All business of the gigantic "Standard Oil" system is dealt with through two great departments. Mr. Rogers is head of the executive, and William Rockefeller the head of the financial department. All new schemes, whether suggested by outsiders or initiated within the institution, go to Mr. Rogers. Regardless of their nature or character, he first takes them under advisement. If a scheme prove good enough to run the gantlet of Mr. Rogers' tremendously high standard, the promoter, after he has set forth his plans and estimates, hears with astonishment these words:
"Wait while I go upstairs. I'll say Yes or No upon my return."
And upon his return it is almost always "Yes." If the project, however, does not come up to his exacting requirements, it is turned down without further ado or consultation with any of his associates.
Those intimate with affairs at 26 Broadway have grown curiously familiar with this expression, "I am going upstairs." "Upstairs" means two distinct and separate things. When a matter in Mr. Rogers' department is awaiting his return from "upstairs," it means he has gone to place the scheme before William Rockefeller, on the thirteenth floor, and laying a thing before William Rockefeller by Mr. Rogers consists of a brief, vigorous statement of Mr. Rogers' own conclusions and a request for his associate's judgment of it. William Rockefeller's strong quality is his ability to estimate quickly the practical value of a given scheme. His approval means he will finance it, and William Rockefeller's "say-so" is as absolute in the financing of things as is Mr. Rogers' in passing upon their feasibility. It does not matter whether it is an undertaking calling for the employment of $50,000 capital or $50,000,000 or $500,000,000, Mr. Rockefeller's "Yes" or "No" is all there is to it. He having passed on it, Mr. Rogers supervises its execution.
The other "upstairs" is one that is heard every week-day of the year except summer Saturdays. At 26 Broadway, just before eleven o'clock each morning, there is a flutter in the offices of all the leading heads of departments from Henry H. Rogers down, for going "upstairs" to the eleven o'clock meeting is in the mind of each "Standard Oil" man the one all-important event of every working day.
In the big room, on the fifteenth floor, at 26 Broadway, there gather each day, between the hour of eleven and twelve o'clock, all the active men whose efforts make "Standard Oil" what "Standard Oil" is; here also come to meet and mingle with the active heads the retired captains when "they are in town." Around a large table they sit. Reports are presented, views exchanged, policies talked over, republics and empires made and unmade. If the Recorders in the next world have kept complete minutes of what has happened "upstairs" at 26 Broadway they must have tremendously large fire-proof safes. It is at the meeting "upstairs" that the "melons are cut," and if one of the retired captains were asked why he was in such a rush to be on hand each day when in town, and if he were in a talkative mood—which he would not be—he would answer: "They may be cutting a new melon, and there's nothing like being on hand when the juice runs out."
If a new melon has been cut—an Amalgamated Copper, for instance—it is at one of these meetings that the different "Standard Oil" men are informed for the first time that the scheme, about which they may have read or heard much outside, is far enough along for them to participate in it. Each is told what sized slice he may have if he cares for any. It is a very exceptional thing for any one to ask for more than he has been apportioned, and an unheard-of thing for any one to refuse to take his slice, although there is absolutely no compulsion in the connection.
And here, perhaps, may not come amiss an incident which illustrates what may happen in a few minutes "upstairs."
Before Amalgamated was launched, in bringing together the different properties of which it was composed I negotiated for the acquisition of the Parrott mine, the majority of whose stock was held by certain old and wealthy brass manufacturers in Connecticut. They had never seen any of the Rockefellers nor Henry H. Rogers, but we were several months getting the deal into shape before it was finally arranged, and they became familiar with the great "Standard Oil" institution. So much so that the chief of the owners—to whom was delegated the duty of turning over the securities to my principals—looked forward with much eagerness to the time when he must necessarily meet the mysterious and important personages who guided 26 Broadway's destinies. Finally the day came, and at precisely a quarter of eleven I let him into one of the numerous private offices which are a part of Mr. Rogers' suite. He had under his arm a bundle of papers representing the stocks which he was to exchange for the purchase money, amounting to $4,086,000, and I think he fully expected that in their examination, in the receipting for so large an amount of money, and in the general talkings over, which he thought must of course be a necessary part of the delivery, the greater part of the day would be taken up. It took me some six or seven minutes to get him located, and it was close on to five minutes of eleven when Mr. Rogers stepped into the room. I was well into the introduction, when out came Mr. Rogers' watch, and with what must have appeared to the visitor as astonished consternation.
"I do hope you will excuse me," he exclaimed in the middle of a handshake, "but, my gracious, I am overdue upstairs," and he bolted.