e rebuilding of the city was immediately begun. At the end of a year
one-half of the burned area had been rebuilt. The old frame and low
brick structures were replaced by modern buildings of steel and
re-enforced concrete, for this type had survived the earthquake shock.
After two years, a new San Francisco, more beautiful and more
substantial, had risen on the site of the old.

[Illustration]
Copyright by Underwood & Underwood, N.Y.
The Jamestown Exposition--Manufactures and
Liberal Arts Building from the Auditorium.

On April 26, 1907, the Jamestown Exposition was opened. It was in
commemoration of the first English settlement in America. The southern
shore of Hampton Roads, forty miles southeast of old Jamestown, was
selected as the site for the buildings. The historic idea was uppermost
in the exposition. The colonial type of construction was dominant and
good taste and moderation were notable in the arrangement of the grounds
and exhibits. Industrial and commercial progress were emphasized. The
United States had a special exhibit to illustrate the work of the
different departments. In the harbor, one of the finest in the world,
was the greatest international naval display ever witnessed. Every
variety of war-vessel in existence was on exhibition besides commercial
and passenger boats from the great ports of the world.

CHAPTER X

THE FINANCIAL PANIC OF 1907

[1907]

Popular opinion ascribed three reasons for the panic of 1907. The first
of these was the attitude of the President toward certain great
corporations. It is true that his attacks bared some of the most deeply
rooted evils which have always been at the bottom of our
panics--dishonesty in the administration of great aggregations of
capital. Great were the lamentations and doleful the predictions of what
would happen should the President not change his policy of enforcing the
laws. The railway opponents of the President were sure the panic came
from the Hepburn Bill, which was passed early in 1906. If this had been
dangerous to the welfare of the railroads it is reasonable to assume
that foreign capital would have been withdrawn from American railways
and that American capitalists interested in railroads would have
attempted to avert financial ruin by disposing of their holdings.
Neither situation developed, for the European investors increased their
holdings and American capitalists continued to plan still greater
investments in railways.