been sold, had not been built at all, and that the same company's ten per cent. income bonds, which were held by bankers abroad as prime securities, were really worthless. The discovery of this fraud added much to his standing in financial circles in Europe.
Mr. Villard started with his companion from San Francisco about the middle of July for Oregon, via the overland route, which then involved several hundred miles of stage travel. He was met at Roseburg, the terminus of the Oregon & California, by Ben Holladay and staff. What he saw of the scenery of Oregon on the way to Portland in the California, Yoncalla, and Willamette valleys, filled him with great enthusiasm. He was much impressed also with the evidences of agricultural wealth along the route. The picturesque situation and surroundings of Portland were an agreeable surprise to him, as was the unusual number of large and solid business buildings and of handsome private residences, together with the commercial activity of the place. He remained only long enough for the completion of his business, and for some short excursions into the interior of western Oregon. He did not dream of what was in store for him, and thought he should never see the town again. Soon after his return to the Atlantic coast, he sailed for Germany, to report in person as to the success of his mission. His lengthy printed report to the committee contained favorable accounts of his impressions of western Oregon, and expressed his belief in the promising future of the country and consequently in the certain improvement in the prospects of the bondholders. The greatest assurance of this lay in increase of population, with reference to which he made a proposition to the committee for the establishment of a bureau in the Atlantic States for the promotion of immigration to Oregon. His plan was approved, and he was commissioned to carry it out.
There was another reason for Mr. Villard's return to America before the close of 1874. Early in the preceding
