SECURITIES: Over the Counter & Far Away

The New York Stock Exchange tape lazied along: about 120,000 shares an hour, 610,000 shares for the full session. The 3 o'clock gong found members shrugging their shoulders at the end of one more lackadaisical, profitless day. But in the offices of Manhattan's Dillon, Read & Co., the gong was the signal for a burst of activity. Dillon, Read headed a group of investment bankers and brokers with 500,000 shares of Standard Oil Co. (New Jersey) common to sell (for the estate of Oil Heir Edward Stephen Harkness). The bankers got busy on telephone and wire. Two hours later the...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!