Thus countenanced, however, he obtained, in 1809, a charter from the
legislature of the State of New York, incorporating a company under the
name of "The American Fur Company," with a capital of one million
of dollars, with the privilege of increasing it to two millions. The
capital was furnished by himself he, in fact, constituted the company;
for, though he had a board of directors, they were merely nominal; the
whole business was conducted on his plans and with his resources, but
he preferred to do so under the imposing and formidable aspect of a
corporation, rather than in his individual name, and his policy was
sagacious and effective.
As the Mackinaw Company still continued its rivalry, and as the fur
trade would not advantageously admit of competition, he made a new
arrangement in 1811, by which, in conjunction with certain partners of
the Northwest Company, and other persons engaged in the fur trade, he
bought out the Mackinaw Company, and merged that and the American Fur
Company into a new association, to be called the "Southwest Company."
This he likewise did with the privity and approbation of the American
government.
By this arrangement Mr. Astor became proprietor of one half of the
Indian establishments and goods which the Mackinaw Company had within
the territory of the Indian country in the United States, and it was
understood that the whole was to be surrendered into his hands at the
expiration of five years, on condition that the American Company would
not trade within the British dominions.
Pages:
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39