J. C. Ainsworth was made agent and so remained until the company was legally organized on December 20, 1860, when they procured a charter from the Washington territorial legislature with nominal headquarters at Vancouver, The shares were valued at $500.00 each, with fifteen shareholders whose holdings were as follows:
R. R. Thompson 120 shares Benjamin Stark 19 shares
Ladd & Tilton 80 shares Josiah Myrick 12 shares
T. W. Lyles 76 shares Richard Williams 7 shares
L. W, Coe 60 shares J, W. Ladd 4 shares
Jacob Kamm 57 shares G. W. Pope 4 shares
J. C. Ainsworth 40 shares J. M. Oilman 4 shares
A. H. Barker 30 shares Geo. W. Hoyt 3 shares
S. G. Reed 26 shares [1]
J, C. Ainsworth was elected president, which position he occupied, with the exception of one year, during the entire life of the corporation. The superior value of that portion of the new line owned by Thompson and Coe was recognized by giving them a much larger block of the stock than any other faction. Ladd & Tilton, the bankers, had rendered some financial aid to the owners of the steamers "Mountain Buck" and "Senorita," and in this way secured an interest in the corporation in which the senior of the banking firm afterwards became quite a power. The difficulty in effecting an organization of this company was very great but its subsequent history was great in results and usefulness. No other steamboat company in the United States can show such a record. They commenced as before stated with a capital in property at the highest possible valuation of $172,500.00; no assessment was ever levied on this stock. The company expended in gold nearly three million dollars in creating their subsequent magnificent property, besides paying to their stockholders in dividends over two million five hundred thousand dollars in gold.[2]
The first board of directors, elected December 29, 1860,
