New-York tribune., 1909-04-01
ROCkEFELLERIN PANICS
Says That Of 1907 Has Most Try
1n@--PrdiScS J. u. Morgan.

IN the seventh Of his articles written for the
worlds Work. John D. Rockefeller takes up
BUSINESS Experiences and Principles and tells
% ue Panlcs he has weathered The beginning of
the article relates how he became interested in the
iron and steel industries. from mines to mills and
the irlshed product. This came about. he writes.
through some unfortunate investments in the
Northwest country lie tells how the properties
included in these investments were nearly ruined
IN the panic Of 1922, and how he lent his personal
securities TO raise money keep railroad
hected with the property alive When these hard
times were tided 100000 expended in
The United States Steel Corporation finally pur-
chased the entire plant-mines, mills railroad and
feet of ffty-six steel vessels.
My only excuse for dwelling upon the subject
at this late day. says Mr.. Rockefeller lis TO point
out the fact to some business who get dis
courased that much can be done by careful and
patient attention, even when the business is
parently in very deep water. 1t requires two
thingssome added capital, put in by ones self q:
secured from others and a strict adherence to the
sound natural laws Of business.
He continues
Going % oyer again in my mind the the events con, n,
The least rather iInpromisne l am Impressed anew
with the Importance of a principle / have often
referred to II can make this point clear TO the
these "reminiscences far. il Will be satisfaction
TO me. and hope it may be a benefit to him
business follow the established laws IF
and study them 10 be certain that they are correct
ones. Watch the natural operations Of trade and
or sharp advantages. Don't waste your effort on
thing which endS in petty triumph, unless you
are satisfied with life Of petty success. BE sure
that before you go into an enterprise You see
your way clear to stay through to q successful end
i2oR ahead It is is SrpTislng nov 4ldS orgtiI ;t
htte or no study OF me controHlhs CONDITIONS 'heE
risk their all upon
fortfT yourself fully to cover possible set-backs
because you absolutely count meeting set.
Starts ont siTnpiT win The idea Of getting rich
wont succeed; You must have a larger amhition-
There is mystery in business success; The great
industrial leaders have told again and again the
plain and obvious fact that there can be no perna-
ne9t success without far dealing tnaf , eaqI tet ~
is the real capital We all prize and work 3 f"r IL
Faithfully within these natural operations of COM
mercial laws which talk so much about and and keep
his old "a asbioned wav II is hardly necessary to
caution young man who reads so sober a maga-
zine as this not to lose his head over iltuo
success. OF TO grow impatient or discouraged by
I had desired to retire from business in the
early 'sns Having begun work So Eouns feIt
that at fifty it was due me to have freedom from
myself to varety Of interests other than money
making. which had claimed portion Of my time
since tho beginning of my business career. But
storm broke and I had many Investments to care
next was trying period Of grave anEietE TO ever
time In the STANDARD We continued 10 make prog,
reSS through all these panic years. We n4l
large reserves OF cash account of our very
conservative methods Of financing. In 1894 or 1899
I was able 10 carry out plans 10 he relieved
from any association with the actual management
81 Compauy's affairs From that time. a. !
have said have had little or no part in It's con
duct Of the business
since 1881 can remember all the great panics.
No escaped from it. great or small Ilnportan,
institutions had supported and carried
through tho IF distrust and unreaSonlug fear.
To Nr NTorgan'S real and effective help should
Fain with other business and give great praise
His commanding personality served most Valu-1
able end He acted quickly and resolutelv when
arIclnesS and decision he things most needed
10 regain confidence and he efficiently second
many able and leading fnanciers ~ the coln-
try who Co-nneraed couTaEeousv and cn"ctiFeiN 10
has hean asked IL 7 think shall revive quickly
from the manic or October. ls11- hesitate 10 sneak
on the subject. since am not a nhophet nor ihe
son 0F 4 rropfe'- but % the ultimate outcome !
there Is Or doubt This temporary sell
hack will lead safer institutions and more cor
and this Is q quality We need. II VII not eng
7rnrcee our wonderful spirit Of initiative. The
cnrrr'ry's resources have not hceu Cu' down nor
lri-rred hy financial dstrusf. gradual recovery
viii tend on'- make tho future a'l the moro -"
c-re. and patience IS a virtue in business affairs
- N other things
Tfe-e aeair I would venture to utter word -
"a ltfor n business men Let thom study THEW
afaire frankly and face the truth y th"'r
methods are extra giant let them realize tho facts
ard act accordingly. One cannot successfully 20
AGAINST ratrral +ondrroies and g. ie folly to fan
- rCrpgnize them II Is not for SO imuree-
sonabIa and IMAGINATIVE neonl" as We Ameri-
cans down 70 rlain hard facts, yet We
doiur II without loss or selfeseem or prestige
throughout the world.