Page:Memoirs of Henry Villard, volume 2.djvu/379



CHAPTER XLIV

R. VILLARD arrived in New York early in December, 1890. The North American Company had practically become insolvent by the suspension of Decker, Howell & Co., but actual bankruptcy had been avoided by the action of its principal creditors, who formed a committee which secured speedy repayment of the loans by a sale of the company's assets in the open market. He found the indebtedness of the company reduced to two millions, but it had been stripped, by the forced sales, of the great bulk of its assets at a heavy loss, and was prostrate and reduced to inactivity for years to come. There was really nothing for him to do but to try and keep alive what little there was left of the concern. He was not surprised to find that the collapse of the North American had affected his prestige hardly less than the crisis of 1883. His absence in Europe left him free from all responsibility for the new catastrophe, but he suffered just as much abuse as though he had been directly instrumental in bringing on the disaster, instead of having strained every nerve to save the company. This second breakdown utterly disheartened him, and he made up his mind then to resign all his corporate positions and absolutely retire from all business pursuits just as soon as possible. He was confirmed in this resolve by his conviction that the operation of the Sherman law would before long plunge the whole country into general disaster, and he determined to protect not only himself but also his German friends from the coming calamity. He addressed to them a letter in January, 1891, stating fully the reasons for his fears of the early advent 357