The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1892-03-05

Captain j. C. Ainsworth was the prime
mover. With him were r. r. Thompson,
s. G. Reed and W. s. Ladd.
When Jay Cooke was building the N. ?.
R. R. he bought out the o. s. N. Company.
When he went broke IN 1873, the original
owners bought their former property back
for one-third of what they got for it from
the great Northern Pacific fnancier, and
then made more money than ever.
The Dixie Thompson was built at Polt-
land in 1871. The Emma Hayward in Port
land in rs. She is still making money, and
was recently brought back from the Sound
The Bonita was built at Portland in rs; she
is still making money for her owners. The
Welcome was built at Portland IN IA. The
Wide West, the company's finest boat, was
built at Portland IN u, and was worth
$3.50, 600. She was broke up three years
ago. The S. G. Reed was built at Portland
in '7S; the R. R. Thompson, now plying be.
tween Astoria and Portland, was built at
Queen was built at The Dalles in II. The
Annie Faxon, now running from Riparia in
Lewiston, was built at Cello in II. The
John Gates was built at Cello in '78. The
Harvest Queen, one of the Union Pacific
boats plying between Astoria and Portland,
was built there the same year.
In 1878 Henry Willard was appointed to
represent the German creditors of the o. &
e. R. r. At that time some of those par
ties had an interest in the o. S. N. Compa.
ny, and Willard managed his trust IN sucn a
way that it was found convenient to CON-
promise with him. He relinquished his
hold upon the railway and got an interest
in the steamship business.
At that time the Oregon Steamship Com
pany had two vessels, the Geo. W. Elder
and the City of Chester. 1t is said that
while managing this business for his princi-
pals he aided IN placing the Great Republic
in opposition. This vessel was wrecked at
Sand island in 1879.
While that vessel was making inroads
upon the ocean business of the pro-rating
companies, experts were busy acquiring in.
formation as to the precise amount and
character OF business done by the river
steamers. On every steamer was placed an
expert, whose business it was, pencil and
book in hand, to note all freight received
and discharged, the number of cabin fares
and the number of passengers carried on
the lower deck. From such information,
furnished daily for several weeks, pretty
accurate idea of the value of the traffic was
obtained and calculations made to determine
the strength of the company and the prob
able cost of successful competition and the
resultant gain.
Willard here began the scheme for the Or
ganization of the o. R. & N. Company, and
worked on 1t for some time. He gave up
the idea of competition and concluded he
would supplant the old company, and made
overtures for its purchase. He had no
money himself, but relied on his ability to
show capitalists an opportunity to make
considerable. He talked with Ainsworth,
Reed and Ladd for several months, but at
last they told him he must put up some
money or quit talking.
But while he was talking he was getting
the others Interested, and at last he got an
option on the o. s. N. Co. for one year by
paying 100000. This option was dated
May %, 1879.
With considerable effort Willard ygot the
800, ZOO, paid 1t to Ladd and Reed and
with his bonds and option and stock started
east. He had been in correspondence with
Jay Gould, and tried hard to make that
willy wizard take hold, but there wasn't
enough in it for him and he refused to take
hold. Then Willard took mis- option and
scrip to Germany, but couldn't make it
work and came back to New York consider
ably cast down and discouraged. But he
went to Boston, and succeeded in getting
Endlcott and Pullman interested in the
scheme.
They put up the money, and twelve
years ago he bought the Oregon Steamship
Company. On the 3lst of the following
March he bought the Oregon Steam Navi.
CATION Company. He paid 81. 100000.
The stock and bonds were sold at heavy
discount to Boston capitalists, sand with
what was left after buying the o. S. N,
railroad was built from Cello to connect
with the Walla Walla and Columbia River
railroad. The stock went to very high
figure and all concerned made big money,
Willard and his friends retaining control of
the stock. Soon the stock was worth twice
what it had cost, and the stock was wat
cred, and watered again, until fnanally it
SIS, 600, 900.