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268 JOHN TD^SON GANOE like manner. The history of the company under Holla- day's management will be considered later. Elliott, however, had gained on all sides. He had bor- rowed a name, gained contracts to build the road, and was then able to dispose of the A. J . Cook contracts (by assignment) for nearly twenty thousand dollars. More- over, as we have shown, he had sold enough stock to net him about $8,000 and the stock had cost him nothing. Now he had contracted to build the road which as soon as it brought in anything he received his share and in the meantime was to receive five hundred dollars as general superintendent of construction. He had, however, expended some money on construction and promotion of the company. The money he had gained through assignments of the contracts and sale of stock had been turned back into the company. This amounted to about twenty-one thousand dollars and was assigned to his credit by Ben Holladay and Company, as shown by the following letter: Office Ben Holladay and Company. Portland, Oregon. Sept. 12, 1868. S. G . Elliott, Portland, Oregon. Dear Sir: On the purchase this date from A. J . Cook and Company of the pending contracts with the Oregon Central Rail- road from Portland to the California line, it is understood that we are to pay you the money furnished by you to the firm of A. J. Cook and Company and standing to your credit on their books. This money is stated by you to amount to about twenty-one thousand dollars. When the accounts are fully made up and the balance correctly as- certained, you will be entitled to our obligations for the correct amount. Respectfully yours, Ben Holladay and Company. I