usually the case on such occasions, the chief burden of responsibility fell upon the chairman, and he literally had to labor day and night for weeks to prevent the failure of the programme which he had proposed. One thing he was taught very thoroughly by this experience, viz., that Americans, however hospitably inclined they may be, do not care to bother with foreigners who do not speak their own language.
Mr. Villard went to Chicago to see the World's Fair. He was filled with the greatest admiration for this marvellous achievement of American genius, which had never been equalled before and, in his opinion, never would be thereafter. For weeks he spent every day and many evenings in the Exposition grounds, without being satiated by their great attractions; but his stay was terminated by an urgent summons to New York, in the middle of June, from the Northern Pacific's president, to which he responded at once. As he anticipated, the occasion was the question of the payment of the July coupon. The panic had in the meantime broken out in full force in Wall Street and throughout the country. There was a very tight money market, and extraordinary commissions—at rates often exceeding one hundred per cent.—were charged for loans. Mr. Villard argued against the payment, which could be made only by borrowing a large part of the required amount at a heavy extra cost, as only a short makeshift, but he was not heeded, and the payment of the coupon began with little over one half of the $1,500,000 needed in hand. As was to be foreseen, default was postponed for only a few weeks, and, by mid-August, receivers were appointed for the whole system.
The Deutsche Bank, which had placed in Germany the bulk of the junior bonds most to be affected by the suspension of interest payments, was morally bound to do its utmost for the protection of the holders. As Mr. Villard shared in its responsibility, he deemed it his duty to do all in his power to bring about the appointment of re-
