Page:Oregon Historical Quarterly vol. 9.djvu/312

288 his stock, a general stampede occurred with most of the large stockholders outside of the pool named; many were frightened because the control seemed to be going into Hay ward's hands, of California, and the offer of stock was more than the pool could well provide, but all was purchased that was offered. At first the object of the pool was to own a decided control of the company and work together in the management, but so much stock was offered and sold that very little was left outside, and then it was thought desirable to purchase all the stock, if possible increase the capital to five millions of dollars and put the stock on the New York market. The result was, that the whole stock was purchased by the pool and the contemplated increase of stock was put through.

The new company began its business under very favorable auspices. Early in its existence the Salmon River gold excitement brought a horde of miners into the country and the Oregon Steam Navigation Company reaped more of the golden harvest in transporting them than any of the treasure-seekers found in the mines. The Florence City gold excitement of 1862 also brought the Oregon Steam Navigation Company a flood of prosperity. The wonderful resources of the new Northwest were now becoming known as they had never been before. This was the banner year of Columbia River steamboating. They could not possibly take care of all of the business offered. The fleet running to The Cascades was frequently unable to handle the people who arrived on the steamships, and the portage was blocked with freight for days at a time, notwithstanding the fact that double crews were operated. A trip with less than two hundred people was light. At Portland the rush of freight to the docks was so great that drays and trucks had to form and stand in line to get their turn in delivering goods. Their lines were kept unbroken day and night for weeks and months. So, notwithstanding the enormous price of freight and passage, it was impossible to meet the demand. A few private boats found plenty of