ccount.

Mr. Astor made his overtures to several of these persons, and three
of them entered into his views. One of these, Mr. Alexander M'Kay, had
accompanied Sir Alexander Mackenzie in both of his expeditions to the
northwest coast of America in 1789 and 1793. The other two were Duncan
M'Dougal and Donald M'Kenzie. To these were subsequently added Mr.
Wilson Price Hunt, of New Jersey. As this gentleman was a native born
citizen of the United States, a person of great probity and worth, he
was selected by Mr. Astor to be his chief agent, and to represent him in
the contemplated establishment.

On the 23d of June, 1810, articles of agreement were entered into
between Mr. Astor and those four gentlemen, acting for themselves and
for the several persons who had already agreed to become, or should
thereafter become, associated under the firm of "The Pacific Fur
Company."

According to these articles, Mr. Astor was to be at the head of the
company, and to manage its affairs in New York. He was to furnish
vessels, goods, provisions, arms, ammunition, and all other requisites
for the enterprise at first cost and charges, provided that they did
not, at any time, involve an advance of more than four hundred thousand
dollars.

The stock of the company was to be divided into a hundred equal shares,
with the profits accruing thereon. Fifty shares were to be at the
disposition of Mr. Astor, and the other fifty to be divided among the
partners and their associates.

Mr. Astor was to have the privilege of introducing other persons into
the connection as partners, two of whom, at least, should be conversant
with the Indian trade, and none of them entitled to more than three
shares.

A general meeting of the company was to be held annually at Columbia
River, for the investigation and regulation of its affairs; at which
absent members might be represented, and might vote by proxy under
certain specified conditions.

The association, if successful, was to continue for twenty years; but
the parties had full power to abandon and dissolve it within the first
five years, should it be found unprofitable. For this term Mr. Astor
covenanted to bear all the loss that might be incurred; after which it
was to be borne by all the partners, in proportion to their respective
shares.

The parties of the second part were to execute faithfully such duties as
might be assigned to them by a majority of the company on the northwest
coast, and t