We never attempted, as I have already said, to sell the Standard Oil
stock on the market through the Stock Exchange. In the early days the
risks of the business were great, and if the stock had been dealt in
on the Exchange its fluctuations would no doubt have been violent. We
preferred to have the attention of the owners and administrators of
the business directed wholly to the legitimate development of the
enterprise rather than to speculation in its shares. The interests of
the company have been carefully conserved. We have been criticized for
paying large dividends on a capitalization which represents but a
small part of the actual property owned by the company. If we had
increased the capitalization to bring it up to the real value, and
listed the shares on the Exchange, we might have been criticized then
for promoting a project to induce the public to invest. As I have
indicated, the foundations of the company were so thoroughly
established, and its affairs so conservatively managed, that, after
the earlier period of struggle to secure adequate capital and in view
of the trying experiences through which we then passed, we decided to
pursue the policy of relying upon our own resources. Since then we
have never been obliged to lean very heavily upon the financial
public, but have sought rather to hold ourselves in position not only
to protect our own large and important interests, but to be prepared
in times of stress to lend a helping hand to others. The company has
suffered from the statements of people who, I am convinced, are not
familiar with all the facts. As I long ago ceased to have any active
part in the management of its affairs perhaps I may venture the
opinion that men who devote themselves to building up the sale of
American products all over the world, in competition with foreign
manufacturers should be appreciated and encouraged.

There have been so many tales told about the so-called speculations of