Spink Smythe sale 316, May 22-23, 2013

The latest Spink Smythe “Collector’s Series” sale catalog is now available online at http://www.spink.com/. For a copy of the physical catalog, call 800-556-7826 or email usa@spink.com. The auction will take place in Spink’s New York offices May 22 and 23.

As with other sales in the “Collector’s Series,” a wide range of collectibles are being offered. All told, 1277 lots are being offered with the bulk of the sale represented by 542 lots of coins, particularly stunning gold coins. Paper money (380 lots) is also well represented. Especially important is a wonderful collection of U.S Nationals (215 lots.) If there is one particular highlight, it is the second part of an unbelievable collection of George Armstrong Custer paper (59 lots.)

Stocks and bonds involve 149 lots, of which 51 are directly railroad-related. Unlike recent Spink Smythe sales, this sale is light (9 lots) on multi-item lots which I think should be an overall good move for collectors.

It is hard for stocks and bonds to earn their way in normal sales heavily populated with more popular collectibles. In this case, though, Spink is offering several very scarce and rare items that I have either not seen or have not seen in a long while. As typical of Spink Smythe sales, about a third of the railroad lots represent items signed by celebrities such as Belmont, Blair, Fillmore, Gould, Harriman, Huntington, Mellon, John Rockefeller, William Rockefeller, Ryan, Sage and the Vanderbilts.

Two items of note are rail-related autographs, although not signed on certificates. One is an 1882 document representing 80 acres of land sold by the Central Pacific in Yuba County, California. The document is signed by Leland Stanford whose autograph is nearly unknown on stocks and bonds. In my opinion, Spink’s estimate on this item is fair and probably on the low side. (Why the president of the railroad, let alone two corporate trustees, would have signed a sales document for $120 worth of ordinary farm land near Smartville, California is unknown.)

There is a similar situation (restrained estimate) with an 1873 proxy form appointing a man named Niven to vote for directors of the Spuyten Duyvil & Port Morris Railroad Co. The item is a partially printed, generic form but is signed by Commodore Vanderbilt, William Henry Vanderbilt and Cornelius Vanderbilt II. All three signatures are clear and bold and the document fully uncancelled. Considering the prices fetched by “C Van Derbilt” autographs in the past, the current estimate of only $1000 to $1500 seems very fair indeed.

I won’t enter information about any of the certificates into my database until after the sale. However, it looks to me like all of the non-autographed lots are either scarce or rare, non-typical items or items not previously recorded. The downside (for Spink) is that there are so few stocks and bonds that they may not attract much attention in the shadow of more popular coins and currency. The upside (for collectors) is that prices might end up being rather reserved. Decide for yourself, but make sure you look over the sale as soon as possible.

Purpose-built locomotive

This is a photo of the “Reuben Wells” taken as it was being hauled on a flat car to its permanent home at the Children’s Museum in Indianapolis.

The Reuben Wells was built in 1868 in the repair shops of the Jeffersonville Madison & Indianapolis Rail Road at Jeffersonville, Indiana. It was designed exclusively for a 1.3 mile piece of track at the west end of Madison, Indiana. The track was special because it climbed out of the Ohio River Valley on a 5.89% grade. The locomotive did not need to be fast. It just needed to be able to push freight and passengers up what is reported to be the steepest non-cog railroad in the United States. (The locomotive pushed cars up the hill because the couplers were too weak for pulling.)

The 33-ft long, 0-10-0 locomotive was named for the designer/engineer, Reuben Wells. It weighed 55 tons (49,900 kg) and construction cost $18,345. The day after the locomotive arrived for service on July 17, 1868, the Madison Courier reported its weight at 70 tons. Its hard to imagine that wood and water would have accounted for the 15 ton discrepancy.

The machine apparently worked from until about 1898. It was sent to Purdue University in 1905, but appeared in exhibitions at the Chicago’s World Fair (1933-1934) and the Chicago Railroad Fair (1948-1949.) Sometime afterward, it was moved to Pennsylvania Railroad yards in Pennsylvania.

Ultimately, it was rescued from rusting away by Tom Billings, head of the Children’s Museum advisory board, and returned to Indiana in 1968. It now resides on permanent display in Indianapolis.

This image shows the Reuben Wells on a Pennsylvania Railroad flat car. The image came from a post card and I removed the distracting background so you can see the shape of the locomotive more clearly. In this photo and in photos of the current display, the Reuben Wells carries a mushroom smokestack. Much older photos available in Madison (http://mjcpl.org/rivertorail/buildingtherailroad/the-reuben-wells-locomotive) show the locomotive in service with a large funnel (“balloon”) stack.

