I conclude, then, that for a man to be a thoroughly equipped speculator, it is necessary that he be possessed of extraordinary parts and attainments. He must be an unceasing and intelligent observer of events at large, and a sagacious interpreter of symptoms on the Exchange; his judgment must be sound, not only as to existing conditions, but as to coming tendencies, and he must possess the calmness and nerve to face unflinchingly whatever emergencies may arise. Whoever enjoys these qualities in the highest degree must be the King of Speculators. As to others, their rank must correspond to the degree of their conformity to this ideal standard. [Illustration: _H. Villard_ ] ------------------------------------------------------------------------ CHAPTER XXII. VILLARD AND HIS SPECULATIONS. RETURN OF THE RENOWNED SPECULATOR TO WALL STREET.—RECALLING THE FAMOUS “BLIND” POOL IN NORTHERN PACIFIC.—HOW VILLARD CAPTURED NORTHERN PACIFIC.—PURSUING THE TACTICS OF OLD VANDERBILT.—RAISING TWELVE MILLION DOLLARS ON PAPER CREDIT.—VILLARD EMERGES FROM THE “BLIND” POOL A GREAT RAILROAD MAGNATE.—HE INFLATES HIS GREAT SCHEME FROM NOTHING TO ONE HUNDRED MILLION DOLLARS.—HIS UNIQUE METHODS OF WATERING STOCK AS COMPARED WITH THOSE OF GEORGE I. SENEY. The return of Mr. Henry Villard to Wall Street, after two years’ absence in Germany, his native land, renews the public interest in the career of that bold speculator. My reminiscences of Wall Street affairs would be incomplete without a sketch of the daring railroad operations of this gentleman, which so fully illustrate some of the evils to which I have referred in my chapter on “Railroad Methods.” The culminating point in the speculative history of Mr. Villard, which covered a period of five years, from 1879 to 1884, was the famous blind pool in Northern Pacific. Instead of taking up the events of his life in detail, and carrying my readers to this point, I shall depart from the usual course of biography, and present the more interesting facts of the career of my hero at the beginning. In his capture, of Northern Pacific he seems to have followed the methods of the elder Vanderbilt very closely, with the important exception that he failed in the consummation of his purpose. Vanderbilt always, eventually, triumphed. Villard was the chief agent in forming the Oregon Railway and Navigation Company, which was organized for the purpose of consolidating the business of the Oregon Steam Navigation Company with that of the Oregon Steamship Company, and for the purpose of buying, building and operating railroads, as stated in the circular setting forth the objects of the company. The lines of the Oregon Railway and Navigation Company extended from Portland west to Wallula Junction. The value of this property was seriously menaced by the project of the Northern Pacific to extend its lines west, with a terminus at Tacoma.