birth of a second son, spent the summer of 1872 in Switzerland, and the winter, of 1872–3 in Heidelberg, where he had a number of relatives. Soon after going there, he had an apoplectic stroke, which was so serious that his physicians opined he would never be able to undertake mental labor again without great risk. But they themselves did not live long enough to see their predictions falsified.
While recovering from his severe illness, he received one day in February, 1873, a call from a gentleman residing in the place, with whom he was acquainted. His visitor asked Mr. Villard's opinion regarding an unfortunate investment he had made in American railroad bonds, and said that he had bought a considerable amount of the seven per cent. bonds of the Oregon & California Railroad Company of Oregon, on the strength of the statements made by the banking-house which had offered them for public subscription. Knowing nothing about the railroad company and but little of Oregon, Mr. Villard could not give the desired advice. At his suggestion, the gentleman obtained from the Protective Committee for the bondholders at Frankfort such information as it had regarding the company and the road. The material was ample, and in the light of it Mr. Villard gave an unfavorable opinion, and this led the chairman and another member of the committee to visit him and consult with him about the matter and to a subsequent invitation to join that body, to which he agreed after some hesitation, on the assurance that little work would be required of him. Such was the beginning of his business career. As shown in the preceding record of his first twenty years in America, he had never had any training for finance; but the determination and energy developed in him by his experience as a pioneer in Colorado and as a war correspondent, his extensive observation of and practical judgment in regard to national affairs, his wide acquaintance in the United States, the part he took in the mortgage-bank project and the bond negotiations just mentioned, all helped to prepare him for the new occupation upon which he was now to enter.
