Page:Oregon Historical Quarterly vol. 9.djvu/322

298 the earnings for several years, with an offer to sell 40,320 shares at par. The directors thought that it was too big a deal for Mr. Villard, but he considered it a bargain. His plan was to form a new company, the Oregon Railroad and Navigation Company, with a capital stock of $6,000,000.00 and an issue of $6,000,000.00 of six per cent bonds. He got an option till October 1st, by depositing $1,000.00 in cash, which called for 40,320 shares of stock at par, to pay fifty per cent cash, twenty per cent bonds, and thirty per cent stock. He allowed $1,000,000.00 stock and $1,200,000.00 in bonds for the Oregon Steamship Company, and $2,000,000.00 stock and $2,500,000.00 bonds to raise the cash required for Ainsworth. Leaving $1,800,000.00 stock and $1,500,000.00 bonds for the purchase of thirty-five miles of Walla Walla railroad and Willamette Valley Transportation and Lock Company. $1,200,000.00 stock and $800,000.00 bonds were reserved for new steamers. He submitted his plans to Gould, but got a cool reception. He therefore laid the proposition before his friends in the East. His plan was to unite all the transportation facilities in Oregon. He asked his friends to join in exchanging Oregon Steamship for Oregon Railroad and Navigation securities, and to subscribe for the required cash payments for bonds at ninety with a bonus of seventy per cent in stock. He received a prompt response. Thus, the Oregon Railroad & Navigation Company grew out of the Oregon Steam Navigation Company, and the Oregon Steam Navigation Company, after a score of years of prosperity unparalleled in the annals of steam navigation, passed out of existence in 1879. The Oregon Railroad & Navigation Company was incorporated July 13, 1879, with a capitalization of $6,000,000.00, divided into $100.00 shares. Henry Villard was president.

The list of steamers that came into possession of the Oregon Railroad & Navigation Company were as follows: