Page:Oregon Historical Quarterly volume 25.djvu/320

 282 JOHN TILSON GANOE '1 .••• BllII clared not to have been used in construction of the road. It appears then what happened was the road did not bring the earnings expected and Holladay used the money from the bonds to pay interest on the same bonds, and when this money was used there was neither money for construction or payment of interest, and thus the com- pany defaulted payment. The investigating committee for the bond holders found just what the conditions were. We have noted the fact that Holladay had gained con- trol of the West Side Company. For the construction of that road he had been able to gain money by two bond issues, one for a million dollars and the other for three hundred thousand. This road was also in financial straits, and as the bonds had been sold through the same agents, it was but natural that these bond holders should unite with the bond holders of the Oregon and California Com- pany, which they did. Likewise, he had been unable to sell $800,000 worth of bonds of the Oregon Steamship Company when the total worth of the company was only about one-fourth that amount. These bond holders also united with the bond holders of the other companies and formed a committee to take over the road. Heading this committee was Mr. Henry Villard, of whom we will have more to say presently. 3. Estimate of the Work of Holladay. Much has been written upon the history of the Oregon and California Railroad, yet there is not a single account which praises the name of Ben Holladay. He is character- ized as a selfish, dishonest profligate, who, because of money gained by illegal means, was able to make himself a railroad king and political dictator, but so extensive were his misdeeds he was soon overtaken and brought to financial ruin. It is not our intention to enter into a defense of Holla- day's deeds, yet we must recognize that he did accomplish some things which others had not been able to do. There