/
friends
of
Financial History
Number 17, November 1982 For Those Interested in Business History Price $5.
CAPITAL > STOCK >000.000 DOLLARS
CAPITAL f STOCK 2000.000 DOLLARS
Shares
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LARGEST GOLD VALUES IN BED ROCK DEPOSIT OF GRAVEL.
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AMLKILaH HIMISMA
DEC 1 0 13
• Price Guide •Applegate on Autos
• Pretty Wallpaper • Books • Biograph ies •Erie Wars- Parti • Inti. Dealer Directory
and many more features
friends
of
Financial History
Editorial 2
Save that Wallpaper (Herzog) 4
London Stock Exchange (Veissid) . . .11
U. S. National Debt (Anderson) 14
Note on Restoration (Gimelson) 20
Mystery Vignette 22
Mastermind (Garrison) 25
Robert Spring: Forger (Moore) 32
Classic Cars (Applegate) 35
Erie Saga (Robson) 45
Financial Biographies 52
Color Pages: International Dealer Directory
EDITORIAL
The first Annual Edition of Friends of Financial History turned out, like so many other undertakings, to be more of a job than anyone up in the production department had expected. We all hope that you’ll find much to occupy your thoughts and reflect upon for many months — hopefully for a whole year.
There were so many areas to cover — a wonderful indication of the vitality of the subject and the rich possibilities in digging through the past for a clearer understanding and appreciation of how we arrived at where we are now. In the closing days, we were all pleased at the very fine auction results in Frankfurt, London, Paris and New York in the fall season. Certainly this augurs well for the year ahead, and we can approach it with a feeling of guarded self-confidence.
It wasn’t always so during the year, however, a fact many were reluctant to confront. It seemed that the marathon had to be finished before we could look back over the track, to see how arduous the course really had been. First, there were the people we have all known who are no longer with us. They have left the business, and the trading they once did is gone, frequently with no replacements in sight.
Value Today (Hielscher) 58
Index - Friends, Scrip, B&S Journal . .60
Ticker News 64
Smythe Auction 7 - Prices .68
Sotheby Auction (Hetherington) ... 71
Bond & Share Society (Kluge) 72
Book List 74
Auction Calendar .79
Mexico & Santa Anna (Fisher) 31
Classified Ads 82
Index to Advertisers 115
and Comprehensive Price Guide 83
We have woven a new fabric in the past year of consolidation, one which has held us all together and one which promises to nourish us well in the future. It is principally a realization of the busi- ness necessities of this new hobby, and how to deal with them, each collector and dealer in his own way. The threads of continued thoughtful research, a willingness to share information generally for everyone’s benefit, a recognition of the fragile nature of the markets, and a committment to integrity and under- standing are all there.
Up here on the mezzanine, where the floor is covered with small pieces of cut paper, and rubber cement jars still stand uncovered, we hope you will enjoy the Annual, and some of the changes it brings you. Its new size is more conven- ient, the index of articles a time saver; the new Friends Price Guide, not of any one dealer but rather the best guess of market prices contributed by many dealers; the biographies; the articles; the Dealer Directory; and, yes, the subscrip- tion blank, too. Use it to renew, or pass it on to a friend - because we need your support. We need to hear about your needs, your criticisms, your complaints. And finally, before we put the lids on the rubber cement, we all need to wish you a very happy and successful 1983 —
1983 SECURITIES CALENDAR
FOR HOME & OFFICE
You will find this handsome full-color calendar ideal for office and den. Twelve popular certificates, appropriately captioned, are faithfully reproduced, including such rarities and favorites as Pears Soap, Ma Bell and certificates signed by Edison, Houdini and General de Santa Anna.
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY
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R. M. Smythe & Co., Inc.
24 Broadway
New York, N.Y. 10004
DEALER
INQUIRIES
INVITED
We wish to order 1983 Securities Calendars @ $10.00
per calendar, plus $1. shipping. $ js enclosed.
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Save that cPrettyWallpaper>
Perspective on Scripophily - a growing Collecting hobby
by John E. Herzog
“ A Scripophilist by any other name would be just as happy”
Alfons W. Henseler and
Ulrich Drumm
T
■ his splendid hobby began in earnest in Europe, and its development at first was tied to somewhat of a coincidence. In Frankfurt in 1975, two young bankers interested in old certificates met at a flea market, and began at once to trade their certificates and exchange collecting anecdotes. Thus Ulrich Drumm and Alfons Henseler laid the groundwork for a collaboration which was to have profound effects on future scripophilists around the world. Their first step was to initiate the publication of a magazine: Freunde Historische lA/ertpapiere makes its appearance five times each year, and provides a medium of exchange for the growing hobby.
Shortly afterwards, Chinese Bonds, their first catalogue, was published. Next came Russian Railway Bonds, and suddenly collectors had what they most needed, namely, a guide of what there was to collect.
The growth in the market occurred quite quickly from that point. Aided by a good general economic climate, and strong stock markets, old bonds and shares began to intrigue brokers and bankers alike. Most early activity was in Germany, and in September 1977 Drumm and Henseler organized the first public auction of old bonds in the world— appropriately enough in the Borsenkeller— a restaurant beneath the Frankfurt Stock Exchange. Naturally, there were visitors from abroad, and soon
Zeitung ftir
Historische Wertpapiere
The Original Magazine in German for Certificate Collectors
Edited by Ulrich Drumm and Alfons W. Henseler
Goethestrasse 23 == Subscription DM 40
6000 Frankfurt 1 = In US $25.00 =
West Germany .. =
4
CAPITAL SOCIAL 75.000.000 oe FRANCS
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* EEOifi SDHSIAS, A PARIS
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London bankers began to get the bug, too. The collecting instinct cuts across all lines, bonds and shares being no excep- tion. There were also dealers— some from the antique business, some autograph specialists, some stockbrokers— and the market began to take shape.
providing a breadth to the market which would not have been possible from collectors alone. Prices rose, too, in ways quite uncommon for genuine collec- tor material .
Chinese Leaders
Sunny Days in London
In London at this time, Stanley Gibbons had just become reoriented to the collector market, and moving from its pre-eminent name in the stamp world, began dealing in coins, banknotes, me- dals, maps and bonds. Their dealing activities started early in 1978, and the immense popularity of the Gibbons name attracted a lot of attention in Britain. The overwhelming activity at this time, and continuing for the next two years, was in Chinese and Russian bonds, and according to the best estimates, about 5,000 people were involved in this hobby. Soon collectors would be eagerly looking for new material, as prices were rising rapidly in 1978-79 and many speculators entered the market to fuel this rise. One of the peculiarities of the London Stock Exchange is that once a security is listed for trading, it remains listed forever. Therefore, the Chinese bonds, and certain of the Russian issues as well which had been popular trading vehicles sixty years before, could still be dealt in on the Exchange. The jobbers were delighted at this turn of events, and soon there was a speculative following
Take the 1919 8% Vickers Loan, for instance. The £1,000 bond was offered at full retail by Gibbons in March 1978 at about £500-600. By June 1979, it had reached £1750, and by September 1980 the price had risen to £3500. Naturally, Gibbons' full retail offering prices did not reflect the entire market, but their list was quoted throughout the world and had a tremendous influence on industry-wide pricing.
Mike Veissid and
Brian Mills
5
The principal dealers of those days had to satisfy the demand for new material, since there were not enough collectors to support them with only Chinese and Russian bonds. Toward the latter part of 1978, the United States began to be involved. Orders from Europe and London began coming in to a handful of American dealers who had identified themselves in this market.
Prices Rise Quickly
By this time, prices had risen from the $50-100 level per bond for the good Chinese material, to several hundred dollars each, and in certain cases like the higher denominations of £500 and £1000, some prices were quoted in thousands of dollars. Moreover, there had been some discoveries of unissued reserve stock— certificates actually engraved for use, but never issued— and in the case of the 1898 Gold Loan bonds only 45 examples existed of each of the £25 and £50 denominations. These pieces were advertised for sale in the Gibbons price list at £5500 each, and rumor has it that sales were made.
From the United States there were the railroads, which, because of their spectacularly ornate engravings and vignettes, were instant favorites. Much of the stock during that period was unissued as well, having originally come from the file of underlying railroads of the New York Central Systems. London collectors and
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Chinese G overnment 5%
Reorganisation Gold Loan of 1913. dealers ordered this material by the hundreds, and the incentive to find more new material for; this insatiable demand became very strong. Visitors from Europe came here, pickers went' on sweeps through the country, and suddenly/ dealers in banknotes and all sorts of other' paper material were "in the know" abouti stock and bond certificates.
What To Look For
Three attributes indicate the value of mosti collectible material, and those are rarity,, decorative or pictorial quality, and of course, historical associations. Age, care and quality of manufacture, condition of the pieces s and the size of the potential audience of collectors are also important. The rather plainly printed but scarce certificate signed by Thomas A. Edison in the 1880's will fetch a high price s because of its autographic value. Auction records of this material show prices in the $500-800 area. On the other hand, the superbly
Our lists represent a tiny fraction only of what we have to offer; so; send your list of what you have, and we’ll quote you to im- prove your collection, at very friendly prices.
Non-Valeurs Miami, Inc. P.O.Box 490249 Miami, Fla. 33 1 49
Bill Kuhlmann P.O.Box 810407 3000 Hannover 81 West Germany
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$100 Gold bond of the N orthern Pacific Railroad Co., dated 1870
engraved and very colorful certificate for a share of stock in Ringling Bros. Barnum & Bailey Circus exists in large numbers, but has sold at auction at prices of over $350, and continues in demand outside the auction room. One of the most exciting aspects of the hobby is the combination of the attributes mentioned above. For instance, the Northern Pacific Railroad was the first land grant railroaa established by Act of Congress on July 2,
1864; the company received 47 million acres of land, too. The bond itself in the $100 denomination is bright orange and black. It is beautifully engraved by American Bank Note Company, by this time the outstanding firm in the industry. The bonds were signed by Jay Cooke, who floated the loans enabling the Union to win the Civil War, before he went bankrupt in the Panic of 1873. They are signed as well by J. Edgar Thompson, president of the Pennsylvania Railroad, and a nationally recognized figure of the day. Thus a wonderful example is born; as yet this piece has not come to auc- tion, being quite rare.
American Bank Note Co.
Banknote engraving in the United States in the early nineteenth century reached great heights of excellence. Splendid illustrations were steelplate engraved, and a tradition of excellence begun in small firms in the principal
cities flourished, making steel engraving in this country the finest the world has ever seen. The American Bank Note Company has been foremost in the field for over a century, and was created through the consolidation of a number of these independent firms. For a lover of fine engravings, this hobby has some splendid treats in store, and while many vignettes are similar, there is a tremen- dous diversity of subject material.
Look In Your Attic
Certificates have come to the market in many unusual ways, as well as in a few one might expect. Dealers in autographs and ephemera have been suppliers simply because they have a stream of material of which this is a natural part. Antique shops also have turned up some quantity, and book dealers have, too. Private collectors who just happened to like the material and accumulated it over the years are suppliers, and then of course there are the occasional banks and legal firms which have decided that records no longer needed, can be discarded. Companies themselves sometimes have material long in storage, as the case with certain of the railroads now in liquidation. These tend to be large hoards of material which is essentially similar if not exactly the same, and while there was very strong demand for quantity of this kind two to three years ago, very much less is now required to service the market. The
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Baltimore and Ohio Railroad 1852 signed hy Thomas Swann
Lehigh Valley Railroad was one of the first to sell its holdings, some 200,000 pieces mostly alike, bought by an Amer- ican dealer for approximately $80,000
and then sold to the European market in a single trade. The Reading Railroad lot traded about eight months ago for
$30,000, and it contained even greater
quantities, but the material was some-
what less attractive and not engraved, many of the certificates being stock forms.
Americans Catch On
Price levels for American material began at modest levels of $20-40 for a
standard railroad certificate, the over- whelming favorite among collectors here. Because of the strength of the market in Europe initially, and later due to the new items being found here, prices rose over the period 1979-1980, and into early 1981. The most ornate pieces reached prices between $300 and $500. The first auction of stocks and bonds in the United State was held in March 1980 at Fraunces Tavern, and this provided focus for the interest as well as a very successful forum for new first class material.
American Specialties
As the market has broadened there has been an increasing interest in subjects other than those which first attracted attention. While railroads are still very popular and enjoy a very firm market, automobiles, especially
those certificates with vignettes of cars, and the early oil companies are in demand as well.. Prices at Auction 4 for oil certificates of the* period 1864-1874 greatly exceeded estimates of $100-150, and traded up to the $400 range.. These unusual and attractive certificates are now comparatively rare, and while most are^ lithographs, they generally have oilfield scenes and in some cases, early revenues stamps. They are attractive, and histor- ically important as well. One of the1: outstanding discovery items turned up so 3 far was a group of the original Standard j Oil Company certificates, signed by John D. Rockefeller and Henry M. Flagler. Autographically outstanding, they reached high prices of $1500-1800 each in an enthu- siastic market, just six months or so aften they had been introduced at $150 each,, in the fall of 1979. They have remained: at the higher level, and those with a 3 specially desirable combination of signa- tures have traded at much higher prices.
Signs of Distress
As the market has changed in the lasti year and a half, so have the prices. Abuses: of the collector market and excesses in pricing coupled with serious internal management problems quickly removed $tanley Gibbons from a leadership position. The disappearance of the Chinese and Russian as the overwhelming; market leaders, and the closing of Stanley, Gibbons' bond certificate dealing activi-: ties after heavy losses, created serious dislocations in the London market as well
8
as in Europe. London dealers turned with more enthusiasm to the material from their own country, and while not visually exciting, there is some very fine and important material. Prices of Chinese and Russian Bonds collapsed amid great distress on the part of unwary collectors, and have stabilized at 10-20% or less of the highs: only a few of the true rarities have held their prices. Speculators who did not move nimbly were likewise left with big positions in some of the more actively traded issues.
The Market Matures
Krice levels of the American material, and generally all the rest of the certifi- cates which constitute genuine collectors' items as opposed to subjects for specula- tion have continued to rise, but slowly. Price stability for the run-of-the-mill items, naturally with markdowns for tired stock, and in some cases surprising new highs for the truly desirable and unique material characterizes the market today. It is this stability at a quiet period coupled with the very steady growth in interest on the part of the public in this field, that is so healthy. The increasing sophistication of the dealers themselves as to quality and marketing constitutes the strength of the industry for the future. There is now a solid foundation, a general acquaintance with the subject, as well as a very strong and increasing interest in the field of financial history. In addition.
^ tttt tt ttH ti it it u it it it ton tit
HISTORISCHE WERTPAPIERE
ANKAUF-VERKAUF. NEUE LISTE GRATIS H.-J. WEBER, D-4000 DiiSSELDORF ! , PF. 8634 TEL. 021 1 -357581
offerings of dealers have been broadened considerably and are no longer restricted to stock and bond certificates alone. Now there are checks, numerous other docu- ments, related engraving items, in some cases banknotes, and the ephemera material which surrounded the original business enterprise for which the certifi- cates were issued. All of these develop- ments take time, but their direction is now clear.
And On To The Future
At present, this hobby is in a very favorable position. An initial period of intense interest and gyrating prices has passed, leaving in its wake a wide variety of material from which to choose a specialty. In a rush to publish, the market has been endowed with a number of catalogues, and several more are shortly to be issued. The dealers who originally started and are still in business, having survived the tremors of a dramatic start, carry with them this experience, making them more conservative and thoughtful about their purchases, their prices, and their advice.
LAURENCE W. A. BOGERS
will buy, sell or swap!
Many interesting & rare US, EUROPEAN, and General material Send $2.— check for latest list. I shall include a Chinese Railway Bond worth $10.— !
Please state what you have or want.
Box 2613, 3500 GP Utrecht, Holland
9
offer a friendly and personal service to all collectors whatever their particular interest.
★
Advice on investment or decoration freely given.
We provide a complete framing service for homes or offices.
★
Write or telephone for our fully illustrated comprehensive literature which includes the €>lb Pont) - First newspaper of scripophily.
★
9 OLD BOND STREET LONDON W1X3TA ENGLAND
Telephones: 01-493 3355 (24 hours) or 01-493 7681/2
LONDON — BAHRAIN — SWITZERLAND
10
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London Bank of England & Royal E x change
Th e^oqdoii
Stock^xcnange
by Mike Veissid
Although the Stock Exchange was not formally constituted until 1802, dealing in stocks and shares had been going on for over 200 years. Initially, it was the mer- chants who added Stock Broking to their existing activities, but very soon specialists appeared who earned their entire living from share dealing. Transactions were made at the many coffee houses centered around Change Alley, in the City of London, and in particular Garro- way’s and Jonathan’s.
Brokers & Blackguards
Carrying on business in this informal manner obviously produced many rogues, and by 1762, approximately 150 more reputable brokers formed an association and made an agreement with the pro- prietor of Jonathan’s for sole use of his Coffee House, in return for a fixed rent. Unfortunately for this group, one of the non-members who was not allowed use of Jonathan’s, brought the case to court and won right of access.
In 1773, the same association pur- chased a building of their own in Thread- needle Street, which became known as the Stock Exchange. Membership, was not limited and anyone could use the facilities on payment of 6d per day. The name of the Stock Exchange was changed to the Stock Subscription Room in 1801, with the introduction of annual subscriptions and election of members.
Rules Cause Havoc
Much friction was caused by the new rules and a breakaway group was already thinking of new and larger premises, which they secured in Capel Court. The building was acquired by Public subscrip- tion of £20,000 in £50 shares. The Deed of Settlement was signed in 1802, the same year that the New Stock Exchange was opened for business, with a total mem- bership of 551.
Ticker Tape
The first telegraph line was connected to the Exchange in 1853, and the Ameri- can invention, the “Ticker Tape”, was in- stalled in 1872, some time after it had been in use on Wall Street.
11
Publication of lists of shares dealt in gradually became necessary and the three small lists that were in existence in 1867 were merged into the now familiar ‘Daily Official List’.
Entry Fees Were Low
As share dealing grew, more and more people became members of the Stock Exchange, and by the turn of the century, membership had increased to over 5,000.
It is interesting to compare the cost of membership of the London Stock Exchange at that time, with other impor- tant markets. Ordinary membership to
The Star Ominihus Co., London
Ltd., - 1944
the Exchange would cost about £1,200 but to become a member of the New York Stock Exchange cost the equivalent oi £16,000 and the Paris Bourse an enor- mous £92,000.
Building For Growth
Although the original structure was rebuilt in 1854, and later extended irr 1885 with the addition of a much large* area of adjacent buildings, the size ol membership was becoming an increasing] problem. Another smaller extension was made in 1904, however, nothing more was done until the final rebuilding of the Exchange in 1968-1972.
RUSSIAN BONDS !
Choose from the widest selection of bonds from the world's leading specialist.
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Our bonds cost from £750 to around 50p. - our expert advice is FREE !!
ZARAR1NG LIMITED
45 Melrose Road, London SW 1 8 1 LX Tel: 01-870 0278
12
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W. H. COLLECTABLES LTD.
