reaching the dock, he noticed one of his counsel in the crowd waiting, waving a piece of paper at him. It turned out to be a broker's report of a sale at 95 of the stock that had been given five months before as a bonus. This rapid rise was due to the fact that the net earnings of the two constituent river and navigation companies were sufficiently large to warrant the payment of bond interest and eight per cent, dividends on the stock, payment at which rate had already been commenced. This astonishing increase naturally raised Mr. Villard to a still more commanding position in Wall Street. Yet it was but the beginning of a series of like successes.
The vast region drained by the Columbia and its tributaries formed a very empire in its extent. Its material development was entirely dependent upon the present and future transportation facilities within its limits. Mr. Villard's rule over these and, through them, over the whole future of that promising part of the country was rendered all but absolute by his personal success. He was fully conscious of the duties his great task imposed upon him to the new corporation and to the people of Oregon and Washington. He devoted himself to their fulfilment with all the energy at his command. Before going to Europe, he had closed a contract for the construction of the fourth steamer, named the Columbia, which was the finest in every respect that had left the yards of John Roach, the well-known ship builder. Having become interested in the incandescent electric lighting as perfected by Edison, he insisted upon having the Columbia provided with it. Roach was strongly opposed at first to the innovation, but yielded, and the first electric plant ever placed on a sea-going vessel went into the new boat and gave perfect satisfaction. The novel illumination was also at first objected to, strange as it may now seem, by the marine underwriters.
The shipment of railroad material for the Columbia line also occupied his attention. It having been decided to formally consolidate the two constituent companies with
