by-products, the tanks and steamers, the pumping-stations, etc.

We devoted ourselves exclusively to the oil business and its products.
The company never went into outside ventures, but kept to the enormous
task of perfecting its own organization. We educated our own men; we
trained many of them from boyhood; we strove to keep them loyal by
providing them full scope for their ability; they were given
opportunities to buy stock, and the company itself helped them to
finance their purchases. Not only here in America, but all over the
world, our young men were given chances to advance themselves, and the
sons of the old partners were welcomed to the councils and
responsibilities of the administration. I may say that the company
has been in all its history, and I am sure it is at present, a most
happy association of busy people.

I have been asked if my advice is not often sought by the present
managers. I can say that if it were sought it would be gladly given.
But the fact is that since I retired it has been very little required.
I am still a large stockholder, indeed I have increased my holdings in
the company's stock since I relinquished any part in its management.


WHY THE STANDARD PAYS LARGE DIVIDENDS

Let me explain what many people, perhaps, fully appreciate, but some,
I am sure, do not. The Standard pays four dividends a year: the first
in March, which is the result of the busiest season of the whole
twelvemonth, because more oil is consumed in winter than at other
seasons, and three other dividends later, at about evenly divided
periods. Now, these dividends run up to 40 per cent. on the capital