November 13, 2020

Origin of the word "Scripophily"


In case you missed it, I transcribed the following from the "Business Diary" section of the Times (of London), May 9, 1978, page 25.

Business Diary: Scripophily: is our word your bond?

Ross Davies, Business Diary's Editor, reports on the outcome of Business Diary's name-the-hobby competitions.

The winner of our competition to find a name for the hobby of collecting old bonds and share certificates is Arthur Howell, of Brighton.

He suggested "scripophily," a word effectively half-English and half-Greek, combining scrip (a provisional certificate as for shares, share certificates, or shares or stock collectively – an abbreviation from subscription receipt) with philein (to love).

He wins a price of £10-worth of bonds offered by the originator of the competition, Commander Donald Ross. The Commander is a keen collector and is secretary of the Vintners' Company.

Howell will also receive a collection valued at £100 from Colin Narbeth, a joint managing director of dealers Stanley Gibbons Currency Limited. They weighed in with this offer on reading of the competition in the Business Diary.

The winner will receive his prizes at a luncheon in his honour which Gibbons is throwing in London on Monday week.

Left to his own devices, Howell would probably lose little sleep if he never saw a bond or a share certificate again. He is a retired solicitor who spent much of his life handling clients' and it has not left him much of a "phile" – he neither collects the things nor is a habitual competition entrant.

Howell oh-so-narrowly beat Mrs. J. J. Santilhana of Bristol, who pulled up the same roots but suggested using them in reverse order as in "philoscripy".

Commander Ross and I sat down to puzzle through the postcards and came to a gratifyingly quick and painless agreement. We reconsidered over a bottle of Château Malescot St. Exupery Margeaux 1971, but remained unshaken in our resolve. Howell and scripophily it was.

The commander had his way of reaching a conclusion and I mine. He had chosen four criteria, each carrying five marks.

One criterion was whether or not the word conveyed the sense of bonds or certificates and, if possible, deadness. The chosen word would also have to signify love of collection; it had to convey a picture and, lastly, it had to come trippingly off the tongue.

My choice, thank heaven, the same a my companion's, was made because it seemed a good idea at the time.

Mrs. Santilhana and her philoscripy, we decided, had to give way to Howell and his scripophily, as the latter was just that much easier to say. I do hope Mrs. Santilhana will not stop reading the Business Diary.

She, I trust, will reflect that the commander and I had also seen our suggestions bettered. Some weeks ago I had suggested "bondaphily" in print whereupon the commander wrote in to say that my choice "smack of cheese" and then offered to fund a competition to thrash out the matter.

Postcards, some covered in entries, came in from England, Scotland and Wales. There was even a delightful view of Lulworth Cove, which came to us from R. G. Holloway in Brussels of all places. He suggested "bonditry."

Perhaps the most elegant entry , again a multiple one, came from Bernard Slater, the senior classics master at Bradford Grammar School. I quite liked his "promissophily", but found his "syngraphophily" and "philosyngraphy" a little chewy.

Mrs. D. Bryden of Melrose, Roxburghshire, enlisted Shakespeare, quoting thus: "I'll have my bond; speak not against my bond. I have sworn an oath that I will have my bond."

What else could she then suggest but "Shyloxsis"? Mmm, thought the commander and I, we'll let you know.

Stanley Gibbons Currency Limited, which is to hold a first British auction of bonds and share certificates in November, declares our choice of scripophily "most apt." Robin Hendy, its advisor, has already been rechristened "scripophilic expert."

Yesterday I spoke to Mr. Robert Burchfield, the editor of Oxford English Dictionaries. He says that Howell's word could be in volume three of the supplement to the OED which is to appear in two years' time.

Commander Ross, meanwhile, plans to start a scripophiles' club: we will give the address to write to shortly.

Webster Dictionaries
[Terry Cox note:  For those of us who spent three long years in Mrs. Lanham's Latin class, I suspect the word scrip needs a bit more explanation. It certainly goes back further than "subscription receipt." 

According to the esteemed Noah Webster, LL.D., in the George and Charles Merriam's 1852 edition of An American Dictionary of the English Language, scrip comes from the Latin noun, scriptum, the perfect passive participle of scrībō (“to write”). Part of 1852's definition explained A certificate of stock subscribed to a bank or other company, or of a share of other joint property, is called in America a scrip. 

The latest edition of Merriam Webster's Collegiate Dictionary carries the essential parts of that earlier definition and etymology and suggests the first use of "scrip" in this context appeared in 1590.]

