Page:Oregon Historical Quarterly vol. 9.djvu/311

Rh deemed necessary to the interests of the said incorporation in the prosecution of the business above referred to, and to sell and transfer the same.

Articles numbered 5 and 6, the same as before.

The Oregon Steam Navigation Company immediately entered upon a career of marvelous prosperity, which never flagged, and the company continued to grow in influence and wealth, until, from the humble beginning made by the insignificant stern-wheelers like the "Carrie Ladd," the Oregon Steam Navigation Company and its successors had become a power in the money centers of two continents. Throughout its entire period of activity this company succeeded in keeping the good will of the people. No worthy traveller was ever refused passage on the Oregon Steam Navigation Company steamers, and many a man was not only carried free, but was given his meals as well. No iron-clad rules prevented the pursers from using their discretion and no injustice was tolerated. The pursers were paid $150.00 per month and that Avas extremely good pay for those times. The company demanded no bond of them and trusted to their integrity. They considered that the high wages paid was sufficient to keep the men, and if one was caught stealing from the company, he was discharged without ceremony.

It was a close corporation. Soon after the organization the Bradfords offered to sell their stock at seventy-five cents, or at the rate of $1,500,000 for the whole property, including steamships. This Bradford stock was purchased by A. Hayward for a pool of those who agreed to take a chance on the future of the company, and purchase its stock whenever it could be had at seventy-five cents. This pool consisted of W. S. Ladd, J. W. Ladd, R. R. Thompson, S. G. Reed, A. Hayward and J. C. Ainsworth. Arrangements were made with Ladd & Tilton to advance money on such purchased stock and charge the pool interest. As soon as Bradford sold