Bisbee daily review., 1909-02-05
ROCKEFELLER'S
 REM|N|SCENSES
 REAL INTEREST
Oil Magnate's Father Demand ed Return of Loans To Test Sons Financial Standing- His First Job.

in taO FfDEuHFs NCIiH ht CITE. }yHb
 T.. ROcEefelier says
 To my father | owe great debt, iu that he himself trained me to prac- ticai ways. He was engaged iu diff fereut enterprises. hC used to tell me
 about these things, explaining their significance: and he taught me the principles and methods of business.
 From early boynood i kept a little
 rock called Ledger A.'-still pre- served containing my receipts and cxpenaiiures.
 Ally mother was a good deal of q dis clgliIgrian and upheld the family standard with birch switch. once
 w--n ! was being punished for some
 unfortunate dolugs. | yplained that
 was innocent Never mind said my
 mother. I've have started in on this wappiug. and lt will do for next lime.
 TP aMPiNG STREETS FOR 4 JOB. At l6 ] traUped tho streets Of . Cleveland fer days end weeks, asking
 merchants and s-OrozCGpers if they . dl't want a b9y; bot my offer met little appreciation Al last one man on tle docks told nc [ might come ] give you a chance, he said; but not 2 word passed about pay. Tlis was Sept. 2G. 1885. The firm was WeWitt & Tuttle. When January arrived, Mir. Futile presented ne $50 for three months work, which was no doubt all vas worth and was entirely satis- factorr
 For the next gear. at s25 per month, I learned details and clerical work
 connected with such a business. As
 I look back on this business appren-
 ticeship, I can see that it's influence
 was vitally important in relation to
 what came after l was almost al
 ways present when the firm talked
 of their affairs. and their business had so many manifestations, as shippers,
 that this education was quite exten- sive. Gradually all bills were first
 passed on by me, and I took this very seriously, holding if was attended with
 more responsibility than the spending
 of my own funds. The training from
 working for some one else. to whom
 we feel a responsibility, was of great value to me. Salaries at that time we7s far less than half what is paid for equivalent positions today The next year I was offered q salary of S7O0
 iN PARTNERSHIP. ln Cleveland q young Englishman named Nj. F. Clark, perhaps 10 years older than l. wanted to establish a 1 business, and was in search Of part ner He had 5000 and Swanted q partner who could furnish an equal amount. l mad saved up $500, but l where to get the rest was problem. l | talked the matter over with my | father. who told me that he had al- ways intended to give SIG00 to each Of i his children when they reached 21. | He said that if I wished to receive my share at once, he would advance
 it. and I cCuld pay interest on il un- | til was 21
 But, John he added. the rate is IlO."
 | At that time 10 per cent interest was very common rate. The banks | could not supply all demand. so there was mucl private borrowing al high 1 figures. I gladly accepted my fathers offer. In those days there was often
 much discussion as to what nte-esl | should be paid. Many protested that 1 accustomed to argue money was
 worth what it would bring-no one
 would pay 10 per cent or per cent
 unless he believed that at this rate lit was profitable 10 employ it. As i l was always the borrower at thstl | time, I certainly did not argue for l paying more than was necessary. AFPAiD OF PROSPERITY As ouT successes began to come. [ seldom put my head on the pillow 1 without Q few words to myself in ] this wise: 'NOw a little success, soCn you will fali down, soon you will
 be cyerthrowu. Because you nave | got Q start you think you arc quite .. merchant; look out, or you will lose l your head go steady.F These inti- mate conversations with myself had a great influence or my life. I was
 afraid I could not stand my prosper ity.
 My loans from my father were many. Occasionally ae would say that if I needed money he would De lable 10 loan some; and as l always needed capital, l was glad to get it even at 10 per cent. Just when l required the money most he was apt
 to say. ''I find I have got to have that money "Of course, you shall have it at once" I would answer. But knew he was testing me and would hOld the money without it's earning
 anything for a little time, and then offer it back later. I was not par
 ticularly pleased with his tests to dis coTer if my financial ability was equal fO shocks
 One can hardly realize how difficult
 it WAS to get capital for active enter prises at that time. Farther west
 mufil higaer rates were paid. which applied usually to personal loans on
 which a business risk was run; but
 1t shows how different conditions for young business men were then than | now.
 This reminds me of one of the most Istrenuous financial efforts I ever
 made We had to raise many nun | dreds of thousands in cash to accept
 an offer for q large business. l re ceiSed a message at noon. and had tO gel off on the three o'clock train
 drove from bank to bank. asking them
 to get ready all the funds they could l lay hands on. I made a second jour
 ney to get the money, and kept going
 until l secured the necessary amount.