behind these things, their personalities, and their abilities; these
are the essentials to be reckoned with.

Late in 1871, we began the purchase of some of the more important of
the refinery interests of Cleveland. The conditions were so chaotic
and uncertain that most of the refiners were very desirous to get out
of the business. We invariably offered those who wanted to sell the
option of taking cash or stock in the company. We very much preferred
to have them take the stock, because a dollar in those days looked as
large as a cart-wheel, but as a matter of business policy we found it
desirable to offer them the option, and in most cases they were even
precipitate in their choice of the cash. They knew what a dollar would
buy, but they were very sceptical in regard to the possibilities of
resurrecting the oil business and giving any permanent value to these
shares.

These purchases continued over a period of years, during which many
of the more important refineries at Cleveland were bought by the
Standard Oil Company. Some of the smaller concerns, however, continued
in the business for many years, although they had the same opportunity
as others to sell. There were always, at other refining points which
were regarded as more favourably located than Cleveland, many
refineries in successful operation.


THE BACKUS PURCHASE

All these purchases of refineries were conducted with the utmost
fairness and good faith on our part, yet in many quarters the stories
of certain of these transactions have been told in such form as to