salary,