Important institutions had to be supported and carried through the time of distrust and unreasoning fear.

To Mr.Morgan's real and effective help I should join with other business men and give great praise.

His commanding personality served a most valuable end.

He acted quickly and resolutely when quickness and decision were the things most needed to regain confidence, and he was efficiently seconded by many able and leading financiers of the country who cooeperated courageously and effectively to restore confidence and prosperity.

The question has been asked if I think we shall revive quickly from the panic of October, 1907.