 The competition subsequently sold out to him in 1870.Holladay financed the operation via German bankers, who bought $6.4 million of bonds (out of a total $10.95 million).He won a federal subsidy and built the Oregon and California Railroad as far south as Roseburg, as well as controlling the Willamette River commerce through the Portland Dock and Warehouse Company, the Oregon Transfer Company, and the Oregon Steamship Company.