Page:Oregon Historical Quarterly volume 25.djvu/302

264 JOHN TDLSON GANOE tax was to be levied for the year 1868 and a four mill tax for 1869 and for eighteen years thereafter. The aids given by Washington and Yamhill counties were modeled on that made by the City of Portland. Washington County agreed to pay the interest upon $50,000 worth of bonds, while Yamhill county agreed to pay upon $75,000. When in addition to this the com- pany received aid from many public spirited people they would seem to have been, from a standpoint of aid, in a fair way to construct a road. Citizens of Portland bought and actually paid for $50,000 worth of stock, citizens of Washington county $20,000 and the citizens of Yamhill county $25,000. Nor did the aid from citizens stop with the mere subscription to stock. Many gave the company land, the most important gift being that by John H. Couch and George H. Flanders, who gave the company ten blocks of land in the city of Portland near where the Union Station now stands. The company's plea for aid then seems to have been rewarded; and the playing of one community against another to arouse enthusiasm was not without its effect as the company not only gained the aid but also the good will of the people. With this view and knowledge of the resources of the two companies, we want next to turn to the actual finan- cing of the companies to see why it was that the East Side Company with little popular support gained com- parative success while the West Side Company with ac- tual cash aid and with popular approval failed to carry out their project and was finally absorbed by the Hol- iday interests. B. Finance. 1. East Side Company. 1 We have intimated already the way in which the East Side Company was formed, that is by having six men sub- scribe one share of stock each and then having the chair-