The Birmingham age-herald., 1919-01-08
HIGH FIGURES
 ON BANK STOCK
By HOLLAND.

New York, January 7-(Special. )-Sev- enteen dollars was bid on the day after
 New Years day for a share of stock of
 one of the New York city banks and yet
 no stockholder was disposed to part with
 a share unless the offer was for as much
 as two thousand one hundred dollars.
 stock was made at that time which
 equalled or even approached in magni-
 tude the figures named in the bid for
 this bank stock excepting for that of
 an industrial company whose career for
 the past two or three years has furnished one of the great romances of American
 industry For the day after New
 Years day nearly fifteen hundred dol
 lars was bid for the stock of the Texas
 speculatively but because there prevails
 a belief that the company is in possess sion of almost untold wealth, although
 this was a recent discovery. Fourteen
 months ago the stock was quoted at two
 hundred, dollars bid. There is nothing
 like. this record in the history of securi
 ties transa ctions excepting possibly one or two which were made through the dis covery of unsuspected and enormous de- posits of precious metals.
 Apparently no holder of the stock of this corporation is willing to part with it. There may be two reasons for this disposition. One is based upon the fact that if stock were now sold then the gov ernment would get much the larger part of the money received for it, by reason of the imposition of excess profits tax. Another is the belief that in the northern region of Texas there are very great oil fields and as the demand for oil is to increase, the presumption being that there will not be enough fully to meet the worlds demand, the stock hold CTS in this corporation are persuaded that the stock which they hold represents wealth which cannot now be fully esti- mated in dollars and cents.
 Some of the romances associated with the sudden increase in the market value of this stock match any that have been told of the wealth which followed the sudden discovery of great natural re- sources. One of the most interesting of these romances is that which refers to the experience of man who was form erly Comptroller of the Currency at Washington. As public officer of the Treasury Department he gained high reputation for ability and his name is always suggested when the services ot the comptrollers of the currency are re- ferred to.
 After he retired from that important office he came to New York and began a new career as a president of a nation al bank. He was successful in that man. agement although perhaps his success was not as brilliant as that of some others who became executive heads of banks in New York. His bank was at last absorbed by one of the largest of New York City banks.
 HE BUYS SOME STOCK ss
 Having accumulated a little money he looked around so that he might discover how best he could invest it. He was at last persuaded that he would not err if he bought shares of the Texas and Pacific Coal company At that time the market value of these shares lowered around par And the investor sometimes if he had not made a mistake when he bought this stock.
 After his death some years ago this estate was found to contain a block of approximately three thousand shares of this stock. None of it cost more than two hundred dollars. His heirs were disposed to put the stock upon the mar 1et. The president of the company, D. l.. | who before coming to New l Y York had gained high reputation in St: Louis for financial ability, warmly | the heirs by saying that it would be much better if they retained heir stock since the chances were that t would increase in value.
 His advice was accepted and the state low holds three thousand shares of the tock of this corporation which would if sold in the market approXi- nately four million dollars.
 President Marston has invariably ad- 'ised the holders of the stock not to 'art with it being convinced that it would steadily appreciate until at last t would command the highest figure yer quoted in security market reports or an industrial organization. Counsel f this kind from an executive officer s often referred to as being almost nique and it certainly has gained for 1r. Marston the regard and respect of Il the stockholders of the company of 1hich he is president.