s. 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
the Standard Oil Company that I may say a word about that subject.
This company is interested only in oil products and such
manufacturing affairs as are legitimately connected therewith. It has
plants for the making of barrels and tanks; and building pumps for
pumping oil; it owns vessels for carrying oil, tank-cars, pipes for
transporting oil, etc., etc.--but it is not concerned in speculative
interests. The oil business itself is speculative enough, and its
successful administration requires a firm hand and a cool head.

The company pays dividends to its stockholders which it earns in
carrying on this oil trade. This money the stockholders can and do use
as they think fit, but the company is in no way responsible for the
disposition that the stockholders make of their dividends. The
Standard Oil Company does not own or control "a chain of banks," nor
has it any interest directly or indirectly in any bank. Its relations
are confined to the functions of or