and with positive inference that it meant nothing less than Mr. Villard's immediate resumption of the control of the three companies. He was hailed as the railroad king restored to his reign. Congratulations by telegraph and mail at once poured in upon him.
Seductive and overpowering as this sudden reelevation was, it left him sober and with a clear perception of what the acceptance of his old position would signify to himself. He had received too severe a lesson as to the fleeting character of quickly-acquired wealth and the fickleness of public favor to be very eager to expose himself again to a like fate. After several days reflection, he concluded not to accept any of the positions offered to him, but to remain entirely independent, and not even to allow himself to be reflected a director in any of the three companies, but to continue to act simply as a financier. But when he made his decision known, a great pressure was brought to bear on him from all sides to induce him to change it. His nearest friends argued with him that it was his duty to himself and to the corporations not to shrink from resuming his post, and that it would be to his lasting discredit if he failed to do so. Some of the Northern Pacific directors, who had before not been friendly to Mr. Villard, sought him and urged him to at least allow himself to be reflected a director, so that the company, which was in a bad way financially, could get the benefit of his advice and help. He finally yielded so far as to agree to reenter the Northern Pacific board, but only after he had submitted the case to his German friends and received their consent. He had the satisfaction of voting at the annual meeting of the company nearly one-half of the share capital, (365,799 out of 754,193), although he did not himself own a single share of it. Mr. Villard's own judgment never approved the step, and he always looked upon it as the greatest mistake he ever made to burden himself again with corporate responsibilities. Subsequent events showed that he was right, and made him rue it bitterly.
