Page:Oregon Historical Quarterly vol. 9.djvu/320

296 secured a large farming element as stockholders, and put on the river two new steamers in opposition to the Willamette Transportation and Locks Company, which already had twelve steamers with only business for half that number. These Granger boats were run for nearly two years, having the whole community to back them up with credit, sympathy and business. They were managed by men wholly unacquainted with the business, but who did not learn that it costs money to build and run steamboats. The managers finally determined to sell their boats, as no one cared to invest good money to continue the fight with all the odds against them. The result was that the Oregon Steam Navigation Company bought the two boats at their own price. Soon after the capital stock was changed to $5,000,000.00, business fell off decidedly, owing to the decline of the mines, but they looked forward to the building up of an agricultural business in the near future.

By 1871 the Northern Pacific Railroad was in the zenith of its prosperity and desired to use the Oregon Steam Navigation facilities in connection with their enterprise. They proposed to purchase a control of the Oregon Steam Navigation stock and invited an interview with an authorized committee from the Oregon Steam Navigation Company to meet them in New York City. Mr. Thompson and Mr. Ainsworth were appointed with authority to sell. They met the company in New York and after much talk and frequent disagreements, they effected the sale of three-fourths of the capital stock of the Oregon Steam Navigation Company, at the rate of $2,000,000.00 for the whole, taking one-half of the amount in N. P.