Page:Oregon Historical Quarterly vol. 3.djvu/269

Rh the above eighteen shares onto Robert Kinney. The Smiths being out, the agency devolved on L. F. G. In 18— Robert Kinney discovered his mistake, and, thoroughly disgusted with the management, immediately set to work to extricate himself from the company, in which he finally succeeded in 1870 by taking the flour mill for his portion, paying therefor the eighteen shares of stock in the Willamette Woolen Manufacturing Company and $7,500 coin.

It has been said that the Willamette Woolen Manufacturing Company was doing better under the management of Joseph Smith (my successor) than at any other time, which should have been the case I will admit for the following reasons: First, the company soon after his appointment to that position came into the possession of about $60,000 cash, the proceeds of the wool I shipped East in 1862; second, it being the time during the war that the woolen goods were advancing from 10 to 20 per cent, and a ready market for all that could be made; third, the increased capacity of the factory to three times what it had been by the addition of the new machinery, just arrived from the East. With the benefit of the above advantages in his favor, most of which was accomplished and provided by his predecessor, why should he not have succeeded better? And if the company did succeed better, why did they soon after commence to borrow money from the Bank of British Columbia and from Ladd & Bush, and continue to borrow until finally the whole property was mortgaged to secure a debt of $85,000? Add to this $20,000 that was swindled out of Daniel Waldo, making over $100,000. Then in 1875 it was deeded to W. C. Griswold in consideration of the sum of $100.