Page:Portland, Oregon, its History and Builders volume 1.djvu/380



this iron at once, and the work of constructing The Dalles and Celilo road was commenced. They had completed about three miles of this road at The Dalles, when Mr. Bradford became more and more frightened at the success of Mr. Ruckle on the Oregon side of the Cascades. This led Mr. Bradford to agree to the construction of a road by the Oregon Steam Navigation Company the full length of the portage of the Washington side of the river. As soon as the negotiations for the sale were completed, the construction force at The Dalles was taken to the Cascades and placed at work. Ruckle became convinced that his true policy was to sell to the company. The purchase was made that gave everything into the hands of the Oregon Steam Navigation Company, Novem- ber 4, 1862, and the price paid was $155,000.

The company that was first organized by special act of the legislature of Washington territory, with nominal headquarters at Vancouver, was dissolved December 5, 1862, and reorganized under the general corporation law of the state of Oregon. This settled the question of supremacy. The Oregon Steam Navigation Company was now master of the river, and all rival interests were now centered in the company. The capital stock was $2,000,000, represented by twenty-five shareholders, at $500 per share, as follows :

Bradford & Co 758 shares

R. R. Thompson 672 shares

Harrison Olmstead 558 shares

Jacob Kamm 354 shares

L. W. Coe 336 shares

T. W. Lyles 210 shares

J. C. Ainsworth 188 shares

A. H. Barker 160 shares

S. G. Reed 128 shares

Ladd & Tilton 78 shares

Josiah Myrick 66 shares

Richard Williams 48 shares

A. H. Grezenbach 52 shares

J. W. Ladd 48 shares

J. M. Gilman 44 shares

P. F. Doland 42 shares

E. J. Weekes 42 shares

S. G. Reed, agent 40 shares

J. W. Ladd, agent 40 shares

Joseph Bailey 36 shares

O. Humason 34 shares

J. S. Ruckle 24 shares

George W. Hoyt 18 shares

Ladd & Tilton 16 shares

J. H. Whittlesey 8 shares

The Oregon Steam Navigation Company immediately entered upon a ca- reer 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 Naviga- tion Company and its successors had become a power in the money centers of two continents. Throughout its entire period of activity this company suc- ceeded in keeping the good will of the people. No worthy traveler 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 per month, and that was extremely good pay for those times. The company demanded no bond of them, and