October 24, 2020

Mario Boone sale 65 at the end of October



 Unlike most of the recent sales from Mario, North American railroads are under-represented in this sale with only lots in the railroad and coal specialties that I track. Nonetheless, there are a few items I hope collectors will view with an eye for participating in their first non-American auction. Only five items have start prices above 50 Euros. Considering we are currently in an abnormal Fall slump in the market, I think American collectors should have a good chance of bringing several rare certificates back to this continent. 

The first I will mention is a $500 specimen bond of Nova Scotia Steel & Coal Company (lot 1189.) While not everyone's cup of tea, I've always been fond of coal company issuances from Nova Scotia. These are mines accessed coal reserves inland from the Atlantic, but which followed coal seams eastward out under the ocean. I have only encountered this certificate once before in a Boone sale seven years ago.

Another Canadian item is a 1914 $1,000 bond specimen from the Canadian Pacific Railway (lot 1193.) This is only the third example of this bond variety and a new color previously unknown to me. All three examples are recorded only from Europe. Let me remind my American readers that specimens are not currently popular collectibles in Europe. 

Lot 1212 is a another previously unrecorded Bradbury, Wilkinson specimen of a £500 scrip certificate from the  United Railways of the Havana & Regla Warehouses, Ltd. (Cuba.) This rarity has a €50 start price, reflecting the current reality that Cuban certificates are still not collected widely. (And this has always baffled me!)

Surprisingly, another Bradbury, Wilkinson specimen is listed as lot 1245 with the same start price. This rare 1909 certificate represented £100 invested with the London-based Corporation of Foreign Bondholders for the purchase of Republic of Nicaragua bonds dedicated for completion of an unspecified railway from the Great Lake of Nicaragua to the Atlantic Ocean. (I admit this is somewhat oblique to the collecting of railroad certificates, but tell me when another one of these is going to appear.)

A distressed example of an 1839 2-share certificate of the Williams Valley Rail Road & Mining Company is offered in lot 1257. This is one of eight currently recorded and desirable primarily for its 1839 date.

Scarcer is an 1880 stock certificate from the Pennsylvania & Ohio Coal & Mining Co. (lot 1270). from Columbus, Ohio, one of only four currently known to me.

Almost certain to be overlooked by North American collectors is lot 1323, a 1992 specimen fund certificate issued in the Netherlands to hold shares in the Santa Fe Pacific Corporation. This company was a descendent of the Santa Fe Southern Pacific Corp, an aborted attempt to merge the Atchison Topeka & Santa Fe with the Southern Pacific. Dutch fund certificates are rarely seen in the United States, but were highly important in funding many major American rail ventures. (See Slow Train to Paradise: How Dutch investment helped build American railroads for details.)

Unlike Mario's normal sales, this is offered entirely remotely by internet, telephone or advance bidding because of Coronavirus concerns. Please visit Booneshares.com to view all lots and see the rules for bidding. 



March 26, 2020

Boone auction 64, April 4-5, 2020


Like sales elsewhere, Mario Boone's next auction will take place entirely online due to the global coronavirus epidemic. See current auction rules online at Booneshares.com and be sure to register early.

Unlike many of Mario's sales the last few years, the number of North American railroad certificates in sale 64 is somewhat abbreviated, numbering only 18 lots out of 1,653. Nonetheless there are several intriguing certificates.

None of us have a crystal ball to predict how the global coronavirus outbreak will affect participation and prices. My opinion is worth only as much as the next person, which means not much.

I can say one thing for sure, however. Like so many Boone sales before, there are a few items in this sale that are genuinely rare or very scarce. I will not quibble about definitions, but will say with certainty that some of these certificates will not be seen again in the next ten years. Maybe longer. If collectors desire any of these certificates and refuse to bid out of fear of buying in Europe, they better not come crying to me.

Nuff said!

Lot 1570 is a familiar certificate from The Chesapeake Ohio & Southwestern Railroad Co, but this certificate is signed by Collis P. Huntington as president. This lot has a very reasonable start price compared to American sales.

If someone is a fan of the AT&SF, I advise they look at the 1888 certificate of the Rio Grande Mexico & Pacific Railroad Co. issued in the New Mexico Territory (lot 1575.) This certificate was for 69,360 shares issued to the AT&SF and signed by AT&SF president William Barston Strong.

Another rarity can be found in lot 1578, representing an 1891 guaranteed stock certificate from the Richmond Fredericksburg & Potomac Rail Road Co. Mario is offering a low start price on this lot also, even though I have recorded only one other similar certificate in thirty years. Call it anything you want; I'll call it rare.