WE ISSUE REGULAR LISTS CONTAINING SINGLES OF U.S. AND WORLD RAILWAYS; INTERESTING AND EARLY 18th CENTURY BRITISH MATERIAL; SOUTH SEA COMPANY EAST INDIA COMPANY, ETC.
AND SCARCE GENERAL ITEMS Address :
Westcombe House, 56/58 Whitcomb Street London WC2H 7DR, England.
13
U.S. National Debt ( In the American Revolutionary Era)
by William G. Anderson
State of Massachusettes Bay Loan 1 7 77.
Collectors of American government bonds are well acquainted with the secu- rities issued by the Confederate States of America. Many were issued, and because of the outcome of the war they remained outstanding and thus readily available to collectors today. In addition several books have been written on the subject, thus making it possible for collectors to enter the field with some degree of knowledge.
However, most collectors are not as aware that bonds were issued many years earlier to help finance the American Rev- olution. This lack of awareness is unfor- tunate because these earlier certificates played a major role in the history of the Revolutionary era, and their significance goes much beyond the area of finance.
Major political and social controversies were waged over these certificates of pub- lic debt, often pitting debtors and sub- sistence farmers against speculators and merchants. The issue of public finance divided the nation both during the war and after. Indeed, the public creditors who were not paid in the 1780’s became a major force behind the replacement of the weak Articles of Confederation government with the Constitution of the United States. When the Federalist Alex- ander Hamilton, serving as President Washington’s Secretary of the Treasury, subsequently proposed to fund the na- tional debt and assume the states’ debts the controversy which surrounded the proposal led to the decision to locate the nation’s capital along the Potomac River
14
Sigh t Draft -1779 signed by Francis Hopkinson
IVmeric^
^ iff ii eW1*
ROBERT F. KLUGE
P. O. Box 155
Stock Certificates
Bonds
Documents
Checks
Currency
We welcome your inquiries
ROSELLE PARK NJ 07204 (201) 241-4209
between Maryland and Virginia (to as- suage Southern opposition) and contrib- uted to the formation of a formal opposi- tion party (the forerunner of the present Democratic Party). The bonds that were issued consequent of the funding law of 4 August 1790 were the first items traded on the New York Stock Exchange when it opened in 1792.
The States Issue Bonds, Too
The American Revolution was not fi- nanced by the central government alone; the cost was also borne by the revolu- tionary state governments. In addition to currency both the national and state gov- ernments issued fiscal paper to finance the war. The fiscal paper from the Revo- lution consists of two general types. First there are Treasury Notes or Loan Certifi- cates. These war bonds were usually is- sued and signed by the Treasurer and were given for money voluntarily lent to the government. Both the Continental Congress and the states issued loan certifi- cates. This idea was not original; in the period prior to the Revolution both the British home government and the colo- nies had utilized this method of public finance.
The second type of fiscal paper from the Revolution, what contemporaries called “certificates,” is often confused
with the currency of the era. These were issued for many reasons, but most often they resemble a promissory note given for services rendered the government; e. g. , soldiers’ pay. Unlike the loan certificates, these promissory notes provided no in- come for the Treasury. They merely ena- bled the government to postpone the pay- ment for services already rendered. They represent services borrowed rather than money. Most certificates were issued after the collapse of the paper money system in 1780-1781 while most loan certificates were issued prior to 1780. The certifi- cates were often signed by state agents or auditors instead of the Treasurer. The term “debt certificate” is a broad term meant to include both loan notes and cer- tificates.
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Bonds Versus Bills of Credit
Although it is sometimes difficult, a distinction must be drawn between the two when discussing Revolutionary finance. Although some of the specific differences will not always be accurate, here are some of the general distinguish- ing features:
Bills of Credit
1. were intended to create a circulating medium.
2. were payable to bearer
3. had printed denominations
4. usually bore no interest
5. usually bore a printed date of authorization
6. were usually printed on both sides of heavy paper of small size conven- ient for circulation.
Debt Certificates
1. were transferable but not intended for general circulation; not legal ten- der but certificates were usually made receivable for taxes
2. usually were payable to a specified individual
3. usually had written denominations
4. usually bore interest
5. usually had a written date of issue
6. were printed on one side only on thin paper of large size.
'Rul C. ftcUJ
Tel. (617) 939-8981
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Letter*, Manuscripts, Documents, Signed Photographs of Presidents - Statesmen - Writers - Composers - Philosophers - Clergy Scientists - Medical - Royalty - Financiers - World Leaders - Sports
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The designs of the debt certificates vary greatly. Continental loan office cer- tificates were all printed in two colors with the colors changing with the de- nominations as an anti-counterfeiting de- vice. Massachusetts issued the most or- nate certificates, including one engraved by Paul Revere. Although most state cer- tificates bear no vignettes, vignettes on Massachusetts certificates include a patri- ot holding a sword, a codfish, a pinetree and a rattlesmake. Massachusetts also is- sued probably the most intriguing certif- icate. Due to excessive currency emissions and other wartime factors, by 1779 infla- tion was sweeping the infant nation. But- ter sold for $12 a pound and a barrel of flour cost $1,575. Obviously the inflation was also destroying the value of govern- ment bonds. To rectify this situation Massachusetts came up with an ingenious idea when they issued bonds to pay their soldiers in 1780. The bonds contained a primitive consumer price index. “Five bushels of corn, sixty-eight pounds and four-seventh parts of a pound of beef, ten pounds of sheepswool, and sixteen pounds of sole leather” were valued at £130. When the bonds were redeemed the amount paid would be the written de- nomination of the bond relative to the present price of the stated commodities; for example, if the bond was for£500 and when it was redeemed the prices of the indexed items had doubled to£260, then the soldier would receive£1000, plus interest.
Rarity: Only a Few Survive
Over 450 types of debt certificates were issued by the Continental Congress, the 13 original states and Vermont. Certi- ficates have survived bearing signatures of such prominent Americans as George Washington, Benjamin Franklin, and Alexander Hamilton. Many issues have not survived at all because, unlike the currency of the era, the debt certificates were usually redeemed for either the face or specie value; consequently, most were presented for redemption. Upon redemp- tion they were cancelled, either with a hole punch, a knife slit, or with pen strokes through the Treasurer’s signature. After cancellation the certificates were audited and usually burnt. Most certifi-
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cates that survived are either undestroyed cancelled notes, unissued remainder notes or certificates that were never presented for redemption.
Certificates have survived from every issuing government but almost all are rare, with the exception of several issues from Massachusetts and Connecticut. In these states many of the certificates were not burnt; instead, they remained stored in the Massachusetts State House and the Connecticut State Treasurer’s Office until well into the twentieth century, when they were “liberated.” Consequently,
many inexpensive Connecticut certifi- cates are readily available to collectors today. Because of their attractive vi- gnettes and since the hoard was not as large as the one in Connecticut, the Massachusetts certificates are more ex- pensive. Most of the issues from the other governments are relatively scarce and usually command more in the mar- ketplace. However, collectors would be hard pressed to find any other group of certificates that are as steeped in history as the debt certificates from the Ameri- can Revolution.
Classic Certificates
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IN FRENCH CERTIFICATES
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•STOCKS •BONDS •CHECKS • LETTERHEADS •DOCUMENTS
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Clifford Priest P.O. Box 209 F orest Park, II. 60130 (312) 366-3590
19
A Note on Restoration
Bruce Gimelson
If I had a collection of antique stock certificates the first question I would ask a paper conservator like myself is, “Why should any restoration work be done on items in my collection?” There are several answers, some of which are not obvious.
Suppose there is a long tear or an unsightly stain through the middle of
a rare certificate. In a collectible field where appearance is integral to the value of the objects, the repair of a tear or removal of a stain would not only im- prove the look of a certificate but also add to its worth.
Many old stocks and bonds are being damaged by invaders which are invisible to the naked eye. These would include microscopic organisms (particularly rampant in the South) and minute metallic substances which oxidize with- in the paper fibers causing deterioration. There are modern methods to deal with both of these problems thus increasing the life of old certificates.
CAPIT
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Send us your damaged certificates, bonds, maps, prints, books, and all types of paper for restoration in our modem laboratory. We use only archival techniques. Modem equipment, experienced technicians. Send for our fully illustrated brochure.
T>rr B. GIMELSON PAPER RESTORATION LAB ily 96 S. Limekiln Pike, Chalfont, PA 18914
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Po\y\6 oiA<\n655 Wi+k
\Y\W6tyt Gplley
Wall Street Prints & Memorabilia • Historic Stock Certificates • Financial Autographs & Documents • Rare Books
The investors Gallery"
Decorating the Financial Community for over 15 Years
2907 Routh Street
Dallas, Texas 75201
(214) 748-7831
21
Mystery Man Identified
Cornelius Vanderbilt
We received many letters from readers giving the correct answer to this quiz. The first letter to arrive at our office, was hand delivered by Mr. Peter D. Kimball, Vice President, American Banknote Company.
Congratulations to Mr. Kimball who will receive a $50 credit towards a certificate of his choice from R. M. Smythe.
P.O. BOX U Manhasset, N.Y. 11030
(212) 631-551 1
Purchasing and Selling All Types of Autographs. No Collection too Large, No Item too Small.
CURRENT PRICE LIST AVAILABLE
22
NASCA
NUMISMATIC AND ANTIQUARIAN SERVICE CORPORATION OF AMERICA
265 Sunrise Highway, County Federal Bldg., Suite 53 Rockville Centre, L I., New York 11570 516/764-6677-78 CSA BOND PRICE LIST
All orders should be accompanied by check or money order for the amounts indicated plus $2.50 per $100 valuation for postage and handling.
Cr.5 $25
Cr.5A $25
Cr.6 $25
Cr.6A $25
Cr.7 $25
Cr.7A $50
Cr.8 $25
Cr.12 Taped splits. . . $75 Cr. 12 Hand-written coupons at top signed by R. Tyler! Split, taped. $75 Cr. 13 Split, taped . . . $50 Cr.13A Last coupon voided.
Split, taped $50
Cr.17 $40
Cr. 18 $40
Cr.19 $30
Cr.20 $20
Cr.21 $25
Cr.28 $50
Cr.29 $15
Cr.30 $35
Cr.31 $30
Cr.31A No imprint- only 20 issued . . . .$125
Cr.32 $25
Cr.33 $30
Cr.34 $30
Cr.35 Stained $35
Cr.36 $30
Cr.37 $30
Cr.38 $35
Cr.39 $25
Cr.40 $20
Cr.41 $25
Cr.42 $25
Cr.43 $30
Cr.43A $30
Cr.44 $30
Cr.45 , $25
Cr.46 $30
Cr.47 $25
Cr.48 $25
Cr.51 $35
Cr,52 $40
Cr.53 $40
Cr.54 ...... $40
Cr.55 $40
Cr. 56 $40
Cr.57 $35
Cr.58 $35
Cr.59 $35
Cr.60 $35
Cr.61 $30
Cr.62 $30
Cr.63 $30
Cr.64 $30
Cr.65 $28
Cr.66 $28
Cr.67 $28
Cr.68 $25
Cr.69 $25
Cr.70 $25
Cr.71 $22
Cr.72 $22
Cr.73 $22
Cr.74 $22
Cr.75 $22
Cr.77 $60
Cr.78 $40
Cr.79 $35
Cr.80 $35
Cr.81 $35
Cr.82 $35
Cr.83 $30
Cr.85 $28
Cr.86 $28
Cr.87 $28
Cr.88 $28
Cr.89 $25
Cr.90 $25
Cr.91 $25
Cr.92 $25
Cr.93 $22
Cr.94 $22
Cr.95 $28
Cr.95A $25
Cr.96 $25
Cr.97 $22
Cr.98 $22
Cr.99 $22
Cr.100 $20
Cr.101 $20
Cr. 102 $20
Cr. Ill $20
Cr. 1 16 $90
Cr. 1 17 $150
Cr. 1 18 $140
Cr. 1 19 $140
Set of Erlangers (Complete)
$450
Cr. 120 $18
Cr.121 $18
Cr.121A $22
Cr. 122 $22
Cr.1 23 $18
Cr.1 23A $18
Cr.1 24 $18
Cr.1 24 A $35
Cr.1 25 $18
Cr.1 25A $18
Cr.1 25B $30
Cr. 128 $18
Cr. 128A $18
Cr. 129 $18
Cr.1 29A (Similar to 128A)
. $18
Cr.130 $20
Cr.130A $20
Cr. 130B $20
Cr.130C $25
Cr.1 38 $22
Cr.140 remainder $30
Cr.141A $20
Cr.141B $22
Cr.142 $18
Cr. 142A $20
Cr.1 43 $20
Cr.143A $20
Cr.143B $25
Cr.143C $20
Cr.1 44 $20
Cr.144A $20
Cr.144B $20
Cr. 144C $20
Cr. 144D $20
Cr.144E $20
Cr.144H $25
Cr.1 49 $50
Cr.1 53 unissued remainder
$12
Cr.165 $50
COUNTERFEITS
X34 $30
X89 (unlisted) splits et al.
$30
X95 (unlisted) split, chinked
$30
X101 $30
X122A $20
TRANS-MISSISSIPPI
Cr.40 Houston, TX . . . .$35 Cr.120 Houston, TX . , .$35 Cr.121 Houston, TX . . .$35 Cr.122 Houston, TX . . .$35 Cr.1 25A Houston, TX . .$35 Cr.144C Marshall, TX ..$40
23
ON CASSETTE TAPE
cWhen °Money^Talks
The antique stock and bond storybook on tape. It includes commentary on :
% THE MARKET
3(C THE SE VEN EL EMEN TSOFVALUE 5|C THE VARIED AND SOMETIMES ASTONISHING USES OF STOCK AND BOND CERTIFICA TES HUMOR 5jC TIPS
3#C AND MUCH, MUCH MORE!
Sit back and relax and hear the inside story about antique stocks and bonds. There are many surprises and much information packed into 30 minutes about Scripophily.
All this for $3.00 to cover tape and postage costs.
Add $1.00 for European delivery.
Send orders to:
George H. (Haley) Garrison, Jr.
Call (804) 220-3838 Drawer JH
Williamsburg, Va. 23187
“In the past you will find the future ”
—Napoleon
24
"Mastermind"
by George H.H. (Haley) Garrison, Jr.
“7n the great thing known to the world as Standard Oil, the most perfect imbodiment of a system . . . , there are three heads, Henry Rogers, William Rockefeller and John D. Rockefeller . . . John D. Rockefeller may have more money, more actual dollars, than Henry Rogers, or all other members of the Standard Oil family . . . but none of these things alters the fact that the big brain, the big body, the head of Standard Oil is Henry H. Rogers. ”
26 Broadway
Allow your imagination to take over for a few minutes. Let your mind drift back over the barriers of time to 1889. You are present at a meeting of the direc- torate of the Standard Oil Company at 26 Broadway, known as the greatest business address in history (the tradi- tion continues as it is here that Smythe has their new and impressive offices.) John D. Rockefeller often remarked that the real strength of the Standard was the men who he sought out to lead
John D. Rockefeller at age 45
it. There was Charles Pratt who, in deference to his age and experience, John D. let sit at the head of the director’s table. There was Johnny Archbold, an organizational genius, who John D. had sign the pledge because of his overzealous liking of Irish whiskey. There was his oldest confidant, Henry Flagler, the railroad expert who had been John D.’s closest associate and earlier had sat across from him when the two shared an office. Then came a mysterious and rather unusual man. He had worked for Charles Pratt and came to John D. when Pratt’s company was transferred to the Standard family. Several con- temporary accounts have described him
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as “the most picturesque character of the group.” Ida Tarbell (the famous muckracking journalist) said that “only the elder Morgan had an eye so terrify- ing as that of this man.” “The moment he entered a roomfull of men they awoke to a richer sense of life - - and some of then were likely to be poorer for it!” commented John D.’s biogra- pher, Allan Nevins.
This man with the flashing mane of white hair and the histronic mustache was Henry Huddleston Rogers.
“Hell Hound”
Wall Street called him “Hell Hound” Rogers, yet Mark Twain could write he was a saint on Earth. Rogers is certainly no household word, however, in most business chronicles of the period 1880 to 1910 he was constantly referred to as a mastermind and not just in Standard Oil but in U.S. Steel, ASARCO, Ana- conda, Amalgamated Copper Company, and as a rail baron.
Let’s go back and pick up the pieces on this remarkable man and examine the evidence that gave him this singular title.
The story starts in Mattapoisett, Massachusetts where Rogers was born on January 29, 1840. The first important date in his life was 1859 when oil was discovered in Western Pennsylvania. Rogers, with many other men, flocked
Henry H uddleston Rogers
to the oil regions and together with] Charles P. Ellis, a boyhood friend, he built an oil refinery at McClintocksville, Pennsylvania. One thing led to anotherr and in 1868 he formed a partnership] with Charles Pratt of Brooklyn, known as Charles Pratt and Company. In 1872! the company was absorbed into the newly incorporated Standard Oil. In the bargain John D. got Henry Rogers, who he had had an eye on for some time. Rogers moved swiftly up the ladder at Standard. Rogers seemed to flourish with responsibility and held more direc- torships and presidencies of Standard Oil companies than any one else in the Standard (seven presidencies and thirteen directorships). Probably one of the most important presidencies he held was the
■ BUY«SELL«TRADE
Stock Certificates & Bonds
Fred Herr l gel
BOX 80, OAKHURST, N.J. 07755 (201) 493-2474 CALL ME!
26
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972,500
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National Transit Company, the holding company for the Standard Oil pipelines. Asset-wise this company was the most powerful in the Standard Oil and later the Standard Oil Trust. He became vice-president of the Standard Oil Trust when it was formed in 1882 and later vice-president of the Standard Oil in New Jersey when the Trust was ordered dissolved. When John D. retired in 1895, Rogers became chairman of the executive committee of Standard Oil. He was not only one of the dominant factors in the petroleum industry, but was also involved in a number of copper, gas, railroad and banking operations. Rogers and William Rockefeller formed an informal partner- ship and consistently raided the stock market. Their timing seemed to be perfect. They moved in or out of the market just prior to the committment or withdrawal of the mountains of money with which Standard played the market. It was on The Street that Rogers earned his nickname, “Hell Hound.”
$36,000,000 Made Easy
One incidence stands out about Rogers and his talent for making money. The ploy was the “purchase” of the Anaconda, the mammoth copper mining company. Rogers and William Rockefeller gave a $39,000,000. check to Marcus Daly for Anaconda with the under- standing that the check would not be cashed for a short period of time. Next, with clerks as dummy directors, the two founded the Amalgamated Copper Company and printed up stock randomly valued at $75,000,000, with which they bought Anaconda from themselves. Then Rogers and Rockefeller went to the bank and borrowed the $39,000,000 with the Amalgamated stock as collateral. Then the two finan- ciers sold the Amalgamated stock to the public, hungry for copper stocks, for $75,000,000. The bank check was then covered and Rogers and Rockefeller walked off with $36,000,000 without investing a nickel (to those of you who would try this, remember there may be a substantial interest penalty if you lose)’
27
“Rail Baron”
Rogers was a man who couldn’t sit still and money didn’t seem to be the object. In 1903 he had the opportunity to build a coal-hauling railway from the mountains of West Virginia to Sewell’s Point, near the port of Norfolk, Virginia. In itself this doesn’t sound spectacular, but let me give you the handicaps: the railroad was built during the financial panic of 1907 at a cost of fifty million dollars with no bond issue and practically no financial aid. Rogers had to dig deep in his own pocket and his tenacity was put to the test for which the years at Standard had tempered him well. On February 1, 1908 the first train of the Virginian Railway left Norfolk, Virginia and journeyed to Deep Water, West Virginia, a distance of 446 miles. The railroad became known as “The Richest Little Railroad in the World” and later merged with the Norfolk & Western Railroad.
