incorporation of the Oregon Railway and Navigation Company. The second was the formation of the "blind pool" and the Oregon and Transcontinental Company. The third was the acquisition of a controlling interest in the Northern Pacific Railroad. The three years up to and including 1883 were years of almost feverish activity along the River. The line of the Oregon Railroad and Navigation Company between Wallula and Portland was pushed on with tireless energy. Rock bluffs were split off by enormous charges of dynamite, or were tunnelled through. The road was indeed built so hastily and the curves were in some cases so extreme that much work had to be done over at later times.
A part of Villard's plan in pushing the work so hastily was to divert the Northern Pacific system to the River, and make Portland rather than Puget Sound the western terminus. The undertaking seemed to be crowned with success. The connection was made. A gorgeous celebration, the greatest ever held in the Columbia River country, commemorated, in October, 1883, the completion of the transcontinental railroad to tide-water on the Columbia River. But in the very hour of victory, the sceptre fell from Villard's hands. His downfall was as sudden and dramatic as his rise. By clever jobbing of the market, the Wright interests regained possession of the majority of the Northern Pacific stock, the transcontinental pool broke, and at the very time that Mr. Villard was being worshipped at Portland as the financial god of the North-west, he learned that his gigantic enterprise had fallen into the hands of the enemy. But in spite of defeat the work of Villard was as-