Lot 1579 is an 1880 $1,000 bond from the Missouri Pacific Railway and features a vignette of its main 4-story terminal building engraved by Homer Lee Bank Note Co. This item is an unnumbered specimen and I suspect was last offered in an R.M. Smythe sale in 2001. While it is impossible to know for certain, I suspect this is one of only two, possibly three, bonds of this design and all are specimens.

The oldest certificate in this Boone sale is an 1832 stock from The New Castle & French Town Turnpike & Rail Road Company (lot 1581.) I have recorded only six similar certificates.

Lot 1584 is the same certificate that last sold in 2012 for $2,277. It is an 1864 Staten Island Rail Road stock certificate signed by Jacob Vanderbilt, both as stock holder and president.

For collectors of rapid transit companies, I recommend Inter-State Rapid Transit Railway Company (Consolidated.) This 1886 certificate is is a $1,000 bond and most observers would instantly confuse this bond with a nearly identical certificate from the Inter-State Consolidated Rapid Transit Railway Co. Notice the slightly different name? I barely did. This is a new-to-me company.

Most certificates in the sale are illustrated in the full-color physical catalog and all certificates are viewable online at Booneshares.com/. Again, be sure to register before the sale date (April 4-5, 2020.)







January 16, 2020

HWPH Auction 54 / 55


Thanks to Herr Matthias Schmitt for sending catalogs for the next HWPH auction which will take place Saturday, January 25 and Monday, January 27 in Wurzburg, Germany.

As usual, the middle part of the Saturday auction (Auktion 54 in this case) is reserved for the fifty of the scarcest and most valuable certificates, all illustrated with articles and larger images in their own special catalog titled 50 Highlights. This time, the cover of 50 Highlights shows Lot 624, a certificate from the New York & Harlem Rail Road Co. This rarity is an 1868 stock certificate issued to and signed by "Commodore" Cornelius. As with the three similar certificates that I can confirm, this shows a "three-generation" association of signatures from the Commodore, son William Henry Vanderbilt (president) and grandson Cornelius Vanderbilt II (counter-signatory.) This is a great-looking certificate with a very clear signature from the Commodore on the back. The start price on this item is €5000, a quarter of the $19,500 price realized in a 1995 Smythe auction for a different serial number. Please be aware that this rarity is among the topmost tier of certificates in the railroad specialty. The last similar certificate sold seventeen years ago.

Elsewhere in Auktion 54 are two certificates signed by J. P. Morgan. Lot 76 is a relatively common New Jersey Junction Railroad bond signed on the back by Morgan and Harris Fahnestock. Much scarcer is Morgan's signature on the back of a Wagner Palace Car stock (lot 79). His signature is barely touched by a single pinhole cancellation. In the same auction is a rare and attractive ABN certificate of Ferrocarriles Unidos de Yucatan (lot 47.)

While neither stocks nor bonds, I also recommend advanced collectors check out lots 72 and 73. The first is an Erie Railway document boldly signed by James Fisk in sending a pass to William H. Birsdsall. The other is a records of dividends disbursed to holders of Hudson River Railroad stocks with three Commodore Vanderbilt signatures.

Auktion 55 has a selection of an additional 47 rail-related certificates, a few with start prices as low as €1. Lot 1797 is a preferred ordinary shares certificate from the Bermuda Railways Investment Co, an item I've seen only a few times. Another certificate that is seen quite infrequently is an 1872 bond from the Chicago & Canada Southern Railway (lot 1813).

Lot 1839 is a Cuba Railroad bond, signed by Sir William van Horne. (As an aside, Cuba railroads certificates are an enticing and historic specialty; I don't know why I don't detect much interest.)

Lot 1920, an 1871 Reconstruction-era bond from the Mobile & Montgomery Railroad, appears favorably-priced and worth a consideration. While I predict most collectors will not pay much attention to an 1869 stock certificate from the Norfolk & Great Western Railroad (lot 1934), they probably should. After all, this is only the fourth certificate to come to my attention in over thirty years!

