water power at Oregon City, which ever since 1841 had been a source of discord, and had constituted at times an injurious monopoly, had finally come into the hands of a syndicate of Portland and Oregon City men, who designed to make the latter place what nature intended it to be--the great manufacturing centre of the state.[1]
The estimated value of property in Multnomah county at the close of 1887 was $27,123,780, and the value of transfers for that year about $6,000,000. The immigation to the state numbered nearly fifty thousand, and the importation of cash was estimated at $19,221,000. All parts of the state partook of the new growth. Salem had received the splendid state asylum for the insane, and the schools for the blind and the deaf and dumb, a manufactory of agricultural machinery, and other substantial improvements, be sides a woman s college, and a public school building in East Salem costing $40,000.
The county-seat of Yamhill county had been removed to the flourishing town of McMinnville. Corvallis, Albany, Eugene, and the towns in southern Oregon, of which Ashland was in the lead, all throve excellently.
- ↑ The O. R. & N. co. held formerly all but a few shares of the Willamette Transportation and Locks co. s stock, which latter company owned the locks, canal, basin, and warehouse on the east side of the falls, with all the water-power of the falls, and the land adjoining on both sides. An Oregon City co. owned 750 shares of the land on the west side, including that not owned by the W. T. & L. co. The new organization owns all of the land, property, stocks, and water-power, purchasing the 0. R. & N. co. s shares and all its interest. It proposes to give the necessary land on the west side free, with water-power for 10 years rent free, to any persons who will build and operate manufactures. It is also proposed to construct a suspension toll-bridge across the Willamette, provided the proper authorities do not build a free bridge, as they may do. The 0. R. & N. would not sell any part of its holding without selling all, therefore the new company were forced to purchase the locks, which gave them additional facilities for the u.se of the water-power. The state has, however, by law the right and option to buy the locks on the 1st of January, 1893, at their then value, and it is feared that this may delay the use of the power until this option is disposed of by legislation. The land and power were pooled on equal terms without reference to value, and the locks were estimated at $400,000. This is paid by a mortgage on the whole property running 12 years, bearing interest for 5 years at 4 per cent, and for the next 7 years at 5 per cent. The pres't of the co, is E. L. Eastham of Oregon City.