“NOTABLE QUOTABLES”
By Rogers:
“My rule in business is to get the money in hand.”
About Rogers:
A critic once said to Mark Twain, “Why do you associate with Rogers? His money’s tainted.”
“It’s twice tainted, “replied the author, “T’aint yours and t’aint mine.”
“Mark Twain”
Outside of his business interests, Rogers became a close friend of Mark Twain. Their relationship was cemented when Rogers saved Twain from bank- rupcy when the publishing firm ofi Charles L. Webster and Company, im which Twain had invested, folded. Through Twain, Rogers met and finan- cially aided the remarkable Helen Keller. Twain once remarked about Rogers, “His soul was born super humanly sweet”; and “He is not only the best’ friend I ever had, but is the best man: I have ever known.” Rogers seemed to: stir all the emotions in his fellow man- hate, fear, love and respect.
“Rogers Passes”
The Virginian Railway, the last great! achievement of his life, had severely
taxed his health. Rogers died in New York City on May 19, 1909. The names: of his pallbearers serve as a testimonial to his life: Mark Twain, William Rockefeller, John D. Archbold, E. H. Harriman, Elbert! H. Gary; to name a few. Even John D. Rockefeller came out of retirement to> pay tribute to the man he quite often i
Cleveland, Painesville and Ashtabula
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YESTERDAY'S PAPEP, IMG PAPEP ANTIQUES
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Whether you’re bullish or bearish, call us.
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29
l ine Art Auctioneers ‘A? Valuers since I7!)(i
BONDS, SHARE CERTIFICATES AND PAPER MONEY
Phillips hold sales every 3 months.
For further information, or sample catalogue, contact CLIFF CONNICK at the address below.
7 Blenheim Street, New Bond Street, London, W1Y OAS. Telephone: 01-629 6602
Members of ihe Socieh of I ine \rl \uetione
I AM BUYING AND SELLING OLD BONDS AND SHARES.
Please ask for my price-list.
If you want to sell, please send copy and tell the price you want. Quantities welcome.
Evelyn Keizer
Traunring 72, D-8225 Traunreut, Germany
Stocks & Bonds
EUROPE • ASIA • SOUTH AMERICA
Quality Certificates For The Dealer
Contact INTERNATIONAL COMMITMENTS DEPARTMENT
Daniel Collier Douglas Shankman
(212) 437-7022
CARL MARKS & CO, INC.
77 Water Street, New York, New York 10005
31
ROBERT SPRING:
Early American Check Forger by Earl E. Moore
One of the most prolific of American forgers of documents was Robert Spring. Born in England in 1813, he gained notoriety by his fabrication of letters and documents of George Washington, Benjamin Franklin and Lord Nelson.
Little is known of his early life be- fore he migrated to Philadelphia around 1858. There, he started to deal in books, autographs and prints relating to Amer- ica. Being unable to supply a demand for genuine autograph material of famous men of the American Revolution he commenced making and selling counter- feit documents. As an expert penman, he soon acquired skill in imitating the handwriting of Washington, Franklin and others.
Spring’s favorite forgeries were holo- graph bank checks of George Washington (wholly written by the signer), dated during the last few years of Washington’s life. Each was cross-cut cancelled. During this period, partly printed checks were in use but many were handwritten.
Forged Washington checks exist drawn on the “Cashier of Office of Discount & Deposit, Baltimore” (Branch of Bank of the U.S.) payable to Dr. James Craik,
Philadelphia, February 1796. Dr. Craik attended to Washington during his last illness. Another example, illustrated; here, is drawn on the same bank, payable to Gen.H. Lee, dated at Mount Vernon, January 1799.
Spring had a tendency of forgers to. condense the length of an authentic signature in the making of a falsified: signature, quite often in an uneven and shaky hand.
Such documents were written on: old paper of that era with ink prepared, to simulate age, which deceived those who were not experts. Quite often, the forger would use paper of a later: period.
Spring was arrested frequently fort obtaining money under false pretences- but managed to escape punishment by. confessing guilt and expressing contri- tion for his offences.
Most of his fake letters of Franklin and Nelson were sold in Canada and England. To sell them, he resorted to various schemes, finally pretending he was related to Gen. Thomas Jacksom who was compelled by poverty to part: with family papers. By this ruse he sold many counterfeit items to Confederate: bond holders in England.
Spring died in poverty as an inmate of; a Philadelphia hospital in December! 1876.
Fora catalogue of bonds 1851 — 1957 send $2.00 to City Agent Bill Roddy P.O.Box 874 5, San Francisco, CA 94128
32
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The faked signature of George Washington by Rotfert Spring on the above fake check can be compared to the authentic signature below. Note the bold handwriting of the authentic signature and eye the “W”, which is higher than the middle part of “G ” on Spring’s forgery.
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Scripophily International Promotions
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Knowledge and Experience
HOWARD APPLEGATE epitomizes knowledge and experience in scripophily. He is uniquely qualified as researcher, historian, writer and dealer as a result of a Ph.D. degree in American History, expertise in business and financial history gained through many years in a professional career of library and archival administration and as a member and officer of the Society of American Archivists, its Business Archives Committee, and as an SAA listed appraiser of Business Archives, as well as 22 years as a collector of auto and rail certificates.
SHELBY APPLEGATE'S background includes a college minor in art with an emphasis on art history, graduate work in historiography which nourished an interest in research and writing, and curiosity about the history of printing and graphic arts. Her focus is on certificates as small pieces of history with a story to tell and on quality engraving and vignettes from an artistic viewpoint.
In 1977 Howard left his cultural agency presidency and with his wife, Shelby, created APPLEGATE & APPLEGATE marketing automotive trade catalogs and stock and bond certificates to collectors. They write a monthly column, "Taking Stock", for Bank Note Reporter, a monthly column on automotive trade catalogs for Old Cars, and have just finished a book, The Collectors and Restorers Guide to Auto- motive Literature. Currently they are writing a book on collecting stocks and bonds.
APPLEGATE & APPLEGATE uses knowledge and experience to serve collectors of antique stocks and bonds.
Applegate and Applegate
1410 STALLION LANE WEST CHESTER. PA 19380 (AREA CODE 215) 692-8034
34
c^imericaii Classic Cars
The Achievable Automobile Collection by Howard L. Applegate
The complaints are starting again. This time it’s auto stocks. Before rails and mines bothered them. Now, collectors are grousing that there are too many American auto companies (nearly 2000) auto certificates (over 9000) to collect. Their search is never ending and the final cost may be very high. What is needed, hobbyists argue, is a small definable and achievable auto collection. Antique securities collectors want what is common to the autograph hobby - a well defined small subject field like American Presidents or Signers of the Declaration of Independence. We strongly suggest that certificate hobbyists give great consideration to the field of American Classic Cars Companies.
First some background. As readers of Friends of Financial History and attendees at the various R. M. Smythe certificate auctions realize, there has been growing interest in American motoring stocks and bonds during the last several years, At first, collectors of auto securities sought any new certi- ficate, hopefully one not readily avail- able. As a result, prices of almost all auto certificates rose as supply was unable to meet the demand. Now, several years after the initial surge of interest in autos, discriminating collectors and dealers have noticed a shakedown period in this particular subject. Dealers now find that collectors no longer have much interest in certificates of auto dealerships, parts and accessories manufacturers, and even some of the lesser known makers of
orphan cars. Some of these items are now going begging at bargain prices. The search is on in earnest for the choicest of auto stocks and bonds, the above mentioned American Classics.
What is a Classic Car?
The collectors of motor cars and trucks define Classics as those passenger cars which were regarded by contempo- raries as the ultimate in luxury, sophisti- cation and style - in short Class. A sepa- rate automotive collector organization, the Classic Car Club of America, was established nearly forty years ago and has developed guidelines for determining qualifying marques. Auto certificate collectors have discovered that the certificates issued by these Classic com- panies are among the rarest and most desirable in that industry. In short, the hobbyist does not have a decent collection of auto stocks unless it is rich in the American Classics.
35
We think that American Classics are important in their own right, with- out regard as to whether they would enrich a general collection of automotive certificates. The American Classics are a small group of elite motorcar companies, easily defined and described. Their collection is a legitimate goal for hobby- ists and most importantly one that is achievable. Like the collector of auto- graphs of Signers, the quest may take from ten to twenty years, but most of the time will be spent looking for the Button Gwinnetts or in this case the Cadillacs and Cords. Let’s explore the field of American Classics further.
Old Time Greats
Perhaps the first names that come to mind are the “Three P’s of Luxury,” Packard, Pierce Arrow and Peerless. The Peerless Motor Car Company of Cleveland, Ohio started its corporate life in 1901 as the Peerless Manufacturing Company, a firm that prior to 1901 had specialized in making washing machines and bicycles. The company hired racer Barney Oldfield as its lead driver and he racked up many racing triumphs in the 1904 Green Dragon. These racing achievements fostered a new image for the Peerless car and it soon became widely recognized as a
premier luxury marque. The introduction of the modern V8 engine in 1915 en- hanced the Peerless Company reputation even further as makers of top quality cars. Peerless motorcars had the reputa- tion of being steady if unspectacular performers. After a corporate name change to Peerless Motor Car Corporation in 1925, former Peerless customers apparently decided that the models were outdated in both styling and engineering and sales plummeted. Efforts to create new modern models with a VI 6 power- plant failed in 1931 when the first of the “Three P’s” succumed to The Great Depression. Peerless certificates featuring two allegorical figures, a beehive and the company factory as engraved by American Bank Note are readily available in a variety of colors at prices ranging from $100 to $200 each.
Dad’s Best Car
Pierce Arrow, the second of the “Three P’s” was based on the entre- preneurship of George N. Pierce, who in 1865 began making bird cages, animal traps and other wire products in Buffalo, New York, By the 1880’s Pierce had gained a national reputation as a bicycle maker par excellence. Pierce experimented with horseless carriages in 1899, but did not start production until 1901 when his Motorette was
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introduced. In 1904 this model was succeeded by the world famous Great Arrow. By 1909 the product name had been changed to Pierce Arrow Motor Car Company. The 1912 Pierce Arrow Model 66 holds the recored as the largest American passenger car ever mass produced. Most Americans in the first thirty years of this century were able to easily identi- fy Pierce Arrows on the streets and high- ways by their unusual styling feature - recessed headlamps in the fenders. Pierce Arrow built a great reputation as a luxury marque of excellence and low production, but economic conditions of the late 1920’s brought on a period of bad times from which the firm never re- covered. After a disasterous six year term
under control of the Studebaker Corpora- tion (1928-1933) during which sales declined even further, local business interests bought the company, but failed to make it profitable. When a creditor demanded that Pierce Arrow be liquidated in 1938 to pay off at least part of its debts, the second of the “Three P’s” went out of corporate existence. Early Pierce certificates from the 1901-1927 period are most rare and even those for the latter period 1933- 1938 with the male retail in the $325 to $450 price range. Certificates during the Studebaker tenure do not exist because shares in the firm were controlled by Studebaker and not sold to the public.
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The Packard Motor Car Company, the last of the “Three P’s” was known world wide as makers of great luxury cars. The first Packard was built in 1899 in Warren, Ohio when the company was known as the Ohio Automobile Company. This firm, started by James Ward Packard as an offshoot of his electrical equipment business, was reorganized in 1900 as the Packard Motor Car Company. Shortly after the name change, the company was sold to a Detroit consortium con- trolled by Henry B. Joy where manu- facturing was moved in 1903. Although Packard built a number of successful models, the first great triumph was the 1916 Twin Six followed by the Twelve. When sales began to falter in the early 1930’s, Packard introduced the low priced 120 Series followed in 1941 by the Clipper. Moving out of the luxury price group only further stimulated Packard’s decline. Although thousands of lower priced cars were sold, Packard’s luxury clientele quickly turned to Cadillac, Lincoln and Imperial never to return. Packard faltered through the postwar period until its 1954 merger with the Studebaker Corporation. The last real Packards were the 1956 models, while Studebaker’s South Bend plants built the last cars in 1957 and 1958, all of them disguised Studebakers that did not sell. Most of the Packard Certificates in the marketplace are from 1928 through 1942 all bearing the facsimilie signature of Packard’s most famous
president, Alvan Macauley. These American Bank Note items feature three allegorical figures. Packard certificates in a variety of border colors fetch $175 to $250 each. Unissued certificates of Packard subsidiaries usually sell for $20 to $30 each, except those for Packard Motor Car Company of Boston, a New England distributorship 50% owned by Packard and 50% by the Fuller family of Massachusetts. Boston Packards are available in both issued and unissued formats in a range of prices. Also, there are some unissued Ohio Automobile Company certificates available, usually at $200 each.
Enter Marmon, Stutz, Lincoln
The “Three P’s” often paced the Classic Car group, but had to compete with the other quality marques including Marmon, Stutz, Lincoln and Cadillac. Howard Marmon, one of America’s pi- oneeringauto engineers, founded Nordyke and Marmon in 1902. This Indianapolis company started by making rather higher priced eight cylinder cars. Marmon achieved a number of racing successes including winning the 1911 Indianapolis 500 mile race where the Marmon Wasp was piloted to victory by driver Ray Harroun. For a while, the company specialized in lightweight advanced six cylinder models typified by the Model 34 which they marketed successfully here and abroad between the years 1916 and 1926. In that year Nordyke
38
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and Marmon was reorganized as the i Marmon Motor Car Company and pro- duction began on a series of powerful straight eight cylinder luxury cars. After the Depression and in spite of declining sales of the best models they ever pro- duced , Marmon ’s management determined to build a V16 car for 1932. Unfortunate- ly, this car had little appeal for the l declining ranks of the wealthy and failed to sell. As a result, the company went into receivership in 1933 only to emerge later as the Marmon-Herrington Company, which built four wheel drive running gear for commercial vehicles. Most of the Marmon certificates to be found date from the years 1926 through 1933 and are priced in the range of $150 to $225. The early
Nordyke and Marmon certificates ap- parently were never found.
The Famous “Bearcat”
Also headquartered in Indianapolis was the Stutz Motor Car Company of America. Harry C. Stutz started building gasoline engines and horseless carriages in 1897, then became involved with making the American Underslung car in 1907, and for the next four years concentrated on assembling automotive component parts particularly a transaxle trans- mission. In 1911, Harry Stutz built a racing car with this back axle assembly, entered it in the first Indianapolis 500 mile race and placed 11th. Despite the fact that the Stutz car did not win, the fact that it even finished and actually
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ranked as high as 11th was popularized by racing writers and Stutz’s reputation was assured, Harry Stutz then reorganized his Stutz Auto Parts Company into the Ideal Motor Car Company, which began to mass produce Stutz cars. Two years later the firm adopted the more familiar name, Stutz Motor Car Company, with the last two words “of America” added in 1916. In 1914, Stutz created the leg- endary two seater Stutz Bearcat with its massive powerplant and minimal coachwork. It captured the imagination of auto writers and ultimately the public. Cannonball Baker broke the American Transcontinental speed record in 1916 by an 11 day 7 1/2 hour coast to coast run in a Marmon, thus creating a per- formance image. By 1924 the sexy Stutz had become the stodgy Stutz.
Only new custom designs and th modern Black Hawk models of tlr late 1920’s saved the company fror extinction When their cars of the earl 1930’s lacked buyers, Stutz tried to mee Packard, Marmon and Cadillac head oi by developing the DV32 model, but thes cans were too expensive to sell in the pos. Depression era. By 1935 Stutz cease production of passenger cars and tried t sell dairy and bakery delivery trucks, bu this unit was sold in 1938 forcing th firm into bankruptcy. Stutz certificate are hard to find, the last quoted pric being $275. Most Stutz securities dat from the 1920-1938 time perioc American Bank Note items with tw- allegorical figures. The earlier Stutz items those from Stutz Auto Parts and Ideal ar nearly impossible to find.
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40
The Lincoln Motor Company was founded in 1917 by Henry M. Leland and his son Wilfred to make Liberty airplane engines for the government. Leland, who had helped make Cadillac the formost manufacturer of luxury cars, was bitter because General Motors, which had agquired Cadillac in 1909, refused to let that division make avaiation engines. Leland chose the name Lincoln for his new firm because the American President had been his boyhood hero. The war’s abrupt end left the Lincoln company in a bad position, it had yet to pay off all of the initial debts and the government had just cancelled all war contracts. Leland created a new company, The Lincoln Motor Company of Delaware, to make a luxury motorcar to compete with his old love, Cadillac. The first Lincolns rolled off the assembly lines in August 1921. Debts continued to mount and the new firm was ordered into receivership by November of 1921 over the objections of the Lelands. They attempted to buy the company from the other stockholders, but lacked the re- quired financiang. In desperation, they begged Henry Ford for help and he bought the Lincoln company in February 1922 for eight million dollars. Henry told the Lelands that they were to continue building quality cars and that the Fords would not interfere in their operations, but he created a new Lincoln company assigning all the stock to Ford Motor
Company. To protect his investment, Henry installed his son Edsel as the overseer of the Lincoln plant and after six months of conflict between the two families over policies and procedures, the Lelands were discharged. Although Lincoln continues to be a luxury car for 25 months. During this period, many temporary certificates were issued, all printed in orange or green by American Bank Note. When permanent certificates were finally issued, they proved to be a GOES standard from printed on poor paper stock, thus having less permanency than the temporary items. Lincoln temporary certificates are plentiful at prices no higher than $20
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41
The most elusive Classic car certifi- cates are those for Cadillac Motor Car Company, originally founded in Detroit in 1902. The auto company was named for Antoine de la Cadillac, who estab- lished a fur trading post on the site of present day Detroit. The Cadillac Auto- mobile Company of 1902 was a reor- ganization of two predecessors, the Detroit Automobile Company and the Henry Ford Company into Leland and Faulconer, the gasoline engine builders. The first Cadillac president was Henry M. Leland, later known for his creation of Lincoln. Between 1902 and 1908 Cadillac made over 16,000 one cylinder cars and several thousand multi-cylinder vehicles, including the three recognized by the award of the Dewar Trophy in 1908 for parts interchangeability. Cadillac then changed its name to Durant’s fledgling General Motors Company in 1909, bringing to the GM combine leadership in engineering and precision manufacturing. As one Durant competitor stated, “In acquiring Cadillac, Durant finally has achieved class.” Cadillac was the first to use a self starter in 1912 and for this received his second Dewar Trophy. Cadillac adopted the V8 engine in 1915 as its standard powerplant. By 1917, General Motors had been reorganized as a corporation and the Cadillac company now became merely a GM division. Cadillac’s of the 1920’s featured solid engineering but often styling rarely memorable. Cadillac
42
had become, however, to use their ow, words, “The Standard of the World, guidelines against which all other Classi cars were judged. Cadillac certificate, with different corporate nomenclatur were issued to the public only in th 1902-1909 era and only to Gener; Motors in the 1909-1917 period. Gener: Motors should have received the Cadilla stock certificate books at the time e purchase, but the certificates evidentl have been lost over the years. The onl Cadillac related certificates on the marke now are those for Cadillac Motor Ce; Company of Boston, a New Englan distributorship 50% owned by Genert Motors and 50% by the Fuller family o Massachusetts.
