by overspeculation during the preceding years, beginning in the fall of 1883 and extending all over the civilized world for many years. His personal embarrassment was much increased by the collapse of the West Shore (New York) Railroad enterprise, in which, to oblige friends, he had taken a large interest, the greater portion of which was lost.
Mr. Villard struggled on, using all his mental and pecuniary resources; but, in the latter part of November, he lost courage and became conscious that neither he himself nor the Oregon & Transcontinental could be saved. His physical powers of endurance were fast being exhausted, and sleeplessness threatened him with nervous prostration. The desertion of friends became more and more frequent, the abuse of the press more and more violent, and the pressure of his own and the Oregon & Transcontinental creditors harder to meet. He was finally in such desperate straits that he called a council of his most faithful and influential friends and disclosed to them his condition, with an appeal for advice and help, pledging himself in advance to accept any decision they might reach as to himself, no matter what consequences it might have for him personally.
These friends, Messrs. Fabbri, Endicott, and Rolston, at once began their investigation, and worked day and night in examining his books and accounts, as well as those of the Oregon & Transcontinental Company. On December 16–17, Mr. Villard was aroused by one of the number after midnight at his hotel, and then informed of their findings and conclusions. He was told that he was practically insolvent, and that the Oregon & Transcontinental Company was on the verge of bankruptcy. A syndicate had been formed ready to advance to him, on pledge of all his real and personal property, a sufficient amount to meet all his individual liabilities, and to take care of the indebtedness of the Oregon & Transcontinental Company, provided he resigned the presidency of it and of the Oregon Railway & Navigation Company, Although he had often thought of
