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trusted to their integrity. They considered that the high wages paid Vv^as suffi- cient to keep the men, and if one was caught steaHng from the company, he was discharged without ceremony.

It was a close corporation. Soon after the organization, the Bradfords of- fered to sell their stock at seventy-five cents, or at the rate of $1,500,000 for the whole property, including steamships. This Bradford stock was purchased by A. Hayward for a pool of those who agreed to take a chance on the future of the company, and purchase its stock whenever it could be had at seventy- five cents. This pool consisted of W. S. Ladd, J. W. Ladd, R. R. Thompson, S. G. Reed, A. Hayward and J. C. Ainsworth. Arrangements were made with Ladd & Tilton to advance money on such purchased stock and charge the pool interest. As soon as Bradford sold 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 win a de- cided 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 re- sources of the new northwest were now becoming known as they had never been before. This was the banner year of the Columbia river steamboating. They could not possibly take care of all 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, not- withstanding 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 business, also the steamer "Maria" of the Independent Line, but she was seized by the government on a technical charge, and in March, 1865, The Oregon Steam Navigation Company got control of her. Another contestant was Captain Van Bergen, who secured the mail contracts between Portland and The Dalles. He controlled the People's line of steamers.

As an illustration of the large volume of business done at this time, the fol- lowing figures were taken from the books at The Dalles for 1862:

Colonel Wright March 27 $2,625.00

Colonel Wright March 28 2,446.00

Colonel Wright March 31 1,570.00

Tenino April 9 i ,405.00

Okanogan April 11 3,540.00

Okanogan April 15 1,622.30

Okanogan April 18 1,020.00

Tenino April 22 3,232.00

Okanogan April 25 3,630.00

Tenino April 27 3,289.00