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ceivers whose character and experience offered a guarantee that the company would be extricated from its difficulties as early as possible; and in this he was successful. The importance of an immediate and effective organization of the majority of the bondholders in Germany under the guidance of the Bank was also perceived by him, and with the timely cabled notice to the institution of the inevitable default he sent an urgent appeal to lose no time in forming a strong and friendly committee, which should at once send a delegation with full power to this country, with a view to the formation of an American committtee willing to cooperate with the German. These recommendations were promptly acted on, and, in October, the delegation, headed by Dr. Georg Siemens, the principal director of the Bank, arrived in New York. The first thing Mr. Villard had to do was to demand a formal revocation of and an apology for an offensive circular issued by the Bank in hot haste to the bondholders, full of glaring misstatements, unjust criticism of the railroad management, and an evident attempt to make a scapegoat of himself. This was conceded, and the correction given even wider publicity in Germany than the circular. Mr. Villard informed the delegates, after he had fully posted them concerning the situation and the measures it called for, and initiated the organization of an American committee, that, having done all that was possible for him to do in the interest of the bondholders, he should withdraw altogether from Northern Pacific affairs and go abroad for several years. The delegation was much taken aback by this announcement, protested against his purpose, and insisted that he must remain in the country and take an active part in the reorganization of the company. He replied, however, that, owing to his failure in 1883 and the present crisis, his usefulness as a financial adviser and leader was obviously entirely gone, and that it was his firm belief that, in view of the bitter attacks upon him which had already begun, it would positively injure the work of the committees if he played a leading part in it.