By 1854, 300 squatters occupied the west bank of the river, and in 1855 Congress recognized the squatters' right to purchase the land they had claimed. The west side quickly developed scores of new mills and consortia. They built a dam diagonally into the river to the north, which, along with Steele's dam created the inverted V-shape, still apparent today. Steele created the St. Anthony Falls Water Power Company in 1856 with three New York financiers, Davis, Gebhard and Sanford. The company struggled for several years, due to poor relations with the financiers, a depression, and the Civil War. In 1868 the firm reorganized with new officers including John Pillsbury, Richard and Samuel Chute, Sumner Farnham, and Frederick Butterfield.