The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-26
For Standard Oil Stock $4,000
per Share Refused.
Bank Stock Sells for Many
Times Its Value.
HARVESTER co. TO DISSOLVE?
In Case 1t Does Millions VIII Be
Divided.
Owners Know What Depend
able Investment Is Worth.

New York, March 26.--Even though
as much as six thousand dollars a
share was offered for the stock OF the
Standard Oil company of Indiana re-
Gently it was found to be practically
impossible to buy it. None of the for
tunate stockholders wanted to sell al
though they knew that after the
stock dividend of twenty-nine million
dollars was made the stock would be
quoted at not far from two hundred
dollars share. Whatever attempts
may have been made to buy the stock
at the high figures were baked be-
could not be tempted to part with the
stock except at prices which were
practically prohibitive.
This quotation of six thousand dol
lars a share for stock of the Standard
Oil company Of Indiana was spoken
of last week as without any precedent
so far as the figures were concerned.
But after all IL is a peculiar and ex-
ceptionaI condition which justtfies an
offer of six thousand dollars for stock
and an asking price of six thousand,
four hundred dollars for it.
On the very day that quotations Of
this kind were made there were offer
ed for sale at public auction shares of
various banks in New York city. There
IS no better way to test the real value
of ecurity-industria or financial
than is furnished by the auction sales
They are made, usually, in pursuance
of an order of court and for the pur-
pose of closing out estates. The Of
ferings are open to public competition
a which Is sod at auetion us ssoiS
fetches what it is regarded as being
reasonably worth.
Bank Share Sells Well.
To close out an estate one share of
a state chartered bank located upon
Upper Fifth avenue was sold for four
thousand, seven hundred dollars. This
bank has capital of only a hundred
thousand dollars. 1t has, however, ac-
cumulated a very large surplus, so
extra dividends which cause the
mouths of some of the stockholders in
other banks to water. The bank has
frequently paid dividends at the rate
of 100 per cent.
A hasty examination of the records
does not show any other sale of bank
stocks in New York-at auction, at
least-for a sum approximating that
which was paid for one share of the
stock of a Fifth avenue bank.
The difference between this transac-
ton and that represented by an offer
ing of six thousand for share of the
stock of the Standard Oil company of
Indiana lies in the fact that there is
no reason why a permanent quotation
of four thousand, seven hundred dol
lars for a share of this bank stock
may not be expected. Nothing but a
kind of management radically differ
ent from that which has characterized
this bank since it was organized would
be likely to cause depreciation in the
price of its stock.
Twelve shares of stock of a nation
al bank-one in which Mr.. Morgan is
som etimes presumed to be the chief
authority-were auctioned off at the
same sale for one thousand and seven
dollars. That is approximately the
quotation of the asked price for some
Of the former subsidiaries of the
Standard Oil company. The stock of
one of these subsidiaries is now
quoted at sixteen hundred dollars a
share. And if there have been any
sales at that figure they have been
private, since there is no record of
them. The owners of the old stock
of the Standard Oil company will not
part with their holdings at less price
than eight hundred and sixty dollars
q share.
Bank Stock Was High
Before the national banks of New