ed
common sense has always been a mighty rare commodity. When a man's
affairs are not going well, he hates to study the books and face the
truth. From the first, the men who managed the Standard Oil Company
kept their books intelligently as well as correctly. We knew how much
we made and where we gained or lost. At least, we tried not to deceive
ourselves.

My ideas of business are no doubt old-fashioned, but the fundamental
principles do not change from generation to generation, and sometimes
I think that our quick-witted American business men, whose spirit and
energy are so splendid, do not always sufficiently study the real
underlying foundations of business management. I have spoken of the
necessity of being frank and honest with oneself about one's own
affairs: many people assume that they can get away from the truth by
avoiding thinking about it, but the natural law is inevitable, and the
sooner it is recognized, the better.

One hears a great deal about wages and why they must be maintained at
a high level, by the railroads, for example. A labourer is worthy of
his hire, no less, but no more, and in the long run he must contribute
an equivalent for what he is paid. If he does not do this, he is
probably pauperized, and you at once throw out the balance of things.
You can't hold up conditions artificially, and you can't change the
underlying laws of trade. If you try, you must inevitably fail. All
this may be trite and obvious, but it is remarkable how many men
overlook what should be the obvious. These are facts we can't get away
from--a business man must adapt himself to the natural conditions as
they exist from month to month and year to year. Sometimes I feel that
we Americans think we can find a short road to success, and it may
appear that often this feat is accomplished; but real efficiency in
work comes from knowing your facts and building upon that sure
foundation.

Many men of wealth do not retire from business even when they can.
They are not willing to be idle, or they have a just pride in their
work and want to perfect the plans in which they have faith, or, what
is of still more consequence, they may feel the call to expand and
build up for the benefit of their employees and associates, and these
men are the great builders up in our country. Consider for a moment
how much would have been left undone if our prosperous American
business men had sat down with folded hands when they had acquired a
c