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 but, while these were progressing, he was informed that the half-interest of Parke Godwin in the New York Evening Post could be bought. This proved to be true, and a purchase was soon effected for his account by Mr. White, who took part of the stock. Not long afterwards, the interest of Isaac Henderson was also acquired by Mr. Villard, and the stock of the Nation exchanged for Evening Post stock. A new business management was installed, and Messrs. Godkin, Schurz, and White took charge of the editorial department. Mr. Villard was prouder of this combination of journalistic ability than of any of his business triumphs. He was confident that, under such auspices, the Evening Post would prove not only equal to the mission he desired it to fulfil, but also a good investment. Convinced, however, that his purchase of the controlling interest in the paper would become known, and that, owing to his prominence in Wall Street, the paper would surely be accused of being his personal organ and of being used for the promotion of his financial interests, and thus find it difficult to establish a character for entire independence, he determined upon an unusual step. He decided to take away from himself all power over the paper as a stockholder, by creating a trust with his entire holding for the benefit of his family, with full authority to the three trustees to protect the editorial department from all interference. This abdication of the right of ownership and practical self-effacement has continued to this day, and not a line of the editorial writing has ever been dictated by Mr. Villard. Every reader of the Evening Post, the whole American press, and in fact the American people generally, know that the paper has ever been true to those high aims for which he was ready to make many sacrifices when he purchased its control.

Once more, in 1890, Mr. Villard was the possessor of wealth. The joint operations with his German clients in railroad and electrical securities and other fortunate investments had enabled him to recover in a few years what