Perhaps it is worth while to emphasize again the fact that it is not merely capital and "plants" and the strictly material things which make up a business, but the character of the men behind these things, their personalities, and their abilities; these are the essentials to be reckoned with.
Late in 1871, we began the purchase of some of the more important of the refinery interests of Cleveland.

The conditions were so chaotic and uncertain that most of the refiners were very desirous to get out of the business.

We invariably offered those who wanted to sell the option of taking cash or stock in the company.

We very much preferred to have them take the stock, because a dollar in those days looked as large as a cart-wheel, but as a matter of business policy we found it desirable to offer them the option, and in most cases they were even precipitate in their choice of the cash.

They knew what a dollar would buy, but they were very sceptical in regard to the possibilities of resurrecting the oil business and giving any permanent value to these shares.
These purchases continued over a period of years, during which many of the more important refineries at Cleveland were bought by the Standard Oil Company.