conservative men in this adventurous business. Men of property were
afraid of it, though in rare cases capitalists were induced to unite
with us to a limited extent. If they bought our stock at all, they
took a little of it now and then as an experiment, and we were
painfully conscious that they often declined to buy new stock with
many beautiful expressions of appreciation.

The enterprise being so new and novel, on account of the fearfulness
of certain holders in reference to its success, we frequently had to
take stock to keep it from going begging, but we had such confidence
in the fundamental value of the concern that we were willing to assume
this risk. There are always a few men in an undertaking of this kind
who would risk all on their judgment of the final result, and if the
enterprise had failed, these would have been classed as visionary
adventurers, and perhaps with good reason.

The 60,000 men who are at work constantly in the service of the
company are kept busy year in and year out. The past year has been a
time of great contraction, but the Standard has gone on with its plans
unchecked, and the new works and buildings have not been delayed on
account of lack of capital or fear of bad times. It pays its workmen
well, it cares for them when sick, and pensions them when old. It has
never had any important strikes, and if there is any better function
of business management than giving profitable work to employees year
after year, in good times and bad, I don't know what it is.

Another thing to be remembered about this so-called "octopus" is that
there has been no "water" introduced into its capital (perhaps we felt
that oil and water would not have mixed); nor in all these years has
any one had to wait for money which the Standard owed. It has suffered