to be in Portland by a certain date, which he could only do by making an accelerated trip across the continent. Owing to the courtesy of the lines between Chicago and San Francisco, he was able to arrange for a special train running through without stopping anywhere except for a change of locomotives about every two hundred miles. The run was watched by the whole Western public, and the newspapers reported regularly the progress of his train. Everywhere along the route, people turned out to see it fly past and cheer its occupants. It went through in less than half the time of the regular passenger trains, being the fastest trip hitherto made.
Mr. Villard's sojourns in Portland had always been times of hard work, but the one following the flying journey overland was an extraordinarily busy one. He worked out the details of a lease of the Oregon & California lines by the Oregon & Transcontinental Company on what seemed advantageous terms to the latter; the lease was subsequently submitted to and approved by the stock holders of the two companies. The construction of the extension from Roseburg had far exceeded the estimates, and the proceeds of the new bonds were exhausted before the very costly lower end, crossing the Siskiyou Mountains, was reached. The lease therefore provided for the completion of the line by the lessee for the remainder of the authorized Oregon & California first-mortgage and all of the second-mortgage bonds. Mr. Villard also closed a lease of the narrow-gauge system built with Scotch capital in the Willamette Valley. Next, he perfected the organization of a separate Terminal Company, which was to create the terminal facilities, including a large passenger station, a bridge over the Willamette, machine-shops, freight-houses, round-houses, docks, etc., required for the three railroad systems, the Oregon & Transcontinental Company, Oregon Railway & Navigation, and Northern Pacific, which would terminate at Portland. The estimated outlay of the Terminal Company was nearly $3,000,000, which was pro-
