tinue long. During 1879 and 1880, the control of the majority of the Oregon & California bonds had gradually passed from German to English holders, who started a movement in London for the reorganization of the roads. A plan was perfected, and, with Mr. Villard's knowledge and sanction, was unanimously approved at a special bondholders' meeting.
In order to provide capital for the completion of the Oregon & California to the California boundary, where its junction with the Central Pacific was expected, the issue of new six per cent. bonds, at the rate of $20,000 a mile and $12,000,000 preferred and $7,000,000 common stock to be given in exchange for the old seven per cent. bonds, was authorized. Under the direction of the Improvement Company, with Mr. Villard's assistance, an underwriting syndicate for $6,000,000 of the new bonds was successfully formed, after which he was reflected president of the Oregon & California Company, which had absorbed the Oregon Central. The work of continuing the main line southward from Roseburg was at once started and pushed energetically.
