Chile made substantial commercial progress during the Riesco administration, however, and there prevailed throughout the country a condition of general prosperity. New and important industries were established, many new companies with large capital were organized, and money was plentiful during most of the period. The only disturbing feature of the commercial and financial situation was the constantly fluctuating value of the paper currency. Another feature of President Riesco’s administration is the fact that it closed with a national calamity, caused by the great earthquake that occurred in August, 1906, causing serious loss of life and great destruction of property in the cities and towns throughout the country. In the general election of 1906, Don Pedro Montt, son of Manuel Montt, President of Chile from 1851 to 1861, was elected president by a larger majority than that received by any candidate in the history of the Republic. Señor Montt was for many years previous to his election regarded as the most able and conservative statesman in the country. He was born in Santiago in 1846, and was graduated from the University in his native city in 1870. In 1874 he was elected a member of the House of Deputies, where he remained for several years. He also served as Speaker of the House, Minister in different cabinets and Envoy Extraordinary and Minister Plenipotentiary to the United States. With a long and successful political career to his credit he was inaugurated under more favorable and auspicious circumstances than any president since his father, to whom history gives the credit of being one of the ablest executives ever elected to the office. It was President Montt’s ambition to improve the industrial and financial conditions of the country by establishing the gold standard, and thereby do away with the ruinous fluctuations in the currency values. But in this commendable undertaking he was doomed to disappointment, being defeated in his plans for accomplishing that most desirable reform by the factions that dominated the politics of the Republic, and in 1908-9, the exchange rate reached its lowest level, the Chilean peso being worth at one time only 20 cents U. S. currency, whereas upon a gold standard basis it represents a value of 34 cents. In May 1910 President Montt attended the inauguration of the centennial exposition of the Argentine Republic in Buenos Aires, making the trip by rail over the Transandine Railway, which was opened to traffic about that time. In July he started on a trip to Europe, going by way of the United States, arriving in New York, August 3. On August 9 he sailed for Europe, arriving in Hamburg on the 16th, where he died soon after his arrival. After the death of President Montt, Vice-President Elias Fernandez Albano became president. On September 6, of the same year President Albano died and Senator MacIver Como, vice-president of the Council of State became the acting president.