Auction 55 also contains a section of autographed items, with several rail-related certificates among them. While experienced U.S. dealers have many of these in stock, I have not seen very few offered at auction in recent years. Autographed items tend to be more popular in Germany than in the U.S., so I imagine most or all of these will sell. If interested in U.S. rail-related autographs, you will find items signed by Millard Fillmore (Hudson & Berkshire Rail-Road, lot 2015), James Fargo (Merchants Despatch Transportation Co, lot 2016), Cornelius Vanderbilt II (Michigan Central Railroad, lots 2017 and 2018), Russell Sage (Milwaukee & St Paul Railway, lot 2019), John Dix (Mississippi & Missouri Rail Road, lot 2020), Jay Gould (Missouri Kansas & Texas Railway, lots 2021 and 2022), F. W. Vanderbilt (Pittsburgh McKeesport & Youghiogheny Railroad, lot 2024), George Pullman (Pullmans Palace Car Co, lot 2025) and Charles Paine and Josiah Quincy (Vermont Central Railroad, lot 2028.)



You may preview all these items and a couple thousand more by visiting the HWPH site or ordering physical catalogs for yourself. But be sure to do that soon. The sale will start on January 25.

November 05, 2019

Mario Boone Auction 63


Where in the world does Mario find this stuff? It is the question I had back in 1986 when I first saw a Boone catalog. And it's the same question I have asked with almost every catalog since.

This catalog is similar to its ancestors in having a heavy population of scarce and rare certificates. I count 75 rail-related certificates from North America, 69 of which are from the U.S. There is a near-even split among stocks and bonds. While there is an inevitable foreign exchange penalty for American collectors due to the weak U.S. dollar, start prices remain reasonable especially in comparison to scarcity.

Like many previous Boone sales, several items are seen much more frequently in Europe than in the U.S. This tells me three things.

First, European dealers and collectors were very astute in recognizing and buying up rarities from Smythe auctions back in the 1980s and 90s. Second, prices in Europe have remained too strong for American tastes, which is why only limited numbers of those certificates have moved back to North America in intervening years. Third, as I have mentioned many times in the past, European collectors have a greater appetite for rarity; for them, historical significance trumps appearance.

This auction, now in its sixty-third edition, caters heavily to historical significance. For instance, take the 1898 stock certificate from the Stockton & Tuolumne County Railroad Company (lot 1309). This railroad was started by a group of women and remains the only American railroad company known to have had a female president. Only two stock certificates from this company are known to me. That other certificate sold in Germany in 2014 for over $1,600.

Then there is a 1912 bond from the International Railways of Central America (lot 1220) issued in New Jersey to finance a Guatemalan rail system. This bond is issued. Only one other unissued bond is known to me. True, Guatemala is not a big collecting interest among Americans. Nonetheless I must ask, "Where exactly is someone going to find another one like this?" Oh, yeah...Boone sold the unissued example in 2003 for $540.

Lot 1255 is an example of a great rarity that will likely be overlooked. It is a cut-cancelled 1851 stock certificate from the Rochester & Syracuse Rail-Road. I encountered this particular variety only once in 1990. That means this certificate has been vacationing, out of sight and probably in Europe, for the last 29 years!

Another certificate likely to be overlooked is a 100-share specimen from Gary Railways Company (lot 1315). Its ABNCo vignette is highly familiar, so collectors can be forgiven for thinking this certificate is too common to mess with. While I could be wrong, I personally suspect this certificate is unique.

With its huge vignette taking up most of the width, stock certificates from the Union Railroad Safety Gate Company (lot 1290) are highly sought after. There are a few unissued, unnumbered examples known. So far, they have sold in the range of $27 to $378. This is the only issued example I have ever seen and Mario Boone sold it in 2013 for $771. It is up for sale once again for less than $700, including currency exchange and commission.

Among the not-so-rare are items like an 1870 $1,000 bond from the Selma & Gulf Railroad Company (lot 1268.) That particular certificate is one of ten known to me. While an example in poor condition sold in a 2018 Holabird sale for $250, the last one I recorded prior to that was sixteen years ago. I remind everyone: they aren't making anymore of these things!

As I always recommend when reviewing Mario Boone's sales, make sure you get a physical catalog. This one is 184 pages with full color images of almost all certificates. Contact Booneshares: The Scripophily Center at Booneshares.com or call 0032-(0)9-386-90-91. Be sure to act quickly because the sale will take place in Antwerp, Belgium November 9 and 10, 2019. You may view all the lots and bid online by going to Booneshares.com.








August 25, 2019

What can we learn from serial numbers?


With the exception of serial #1, advanced collectors don't pay much attention to serial numbers. Back in the 1990s, I saw minor premiums paid for serials #2 and #3. Since then, any enhanced amounts paid for serials other than #1 are lost in normal variations in prices.

