The Bell System was brought through the panic without a scratch.

When the doubt and confusion were at their worst, Vail wrote an open letter to his stock-holders, in his practical, farmer-like way.

He said: "Our net earnings for the last ten months were $13,715,000, as against $11,579,000 for the same period in 1906.

We have now in the banks over $18,000,000; and we will not need to borrow any money for two years." Soon afterwards, the work of consolidation began.

Companies that overlapped were united.