transaction. The lawyer acted as the auctioneer, and it was suggested
that we should go on with the sale then and there. All agreed, and so
the auction began.

I had made up my mind that I wanted to go into the oil trade, not as a
special partner, but actively on a larger scale, and with Mr. Andrews
wished to buy that business. I thought that I saw great opportunities
in refining oil, and did not realize at that time that the whole oil
industry would soon be swamped by so many men rushing into it. But I
was full of hope, and I had already arranged to get financial
accommodation to an amount that I supposed would easily pay for the
plant and good-will. I was willing to give up the other firm of Clark
& Rockefeller, and readily settled that later--my old partner, Mr.
Clark, taking over the business.

The bidding began, I think, at $500 premium. I bid a thousand; they
bid two thousand; and so on, little by little, the price went up.
Neither side was willing to stop bidding, and the amount gradually
rose until it reached $50,000, which was much more than we supposed
the concern to be worth. Finally, it advanced to $60,000, and by slow
stages to $70,000, and I almost feared for my ability to buy the
business and have the money to pay for it. At last the other side bid
$72,000. Without hesitation I said $72,500. Mr. Clark then said:

"I'll go no higher, John; the business is yours."

"Shall I give you a check for it now?" I suggested.

"No," Mr. Clark said, "I'm glad to trust you for it; settle at your
convenience."