I occasionally see amateur eBay sellers promote "low numbered" certificates with serial numbers above one or two hundred as being somehow special. I don't see anyone falling for such hype.

Collectors who contribute to my project know I record prices and serial numbers of every certificate I add to the database. Serial numbers give me the ability to track scarcer varieties through time. Admittedly, recording serial numbers takes additional time. The payoff is the increased opportunity to discover new sub-varieties. I constantly compare images of lowest and highest serial numbers so see if they look identical. When they don't, I get to create new listings.

During the process of examining thousands of serial numbers each year, I find a substantial numbers of errors in earlier reports of handwritten serial numbers. Some handwriting was quite legible and precise, particularly when companies were new. However, when certificate numbering rose into the thousands, handwriting often grew hurried and sloppy. One such example can be seen on stock certificates  from the New York Sleeping Car Company where the medallion for serial numbers was too small for clerks tasked with issuing certificates.

Lacking the luxury of having multiple certificates for comparison, smaller dealers and amateur sellers often misinterpret handwritten serial numbers and dates. This is especially the case where ink has faded and certificates have grown yellowed and soiled.

We all know old certificates display handwritten serial numbers and recent ones have printed numbers. But when did the change occur?

Truth be told, handwritten serial numbers never fully disappeared. Small and start-up companies still use generic certificates and still number their certificates manually. Many of those certificates come from the Goes Lithographing Company which has been printing lithographed stock certificates for 140 years. The question is, when did printed numbering become the predominant method of numbering stocks and bonds.

The earliest printed serial number I know about is #14 found on an 1846 stock certificate from the Utica & Schenectady Rail Road Company (UTI-688-S-50). Knowing that the vast majority of certificates have already vanished into landfills and furnaces, I place the probable date of the first machine-printed serial numbers to have been about 1844 or 1845.

In terms of absolute numbers of certificates, machine-printed serial numbers on stock certificates probably outnumbered handwritten numbers sometime around the Civil War. However, in terms of extant certificate varieties, machine-printed serial numbers did not predominate until 1879.

With exceedingly rare exception, railroad companies seldom enjoyed profitability for long. Relatively few companies avoided the ultimate "embarrassment." In bankruptcy, the ownership of debt in the form of bonds is always superior to ownership of stock. Remembering that the vast majority of railroad debt existed in the form of bearer bonds, we can see why detecting and preventing the redemption of fraudulent bonds was always so important to companies.

Even from the earliest days, bonds employed more anti-counterfeiting measures than stocks. While printed serial numbers were easy to imitate, serial numbers had to be printed on front, backs and coupons of bonds. That added an additional challenge for counterfeiters.

Because reliable serial numbering has always been important, I suspect that machine numbering was used on bonds as early as on stocks. However, the first bonds seen in the database with printed serial numbers are those from Havana Railways dated 1850, four years after their earliest appearance on stocks. Again, I suspect this is a function of survivability rather than delay in acceptance.

If we examine certificates in terms of varieties, it appears bond printers embraced machine-numbering more quickly than those who printed stock certificates. In fact, over 50% of bond varieties had machine-printed serial numbers by 1867, twelve years earlier than stocks.

In this case, I do not think the wide time difference is entirely due to survivability of certificates.

Obviously, the American Bank Note Company printed huge numbers of bonds after its formation in 1858. What many collector may not realize is that the company initially made the majority of its income printing paper money, not securities. As a consequence, ABNCo had embraced machine serial numbering earlier than most of its competitors. The company did not really get into stock and bond printing in a major way until about 1870.

The giant American Bank Note Company was singlehandedly responsible for printing one-third of all the certificates in my database. The actions of all other printers and engravers are literally lost in its shadow. We must remove ABNCo from the mix to see how the rest of the security-printing world lived.

We find 312 companies picked up the crumbs that ABNCo left and were responsible for printing 5,324 varieties of bonds. That meant each company produced an average of 15.85 bonds. It is important to remember, that while there was repetition of overall design content among different denominations of the same issue, every bond issue involved custom design, engraving and printing. Theoretically, custom designs would have generated more income than off-the-shelf designs.

Conversely, tremendous numbers of stock certificates were generic designs, differing primarily in company name, state and capitalization. Diminished design complexity allowed 846 companies to compete in the stock-printing business. They were responsible for a total of 8,439 varieties, or an average of 9.98 varieties per printer.

Is a 59% difference in the number of varieties produced (15.85 versus 9.98) significant enough to account for bonds adopting machine serial numbering twelve years earlier than stocks? I think so, especially when combined with a greater need for protecting the integrity of debt issued in the form of bearer bonds.

