After some exciting scenes, his proposed course was approved, provided a proper substitute for him could be found who would serve as chairman of the American committee of bondholders, and constitute the connecting link between the latter and the German committee and also act as confidential adviser to the Bank. He recommended Edward D. Adams, and, after some delay, the delegates voted to authorize him to offer the position to the man of his choice. Mr. Adams hesitated at first, but was finally persuaded to accept. The main share which he had in the extraordinary success of the reorganization of the company made a splendid record for him, and the managers of the Bank subsequently expressed to Mr. Villard at Berlin their great sense of obligation to him for having recommended Mr. Adams. The outcome of the reorganization was such that none of the holders of the company's securities, who held on to them, lost anything in the end. This result compensated Mr. Villard for the personal annoyances which, as he had foreseen, grew out of the Northern Pacific collapse. As men with similar experiences necessarily do, he made a number of bitter enemies, who then saw their opportunity for revenge. He and his associates in the formation of the Chicago & Northern Pacific Railroad (Terminal) Company were charged in the press with having made millions for themselves out of it, and a small stockholder was even procured to bring suit for the recovery of these alleged ill-gotten gains. In his answer to the bill of complaint, Mr. Villard made an absolute denial of every one of the charges, and so completely that no further move was ever made in the case.
He sailed with his family, except the elder son, in November, 1893, direct for Gibraltar. The party first travelled in Spain and then passed over to northern Africa. They visited Melilla, Oran, Blida, Algiers, Philippeville, Constantine, Biskra, the famous oasis in the Sahara; and reached Tunis by the middle of January, 1894. Thence they crossed to Sicily, and, at the end of the month, took
