It offered the only chance for arresting the panic, and it did arrest the panic.

I answered Messrs.

Frick and Gary, as set forth in the letter quoted above, to the effect that I did not deem it my duty to interfere, that is, to forbid the action which more than anything else in actual fact saved the situation.

The result justified my judgment.

The panic was stopped, public confidence in the solvency of the threatened institution being at once restored.
Business was vitally helped by what I did.