but as it contained so much of immediate promise, he was confident that they would gladly accept it. He submitted it at once to Jay Gould, but the latter received it coolly, and within a few days sent a note to Mr. Villard saying that he and his associates preferred not to participate. Nothing daunted, but rather glad at this parting of their ways, Mr. Villard invited his financial friends to join in exchanging the new Oregon Steamship for Oregon Railway & Navigation securities, and to subscribe for the required cash payments for bonds at 90 with a bonus of seventy per cent. in stock. He met with such prompt response that within ten days he was able to telegraph to the Portland parties to send on their Navigation stock for delivery on July 1, when all the cash, bonds, and stock due on it would be ready to be paid and delivered to them. This was actually done, and in addition the balance due to the foreign creditors for the Steamship Company was remitted and enough cash left in the treasury of the new company for the fourth new steamship and for beginning construction on the Columbia River railroad line, which was being surveyed as rapidly as possible. This quick work caused astonishment in American as well as in European financial circles, and the achiever of it received far more public notice than he ever expected or cared to have. It would seem a trifling operation in these later years, in which scores of millions have often been raised by syndicates for the reorganization of railroads and the formation of industrial combinations, but in those early days it was an unexampled performance.
The reception of the securities of the new company by the public also made an extraordinary "record" best shown by the following incident. Mr. Villard was overworked, and, after setting up the Oregon Railway & Navigation Company, embarked for Europe with his family, early in July, for a rest of some months. The shares were listed at the New York Stock Exchange during the summer. He did not return until late in November, and, on
