The west shore., January 01, 1886, Page 13, Image 13

THE WEST SHORE.
13
lnting medium with which to Iransuul business. Port
land grew steadily for several years. Iu 1852 the mines
of Southern Oregon were opened up, and iu 1855-G the
extensive Indian wars served to keep business brisk. In
I808-O the Frasor River excitement raged, and Portland
sold thousands of dollars worth of goods to the miners
hastening to the gold fields of British Columbia. It was
then that many of Portland's millionaires laid the found
ation of their wealth. The next event was the most im
lortant in the city's career. In 18C1 gold was discovered
on Salmon River, a tributary of the Snake in Idaho, and
there was a great stampede of miners from every portion
of the Coast the following year to the new gold fields.
Gold was found in the Boise1 country and other sections
of Idaho, and iu the Burnt, Powder and John Day river
regions of Eastern Oregon. Those sections fillod up
rapidly, and had to rely almost exclusively upon Port
land for supplies. The only practicable route of travel
and transiKU'tation across the Cascade Mountains was by
,vay of the Columbia River, hence Portland was so situ-
jnted as to command the trade. It was in supplying and
transporting goods, chiofly by this routo, that the greater
portion of the wealth of Portland was accumulated.
.Trade was extended still further east in 18GI3-4-5 by the
ripening of the Montana mines, which drew their sup
plies from this side until cheaper routes were opened up
from the East
The first Borious Bet-back the city received was in
lS(i8, when the trade of South or n Idaho and much of
Eastern Oregon was lost by tho opening of now routes
from points on the Central Pacific. In 1871-2, however,
work having been begun in earnest on the Northern
Pacific, Portland began to forgo ahead again. About
this time, also, shipments of grain and flour from east of
tho Cascades began to be of considerable importance,
and the trade of that region, which was rapidly being
settled by immigration, expanded yearly. Tho Oregon A
California Railroad was built south through tho Willam
ette Valley, destined to ultimately connect with the Ore
gon branch of the Central Pacific. Tho financial crash
of 1873, beginning with tho failure of Jay Cooke A Co.,
the indefinite suspension of work on the Northern Pacific,
ami the "hard times" of 1874-5, affected Portland much
Ibkb than would naturally have beon expected. Tho trib
utary country was developing rapidly, and though the
oity advanced but little in population, its volume of busi
UPHK steadily increased Tho revival came iu 187!), and
the next four years were tho brightest in Portland's his
tory. It was a period of active railroad construction.
Millions of dollars were spoilt by tho various companies
in the city and surrounding country. The Northern
Pacific was pushed to completion os rapidly as money
and men could do it, the Oregon Railway A Navigation
Company was organized, and constructed a lino up the
Columbia and into the great grain fields of the interior,
aid tho Oregou A California began extending it line
uthwnrd to connect with the Ceutral Pacific at the
Jaliforuia; boundary lino. Henry Villard wwfpresident
I all.those companies, also of the Oregon A Transconti
nental Company, a financial auxiliary created for tho
purpose of raising moans for constructing tho lines and
branches undertaken by the other companies. All of
tlieso companies were organized to work together bo as to
give this region a complete and harmonious transporta
tion system. Extensive terminal works were projected
iu Portland, including a large union depot, a bridgo
across the river, and an iinmonso hotel to cost S?")0I),0()0,
the last of which was partially completed. Those wero
"boom" times for Portland. Tho city's population and
trade increased wonderfully. Business blocks and resi
dences were eroded in great numbers. There was work
for overy one, and wages wero higher than in any other
city in tho Union, brick masons receiving for a time as
much as $7 per day. Real estate was held at high figures
and a groat many transfers wero recorded. Numerous
additions wero made to the city, a number of suburban
towim were laid out, and thousands of these outlying lots
wero sold, many of them lxing bought for residence pur
poses and others for speculation. Many new business
and manufacturing enterprises wero founded in the city,
and thousands of acres of land wero taken up by settlers
in tho tributary country.
To one who looked below tho surface it wus evident
that everything was pitched in too high a key; yet, on
tho other hand, it was oipiully apparent that this seeming
prosperity was not all a sham. It had a solid foundation
to rest upou-tho steady ami permanent development of
tho country. Tho trouble was that futuro events and
conditions wero too strongly anticipated. People were
expecting to achieve in one or two years what must bo
tho work of ten. The future was too heavily discounted.
This was apparent soon after the Northern Puciflo was
completed amid great rejoicings in September, lHH.'l,
There was a crash iu the Villard schemes, and that great
financier was compelled to resign his oflices. Tho roads
over which ho had presided wero again operated and
managed independently, while their stocks shrank largely
in value. Especially was tho Oregon A Transcontinental,
which had been but a financial bubble, made to under,
and those who had invested in tho stock lost heavily.
Some of the greatest Ioshom were sustained by a number
of the wealthy men of Portland, while others not ho well
able to bear tho strain wero sufferers in smaller amounU.
Work on the 0. A C. was suspended at Ashland and the
proHHod connection with San Pranoisco indefinitely post
poned. The terminal plans wero held in abeyance and
work on tho great hotel was stopped. A feeling seemed
to prevail among tho less thoughtful that tho "bottom
had fallen out."
Wiser )Mmple, however, knew better. They had not
been carried off their feet by tho excitement of the
"boom," and wero consequently not overthrown by the
relapse. Their faith iu the city had been well founded,
and they could see nothing iu tho new situation to shake
it The caimes which had been at work to build up Lore
a large commercial city still existed, and they could w e
no reason for despondence becaiiKO the miracle n; d
for by cuthiisiasU had not come to paws. A period