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Certificates of these seven Classic car companies would be the core of a collec- tion of thirty or so American Classics. Other Classic certificates that are occa- ssionally offered for sale include :Dupont, Franklin, Dussenberg, Doble, Kissel, Dorris, Mercer, Locomobile, McFarlan, Auburn, Stearns, Revere, Roamer and Moon. A Chrysler Corporation certi- ficate for the years 1926-1948 would also qualify because Chryslers for 1926- 1930, Imperials for 1926-1942 and Town and Country models through 1948 all are recognizable Classics. Also acceptable for inclusion are Jordan certificates for 1930-1932 and Reo securities for 1931- 1933. Significantly harder to find are Cord certificates as the incorporation papers indicated that only four certifi- cates were ever issued, all to insiders. Historians are not sure whether any certificates were ever issued for Brewster or Wills Ste. Claire as both companies were tightly held by families. Certifi- cates do not exist for Imperial or LaSalle as the former was the prestige line for the Chrysler Corporation while the latter was merely an inexpensive Cadillac.
Collectors for Classic Car certificates should be forewarned that the market- place with fake securities for at least Pierce Arrow, Marmon and Stutz. For detailed information on this subject, see Howard and Shelby Applegate, “Those Great Cars Left Great Stocks,” Bank Note Reporter, Vol. VII, no. 7 (August 1979), pp. 10-11, & 17., where all the items real and fake are pictured.
Collecting Auto Classics is unique in the stock and bond hobby because there is a recognizable number of legiti- mate Classics, no more and no less. The hobbyist knows exactly what he is seek- ing and thus does not experience the hit or miss feature of collecting rails or mines. Car Classics is like American Presidential autographs - you know what you are seeking and when you are done, however long it takes, you have a com- plete listing of American Classics as recognized by the Classic Car Club. Copies will be sent to readers who write us at 1410 Stallion Lane, West Chester, Pa. 19380. We think that you will enjoy collecting Classic Car certificates. Happy Motoring!
43
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44
THE FIRST CHAPTER IN
THE ERIE SAGA
by Timothy J. Robson Sotheby’s London
To many collectors of Railroad bonds and stocks, the Erie Railroad will not be very familiar since issued material is extremely scarce, in fact to date the only company to offer Erie stock to my knowledge is R.M. Smythe & Co, who included two different pieces, one signed by Jay Gould, at auction last year.
But its financial history is fascinating. This article covers only one part in that saga, which includes not only corruption on a grand scale but armed warfare.
Perhaps to sum up the anger and public opinion aroused at the time by the fraudulent dealings of the Erie directors it is as well to reproduce John Livingstone’s comments in his ‘Analysis of the Erie Reorganisation Bill etc.’, submitted to the Legislature of New York in 1876 when he represented the small Erie Railway
shareholders, when he stated, ‘The Erie Railway was built by the citizens of this State with money furnished by its people. The State in its sovereign capacity gave the corporation $3 million, the line was sub- sequently captured, or we may say stolen, by the fraudulent issue of more than $50 million of stock’.
ElflE RAILROAD
To all intents and purposes this state- ment is mild compared to actual events, however, the story begins in 1832, during a period of growing transportation aware- ness and intense municipal rivalry between New York, Philadelphia and Boston for the all important Atlantic and hinterland Western trade. New York established it- self as the commercial centre of the new United States of America, to the detri- ment of its rivals, through clever use of railroads and steamships. Part of that blossoming transportation network was the Erie Railroad, which when completed by its ambitious first president, Benjamin Loder, ran a distance of 480 miles and joined New York with Lake Erie. The total cost of the line’s construction and equip- ment, the estimates of which continually rose astronomically during its building, was borne in the main by the State of New York and the many towns through
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tion from which to pilfer the resource^ this they did with Germanic efficient By 1855 they had been so greedy tH the line was bankrupt and they eagei sought out fresh money, at least to opert; the line and outwardly give the appe; ance of solvency. They were rescued a equally corrupt financial operate Daniel Drew, who loaned them $2 m lion, $500,000 in cash and the remaind in endorsements. Drew’s act was not oj of mercy, it was a cool calculated mo which soon paid dividends, as when t first repayments were due the Ei directors, as Drew knew they would n be able to manage, defaulted - he prom tly took over control of the Erie.
which it passed. The state, for instance initially contributed $3 million in loans, later written off, as were interest changes totalling $3,217,000. Effectively on its opening in 1851 the line belonged to the State and thus the people of New York, a state of affairs doomed to last but a few democratic moments.
The company’s first Board of Directors consisted of mostly businessmen from many commercial fields, in the main the lines’ success interested them not at all, its potential as a supply of money for their own wallets was far more appealing. Collectively they gradually wrested financial control from the State and placed themselves in a commanding posi-
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46
Fisk and Gould Escaping to New Jersey
Daniel Drew, born in Putnam County, New York in 1788 was a one time cattle dealer, tavern owner and ship-builder, who had later turned to finance through his brokerage firm, Kenyon Cox & Co. In stock market terms he was a natural Bear, or one who speculates on the assump- tion of falling stock prices. His arch rival in the Erie saga, Vanderbilt was a ‘Bull’, or one who speculates on the assumption of rising prices. This was to be useful later on. It is said of Drew that when his cattle neared market he would stuff them full of water to increase their selling weight, in his term at the Erie he was to do the same watering stock. For the next ten years he used the Erie to manipulate its stock price on the exchange , buying
and selling to make an estimated $5-15 million profit. Profit on this scale was bound to attract other financial sharks, much as it had attracted Drew, however the Civil War kept most other powerful men amply busy in fraudulent dealings with the army.
Enter Commodore Vanderbilt
In 1866, New York’s manderin, Cornelius Vanderbilt, nicknamed the Commodore, after his steam-boat oper- ations during the Civil War, began secret- ly to buy Erie Stock. His reasons were twofold ; firstly he already controlled virtually every rail link into and out of New York and wanted the Erie to con- solidate his strong position; and se- condly he saw that by spending money improving the condition of the Erie’s track and rolling stock he could make it more attractive to investors, thus giving him much more scope for fraudulent profits. Vanderbilt is a familiar figure to most collectors, suffice to say of this giant financial figure, that he was worth $105 million when the other major New York families, such as the Havemeyers for example were in their infancy - his fortune at the time attracted the excite- ment and interest that the late Howard Hughes’ reputed millions does today. How he gained his money is another story.
47
Cornelius Vanderbilt
To Vanderbilt the likes of Drew were chicken-feed and having gained control through stock purchases, he kicked him and his cronies off the board - so the Erie had yet another boss.
A Strange Turn of Events
But there then occured an inexpli- cable episode in the normally predict- able Vanderbilt history, the ousted Drew came crawling back to the old Commodore pleading for his job back, he appealed to Vanderbilt on the grounds that they were both self-made men of humble origins, whose respective for- tunes had come initially from steam boat operations, he would, he said serve the Vanderbilt interests loyally on the board. In what was to be a rare miscalculation Vanderbilt reinstated Drew, who then insisted on bringing in two other new directors, messrs. James Fisk Jr. and Jay Gould. The Commodore aware
certainly of the latter’s reputaion agreed as at least he would have three capable henchmen on his board - no one had ever been disloyal to him before and so per- haps he took it for granted that no one ever would.
Before continuing the drama, let us pause to look at the two new characters in the play. Jay Gould, again an instant-
Daniel Drew
ly recognisable name to the scripophilist, began his career as an apprenticed black- smith, and when, after studying math- matics hard in his spare time, he became a surveyor, it seemed a natural progres- sion for the ambitious young farmer’s son. Amongst other surveys he produced an excellent map of Delaware County and a companion book entitled, ‘History of Delaware County’, from which he; amassed $5,000, before his career was; cut short by typhoid. On recovery the; frail young man went into the saw-mill! business, where having swindled his part- ner, he had enough money to buy several small railroads and a bank, the Stroudsburg, Pa. Bank. He was a tough, ruthless, greedy man, ambitious forr power. Jim Fisk was a complete con- trast, he was notorious playboy, who) derived his enjoyment from women (this proved his downfall when he was murdered over a woman), racing stables > and staging lavish theatrical productions.
The Plotting Begins
Meanwhile the three new directors ostensibly gave the appearance of serving their master’s wishes, this period of: servitude was very short lived. They be- gan working on a project which would swindle Vanderbilt and give them back control of the Erie. Vanderbilt was
48
'A
Vi* fv
0
James Fisk
already actively buying all available Erie stock to consolidate and improve his holding and it was on this basis that the trio planned their offensive. Already the trio had issued extra bonds convertible into stock onto the market, then having run down the price they bought them back cheaply, thus giving them more control. These extra issues had been floated in order to improve the railroad and thus did not arouse Vanderbilt’s suspicions. The trio went further and took control of a new issue against apparent personal loans to the company, these were then se- cretly converted into stock and distri- buted to brokers which they them- selves controlled. Vanderbilt’s brokers under order to buy, eagerly snapped them up. When Vanderbilt realised what was going on and that he had
Jay Gould
bought worthless ‘watered’ stock he was furious, not so much at the loss of money, but more over the fact that they had made a baffoon out of the supposed master of corruption. The king of New York mobilised his loyal subjects and Judge G.C. Barnard of they New York Supreme Court, a notor- iously corrupt judge who on his death left $1 million in bonds given as bribes, was ordered to solve the problem. He promptly issued a writ which forbade the trio from issuing any more stock and also ordered a quarter of that issued to be returned to his safe-keeping. Just for good measure he then made the conversion of any more stock fraudulent.
End of Part I
Part II will appear in the next
issue of Friends
des Collectionneurs de litres Anciens
ASSOCIATION DU JOURNAL DES COLLECTIONNEURS DE TITRES ANCIENS
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49
P i c k e r si t a f f ' £
• AUTOGRAPHS 8( MANUSCRIPTS
• Financial History
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BONOS AND SHARE CERTIFICATES (I) ISSUED (U) UNISSUED
ATLANTIC 4 ST. LAWRENCE RR. (I) 1907. MAGNIFICENT EARLY LOCOMOTIVE VIGNETTE. DIV IDENO COUPONS. S24.
^LC^-4.SC<JTHWESTERN.RR: (u> C187°- SUPERB A8NCo- GRAVED CERTIFICATE WITH 3 VIGNETTES INCLUDING EARLY TRAIN 4 CIVIL WAR SOLDIER. GREEN/BLACK WITH PREVIOUSLY UNLISTED REVENUE STAMP. S30.
CHOCTAW. OKLAHOMA 4 GULF RR. (I) 1897-1899. VIGNETTE OF TRAIN 4 MINING SCENE. GREEN/BLACK. S14.
CHOCTAW. OKLAHOMA 4 GULF RR. (U) C1902. SUPERB ABNCo. S1000 COUPON BONO WITH 2 FINE VIGNETTES. S25.
EL PASO. MOUNTAIN PARK 4 OKLAHOMA CENTRAL RR. (U) C1904. EARLY TRAIN VIGNETTE. OKLAHOMA TERR. S30.
KEOKUK 4 OES MOINES RR. (I) 1894. 2 VIGNETTES INCLUDING LARGE SCENE OF SURVEYORS A TRAIN. S24.
NEW YORK CENTRAL SLEEPING CAR CO. (I) 1875-1882. ORNATE CERTIFICATE WITH EARLY TRAIN VIGNETTE.
SIGNED BY WEBStEft WAITER (1817-1882) INVENTOR A REPUBLICAN POLITICIAN WHO. WITH THE FINANCIAL HELP OF COMMODORE VANOERBILT, DEVELOPED A SUCCESSFUL DESIGN FOR A SLEEPING CAR. STAMP CANCELLED. S28.
NEW YORK 4 NEW ENGLAND RR. (I) 1888-1894. FINE EARLY TRAIN VIGNETTE. GREEN/BLACK. S10.
NEW YORK, ONTARIO 4 WESTERN RR. (U) C1925. SUPER8 ABNCo. CERTIFICATE WITH LARGE TRAIN SCENE. $4.
NEW YORK. PITTSBURG 4 CHICAGO CONSTRUCTION CO. (I) 1881. VIGNETTE OF TRAIN AT STATION. $18.
PHILADELPHIA TRACTION CO. (I) 1898. ATTRACTIVE ORANGE ABNCo. CERTIFICATE WITH 2 VIGNETTES. $15. TUNNEL RAILROAD OF ST. LOUIS (I) 1881. VIGNETTE OR EARLY LOCOMOTIVE $ UNDERPASS. $35.
WESTERN MARYLANO RR. (I) 1940-1955. VIGNETTE OF RAILROAD YARDS A SURVEY PARTY. $3.
8LACKLICK 4 CONEMAUGH PETROLEUM 4 MINING CO. (U) C1865. SUPERB EARLY CERTIFICATE PRINTED IN GREEN WITH 3 VIGNETTES IflOL." MINER.' OIL WELLS. GOLD UNDERPRINT "CAPITAL STOCK $250,000". FINE. $20.
LEHIGH COAL 4 NAVIGATION CO. (I) 1930-1955. PORTRAITS OF COMPANY FOUNDERS. 4 OIFF. COLORS. 4/ $3. MAMMOTH CONSOLIDATED MINING CO. (I) 1881. SCARCE NEW MEXICO TERR. ISSUE WITH MINING SCENE. $75.
NORTH BUTTE MINING CO. (I) 1910-1936. POPULAR ABNCo. CERTIFICATE WITH MINING VIGNETTE. $1.
UTAH-8INGHAM MINING CO. (I) 1905-1910. VIGNETTE OF 3 MINERS. GREEN/BLACK. S8.
BANK OF CHARLESTON (I) 1874-1879. 2 VIGNETTES INCLUDING PALMETTO TREE WITH COTTON, TOBACCO. $18. NATIONAL MARINE BANK OF BALTIMORE (I) 1914-1929. SUPERB VIGNETTE OF STEAMSHIP ON THE HIGH SEAS. $10. OTTAQUECHEE WOOLEN CO. (I) 1900-1910. NORTH HARTLANO, VERMONT, WOOLEN MILL. $3.
ST. LOUIS BRIOGE CO. (I) 1895. SUPERB VIGNETTE OF MISSISSIPPI RIVER 4 CITY OF ST. LOUIS. ABNCo. $38. CO^N FUND CO. LTD. (I) 1869. SCRIP CERT. ISSUED IN LONDON. 3 VIGNETTES INCLUDING GLOBE. $8. IMPERIAL RUSSIAN STATE LOAN (I) 1889. 4t GOLO LOAN BONO FOR !25Rbl. or 500F. WITH COUPONS. $3.
IMPERIAL RUSSIAN CONSOLIDATED RAILWAY LOAN (I) 1880. 41 6TH ISSUE BONO FOR 125Rbl. or 500F. $4.
OLO CHEQUES IR) ADHESIVE REVENUE STAMP (RN) IMPRINTED REVENUE STAMP (CV) SCOTT CATALOGUE VALUE
GREENE COUNTY BANK. CATSKILL, NEW YORK, 1825. VIGNETTE OF EAGLE. FUG, GLOBE, ETC. S8.
CASHIER OF THE CATSKILL BANK, NEW YORK, 1825. VIGNETTE OF SAILING SHIP. FINE EARLY CHEQUE. $8. HINES. TAYLOR 4 CO. 3ANKERS , OHIO. 1875. VIGNETTE OF INDIAN 4 OHIO STATE SEAL. RN. . $3.
BANK OF CALIFORNIA, SAN FRANCISCO, 1872. CHEQUE FROM BEN HOLLIDAY’S SHIPPING FIRM. NORTH PACIFIC TRANSPORTATION CO. SIGNED BY CHARLES J. 3RENHAM (1817-18)5) MAVOfc OF SAN FRANCISCO. RN (CV $10) S10.
NATIONAL MECHANICS BANK, BALTIMORE, 1870. SIGNED BY AUGUSTUS W. BRADFORD (1806-1881) CIVIL WAR 1 GOVERNOR (5? MARYLANO WHO CONVENED THE ANNAPOLIS CONVENTION ABOLISHING SUVERY. VIGNETTE. S6.
PENNSYLVANIA MINE. KEWENAW, MICHIGAN. 1864. VIGNETTE OF MINER. PRINTED IN REO. R. S7.
NEW YORK 4 NEW HAVEN RR.. NEW YORK, 1865. VIGNETTE OF EARLY TRAIN. 3R0WN PRINTING. R. S7.
BATAVIAN BANK, U CROSSE, WISCONSIN, 1898. VIGNETTE OF BANK BUILDING. R. (BATTLESHIP "MAINE") SI.
50
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Detail from the famous painting Men of Progress, Schussele’s imaginative grouping of the most inventive minds of the 19th century.
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52
Oakes Ames (1804-1873)
He organized the Credit Mobilier of Amer- ica, a corrupt company used to further the interests of a few stockholders of the Union Pacific Railroad by splitting up the profits among them.
Rasmus Bjorn Anderson (1846-1936)
U.S. minister to Denmark from 1885 to 1889, in 1895 became president of the Wis- consin Life Insurance Company (until 1922) and in 1904, president of the Wisconsin Rub- ber Company.
PhiliD Danforth Armour 11832-19011
Meat packing tycoon who thought of such innovations as shipping live hogs to Chicago where they would be slaughtered and packed quickly and using waste resulting from the process to produce various by-products. John Jacob Astor (1763-1848)
Originally from Germany, he became wealthy from fur trading in Canada and the United States. He also had shrewdly invested in New York City real estate, the value of which increased dramatically after the be- ginning of the war of 1812. He endowed the Astor Library (presently part of the New York Public Library).
George Frederick Baer (1842-1914)
A lawyer who became president of the Philadelphia & Reading Railway when J. P. Morgan bought the line - Baer had been serving on the railroad’s legal staff before the purchase. He was also president of the Philadelphia & Reading Coal and Iron Company and the Cen- tral Railroad Company of New Jersey.
Matthias William Baldwin (1795-1866)
He was the builder of the famous loco- motive known as “Old Ironsides”, used by the Philadelphia & Germantown Railroad. Also was president of the Baldwin Locomotive Works, a major train manufacturer.
William Bard (1778-1853)
In 1830 he founded the New York Life Insurance and Trust Company; it pioneered the use of agents to sell policies.
George Fisher Baker (1840-1931)
He helped found the First National Bank of New York City (later the First National City Bank) and served as its president begin- ing in 1877.