I admit, this has been a long and tedious way around the subject of lowly serial numbers. Equally, I admit hardly anyone cares. Still, I hope I have given you an appreciation that even minor details can hold interest in this vast hobby.

April 15, 2019

Latest offering from HWPH


Historisches Wertpapierhaus AG (HWPH) will stage two sales on Saturday, May 4 and Monday, May 6 at Barockhäuser in Würzburg, Germany. Bidders may participate in person or by mail, fax or online.

Full-color catalogs for the sale are available by contacting HWPH by email at auktion@hwph.de or through its website at the link above. All lots are viewable online with full-color images larger than those possible in printed catalogs. Online bidding is conducted through the Invaluable bidding platform, so make sure you register for bidding beforehand.

While my readers will no doubt find many other items of interest, I count 75 lots that directly involve North American railroads. Advanced collectors will be familiar with the vast majority of company names, but upon closer inspection they will spot several scarce varieties, some of which are new or have not been seen for years.

For instance, take lot 67 from the highly familiar Chicago Great Western Railroad Company. While the 10-sh stock certificate looks familiar, it is actually a previously unreported variety of a stock trust certificate. The certificate was issued to Prince Ferdinand Philipp Maria August Rafael of Saxe-Coburg-Gotha, himself a famous German collector in the early 1900s.

Lot 71 is from the Hartford & New Haven Rail Road Co, another highly familiar name. The 1850 stock certificate, however, is a new variety of "Extension Stock", not previously known to me.

Everyone familiar with North American railroads has seen images of stock certificates from the Mount Tamalpais & Muir Woods Railway Co with its great view of San Francisco Bay through the trees. Unlike all of them, lot 77 appears to be the first uncancelled example. (The catalog does not specifically mention whether it is cancelled or not.) Don't tell anyone, but even if cancelled, the start price is low by comparison to a recent sale price of a cancelled example in a Holabird auction of Ken Prag's collection.

There is also an example of an 1857 stock transfer from the New York & Harlem Rail Road Company. This would seem to be an unimpressive offering except for two things: this is one of only two examples of this variety known to me. AND the transfer records a sale of stock to Cornelius Vanderbilt and Daniel Drew. This is historic connection to be sure. Observers will note that I do have this transfer recorded in my catalog, based on an auction appearance 27 years ago!

The large vignette of a horsecar makes this 1900 stock certificate from the Rome City Street Railway Company (lot 91) quite recognizable. Again, its familiarity is deceptive. This certificate was issued after the company raised its capital from $50,000 to $150,000 in 1900. This lot is the only issued example to come to my attention. All the other examples with the capital alteration are unissued. That's probably not a big deal to the majority of collectors, but where else are they going to find another issued example?

Then there is a blue version of a 1915 stock certificate from the Western Railway of Havana, Ltd. (lot 102.) The certificate carries no vignette, so the lot does not seem important – except for the fact that it is a previously unknown variety.

Lot 112 is another transfer I recorded many years ago. It is a transfer from the Mohawk & Hudson Railroad Company dated 1836 and signed by William Blackhouse Astor. I'm pretty sure Astor is no longer signing certificates like this.

For those collectors still searching for an autographed certificate from James Longstreet, take a look at lot 113 and an 1871 stock certificate from the New Orleans & North Eastern Rail Road Company.

Many collectors are going to notice the previous certificate, but the familiarity of lot 660 will probably cause many collectors pass on by. This lot is a $10,000 bond from the Cincinnati Indianapolis St Louis & Chicago Railway Co, and is currently represented by 25 or so examples. There might be another fifty of them out there somewhere. This particular certificate, however, is one of three currently known that were issued to Thomas Alva Edison and signed by him twice on the back in his highly distinctive style. Maybe worth a second look?

Of more normal appeal is lot 1957, a vertical format bond from the New York Susquehanna & Western Railroad Company. This bond shows a famous American Bank Note Company vignette of four miners and a huge mine car outside of a coal mine. The vignette is most often seen on stock certificates from the Acadia Coal Company. What makes this bond significant, however, is that it is one of only four to come to my attention in over thirty years.

As I do with most auctions I review, I beg collectors to act early if they are interested in bidding on rarities. And even if they are not going to bid, they need to be aware of all their options and what other collectors are bidding on. At least take the time to visit the HWPH website. I guarantee there is a lot more world out there than the fiefdom of eBay.