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 can railroad securities. As his reappearance in the financial sphere of New York under such auspices would be tantamount to his complete rehabilitation, he hailed such a prospect with profound satisfaction.

The family started for England at the end of September, 1886, on their way to America. While in London, Mr. Villard received, a few days before sailing from Liverpool, a cable offer from Whitelaw Reid for his residence on Madison Avenue, which had been vainly offered for sale during the intervening years. After the exchange of some despatches, a sale was effected. This was a great relief to the owner, as the price received discharged his last obligations resulting from the breakdown of 1883, and left him with sufficient capital for a new start in business. On his arrival in New York during the following month, he at once opened offices at his old place in the Mills Building. With the letters from his new constituents accrediting him as their representative, he was sure of the respectful reception he afterwards met from the leading houses in Wall Street, and he found them very glad to do business with him. The press, as a rule, announced his return to financial activity in a kindly tone. The welcome which the family received in private circles, too, left nothing to be desired.

Mr. Villard resolved not to engage at once in active work, but to content himself for some time with a careful observation of the general investment field, and a thorough study of the railroad and other enterprises with which it might be desirable to do business. He was inactive for so long a time that his German friends began to show signs of disappointment. The first opportunity that commended itself to Mr. Villard's judgment came only in the following spring of 1887, when he bought the entire issue of several millions of prime mortgage bonds of a Western road, and resold them within a few days at a handsome profit. In the course of the summer, a marvellous turn of affairs, almost stranger than fiction, occurred, which, with all but 21