Bernard Mannes Baruch (1870-1965)
Stock market wizard who was wealthy within 10 years of his debut in a Wall Street brokerage house; he was chairman of the War Industries Board in 1918; in later life was con- fidante of presidents. He was also known for sitting on a favorite bench in Lafayette Square, across from the White House, and giving his views as well as receiving mail.
August Belmont (1816-1890)
Born in Germany, he joined the Rothschild bank in Frankfurt am Main in 1831. In 1837 he opened his own banking firm on Wall Street, which soon became one of the most prominent.
James Buchanan Brady (1856-1917)
Known popularly as “Diamond Jim” because of his dazzling collection of jewel- ry, he became successful early in his career as a salesman for a railroad equipment company.
Robert Somers Brookings (1850-1932)
He made a fortune in woodenware, real estate and other investments. An organizer and benefactor of Washineton University.
Adolphus Busch (1839-1913)
Namesake of the famous brewery Busch), he married one of Eberhard Anheuser’s daughters and worked in his father-in-law’s brewery. When Anheuser died, Busch became president. He developed Budweiser beer, which had a lighter taste than the other beers at the time.
John Butterfield (1801-1869)
One of the organizers of the New York, Albany & Buffalo Telegraph Company. His Butterfield, Wasson & Company merged with two other companies into the American Ex- press Company (and in 1852, Wells, Fargo & Company was an offshoot of American Express)
-----------1
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53
Asa Griggs Candler (1851-1929)
Best known for his Coca-Cola Company, which he built into a giant corporation from scratch, he also served as the Mayor of Atlanta, Georgia in 1917-18.
Andrew Carnegie (1835-1919)
The steel magnate who started working as a messenger in a telegraph office and believed it the wealthy’s duty to use a substantial amount of their money to help others. He him- self donated about $350 million to various causes and institutions.
Langdon Cheves (1776-1857)
Speaker of the House in 1814, member of the board of directors of the Second Bank of the United States and later its president Jay Cooke (1821-1905)
Banker who invested heavily in the devel- opment of the Northern Pacific Railway. His firm collapsed in 1873, causing a wide- spread financial panic.
Howard Earle Coffin (1873-1937)
Designer of the Chalmers automobile in 1908, he founded the Hudson Motor Car Company in 1909 with Roy D. Chapin. He served on the Council of National defense under President Wilson in 1916 and in 1925 organized National Air Transport, Inc., later to become United Air Lines.
William Colgate (1783-1857)
The soap and toiletries magnate. He was very generous with his philanthropies which included the American and Foreign Bible Society and the Hamilton Literary and The- ological Institution in Hamilton, New York (later renamed Colgate University).
Peter Cooper (1791-1883)
As the founder of the Canton Iron Works in Baltimore in 1928, he built the first Amer- ican Steam train, named Tom Thumb. He was also president and supporter of the New York, Newfoundland and London Telegraph Com- pany which was the first to lay a transatlantic cable. In 1859 he established Cooper Union in New York City center of free learning.
Samuel Colt (1814-1862)
Inventor of tire revolver and founder of th Colt’s Patent Fire-Arms Manufacturing Com pany. His first company flopped in 1842, bu the Mexican War caused renewed interest is the gun; the army ordered 1,000 of them ano Colt was back in business.
Ezra Cornell (1807-1874)
Organized the Western Union Telegrapl Company from many competing telegrapl lines and served as it’s director. In 1865 he founded Cornell University in Ithaca, Nev York.
Charles Crocker (1822-1888)
A co-founder in 1861 of the Central Paci fic Railway Company along with Collis P Huntington, Mark Hopkins, and Leland Stan ford. Crocker supervised the actual construe tion of the railroad while the others handled the finances. Crocker organized the Southern Pacific Railroad and merged the Central PaciFf ic into the Southern Pacific.
Marcus Daly (1841-1900)
Founder of Anaconda Mining Company, and the Amalgamated Copper Company which! owned three quarters of the stock of Ana^ conda Mining. He promoted and supported financially the development of Anaconda, Montana, the city he founded near the Ana- conda Company’s mines.
Cornelius Henry Delamater (1821-1889)
His company, the Delamater Iron Works, built the engine for the ship , the Monitor, of Civil War fame.
Lorenzo Delmonico (1813-1881)
His New York City restaurants were the most fashionable of their day and introduced many innovations - they were open all day, served salads and European dishes.
Chauncey Mitchell Depew (1834-1928)
Attorney for the New York & Harlem Rail- road, which was under tire direction of Cor- nelius Vanderbilt and in 1869 became attor- ney for the New York Central & Hudson River Railroad. In 1885 he became president of the New York Central Railroad. Later a U.S. Senator, he was best known for his speak- ing ability.
Walt Disney (1901-1966)
The pioneering animator whose studio produced such classic films as Snow White and the Seven Dwarfs and Fantasia, as well as creating the ever-popular Mickey Mouse. Henry Herbert Dow (1866-1930)
The Dow Chemical Company was organ- ized by him in 1897. He began his career in chemicals after research with brine led him to discover an inexpensive method of separating bromine from brine. He was granted more than 100 patents for chemical processes. Edwin Laurentine Drake (1819-1880)
He drilled the world’s first oil well in Titusville, Pennsylvania on August 27, 1859 for the Pennsylvania Rock Oil Company. Al- though considered a pioneer in petroleum pro- duction, he died in 1880 after several years of poverty.
54
Known for his notorious manipulations of the stock of the Erie Railroad, along with James Fisk and Jay Gould.
James Buchanan Duke (1856-1925)
Partner in the family tobacco business at eighteen he invented a cigarette-rolling His booming business allowed him to acquire many competing tobacco companies as well as to endow Trinity College in North Carolina (renamed Duke University in 1924).
Eleuthere Irenee DuPont (1771-1834)
The founder of the DuPont empire, he began producing gunpowder in Delaware in 1802. He became extremely wealthy as a re- sult of the War of 1812 and because of his good relationship with the U.S. government (a large consumer of gunpowder).
Thomas Clark Durant (1820-1885)
A medical school graduate who chose railroads over medicine. He built the Chicago & Rock Island, the Michigan Southern and the Mississippi & Missouri railroads. He was greatly responsible for attracting the financing for the Union Pacific Railroad.
William Crapo Durant (1861-1947)
His first company was a very successful buggy manufacturer, the Durant-Dort Carriage Com- pany. He organized the Buick Motor Company in 1905 and acquired several smaller compan- ies which he merged to form the General Motors Company.
Charles Edgar Duryea (1861-1938)
An early automobile’ manufacturer whose first car was produced' in 1893. It was devel- oped in partnership with his brother frank, after 1898 the brothers split and began pro- ducing cars separately.
George Eastmen (1854-1932)
The pioneer in the field of photography who began by manufacturing his simple Kodak camera in 1888. The low-cost camera was purchased loaded and when the roll was fin- ished the owner was given his photos and newley loaded camera at the factory. His com- pany prospered and took over smaller com- petitors, enabling the firm to nearly monopo- lize the industry. Eastman endowed the East- man School of Music and the Eastman School of Medicine and Dentistry of the University of Rochester.
John Eberhard Faber (1822-1879)
The founder of the first pencil factory in the U.S. in 1861. He invented the rubber eraser-tipped pencil.
William George Fargo (1818-1881)
Founder with Henry Wells of Wells Fargo & Co., the prominent freight express line in the late 1800’s. Fargo was also a director of the New York Central and Northern Pacific rail- roads.
Cyrus West Field (1819-1892)
After making his fortune in paper manu- facturing, he founded the New York, New- foundland and London Telegraph Company. In 1866, his first successful transatlantic cable was laid - also a world first. He owned and ran the New York Elevated Railway Company as well.
James Fisk (1834-1872)
Partner with Daniel Drew and Jay Gould in their attempt to gain control of the Erie Rail- road, in opposition to Cornelius Vanderbilt. He manipulated stocks, gold values, and other financial instruments during his career as the “Barnum of Wall Street”
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American Vignettes, P.O. Box 155H Roselle Park, NJ 07204, Telephone 201/241-4209 |
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Buttonwood Galleries, P.O. Box 1006W Throggs Neck Station, New York, NY 10465, Tel. 212/823-1523 |
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Jack Curry, Tel: (201) 798-5840 Box 7395, Jersey City, N. J. 07307 |
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George H. LaBarre Galleries, Inc., Box 27 Hudson NH 03051, Telephone 603/882-2411 |
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The Rendells, Inc., 154 Wells Avenue Newton, MA 02159, Telephone 617/965-4670 |
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R. M. Smythe & Co., Inc., 24 Broadway New York, N.Y. 10004, Telephone 212/943-1880 |
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Erstes Innsbnicker Wertpapier-Antiquariat, U. Valente, Dr. Stumpf Str. 85 A, A-6020 Innsbruck, Tel. 05222/36-28-05 |
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Herzog, Hollender, Phillips A Co., 9, Old Bond Street, London W1X 3TA, Telephone 01/493-33-55/7681 |
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Non-Valeurs, Limited, “Knysna” Redricks Lane, Harlow, Essex Tel: 0279-23315 |
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Autographs |
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Old Books |
Literature |
Collector Accessories 1 |
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Price list $1 |
How much is it worth in today’s dollars?
by Dr. Udo Hielscher Translated and interpreted by G. H. Haley Garrison, Jr.
Have you ever wondered when you looked at an old stock exactly how much that stock was worth in today’s dollars? For example, if you saw a certificate in the Standard Oil Company - 1878 for 200 shares at $100, you know the value was approximately $20,000 in 1878; but how can we translate that into today’s dollars?
An answer comes from Doctor Udo Hielscher, who has written a very inter- esting and unique article for the Zeitung fuer Historische Wertpapiere (the German equivalent of Friends of Financial His- tory). Dr. Hielscher is Professor of Business Administration and Finance and Director of the Institute of Manage-
Udo Hielscher, (b. Oct. 23, 1939, Bres- lau) bought his first stock while studying at the Frankfort Stock Exchange. His doctoral thesis on “portfolio selection” was so successful that two reprints where necessary. In 1968 he co-authored the first international stock-chart service, well known in Europe as Hoppenstedt-Charts. Dr. Hielscher has collected stamps since the age of ten. When his attention was drawn to the new hobby of scripophily in the seventies, he sold his stamps and be- gan collecting antique American stock certificates signed by famous American pioneers, speculators and financial moguls, especially of the 19th century.
ment Science at the Technical Univer- sity of Darmstadt in West Germany. He has developed what he calls the Asset Value Index (Vermoegensbewertungs in- dex) which is a multiple with which earlier amounts of money, starting with 1775, can be transformed to reflect today’s value. The multiple is arrived at by using a formula which incorporates the Wholesale Price Index, the Consumer Price Index, the par value of money, the actual wage index and the actual value of money index throughout the span 1775-1980. This index is a mul- tiple of 1 starting in 1980 and going to 100 in 1775. Table I gives the asset value index Dr. Hielscher has computed.
GILBERT J. L. MASURE
Antiquaire, Expert en Scrip tophilie, est a votre disposition pour la negociation de titres anciens
Abonnement au catalogue des ventes publiqes, sur demande.
nciens. §
Rue Roosendael straat 130, B - 1190 BRUXELLES / Belgium
58
I ■ • • •
• •••••••••••••••■•••■a » • • •
■ •••••••••••a a* •>•*•••• • • • • • • •
■ •••••••••••••••••••■•••a • •
5 Years in the Field
^l£)el tpapiel-G^nticjua licit- "c^effwig.
Ankauf
Historische Wertpapiere Verkauf — Tausch — Beratung — Ausstellu ngen
Haferweg 13 — D-4630 Bochum 1 — Telefon (0234) 79 78 39
West Germ any
TABLE 1*
1914
1920
23
11
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1862-1864 |
47 |
1921-1939 |
13.5 |
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YEAR |
INDEX |
1940 |
12.0 |
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1950 |
5.0 |
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1775 |
100 801-1839 |
1960 |
3.3 |
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70 1840-1851 |
66 1775 |
1970 |
2.2 |
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100 |
1980 |
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1780-1800 |
80 |
1.01921-1939 |
13.5 |
1940 |
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1801-1839 |
70 |
12.0 1950 |
5.0 |
1960 |
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1840-1851 |
66 |
3.3 1970 |
2.2 |
1980 |
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1852-1861 |
58 |
1.0 |
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1862-1864 |
average 47 |
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1865-1873 |
38 |
*These are approximations. Dr. Hielscher |
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1874-1900 |
44 1910 |
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article a more de- |
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tailed chart on a |
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Now we can |
go back to the Standard |
today, a nice round |
sum even by 1980’s |
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Oil certificate of 1878: (for 200 shares at |
standards. |
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$100 a share or |
$20,000 in 1878 money). |
Try this with John |
D. Rockefeller |
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Now let’s use Dr. Hielscher’s Asset Value Index of 44 (see Table I, 1874- 1900). The value of that Standard Oil stock would be 44X$20,000 or in 1980 dollars. This certainly becomes a more significant sum for us today. Applying this one step further, we can better reckon the fortunes of earlier financial moguls. For example, John Jacob Astor, who made his fortune in trade and real estate, was worth $20, 000,000 in 1848. In today’s terms this certainly doesn’t rank him as a top millionare, but using the Asset Value Index of 66 for 1848, the $20,000,000 translates to$l,000,320,000
$1,000,000,000 (actual multiple of 24 in 1913) and J. Paul Getty with the sum of $1,000,000,000 (actual multiple of 2.5 in 1967). John D.’s money dwarfs Getty’s fortune even though both possessed the same amount of dollars.
The article is extremely well-written and includes five detailed charts and two formulas which more completely ex- plain Dr. Hielscher’s hypothesis. Take out your stock certificates and figure out what they are worth in today’s dollars - it might surprise you how much “blood, sweat and tears”went into that transaction.
59
BIOGRAPHY
‘‘Diamond Jim (Brady” by George H Garrison, Jr. FI 5.
“Thomas Alva Edison.” F6.
“Thomas Edison” by T. J. Robson. B 1/811 Financial Signatures - Grow, Sickles: Willing. F12.
“Hetty Green - Witch of Wall Street” bj George H. Garrison, Jr. FI 6.
“ Robert Morris (1734-1806)”. B l/80i “Profiles of the Confederacy” — Beaure: gard Benjamin, Davis, Hunter, Jack son, Mallory, Stephens, Watts. F13i (Also Confederate:Memminger. F13 “John D. Rockefeller and Standard Oil’ by Brian Mills, B 1/80.
“Vanderbilt, Charisma and Legend”. B 1/80
BOOKS
“The Book Reviewer: - a “Friends’ column. Books discussed: Early Americar; Locomotives with 147 Engravings; (Reproduced) by John H. White. Jr^ F8. The Fortunes of a Decade A Graphic Recital of the Struggles- of the Early Days of Cripple Creek- the Greatest Gold Camp on Earth Reprint of Edition originally pub) lished in 1900 by the Evening Tele graph, Colorado Springs, Colorado F8. John D. The Founding Father of the Rockfellers by David Free- man Hawke. F7. Whitney Father Whitney Heiress by W.A. Swan-: berg. F7.
CH ARLE S E. STRAUB
Specializing in United States Obsolete Currency
Free Catalog Upon Request
Charles E. Straub, P.O. Box 200, Columbia, Ct. 06237 U.S.A.
Index
TO “FRIENDS OF FINANCIAL HISTORY,” ISSUES 1-16 and “SCRIP” and “BOND and SHARE SOCIETY”
S= Scrip - B=Bond & Share Soc. F=FFH — i.e. B 1/80 = Bond & Share Society Issue no. 1,1980.
AUSTRALIA “Australia - the Colonial Days” by Timothy J. Robson. S6. “Australian Extra.” That country’s early business (also by Robson.) B 3/81 “On the Gold Trail in Western Australia”
by Ann Marie Hendy. B 3/81. AUTOMOBILES
“The American Car.” History of Develop- ment. F15.
Automobile Stocks” by Fred Robinson. F15.
Biographies: Durant, Duryea, Hayhes, Olds, Selden, Studebaker, Stutz. FI 5. “The British Motor Car” by Michael Veissid. F16.
BANKING
“The Origins and Destiny of the Second Bank of the United States by Teresa Farrell. FI 0, 11, 12.
“The Development of the Bank of England” by T.J. Robson. B 1/80.
60
HP- Magazin fiir Historische Papiere
SUBSCRIBE TO HP! - Historic Paper Magazine Published in Switzerland. One year at sFr./DM 44.
Postfach 172, CH-3000
“The Collector’s Library” — a list and de- scription of financial history books. F14. “American Railroad Stock by Anne- Marie Hendy. Si.
CERTIFICATES
“American Express Company.” Pictoral essay of variations in certificates. F10. “Dead Certs” - by Justin Brooke. B 2/80. “An Introduction to Latin American Bonds” by Michael Veissid. F13.
“George Wait Revere Engravings.” Notes alleged to have been engraved by Revere, but now doubted. F12.
The Jewish Colonial Trust.” A Zionist Enterprise. FI 2.
“New York Stock Exchange Guide for Certificate Printers.” F13. “Vignettes of Industry.” Scenes depicting industries on certificates. F6.
CHINA
(see also Railways)
“Update on China.” News about China’s negotiating to pay off some old debts. F15. “International Loans to China with Amer- ican Finance” by Anne-Marie Hendy. F2. “Chinese 8% Treasury Notes 1925-29 B 2/27.
“Artists in Engraving-McHugh. B3/82.
Bern 15, Switzerland
“Czarist Bonds - New Guides. S4.
“Doctor Who?” A Doctor of Scrip- ophily, offer from an unknown company is revealed. S4.
“Gibbons - Decline and Fall?”. Story of financial trouble at Stanley Gibbons in London. S2.
“The Growing Hobby - Is the Real Price Explosion Yet to Come?” by Ann- Marie Hendy. SI.
CONFEDERATE
“Busted Bonds & Battles Long Ago” by Colin Greenlaw. B3/79. (with acknowl- edgement to the Investors Chronicle). “Confederate Financial Paper” by John Satenstein. F13.
“Confederate State Bonds Rights on Funds Raised in 1861.” Extract from The Financial Times of London, May3, 1924. F14.
“Confederates — What They Have in Com- mon” Describes the similar design charac- teristics on Confederate certificates. SI. “The Fifteen Million Dollar Loan or ‘Bankers’ Loan’ ”. By Ann-Marie Hendy B 3/79.
“Repudiation of Loans Issued before the Civil War by the State of Mississippi. By Donald Ross. B 3/79.
COLLECTING GENERAL “Bond Dealer in Legal Battle.” S2. “Brisk Trading at International Congress” Bond & Share Society’s London Auction. S2 “Continental Comments: ‘A Streetcar Named Helgoland.’ Discusses phony certi- ficates, sales news. FI 2.
