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business, after twenty years of absence. Vail laughed at the suggestion. Then they drew a picture of the telephone situation. They showed him the "Old Guard" of telephony. They had fought under Vail in the pioneer "Our net earnings for the last ten months were $13,715,000, as against Fish, it had grown by leaps and bounds. But it was still far from being directors persisted. They spoke of the approaching storm-cloud of panic of the telephone. energetic and prosperous. Under the brilliant leadership of Frederick P. the SYSTEM that Vail had dreamed of in his younger days; and so, when "Nonsense," he said, "I'm too old. I'm sixty-two years of age." The the telephone and telegraph world. The Bell System was brought through days; and now they had come to ask him to return to the telephone that the "grand telephonic system" which he had planned was unfinished. $11,579,000 for the same period in 1906. We have now in the banks over but he shook his head. "All my life," he said, "I have wanted to be a the panic without a scratch. When the doubt and confusion were at their farmer-like way. He said: farmer." $18,000,000; and we will not need to borrow any money for two years." over, but Vail still refused. They spoke of old times and old memories, characteristics of his mind, compelled him to consent. It was the call and the need of another strong hand at the wheel until the crisis was worst, Vail wrote an open letter to his stock-holders, in his practical, Since that May morning, 1907, great things have been done by the men of The instinct for completeness, which is one of the dominating He was its architect, and it was undone. The telephone business was the directors put before him his unfinished plan, he surrendered.