Page:Oregon Historical Quarterly vol. 9.djvu/305

Rh J. C. Ainsworth was made agent and so remained until the company was legally organized on December 20, 1860, when they procured a charter from the Washington territorial legislature with nominal headquarters at Vancouver, The shares were valued at $500.00 each, with fifteen shareholders whose holdings were as follows:

J, C. Ainsworth was elected president, which position he occupied, with the exception of one year, during the entire life of the corporation. The superior value of that portion of the new line owned by Thompson and Coe was recognized by giving them a much larger block of the stock than any other faction. Ladd & Tilton, the bankers, had rendered some financial aid to the owners of the steamers "Mountain Buck" and "Senorita," and in this way secured an interest in the corporation in which the senior of the banking firm afterwards became quite a power. The difficulty in effecting an organization of this company was very great but its subsequent history was great in results and usefulness. No other steamboat company in the United States can show such a record. They commenced as before stated with a capital in property at the highest possible valuation of $172,500.00; no assessment was ever levied on this stock. The company expended in gold nearly three million dollars in creating their subsequent magnificent property, besides paying to their stockholders in dividends over two million five hundred thousand dollars in gold.

The first board of directors, elected December 29, 1860,