New York to Buffalo
61
THE FASCINATING WORLD OF
RAILS & TRAMS
Contact a Leading Collector
Friedrich Huette
AM Gentenberg 115 — D-4000 Duesseldorf 31 West Germany
Telefon 0211-400383
CURRENT VALUE
“Research Pays Dividends” by Robert D. Fisher, a regular column in “Friends.” Companies discussed:
Amalgamated Petroleum (F13); Compagnie Universelle du Canal Maritime du Suez (F14); Della S. Consolidated Mines Co. (F9); Franco Wyoming Oil Co. (F14); Inter- national Petroleum Co., Ltd. (Fll); Kilster Brandes (F13), The Mac- kinnie Oil and Drilling Co. (F8); Municipality of Medellin (F15); The Northwest Oil Co. (F9); Peel Elder, Ltd. (F12); Reade Telephone Co., Ltd. (F10); Silversmith Mines Ltd. (F12); Starrett Corp. (Fll); State Life Insurance Co. (F13); Universal Uranium Co. (F12); Wol- verine Brass Works (Fll); Yukon Gold Co. (F8).
“German Bonds-Will They Be Re- deemed?” S3.
“Hukuang Bonds-Judge Orders Repay- ments.” An Alabama judge orders the Chinese to repay old railway bonds. ”S5.
GERMANY
“German City Loans with a Difference”. B 1/82.
HISTORY AMERICAN “The Beginnings of Textile Manufac- turing” by John Satenstein. F14.
“The Bicentennial Yorktown Stock Certi- ficate” by George H.H. Harrison Jr. Bl/82. “Financiers of Freedom.” About Ameri- can Revolutionary War financiers. F4. “Historic Jersey City.” F13.
“The New York Stock Exchange.” Re- print from “Harper’s” 1885. F9,10,ll. “100th Anniversary 1880-1980.” Histor- ical financial events of the 1870’s - early 1880’s, listed to commemorate the 100th anniversary of R.M. Smythe & Co. F5. “New York Stock Exchange”. F16. “American City Loans - Philadelphia and San Francisco” B 3/80. Galene Schmitt. “The Rupublic of Texas”, by T. J.: Robson. B3/80.
Ringling Brothers and Barnum & Bailey’' by Lawrence Weinbaum. FI 3.
GAMES AND SPORTS “Certificates from the Sport of Kings” by Michael Laws. About horse racing stocks. S4.
“Lotteries: Low Interest Bonds— Big
Prizes” by Ann-Marie Hendy. Origins of lotteries; British lotteries. S5.
HISTORY BRITISH “Britain’s Merchant Adventurers” by Eddie Prigg. About early British joint stock companies. S3.
“The Formation of British Companies tc 1856” by Michael Veissid. Bl/82.
62
HISTORY MEXICAN “An Outline of the Mexican Government Debt to 1914” by Michael Veissid. F14. “The End of an Empire” by Frank Grif- fith Dawson. About Emperor Mexi- milian of Mexico. S4.
MINING “Gold”. F8.
“W. Pichard Morgan, M. P. - Welsh Gold King 1844-1924”by Henry Edmunds. F14 “Rare English Mining Certificate of 1709” by Brian Mills. About the Mine-Adven- turers of England. FI 3.
OIL
“Black Gold - The Story of Uncle Billy, the Colonel, and John D. Rockefeller” by Timothy J. Robson. SI.
“Oily Wells” by Bonita Eckhaus. F16.
“POYAIS”
“Bedford Pirn - Sailing in the wake of Gregor Macgregor” by Frank Dawson. Land certificates of Poyais issued by Captain Bedford Pirn of the Central American Association. S2.
“The Cacique of Poyais”. B 2/80.
“Poyais Exploration Planned.” Archae- ologists and explorers will be excavat- ing the eighteenth century English settle- ment on the Mosquito Coast of Honduras.
S6. “Poyaisian Land Debenture” by Frank Griffith Dawson. F15. (An update about Moskito families).
RAILWAYS AMERICAN;
“The Chicago & Rock Island’s Challenge” by T. J. Robson B 3/82.
“The Early Rise of Railways in the U.S.A.” B 3/79.
“The Great American Railroad Empire” by Timothy J. Robson. S3.
“The Missouri, Kansas and Texas.” FI 2. “Philadelphia Passenger Railway Com- panies” by W. S. Roberts. F13.
“Pullman - Railway’s King of Comfort.”
S2.
“The Staten Island Railway.” F12.
“Subways at 75” by John Herzog. F3. ‘Travel by Traction” by William C. McAuliffe, Jr. F8.
“U.S. Railroads - the Early Days” by Timothy J. Robson. S5.
“Nathan Bedford Forrest.” FI 2.
“Robert Todd Lincoln.” President of Pullman Company. Fll.
“Liverpool & Manchester Railway” by David Hilditch. B3/80.
“The House that Morgan Built”. By Ira Unschuld. FI 2.
“George Mortimer Pullman.” F10.
“The Pullman Connection.” About Miles Sawyer, a former porter on the Pull- man line. F10.
RAILWAYS OTHER COUNTRIES “The Delagoa Bay and East African Railway Ltd. by Bruce Castlo. F14. “Europe’s First Street Railway” by Gillian Barrett. About Birkenhead, England. S6.
“Liverpool Overhead Railway” by David Hilditch. B 3/80.
“The Share Certificates of the Manx Northern Railway & Associated Con- cerns”. By R. Powell Hendy. B 3/81. “Mania”. Parts 1 & 2. By T. J. Robson B2/80 & B3/80.
“The Pekin Syndicate and The Honan Railway Loan” by Michael Veissid. F15. “Rolling Stock.” About inventors of railroad machinery, and types of stock. “Oxford’s First Debenture Issue”. By Geoff Cole. B 2/82. (Reproduced from Canadian Chapter Newsletter 1/82.)
RUSSIA
“Cossack.” The case of Russians claiming money from the British government for an investment allegedly made by their ancestor in the East India Company. F15.
WAR BONDS
“Winston Churchill’s Busted Bonds”. By Anthony Hetherington. About Post War Credits (WWII). Si.
WATERWAYS BRITISH
“Bridge on the River Mersey” by John
Barrett. S3.
“Elder Dempster & Co.” By Keutg Holender. B 3/82.
“Rise and Fall of the Derby Canal” SI.
63
Cannes Auction
The first auction held in Cannes was a great success. Organized by Mmes. Bernheim and Appert, it was well received and will be only the first - the second event is already planned for the time of the Cannes Film Festival in the Spring of '83. Enchante! et Bonne chance.
China
Bill Kuhlmann is working on a compre- hensive catalogue of Chinese certificates, which he hopes will be published in the spring of '83.
RE: Jackson v. The People's Republic of China; 5% Hukuang Railway Bonds.
On September 1, 1982, United States District Judge U. W. demon entered a default judgement in the above action in favor of the Plaintiff Class and against the Defendant, The People's Republic of China, in the amount of $41,313,038.00 plus interest at the legal rate from September 1, 1982, plus costs of the action. The Judge also entered a Memo- randum Opinion setting forth the legal basis on which the judgement was rendered.
The Judgement and the Opinion of the Court are now being translated into the Chinese language. These translated documents and the English versions of the same must now be served upon the People's Republic of China through its embassy in Washington as required by the Foreign Sovereign Immu- nities Act, 28 U.S.C. Section 1602 et seq. The People's Republic of China has a reason- able time after service of these documents uponittoasktheCourtto set aside the Judgement.
The British Foreign Office say they expect to open talks in April or May with the Chinese authorities on the question of interest and capital outstanding on pre-revolutionary bonds.
Changes in Vienna
We learned that Ch. Schlacher, the Austria: dealer, had undergone certain changes, wit the Schlachers no longer active, and a nes partnership of four experienced people takir over under the name, Handelsgesellschaft ft historische Wertpapiere. Among the partner are Mr. Jesina the auctioneer, Mr. Weidinge; Mrs. Andahazy, and Dr. Werner, President c the Austrian Club. Congratulations and goc luck.
Frankfurt Auction
Auction II in Frankfurt was a success orr again, with congrats to Uli Drumm and Alfc: Henseler. Lots which made interesting prii were 71, Landauer Theater-Verein, at 400 D) 102, The Accessory Transit Co. of Nicaragii 1855 signed by Charles Morgan & Hoyt, 4500 DM, 312, Canal de Richelieu, 1753 1300 DM, and lot 423, very decorat t Dusseldorf bond, at 450 DM.
It was impressive to see broad intere* lively audience, and avid collectors taki > the events very seriously. This is certair what we have to look forward to in the U as the hobby matures, and also to find or i again in Britain, as collectors slowly retu to cultivate their special interests.
The party at the Goethestrasse was a: well hosted as usual, and a good time v had by all. The bourse on Sunday was w attended, although the crowd was not qu as large as some in the past. Some good bi ness was done. About 30 dealers were prese including David Wright of Classic Certifies in Virginia, who is spending several mon in Europe.
64
Forgeries
New Society Formed
Forged bearer certificates for shares in Royal Dutch Petroleum, the parent company of Shell, are circulating in London. Certi- ificates with a stock market value of $185,000 were spotted by Rothschild's Bank, who warned the Netherlands company. The forger- ies were all for 50 shares of 20 guilders each and they were identified by the lack of a printer's name (understandably!).
In case the do-it-yourself printing enthusiast dumps his dud paper on scripophilists, collectors might like to know that another way of spot- ting the fakes is to hold them up to the light. Royal Dutch certificates have a watermark but the forgeries do not.
Czechoslovakia
Some Czechoslovakian government bonds are to be redeemed, says the British Govern- ment Foreign Compensation Commission. In- cluded in the deal is the Czechoslovak guaran- teed portion of the Austrian Government Guaranteed Conversion Loan, 1934-59, 414 % sterling issue.
Herb Melnick
During the summer we heard of the sudden Jeath of Herb Melnick. Many of us remember lim well, energetically weilding the hammer at /arious auctions. We extend our sympathy to he family.
George Haley Garrison is the President and Curator of the Society for the Preservation of American Bonds which is headquartered in Williamsburg, Virginia. This organization main- tains a collection of financial documents and a library of 1000 volumes on U.S. Business and Economic History.
Newsflash
The Collection Menzel is quickly becoming one of the most notable collections of American certificates in Germany. An early 2000 share American Express certificate from 1860 has recently been acquired.
Ulrike Valente and Gunther Bangrat, owners of Erstes Innsbrucker Wertpapier in Innsbruck were married on September 25. We wish them much happiness.
Mike and Lu Veissid had their first child in August, a daughter, named Hannah. Lots of luck to the new parents.
George LaBarre has visited Germany during the latter part of October - we hope he enjoyed the Munich Octoberfest.
In the other direction, Guy Cifre spent some time visiting with Grover Criswell and other acquaintances in Florida.
Uli Drumm from Frankfurt visited New York in late October, on his first trip to the New World. We hope he will be coming back more often.
Keep those transatlantic flights in the air.
Z'
X
j
r
j
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u
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I
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V
THE NEWCOMEN SOCIETY
Perpetuating the work of Thomas Newcomen (1663-1 729). Devoted to the preservation of business history , among other noble aims; has published many fine pamphlets on different companies , individuals and institutions.
If you have a special interest, let us know.
R. M. Smythe & Co., 24 Broadway, New York, New York 10004
J
65
IF IT’S ON PAPER
AND
ABOUT NEW ENGLAND WE ARE INTERESTED
George & Elaine Fiasconaro
New England Syngraphics Colby Road
Weare, NH 03281
66
PRIVATE COLLECTOR ACTIVELY SEEKING AND PURCHASING OLD STOCKS AND BONDS AT HIGH PRICES FOR PERSONAL COLLECTIONS, NOT RESALE.
The Bonds that I wish to purchase to further my collections are:-
CONFEDERATE BONDS
1 , 1 A, 2, 2A, 3, 4A, 9 Series, 1 0 Series, 1 1 , 1 2, 22, 23, 24, 25, 28,49, 76, 104, 107, 109, 1 13, 1 14, 1 15, 124A, 131, 132, 133, 134, 135, 137, 139, 140, 141 Series, 143 Series, 144 Series, 146, 147, 148, 156, 160, 162G, 163, 166, 167, 174, X34, X85, X101.X125.XX1.
I am also a keen collector of Southern Statebonds, American Railroad, Oil Company, Banking and Mining Stocks.
I look forward to receiving information or copies of any of the above when an immediate reply will be given as to purchase.
ANDREW DANIELS,
THE SQUARE,
455 FAIR OAK ROAD,
FAIR OAK,
EASTLEIGH, S05 7AJ HAMPSHIRE,
ENGLAND.
^69^ Southampton 692172 Southampton 694389
67
Auction 7
The large attendance of 65 at Auction 7 reaffirmed the great interest in “Scri- pophily”.
The total sale was $28,712, more than $10,000 over the catalogue estimate of $18,116. A number of significant auto- graph items were the leaders, including an autograph of Franklin D. Roosevelt on a stock power, at $950 ; James Fisk on the Niles & New Lisbon Railway at $425; and Henry G. Wells and William G. Fargo on
American Express at $1100. A Standar Oil certificate signed by John D. Rockc feller and his partner, Henry Flagh brought $1450. North American Lam signed by Revolutionary War financh Robert Morris, sold at $600, well over pr auction estimate. A certificate of tf Houdini Picture Corporation, signed b the legendary magician and escape a tist, Harry Houdini, brought $700, f. exceeding pre-auction expectations.
AUCTION 7 PRICES REALIZED:
|
Lot No. |
$ |
Lot No |
. $ |
Lot No |
. $ |
Lot No |
. $ |
Lot No |
. $ |
Lot No. |
|
1— |
20 |
31- |
250 |
61— |
160 |
91- |
55 |
121- |
150 |
151- 1 |
|
2- |
50 |
32- |
110 |
62- |
200 |
92- |
90 |
122- |
70 |
152- fi |
|
3- |
80 |
33- |
130 |
63- |
160 |
93- |
65 |
123- |
140 |
153- |
|
4- |
80 |
34- |
70 |
64- |
70 |
94- |
240 |
124- |
175 |
154- |
|
5- |
95 |
35- |
425 |
65— |
— |
95- |
125 |
125- |
100 |
155— |
|
6- |
60 |
36- |
150 |
66- |
90 |
96- |
160 |
126— |
45 |
156- 1 |
|
i — |
30 |
37- |
30 |
67- |
135 |
97- |
170 |
127— |
85 |
157- : |
|
8- |
55 |
38- |
90 |
68- |
35 |
98- |
60 |
128- |
60 |
156- : |
|
9- |
— |
39- |
115 |
69- |
200 |
99- |
450 |
129— |
170 |
159— |
|
10— |
65 |
40— |
100 |
70- |
45 |
100— |
70 |
130- |
225 |
160- : |
|
11- |
100 |
41 — |
180 |
71— |
85 |
101— |
100 |
131- |
100 |
i6i- i: |
|
12- |
120 |
42— |
70 |
72- |
90 |
102— |
65 |
132- |
85 |
162- |
|
13- |
55 |
43- |
140 |
73- |
260 |
103- |
45 |
133- |
55 |
163- 1* |
|
14- |
20 |
44- |
425 |
74- |
70 |
104- |
65 |
134- |
160 |
164- |
|
15- |
225 |
45— |
35 |
75- |
150 |
105— |
155 |
135- |
140 |
165- 1 |
|
16— |
40 |
46- |
100 |
76- |
165 |
106- |
100 |
136- |
80 |
166- |
|
3 7- |
55 |
47- |
220 |
77- |
60 |
107- |
85 |
137— |
150 |
167- |
|
18- |
65 |
48- |
90 |
78- |
120 |
108- |
85 |
138— |
240 |
168— |
|
19- |
55 |
49- |
70 |
79- |
140 |
109- |
120 |
139- |
60 |
169- |
|
20- |
190 |
50- |
325 |
80- |
105 |
110- |
200 |
140— |
110 |
1 70 — |
|
21- |
45 |
51— |
185 |
81— |
165 |
111- |
50 |
141— |
60 |
1 71 — |
|
22- |
95 |
52- |
220 |
82- |
60 |
112- |
140 |
142- |
60 |
172— |
|
23- |
85 |
53- |
750 |
83- |
650 |
113- |
85 |
143- |
120 |
173- |
|
24- |
95 |
54 — |
50 |
84- |
'60 |
114- |
85 |
144- |
110 |
174— |
|
25— |
80 |
55- |
100 |
85- |
140 |
115- |
90 |
145— |
— |
175- |
|
26- |
110 |
56- |
350 |
86- |
110 |
116- |
190 |
146- |
60 |
176- |
|
27- |
65 |
57- |
120 |
87- |
120 |
117- |
800 |
147- |
30 |
177— |
|
28- |
140 |
58- |
425 |
88- |
250 |
118- |
85 |
148— |
110 |
178- |
|
29- |
160 |
59- |
250 |
89- |
— |
119- |
60 |
149- |
35 |
|
|
30- |
100 |
60- |
55 |
90- |
140 |
120- |
70 |
150- |
120 |
TOTAL SALE: $28,712
MAIL BID SECTION - PRICES REALIZED- TOTAL- $4,439
|
$ |
Lot No. |
$ |
Lot No. |
$ |
Lot No. |
$ |
Lot No. |
$ |
Lot |
No. |
|
80 |
235- |
30 |
249- |
90 |
263- |
30 |
277 |
26 |
291 — |
32 |
|
125 |
236- |
17 |
250- |
30 |
264- |
50 |
278- |
52 |
292- |
140 |
|
50 |
237- |
55 |
251 — |
40 |
265- |
65 |
279- |
26 |
293- |
85 |
|
90 |
238 — |
55 |
252- |
40 |
266- |
— |
280- |
22 |
294- |
135 |
|
110 |
239- |
55 |
253— |
25 |
267- |
50 |
281 — |
17 |
295- |
105 |
|
95 |
240- |
50 |
254- |
35 |
268- |
50 |
282- |
35 |
296- |
35 |
|
32 |
241 — |
50 |
255- |
25 |
269- |
30 |
283- |
60 |
297- |
170 |
|
87 |
242- |
50 |
256- |
40 |
270- |
22 |
284- |
75 |
298- |
115 |
|
25 |
243- |
40 |
257- |
35 |
271 — |
42 |
285- |
60 |
299- |
165 |
|
35 |
244- |
50 |
258- |
30 |
272- |
60 |
286- |
150 |
300- |
30 |
|
20 |
245- |
10 |
259- |
55 |
273— |
30 |
287- |
110 |
301 — |
60 |
|
45 |
246- |
40 |
260- |
50 |
274- |
22 |
288- |
20 |
302- |
50 |
|
55 |
247- |
40 |
261- |
40 |
275- |
30 |
289- |
22 |
||
|
35 |
248- |
45 |
262- |
60 |
276- |
50 |
290- |
45 |
69
ANNOUNCING THE NEWEST ADDITION TO THE WORLD OF SCRIPOPHIL Y DEALERS -
Please send for a complimentary copy of our first listing. We think you will find it one of the most comprehensive, informative and competitively priced mail order listings of antique stocks, bonds, checks, and papers presently available. Please send an SASE with your collecting interests to:
ANTIQUE PAPERS LTD.
ROBERT VOLK, Proprietor P. 0. Box 84 9 Winfield, Kansas 67156 Area Code (316) 221-4399
Current inventory includes:
Stock certificates and Shares Bonds-both foreign and domestic Railroad items-always a specialty Mining items Autographs
Documents-hoth important and casual Cheques-a large variety Territorials, Missouri, Kansas Beautiful Vignettes of all kinds
Banking, personal and professional references available upon request. Remember, we are as close to you as your telephone. Please feel free to call either Robert Volk at (316) 221-4399 or Miles Sandler at (816) 523-3542 to discuss any tvpe of acquisition, be it from a share for a few dollars to the thousand dollar autograph of reknown, from the sublime to the majestic.
