As a result of financial losses in 1884, Villard was obliged to retire from active control of the properties. But in 1887 he once more got possession of the Northern Pacific with German capital and succeeded in arranging a lease of the Oregon Short Line, which had been developed by the Union Pacific interests, embracing a cross-country road from its main lines in Wyoming northward into Oregon and Washington. At the same time the interest of the Transcontinental Company in the Oregon Railway and Navigation Company was linked with the Oregon Short Line Company. These transactions, however, still left the Transcontinental Company in control of the situation, as it retained its majority ownership of Northern Pacific Railroad stock. For the next few years the Northern Pacific did not follow a policy of rapid expansion. Other trunk lines, such as the Union Pacific, Rock Island, Santa Fe, Burlington, and North Western, were all growing and keeping pace with the rapid settlement of the West; but the Northern Pacific in these years simply rested content with its position as a single track transcontinental route having but few branches. Its only important extension was made by acquiring the Wisconsin Central Railroad, which gave the company a line between St. Paul and Chicago and a valuable and important entrance into the latter city. It was expected that, with this accession, the affairs of the company would be permanently established on a sound basis, but the overliberal policy of paying out practically all the surplus in dividends was continued in the face of large increases in fixed charges. Early in 1892 it began to be rumored that the Northern Pacific was not in so easy a financial position as had been assumed. The stockholders took alarm; and the committee which was appointed to investigate the situation discovered a deplorable state of affairs. As a result of the severe criticism of Villard's policy, steps were at once taken to oust him from control, but without success until June, 1893. Two months later, receivers were appointed who discovered that the company was insolvent and had no funds to pay quickly maturing obligations. Receivers were appointed also for most of the branch lines, including the Wisconsin Central system. The Oregon Short Line, which was tied through guarantees with the Union Pacific although leased to the Northern Pacific, was involved in the general crash but was later separately reorganized.