"He is the only man," says Morgan, "who can raise twenty millions in twenty minutes." The Perkins plan of rapid transit telephony is to prepare a list of names, from ten to thirty, and to flash from one to another as fast as the operator can ring them up.

Recently one of the other members of the Morgan bank proposed to enlarge its telephone equipment.

"What will we gain by more wires ?" asked the operator.

"If we were to put in a six-hundred pair cable, Mr.Perkins would keep it busy." The most brilliant feat of the telephone in the financial world was done during the panic of 1907.

At the height of the storm, on a Saturday evening, the New York bankers met in an almost desperate conference.
They decided, as an emergency measure of self-protection, not to ship cash to Western banks.