70
SOMETHING NEW FROM ^^^ends
In addition to remarks,
you will find prices realized on Scripophily lots at auctions around the world, where space permits. If we cannot print the en- tire list, we will send it to you providing you send a self addressed, stamped en- velope to The Auction Editor, Friends of Financial History, 24 Broadway, New York, New York 10004.
The British autumn auction season be- gan with a sale at Sotheby’s which in- cluded a variety of interesting U.S. lots.
In oils, two share certificates of the
Star Oil Company, both issued in June, 1965, with a big vignette of derricks, and oil barrels being loaded onto carts, went for £140
The most interesting British item at Sotheby’s was a certificate issued on October 1, 1644, acknowledging a loan of £1000 received under the Estates of Scotland War Loan Act of that year from one David Kennedie. The large format certificate, mounted on card, was signed by John, Duke of Lauderdale, and James, 1st Duke of Hamilton, who was adviser on Scottish affairs to King Charles the First. Having chosen the losing side in the English Civil War, Hamilton was executed in 1649. This historically significant piece was esti- mated at £250-£350 and actually went for £320.
by Anthony Hetherington
PRICES realized at Sotheby’s auction, September 23, London:
|
1- |
£ 60 |
16- |
£ 65 |
31- |
130 |
46- |
£ 41 |
61- |
£ 90 |
|
2- |
60 |
17- |
50 |
32- |
130 |
47- |
90 |
62- |
80 |
|
3- |
60 |
18- |
140 |
33- |
10 |
48- |
90 |
63- |
140 |
|
4- |
60 |
19- |
85 |
34- |
40 |
49- |
50 |
64- |
80 |
|
5- |
30 |
20- |
80 |
35- |
90 |
50- |
50 |
65- |
45 |
|
6- |
320 |
21- |
120 |
36- |
90 |
51- |
65 |
66- |
— |
|
7- |
130 |
22- |
220 |
37- |
90 |
52- |
85 |
67- |
— |
|
8- |
30 |
23- |
- |
38- |
85 |
53- |
60 |
68- |
— |
|
9- |
60 |
24- |
50 |
39- |
80 |
54- |
130 |
69- |
95 |
|
10- |
80 |
25- |
140 |
40- |
70 |
55- |
90 |
70- |
75 |
|
11- |
32 |
26- |
80 |
41- |
- |
56- |
75 |
71- |
30 |
|
12- |
160 |
27- |
70 |
42- |
200 |
57- |
80 |
72- |
70 |
|
13- |
40 |
28- |
75 |
43- |
- |
58- |
100 |
73- |
80 |
|
14- |
65 |
29- |
260 |
44- |
- |
59- |
— |
74- |
|
|
15- |
40 |
30- |
55 |
45- |
- |
60- |
150 |
75- |
120 |
|
76- |
100 |
GKR Bonds Limited
P.O. Box 1, Kelvedon Nr. Colchester C05 9EH, Essex
North American Land Co. Philadelphia & Lancaster Turnpike
Darracq Automobiles and lots more!
telephone 0376 71138
71
During 1982, the activities of the American Branch of the Bond & Share Society continued the group’s traditions with informative presentations at its regular meetings and members’ auctions and trading sessions.
Topics of discussion focused on some of the areas of strong collector interest (i.e. notable autographs, imprinted reve- nues, early oils, mining and territorial issues). Speakers, discussion leaders and participating members were all most generous in sharing both their knowledge and prized pieces from their personal col- lections. Many seldom seen items drew well deserved attention at the meetings.
A similar range of activities ar- planned for 1983. Suggestions for topic: are always welcomed.
For those who live some distance frorr these activities, we invite your partici pation in the Bond & Share Societ; Journal, published in London, fou. times a year. A worldwide membership listis included annually and new member* are listed in every other issue. Classifies advertisements are free to members am dealer displays, are welcomed, an excei lent way to stay in touch with stock am bond collectors around the world!
Robert Kluge, President
Activities in Great Britain and the United States include:
* The promotion of scrip ophily— the study and collection of antique and historic
bond and stock certificates.
* A Yearbook containing names, addresses and telephone numbers of members so that they can contact*each other, compare experiences and trade.
* Three Newsletters a year, published in London.
* Regular monthly meetings in New York and special events and conferences held in conjunction with conventions and fairs of allied interest in other cities.
* Publication of selected talks delivered at American meetings plus news bulletins.
* Regular meetings in London at which mini-auctions are conducted and talks are given. In U.S.A. contact: ln u n jted Kingdom contact:
Diana E. Herzog, Secretary Brian Mills, Treasurer/Membership Sec'y-
R. M. Smythe & Co. gg The Avenue( jadworth, Surrey
24 Broadway, New York, N.Y. 10004 Annual dues-£ 5
Annual dues— $15
DATE
NEW
RENEWAL
NAME
ADDRESS
CITY STA TE ZIP
TELEPHONE NUMBER
72
Stock &*Bond Certificates
Bought arjd Sold
IN QUANTITY
Try us. We’re PURRR - FECT !
Send $25 for 100 mixed certificates and latest list.
^ &
Certifi-Kats of Katonah
P. O. Box 298
CROSS RIVER, N. Y. 10518 Tel: 914-245-6381
Telex: 66530
Tfye cf7 itiaqcial library"
A bibliography of works concerning financial history embraces individual biographies, corporate profiles and over- views of industrial, institutional and natural developments as well as many other subjects. This brief listing, we hope, will suggest areas that will encourage your exploration of the shelves of the library and book shops.
Catalogues and Counters by Emmet & Jeuck. A History of Sears, Roebuck & Company. The University of Chicago Press - 1950.
The Banks of New York, Their Dealers, the Clearing House, and the Panic of
1857. by Gibbons. D. Appleton & Co.-
1858.
History of the House of Siemens (Vol. II - The Era of World Wars) by Siemens, Karl Alber - 1957.
Enterprise in Oil (A history of Shell in the United States) by Beaton. Appleton Century Crafts, Inc. - 1957.
150 Years Service to American Health, (History of the drug company) by Schieffelin & Co. - 1944.
Gould’s Millions by O’Connor. Double- day & Co., Inc. - 1962
Great Fortunes and How They Were Made or The Struggles and Triumphs of oui Self-Made Men, by McCabe, Jr. George: Maclean - 1871.
Brand of the Tartan (the 3M story) b> Huck Appleton - Century - Crofts, Inc. 1955.
History of the Studebaker Corporation by Erskine. The Studebaker Corporation 1924.
Conquest of the Tropics (story of th« United fruit company)by Adams^ Doubleday, Page & Co. - 1914.
Promise Fulfilled (A story of the Growtt of a Good Idea from 1853-1953). Unitec States Trust Company of New York -1953J
Looking Ahead (the papers of Davie Sarnoff) McGraw Hill Book Co. - 1968:
Global Reach (the power of the Multi national Corporations) by Barnet & Muller. Simon and Schuster - 19741
Men and Volts at War (the story oj General Electric in WWII) by Miller) McGraw-Hill Book Co. - 1947.
My Years with General Motors b? Sloan. Doubleday & Co., Inc. - 1964
5 took Certificates Autograph fetters, 'Manuscripts
& T>ocuments in aCC fields
THE REND ELLS inc Cd^
l54-sm°Me(Ts Ave ^ J7ewton-9V\ass. 02159
Tel - 617-965-4670 £ > - (a6(e -Autographs Boston ^
74
t
We Specialize in Locating Out-Of Print Books
STOCK MARKET AND COMMODITY BOOKS OUR SPECIALITY
Send Us Your Wants Send For Our Catalogs
The House of Goodyear by Allen Corday & Gross Co., - 1943.
The First Fifty (the Insurance Society i of New York) by Parker. Parker All- ston Associates, Inc. - 1951.
Think ( a biography of the Watsons and IBM) by Rogers . Stein and Day - 1969.
The Day They Shook the Plum Tree by Lewis . (The life of Hetty Green) Harcourt, Brace & World, Inc. -1963.
The Business of Risk (The Hundred Year Background of the Royal Insurance Company, Ltd. and The Royal Liver- pool Insurance Group in the United States). - 1951.
The Making of a Stockbroker by Le- feure. George H. Doran Co. - 1925.
Chesapeake & Ohio Canal Co. 1810
Faith, Hope & $5,000 by Forrestal,
(The story of Monsanto), Simon and Schuster - 1977.
Michigan Copper and Boston Dollars by Gates. Harvard University Press- 1951.
A Family of Thirty Million (the story of the Metropolitan Life Insurance Com- pany). by Dublin. Metropolitan Life In- surance Company - 1943.
Grinding Out (the making of McDonald’s) by Kroc with Anderson. Henry Regnery Company - 1977.
Men and Mines of Newmont (A Fifty- Year History) by Ramsey. Octagon Books - 1973.
History of Macy’s New York 1858- 1919. By Hower. Harvard University Press - 1943.
A Man and His Money. (A religious analysis of property owership) by Calkins. The Methodist Book Concern- 1914.
Tales of the Observer. (Story of the Jordan Marsh Company) by Edwards. Jordan Marsh Company - 1950.
The Pennsylvania Railroad by Alexander. Bonanza Books - 1947.
75
BUYING and SELLING AMERICANA
Autograph letters, documents, books, old stocks and bonds, and memorabilia pertaining to famous persons and historical events.
COLLECTION AND ESTATE APPRAISALS
CATALOGUES ISSUED PERIODICALLY
EARL MOORE ASSOCIATES, INC.
Box 243, Wynnewood, Pa. 19096
When Railroads were New by Carter. Simmons-Boardman Publishing Co. 1926.
Early Illinois Railroads by Ackerman. Fergus Printing Company - 1884.
The MA & PA (a history of the Mary- land and Pennsylvania Railroad by Hilton. Howell-North, - 1963.
The Fallen Colossus (“The Great Crash of the Penn Central & the Crisis of the Corporate Giants”), by Sobel. Wey- bright and Talley - 1977.
The Money Lords. (“The Great Finance Capitalists 1925-1950”). By Josephson. Weybright and Talley - 1972.
Biography of a Business 1792-1942 by James. The Bobbs Merrill Company, (Insurance Company of North America) - 1951.
A Centennial - Lehman Brothers 1850- 1950 (published by the company) 1950.
Lloyd’s The Gentlemen at the Coffee- House by Straus . (History of Lloyd’s Insurance Company) - 1938.
Morgan Stanley & Co. (a summary of Financing 1935-1965) - 1966.
All in a Century (the first 100 years of Eli Lilly and Company by Kahn, Jr. 1976.
The First Hundred Years of the Ne-* Jersey Zinc Company. The New Jerse; Zinc Company - 1948.
Foundation for the Future (The stori of Benjamin Moore & Co. 1883-1958 Benjamin Moore & Co. - 1958.
A Century of the National Bank e Germantown (1814-1914) Published b the National Bank of Germantowi
Window on America by Streeter. TH Bank of New York - 1959.
The Story of Wall Street by Warchoi Blue Ribbon Books - 1929.
The New York Stock Exchange tl Martin. Francis Emory Fitch, Inc - 191
The Story of a Street by Hill. Harper Brothers Publishers - 1908.
The Stock Exchange from Within I Van Antwerp. Doubleday, Page & Cor pany - 1913.
The Work of Wall Street by Pratt. Appl ton and Company - 1903.
The Firestone Story by Lief. Whittles*. House - 1951.
America’s Fifty Foremost Business Le ders edited by B. C. Forbes. B. C. Forb & Sons Publishing Co., Inc. - 1948.
76
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. /ai. /sf/sm/Uit f/u t/Am7/<A/-i/A'<iA/f/r//i;f (/Hit/ ass/a/oZ »< /> Al’PltOVHJl I'KHKI Alt’! 1/ 1 S ( > ■ I •
fit/sm/ * ' AA'/'/AAa'AAaA A ^ ■// ^
/ttM’n/n/ S/C S - " ' /S __
RECISU8 or thi TREASURY
m
Mystery Men of Wall Street by Sparling. Blue Ribbon Books - 1930.
The Legend of Henry Ford by Sward. Rinehart & Company, Inc. - 1948.
The Guggenheims by O’Connor. Covici- Friede, Publishers - 1937.
Men and Volts by Hammond. J. B. Lippincott Company - 1941.
J. Pierpont Morgan (An Intimate Por- trait). By Satterlee. The Macmillan Company - 1940.
The Banker and the Bear (the story of a Corner in Land) by Webster. The Macmillan Company - 1900.
The Great Pierpont Morgan by Allen. Harper & Brothers Publishers - 1949.
The Entrepreneurs (“Explorations within the American Business Tradition”). By Sobel. Weybright and Talley - 1974.
The Money Manias (“Tales of Entre- preneurs and Investors during the eras of Great Speculation in America”). By Sobel. Weybright and Talley - 1973.
The DuPont Dynasty by Winkler. Double- 25 Years - The Association of Cotton day & Co., Inc. - 1948., Textile Merchants of New York - 1918
HOWARD S. MOTT,
SHEFFIELD, MASSACHUSETTS 01257
Established in New York 1936 English and American Rare Books and First Editions 16TH TO 20TH CENTURY A utographs and Manuscripts Original Drawings We buy single items and libraries
(413) 229-2019
77
J.kMcGuinz co.
Philatelic Auctioneers Sl Sales
P. O. Box 297 623 Route 6A
Dennis, MA 02638 (617) 385-5948
We regularly offer at our monthly Auctions and Mail Bid Sales the following Revenue related items
Tax Paid Revenue & Special Tax Stamps Postal History featuring Stampless Covers Antique Stocks & Bonds, Checks, etc. Choice Unused Match & Medicine Stamps Revenue Proofs, mostly Match & Medicine Encased Postage , Stamped Paper
Please send for a complimentary Auction & Mail Bid Catalogue. To receive a full year’s subscription to the monthly J. L. McGuire Auctions and Mail Bid Catalogues with Prices Realized , please send $6.00 with your name and address (overseas $15.00 for 6 months).
J. L. McGuire specializes in Revenue related items and Postal History. We invite you to consign stamps or covers, entire collections or estates for our Auctions, Mail Bids and Private Treaty Sales. We also purchase outright.
Member: ASDA, ARA, BIA, APS, SPA
INTERNATIONAL AUCTIONS AND SHOWS FOR 1982 - 83
|
DATE |
PEOPLE TO CONTACT |
PLACE |
|
December 6, 1982 |
Guy Cifre — Numistoria 49, rue Vivienne - F-75002 Paris |
France Paris |
|
December 1 1 |
legordeSt. Flippolyte 25, rue Sarrette - 75014 Paris |
France Paris |
|
December 1 1 & 1 2 |
Fall National Collectibles Paul Cunningham - (517) 423-4053 |
USA Chicago |
|
January 8 & 9 1983 |
Papermania — Paul Gitsen P.O. Box 152 - Wethersfield, Ct. 06102 (203) 563-9215 |
USA Hartford Hartford Civic Ctr. |
|
February 26 & 27 |
Philadelphia Collectibles Fair G. S. Gallery - (215) 282-4269 |
USA Philadelphia |
|
March 11, 1983 |
R. M. Smythe & Co. 24 Broadway, New York, New York 10004 |
USA New York |
|
March 18 — 20 |
Ephemera Society Conference & Fair William F. Mobley — Box 333 Wilbraham, MA 01095 (413) 596-9516 |
USA Southbury, Ct. Harrison Inn Hotel |
|
March 20 |
Auction & Bourse Bond & Share Society - Brian Mills 56 The Avenue - Tadworth Surrey |
England London |
|
March |
Ulrich Drumm & Alfons Henseler Freunde Hist. Wertpapiere Goethestrasse 23 — D-6000 Frankfurt/M. |
Germany Frankfurt Borsensaal |
|
March |
Sotheby's 34 & 35 New Bond Street — London Wl 1 A 2AA |
England London |
|
May |
R. M. Smythe & Co., Ltd. - Mike Veissid 87 Park Avenue - Ruislip, Middlesex HA4 7UL |
England London |
|
June 17—19 |
Mike Crabb — Memphis Paper Fair (901) 754-6118 |
USA Memphis, Tenn. |
|
August 15 — 21 |
ANA Convention |
USA San Diego |
-5 NUMISTORIA <-
49, RUE VIVIENNE - 75002 PARIS
France
Tel.: 233.93.45 Metro : Bourse
100 meters from the Paris Stock— Exchange. Specialist of Bonds and Shares Certificates from France or other countries.
Visit us in Paris ! We speak English
i
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COLLECTORS • INVESTORS • DONORS • INSURERS • ESTATE PLANNERS and MANAGERS all have one thing in common: the need for professional appraisals. ISA provides a network of over 1400 pre-screened professionals, each with a minimum of 5 years’ experience in their respective areas of expertise. ISA recognizes over 80 areas of expertise among some of the country’s leading authorities.
For more information, contact:
Maurice E. Fry, President P.O. Box 726 Hoffman Estates, IL 60195 (312) 885-2480 or 882-0706
Diana V. Hickman, Vice President 301 East 87th Street - Suite 12-D New York, NY 10028 (212) 289-3900
80
l fJnlonio ^Eofie^ Q)e if ant a <jJnna
(nj vtfc/i y,i(>/ie 'i
Antonio Lopez De Santa Anna was a Mexican soldier, statesman, and opportunist extraordinary. He was several times President and later made himself Dictator of Mexico. In 1829 as Com- mander in Chief of the Mexican forces, he defeated the Spanish army which was making a belated attempt to restore the power of Spain in Mexico. Encouraged by his military successes, Santa Anna looked upon himself as the “Napoleon of the West.” In 1832 he became President of Mexico. He had little regard for the federal constitution and ruled with a high hand. In 1835, Texas revolted from Mex- ico and established its own government. Santa Anna hastened to put down the revolt, attacked San Antonio, and cap- tured the Alamo in March, 1836. The Mexican army was defeated at the San Jacinto River by General Sam Houston. Santa Anna was captured, but General Houston saved the Mexican president from immediate execution, and he was permitted to return to his own country. He was again president from 1841 until 1844, when he was ousted during a revolution and forced into exile in Jamaica. When war with the United States broke out in 1846, he returned and headed the Mexican army. After the occupation of Mexico City by General Winfield Scott,
he resigned. Santa Anna, by this time, was closely associated with the forces of reaction. In 1853 he seized the reins of government and proclaimed himself Supreme Dictator. Within two years he was overthrown and again exiled, this time to Cuba. He tried to re-enter the country during the French invasion of Mexico in 1864, but was prevented. At that time, the President of Mexico was Benito Juarez. On June 12, 1864, Napo- leon III of France named Maximilian the Emperor of Mexico. When French troops were withdrawn from Mexico following a protest by the United States, Maximil- ian lacked support. He was betrayed by a trusted general, captured and im- prisoned. There, on June 19, 1867, Max- imilian was executed.
