Many concerns now make part or the whole of their dividends from by-products that formerly went to waste. How do we, as individuals, utilize our principal by-product? Our principal by-product is, of course, our leisure time. Many years of observation forces the conclusion that a man's success or failure in life is determined as much by how he acts during his leisure as by how he acts during his work hours. Tell me how a young man spends his evenings and I will tell you how he is likely to spend the latter part of his life.

Henry Ford has several times sneered at unproductive stockholders.... Well, now. Let's see. Who made Henry Ford's own automobile company possible? The stockholders who originally advanced money to him. Who makes it possible for you and me to be carried to and from business by train or street car? Stockholders.... Who made our vast telephone and telegraph service possible? Stockholders.... Were stockholders all over the country to withdraw their capital from the enterprises in which they are invested, there would be a panic ... on a scale never before known.

Genius is often a short way of spelling hard work. Poverty, obscurity, struggle and ambition formed the foundation for many careers of transcendent achievement. Few marks are made in the world's history by eight-hour-day men.... Sir Joshua Reynolds had but one maxim for success: Work, work, work. Is not rigid and continuous training necessary for the making of strong athletes? Hard work is not fatal to real success. Vouloir c'est pouvoir.

Enthusiasm is the electric current that keeps the engine of life going at top speed. Enthusiasm is the very propeller of progress.

A price has to be paid for success. Almost invariably those who have reached the summits worked harder and longer, studied and planned more assiduously, practiced more self- denial, overcame more difficulties than those of us who have not risen so far.

A business like an automobile, has to be driven, in order to get results.

It is only the farmer who faithfully plants seeds in the Spring, who reaps a harvest in the Autumn.