Page:Memoirs of Henry Villard, volume 2.djvu/364

had taken the greatest pains to arrange his own private affairs as well as those of the Northern Pacific, North American, and Edison General Electric Companies so that he should not be disturbed by business cares while abroad, and he felt the more assured of unbroken peace of mind as he knew that the absorption of the Oregon & Transcontinental by the North American by the exchange of shares had succeeded with unparalleled rapidity. The cable informed him that, owing to the passage of the Sherman Act, a very severe stringency had set in in the money market, in consequence of which the North American Company found it impossible to renew loans maturing to the extent of $2,000,000, so that forced sales of securities at heavy loss were inevitable unless he could raise that amount at once in Germany on the assets of the company. The message burst upon him like a thunder-clap from a clear sky, but he promptly started for Frankfort and Berlin to appeal to his supporters for the money. He was successful, and made telegraphic transfer of the amount within forty-eight hours of the receipt of the cablegram. This was his sorry first act as president of the North American Company, to which place he had been elected after his departure. He heard at Berlin the first mutterings of the severe financial volcano that later affected the whole civilized world through the suspension of the great house of Baring Brothers. Being assured by cable that the remittance would make everything snug and safe, he went back to Freiburg, but his hope of unbroken quiet proved an illusion. No sooner was Barings failure announced, a few weeks later, than there was flashed to him across the Atlantic another even more peremptory call for several more millions, as the only means of preventing the bankruptcy of the North American Company. Coupled with it was a most pressing sum mons to return to New York at once. This second danger was even more of a staggering surprise than the first, but there was no escape from immediate action. Mr. Villard summoned his German friends to a conference at Frank-