In a heavy 2 to 3 quart saucepan with a tight fitting lid, heat 2 tablespoons of the butter. Cut the remaining butter into small pieces and set aside. Add the rice to the pan and cook over medium heat, stirring constantly with a wooden spoon, for 2 to 3 minutes, or until the rice begins to turn opaque.
Do not brown the rice.
Add the chicken stock, salt, and pepper to the rice. Bring the mixture to the boiling point, stirring constantly. Cover the pan tightly and turn the heat down as low as possible.
Cook without stirring, for 12 to 15 minutes, or until all the liquid has been absorbed. The rice should be tender, but not mushy.
Stir the reserved butter into the rice. Remove from the heat and let stand,
covered, for 5 minutes. Serve immediately.