New Britain herald., 1927-02-04
TELL 0F FORD STOCK VALUE
Easily Worth S10,000 a Share
 in 1918, Witness Says
OTHERS PUT IT AT St2,@0
In Better Condition Then Than General Motors Now, Says An other-Ford, With His Billion, If He Cashed 1t Could Do Lots.

OtHeT-EOrO, Wltn Ills BlluOH, II
 He Cashed 1t Could Do Lots.
 Washington, Feb. R-American bankers were keen to acquire stock in the Ford Motor Co.,, as early as 1913. Pierce c. Ward, Chicago in vestment banker. said today testify ing in the government suit to recov- CT added taxes from former Ford stock holders.
 The suit, being heard by the board of tax appeals, is based on conten- ton by the government that it over valued the stock of the minority holders when it assessed taxes on the profits they made when they sold out to Henry Ford.
 Thinks It Was $1O,OOO.
 The original government valuation was $9, 4S9 share. as of March l, 1913, and the present government contention is that the true value was only s3,600. Ward, witness for the protesting minority stockholders said that in his opinion the value on the date indicated was "ea.ily $10,000."
 Tt was the outstanding feature in the American securities market at that time,' he said, ''and especially appealed to bankers because of the phenomenal annual increases in the earnings of the Ford Company"
 He designated the Ford plant the best industrial concern in the United States in point of management, phy scal and financial assets, and it's position in the automobile busi- ness.
 Secret of Success.
 Ford was successful because he concentrated on one model, the wit ness said, whereas his competitors adopted a policy of changing types.
 Comparing the financial position of the Ford Motor Company on March 1, 1913. with that of other concerns. the witness said it was his opinion that the position of the Gen. eral Motors Company today is not as favorable as that of Ford in 1913.
 Describing the growth of the Ford Motor Company as the romance of romances," Charles L. Bradley, vice president of the Union Trust Con- pany of Cleveland, estimated that the shares in question were worth s12,000 each in March. 1913 and that the whole capital stock at that time was easily worth s24o,0o0,ooo.
 What Ford Could Buy
 Washington. Feb. 4 (UP)-If Hen ry Ford cashed in all his wealth and set out to spend it. he could have a wonderful time.
 Ford, witnesses testified at the Couzens tax hearing here, is worth between s1,500, 0,00o,00o and s2,0o0- 100000 Using the smaller figure as 0 basis for calculation. the motor magnate could:
 Buy the entire state of Idaho land, buildings and all it's assets.
 Buy all the land in Colorado. Louisiana, Minnesota or Iowa. flgur- ing on a basis of asset valuations.
 Pay the combined ne. debt Of all states of the union Gas of 1925) and have s25o,o0o,ooo left over.
 Purchase 75 billion newspapers at two cents each.
 Delving into the past for data. Ford. with it's present fortune, could have:
 Purchased the entire output of women's clothes in this country in 1923.
 Bought the entire telephone sys- rem of the country in 1922, including wrong numbers.
 Acquired the combined wheat and oat crops of 1925.
 Bought 100000 and then some of a popular small make of motor car.
 Paid off all the mortgages on all the farms in Illinois. Iowa. Kansas, Michigan, Minnesota, Ohio and Mis- souri in 1920.
 He could buy 1-175th of the total wealth of the entire United States industries, farm products. live stock and everything.
 If he wanted to turn his fortune into gold 1t would require all the gold produced in the world since the close of the world war to pay him off.
 He could go into the open market today and buy control of the U. s. Steel Corporation. Pennsylvania railroad and General Motors and have money left.
 ua co,,ld h,Iv onnroy}rp 2 ta1y 000