In my early days men acted just as they do now, no doubt.  When there was anything to be done for general trade betterment, almost every man had some good reason for believing that his case was a special one different from all the rest.  For every foolish thing he did, or wanted to do, for every unbusiness-like plan he had, he always pleaded that it was necessary in his case.  He was the one man who had to sell at less than cost, to disrupt all the business plans of others in his trade, because his individual position was so absolutely different from all the rest.  It was often a heart-breaking undertaking to convince those men that the perfect occasion which would lead to the perfect opportunity would never come, even if they waited until the crack o’ doom.

Then, again, we had the type of man who really never knew all the facts about his own affairs.  Many of the brightest kept their books in such a way that they did not actually know when they were making money on a certain operation and when they were losing.  This unintelligent competition was a hard matter to contend with.  Good old-fashioned 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.