At this time, Santa Anna was in exile, living in New York. In 1866 Santa Anna attempted to raise money to finance a revolution in Mexico. The bonds were issued for this purpose, and constituted a 7% mortgage on the palace and property of Santa Anna, in the State of Santa Cruz. After the death of Benito Juarez in 1872, Santa Anna returned to Mexico, and in 1876 died in poverty in Mexico City. The bonds have no value except as antique collector’s items. They are extremely handsome, large, and decorative with vi- gnettes of Santa Anna’s palaces, and bright green and orange paper seals. Each bond has several manual signatures, including the illustrious A. L. de Santa Anna.
®iie QUjicken came If irat
-^ong before we were selling our line of acid-free preservation products, we were using them ourselves.
For over thirty years we’ve been dealing in paper memorabilia. (Our current catalogue is believed the largest of its type published in North America.)
So • we’re the only major vendor of preservation supplies who has actually preserved things in them . . . our inventory! And with so many paper items, using the wrong preservation product would have left us nothing to sell.
D P C®
f^ut to the teit daiPy
FOR OUR CATALOGUE, SEND 2.00 (REFUNDABLE) TO: D P C, COHASCO, INC.,
POSTAL DRAWER 821, YONKERS, N.Y. 10702, USA TELEPHONE 1 914 476 8500
81
CLASSIFIED ADVERTISEMENTS
We urgently need Appleton's Cyclopedia of American Biography — 7th volume. Must be in excellent condition. Address P. O. Box 2159, Phila, Pa. 19103.
*****
Buy. . .Sell. . .old Books on Stock Market, Wall St., tycoons. Want old stock tickers.
Rod Klein, Box 24A06, Los Angeles, CA 90024 ******
Wanted— Autos, Banks & Mining - Especially Autos - inventory low - needed for Fred's Car Lot - large SASE for offering. Fred Robinson,
Box 203, Aberdeen, Miss. 39730.
* * * * *
Wanted: U.S. Liberty Bonds, European Mortg., Bulgarian, Chinese, pre-1860 USA. Offer: Egyptian, Mexican. Beck, 523 West 1 21 Street. NYC 10027.
*******
BUY - SELL - EXCHANGE: Old shares, invoices, antique checks, Jewish papers, old bills of exchange, and all kinds of old papers. Gilbert Guez, 64, rue du Fbg. St. Martin,
F-75010 Paris, France. Tel. 201.10.10. * * * *
Wanted: Shipping & Trading Companies' share certificates (1861-65). Duplicates to trade. M.C. Young. 1050 Comm. Ave., Boston, MA 02215.
* * * * * J. P. Morgan, Carnegie, Fulton Steamboat Company related certificates wanted. P. O.
Box 535, Denver, Colorado 80201.
*****
Western States stocks, bonds, checks, and Bills of Exchange wanted. Prefer pre-1870. Also, all territorial paper. Barry Hepsley, 2151 N. Texas Street, Fairfield, CA 94533 USA
Dealing in better U.S. Stocks and Bonds. INI lists. Phone calls or visits by serious collee tors and dealers welcome. Please send us yoi catalogs. Paul C. Richards, Templeton Mas:
01468. (617) 939-8981.
* * * *
Collector buying old stocks and bonds, check- financial paper autographs. Send copy < call: Mark Vardakis, Box 408, Coventry, F>
02816. (401) 884-5868.
* * * *
Stock Certificates: 50 different $19.95 pos paid. Satisfaction guaranteed. Foreign deli ery add $5. List SASE. 1 to 1,000,000 wantee Clinton Hollins, Box 112-D, Springfield, Vi 22150.
* * * *
Financial History Books for sale. SASE for lis Pre-1900 stocks and bonds always wanted. I Unschuld, Abbot Books, 100-26 Benchle
Place, Bronx, NY 10475. (212) 671-980] * * * *
Stock Certificate Catalog, $3 plus 2 certificati Paper Americana Catalog, $3. Also buyin Yesterday's Paper, Box 294F, Napervill
I llinois 60540.
* * * *
Delaware stocks, bonds w/coupons bo - corporate & municipal & postcards. R. Schum
P O Box 749, Wilm., DE 19899.
* * * *
WANTED: Asylum Company/R. Morris. Jak* Schmitz, Humboldtring 15, D-4330 Mulhei- Ruhr/Germany.
* * * *
WANTED: Stock & bond certificates, oth
historical material (letters, photos. . . ) sign* by important American financiers (Asti Vanderbilt, Carnegie, Morgan, Mellon, Gu enheim, . . .Kindly send photostats with offe> to Rudiger K. Weng, Breiten Dyke 38B, D-41!
Krefeld, West Germany.
* * * *
3 Certificates plus catalog of choice Railro^
Stocks and Bonds only $3. Also eager to bu Ken Prag. Box 531 FF, Burlingame, CA 94010
82
INTERNATIONAL CERTIFICATE DEALERS DIRECTORY
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Erstes Innsbrucker Wertpapier
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Bibliophile Jacob 326 09 85
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Bedfordia Associates (01) 242-4042
25 Bedford Row London WC1
Ellis (Scripophily) Ltd Wormley 2896
Patricia and Malcolm Ellis Petworth Road Witley, Surrey GU8 5LK
GKR Bonds, Ltd (0376) 71138
Geoffrey & Anne Metzger P. O. Box 1 Kelvedon, Colchester Essex C05 9EH
Glenrose Originals Ltd (01) 349-2990
Derek Rowland 36, Holders Hill Road London NW4 1 NG
Herzog Hollender Phillips Keith Hollender. . . .
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Brian Hoyle Scripophily . . . .(0274) 47991 Brian Hoyle 2 Yew T ree Avenue Bradford BD8 OAD
London Scripophily Centre Ltd.
John Craig (01) 493-9836
5 Albermarle Street London, W1
Non - Valeurs Ltd 0-279-23062
John and Carol Jenkins Knysna Redricks Lane Sawbridgeworth, Herts
Phillips Auction Galleries . . .(01)629-6602 Cliff Connick 7 Blenheim Street New Bond Street London W1Y OAS
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Selborne Suite, Westbrook House High Street
Alton, Herts. GU34 1HB
R. M. Smythe & Co., Ltd. . . .89-563-2096 Mike & Lu Veissid Brian Mills 87 Park Avenue Ruislip, Middlesex HA4 7UL
Sotheby's Auction Galleries . .(01)493 8080 34-35 New Bond Street London W1 2AA
W. H. Collectibles, Ltd (01) 930-3770
Robin and Anne-Marie Hendy Michael Wheeler 56-58 Whitcomb Street London WCZH 7DR
Zararing, Ltd (01) 870-0278
Timothy J. Barker 45 Melrose Road London SW18 1 LX
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Santosh Kumar 344369
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via Indipendenza 42 48121 Bologna
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86
UNITED STATES
Amcase (216) 867-6724
Dennis Luck P.O. Box 5232 Akron, Ohio 44313
American Vignettes (201) 241-4209
Robert Kluge P.O. Box 155
Roselle Park, New Jersey 07204
Antique Papers Ltd (316) 221-4399
Robert Volk P.O. Box 849 Winfield, Kansas 67156
Miles F. Sandler (816) 523-3542
P. O. Box 24773
Kansas City, Missouri 64131
Applegate & Applegate (215) 692-8034
Howard & Shelby Applegate
1410 Stallion Lane
West Chester, Pennsylvania 19380
David Beach (318) 747-0929
Box 5484
Bossier City, Louisiana 7111
Bickerstaff's (703) 534-5077
William H. Itoh
6020 North 16th Street
Arlington, Virginia 22205
Buttonwood Galleries (212) 823-1523
Phyllis Barrella Jim Newman P.O. Box 1006 Throggs Neck Station Bronx, New York 10465
Certifi-Kats of Katonah . . . .(914) 245-6381 Gerald A. Faver P.O. Box 298
Cross River, New York 10518
Classic Certificates (703) 528-3528
David Wright P.O. Box 3400 Arlington, Virginia 22203
Collectibles Unlimited (215) 357-6820
Theodore B. Robinson 700 N. Second St. Pike Richboro, Pennsylvania 18954
Cooks Resources, Inc (617) 429-6779
Jon C. Cook P.O. Box 363
Holliston, Massachusettes 01746
Criswell’s (904) 685-2287
Grover C. Criswell
Route 2, Box 1 085
Ft. McCoy, Florida 32637
Jack Curry & Sons (201) 653-2538
P.O. Box 7395
Jersey City, New Jersey 07307
Distinctive Documents (801) 224-4026
Warren & Cheryl Anderson P.O. Box 1475 Orem, Utah 84057
Foreign Bond Recovery Systems
Edwin Slade (702) 451-6446
4082 East Twain Avenue Las Vegas, Nevada 89121
George Haley Garrison (804) 220-3838
Drawer JH
Williamsburg, Virginia 23187
George & Ko's Banknotes . . .(602) 893-1659
George Notarpole P.O. Box 26846 Tempe, Arizona 85282
Frank D. Guarino (305) 668-8174
P.O. Box 89 DeBary, Florida 32713
Fred Herrigel (201) 493-2474
Box 80
Oakhurst, New Jersey 07755
The History Company Bill Roddy P.O. Box 8745
San Francisco, California 94128
Clinton Hollins (703) 971-7711
Box 112-Q
Springfield, Virginia 22150
87
Investment Research Institute
Fred Fuld III (415) 686-9067
55 Sutter Street, Suite 671 San Francisco, California 94104
The Investors Gallery (214) 748-7831
Fred Oman 2907 Routh Street Dallas, Texas 75201
Keys (215) 821-9126
Harold B. Keys, Jr.
21 1 1 E East Cedar Street Allentown, Pennsylvania 18103
George H. LaBarre Galleries, Inc.
George H. LaBarre (603) 882-2411
P.O. Box 27
Hudson, New Hampshire 03051
Carl Marks & Co., Inc (212) 437-7022
Dan Collier
77 Water Street
New York, New York 10005
Earl Moore Associates, Inc.
Earl Moore Box 243
Wynnewood, Pennsylvania 19096
Dwight L. Musser (904) 583-2343
Box 305
Ridge Manor, Florida 33525
NASCA (516) 764-6677
Douglas Ball
265 Sunrise Highway, Suite 53 Rockville Centre, New York 1 1570
Non-Valeurs Miami Inc (305) 361-9403
Diana Bartholomew P. O. Box 490249 Miami, Florida 33149
North Coast Traders (707) 822-3164
Phillip J. Novarino P.O. Drawer L Areata, California 95521
Ken Prag (415) 566-6400
P.O. Box 531
Burlingame, California 94010
Clifford Priest (312) 366-3590
P.O. Box 209
Forest Park, Illinois 60130
Rails Remembered (213) 572-041
Robert O. Greenawalt P.O. Box 464
Rosemead, California 91 770
The Rendells (617) 965-467
1 54 Wells Avenue Newton, Massachusetts 02159
Paul C. Richards, Autographs
High Acres (617) 939-893
Templeton, Massachusetts 01468
Jerry Rillahan (307) 347-28CI
Box 427A
Worland, Wyoming 82401
Scripophily International Promotions
Jim Myers (612) 421-123
P.O. Box 33001 Minneapolis, Minnesota 55433
Scripophily Limited (617) 444-091
Bette Mindich
18 Edgewater Lane
Needham, Massachusetts 02192
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John and Diana Herzog 24 Broadway
New York, New York 10004
Walter Steinberg (212) 876-57C
P.O. Box 401
Gracie Station
New York, N.Y. 10028
United States Scripophily Co.
Ronald L. Conrad (714) 759-05'
Fourteen Corporate Plaza Drive Newport Beach, California 92660
Sam Withers (312) 281-41*
2008 West Bradley Place Chicago, Illinois 60618
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1 1 Sussex Court Edison, New Jersey 08820
Yesterday's Paper (312) 355-48!
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Naperville, Illinois 60566
88
Clubs and Publications
AUSTRALIA
ITALY
Bond & Share Society of Australia c/o Richard Green 20th Floor 367 Collins Street Melbourne 3000
AUSTRIA
Osterreichischer Club Fur Historische Wertpapiere Postfach 213, 1010 Vienna Club Newsletter
BELGIUM
Association Beige de Scriptophilie 130 Rue des Carmelites 1 180 Bruxelles
CANADA
Bond & Share Society (Canadian Chapter) c/o Micheline Masse P.O. Box 120 - Station K Montreal HIN 3K 9 Newsletter
FRANCE
Association Francaise des Collectioneurs de Titres Anciens
legor de Saint Hippolyte
25 Rue Sarrette 75014, Paris
Journal des Collectionneurs de titres auciens
GERMANY
Zeitung fur Historische Wertpapiere Goethestrasse 23 6000 Frankfurt 1
GREAT BRITAIN
Bond & Share Society
Membership Secretary : Brian Mills 56 The Avenue, Tadworth KT20 5DE Surrey Bond and Share Journal
The Old Bond Times 9 Old Bond Street London WIX 3TA
HOLLAND
Vereniging Verzamelaars Oude Fondsen P.O. Box 17071 1001 J.B Amsterdam Journal
Associazione Italiana Scripofili Via Ausonio 6 20123 Milano
SOUTH AFRICA
Bond & Share Society of South Africa c/o Raymond Levenberg 1 1 Shakespeare Avenue Sanderwood, Bedford View 2008
SWEDEN
Svenska Foreningen for Historiska Vardepapper Box 16246 S-103 25 Stockholm Historiska Vardepapper
SWITZERLAND
Munzen Review
Birmannsgasse 39, Postfach 405 4009 Basel
Swiss Nonvaleur News Postfach 163
3000 Bern 1 5
HP— Magazin fur Historische Papiere Postfach 2118
3001 Bern
UNITED STATES
Bank Note Reporter 700 East State Street lola, Wisconsin 54945
Bond & Share Society (American Chapter) c/o Membership Secretary: Diana Herzog 24 Broadway New York, N.Y. 10004 Distinctive Documents
Published by Sheryl & Warren Anderson P.O. Box 1475 Orem, Utah 84057
Friends of Financial History R.M.Smythe & Co., Inc.
24 Broadway
New York, N.Y. 10004
LaBarre Newsletter
Published by George LaBarre Galleries, Inc. P.O. Box 27 Hudson, NH 03051
89
Yriencfa ice (fjuicfe
AMERICAN RAILROADS
Aberdeen, Huron 4 Southern Railway Co.
1908, $1,000 B, Cb, or; .five car train, SBN $ 75 Addison Railroad Co. (VT)
1976, embossed, li, train, steamship $ 80
Alabama 4 Chattanooga Railroad Co. ABN +1869, $1,000, br, bk, Cu, passengers
boaroing train, coal loading scene, and a factory; ornate, red adhesive. $130
Alabama, Tennessee 4 Northern RR (AL)
1918, $1,000, 656 bk, br, C, plain $ 30
Alabama 4 Vicksburg Railway Company (MSI
1890, cargo and passenger train, seal $ 60
Albany Railway (NY)
1873, $1,000, $500, 7%, B, bk $140
1870's, common, bk; horsecar $100
Allegheny 4 Kinzua Railroad Co.
1892, $1000 $
Altoona 4 Phillipsburg Connecting RR Co. (PA)
1893, $1,000 B, Cu, gr, gy, bk; countryside
bridge, trains, mountains, seal $100
American Central Railways (AZ), U $ 16
American Railroads - 6 per set
1880-1930 Dutch Depository Receipts $ 55
Atlantic City 4 Shore Railroad Co. (NJ)
1906, gr, bk, boardwalk streetcar $ 60
Atlantic 4 Pacific Railroad(Co.
+1871, $1,000, B, go, bk, s/Uriel Crocker,
Boston publisher, view of half continent $225
1880, $1,000, B, br, bk, surveyor,
river, boats, mountains $200
1881, $1,000, gr, bk, C, puffer $100
Atlantic 4 St. Lawrence RR Co. (ME-Can)
1920, £100 sterling, 656, Cb; engine $ 65
Aurora, Elgin 4 Chicago Railway Co. (IL) WBN +1901, $1,000 Cs, br; Liberty, bald eagle $ 35
Bainbrldge, Cuthbert 4 Columbus RR (GA)
1871, $1,000 756, gr, bk, rd, seal,
train on bridge, wharf, decorative $350
Baltimore 4 Annapolis Short Line RR Co. (MD)
1906, $1,000, 5%, Cb, or, bk; city scene $ 70 Baltimore Consolidated Railway Co. (MD)
1899, gr, bk, early trolley, FBN $ 25
Baltimore 4 Ohio Railroad Co.
1853, "modem" train, two allegorical
figures. s/Thomas Swann, Gov of Maryland $150 1890-6, ol, first train, by Peter Cooper $ 24
1899, VTC, br, bk, Miss America with flag $ 40
Same, IBN; Unissued $ 20
1901, VTC, or, bk; trustees were Otto Kahn,
Wm. Salomon, IBN, $40 Unissued $ 24
Baltimore 4 Ohio Southwestern Railway Co.
1894, gr, bl; train at depot, dog $ 35
Baltimore 4 Susquehanna RR Co.
18 — , bk, gy; Indian and flatbed boat $ 45
Baltimore 4 Yorktown Turnpike Rd. Co. (MD)
1880's, bk, horse car passes wagon $ 80
Bartlett 4 Albany Railroad (NH)
1888, $1,000, Cb, br, gy; small train $ 60
Bay City 4 East Saginaw RR Co. (Ml)
186- , U, bk, freight train, ship $ 40
Belt Railroad 4 Stockyard, 1928 $ 10
Birmingham 4 Southeastern Railway
1911, $1,000, br, gr $ 40
Sleeker St. 4 Fulton Ferry Railroad Co. (NY)
1917, Bleecker St. Depot $ 35
Blue Ridge Railroad Company (SC)
+1869, $1000/£200, 7%, Cu, bl, bk, go, ornate
vintage train, Henry Clews signs on verso $130 Boston, Clinton, Fitchburg 4 New Bedford RR
1870-188- 's, bk. Maid, ships, train $ 20
1880-82, gr, bk, Mass. State seal $ 27
1875-6, bk, Mass. State seal $ 16
Boston 4 Providence Railroad, RWH
1840 's, Buildings from river, train on bridge $125 1850, $1,000 B, bk, blue paper, red wax seal, tiny 4-car trains $160
1860's cut cancelled, stamp, ABN $ 45
1880-1898 ABN $ 40
Boston 4 Worcester Railroad Corp.
+1860's, lovely vignette, RN $110
Boston 4 Worcester Street Railway Co. (MA)
1920 's, P, gy, bk, rd, plain $ 12
90
Broadway 4 7th Avenue Railroad Co. (NY)
1884, $1,000, 556-1914; eagle $ 41
1893, $1,000, 556-gr, Cb, figures $ 88
1910, lovely Broadway scene $ 86
Boston Elevated Railway, 1901 $ It
Boston, Hartford 4 Erie Railway,
+1867, $1,000, gr, ornate, with tiny train on each coupon. Part of the settlement between Vanderbilt and Gould after Erie war $ 6j
Boston Terminal Co. (MA) ABN
1897, 3 1/256 B, gr, bk, station building $ 36
Broadway Surface Railroad