Having walked the railroad grade many, many times as a kid, I find it amazing that trains were able to run year round. You can see the grade on Google Earth at 38.749176 degrees N, 85.396786 degrees W. You can also find more information about the machine on Wikipedia at http://en.wikipedia.org/wiki/Reuben_Wells_(locomotive).

Two fast-approaching Boone auctions on a short fuse

I've always been a big fan of Mario Boone's catalogs and thoroughly enjoy every one I get. Unfortunately, I don't often have a lot of lead time to get the word out.

This time, I received two catalogs. The first represents the 50th (!) sale by the Scripophily Center and boasts 1500 lots of world stocks and bonds. The majority of lots are illustrated, and all are in full color. Like all Boone catalogs, sale items are fully indexed so collectors can quickly discover items in their areas of interest (both country-wise and specialty-wise.)

Numerous certificates represent North American railroads. I've already spotted a previously unrecorded bond-
sized scrip certificate from Canada. There are 60 lots from North American railroads. As expected, there are quite a few familiar faces, but advanced collectors will spot several that are seen very infrequently.

Among those are items like an 1889 stock certificate from the Utah Midland Railway. There were only 2500 shares authorized, and Mario is offering #9 for 494 shares.

Some railroad specialists only collect certificates from actual operating companies, but even they will be attracted to a fine example of a stock certificate from the Union Railroad Safety Gate Company. While not horribly rare, these certificates are so attractive that they always find ready buyers. I'm guessing this one will see a good sale price.

Another serious rarity is an 1863 bond of the West Hoboken & Hoboken Passenger Railway Co. It's always hard to predict sales of early bonds like this. Sometimes they go for a lot of money; sometimes they don't. I'll be very interested in the behavior of this item.

The more I look, the more I see that I'm sure will interest my readers: an 1870 bond from Selma & Gulf Railroad. An 1889 bond from the Piedmont Cable Company. An 1892 stock from Pueblo City Railway, etc.

Instead of reading this, you might want to look at everything in the sale at www.booneshares.com. The sale will take place in Antwerp, April 5, 6 and 7 so there is no time to waste.

Included in the sale is a special collection of notable items that Mario has separated into a second catalog titled the Golden Jubilee Auction. While primarily consisting of world rarities, the catalog still includes a few rail-related pieces from North America.

As far as I am concerned, the "biggie" that overshadows all the other lots is a bail bond issued against Jay Gould and and signed by both Jay Gould and Erastus Corning. This is an incredible piece of American corporate history representing the culmination of the Erie Wars between Gould, Fisk and Commodore Vanderbilt. (Gould was arrested in Albany, NY in 1868 upon Vanderbilt's insistence and Gould immediately produced the $500,000 bail!). Boone's minimum start price is 12,000 Euros. Oh, boy! What will this thing sell for?

Archives International Auctions, part 14

Archives International Auctions will hold its 14th auction at its office in Fort Lee, New Jersey April 16. This sale will feature approximately 1,150 lots, and like most recent AIA sales, leans very heavily on unassailable items from American Bank Note Company and its predecessors.

About 18% of the lots involve stocks and bonds and about 10% involve security printing ephemera. The remainder of the sale represents U.S. and world paper money. Huge numbers of specimens make an appearance, especially among the world notes. In my mind, the top-notch showpiece of the sale is a presentation proof of a $10 1890 U.S. legal tender with General Sheridan. Terrific! (This is the note shown on the cover, at left.)

Obviously, I am most interested in the selection of railroad stocks and bonds. True to form, previously unseen specimens are the order of the day among Archives International's offerings. Of the hundred lots being offered, I suspect there are 40-50 certificates I don't yet have cataloged. (Many are multi-item lots, consequently the number of certificates available exceeds the number of lots.)

To me, standouts among railroad stocks and bonds are "new" bonds from the Union Pacific, but collectors will all have their own favorites. An unlisted bond of the Eastern Railroad of Long Island ought to attract attention. (Long Island-related collectibles are always popular.) So should three bonds from the Central Pacific, one of which is a bond for $2,941,000. Another very interesting piece is an 1870 proof from the Northern Pacific. Regardless of collectors' individual interests, there ought to be something for everyone.

If you have not already received a catalog, contact Archives International Auctions right away by phone at 201-944-4800 or by web at www.archivesinternational.com. As typical, you may bid in person or by mail, fax, phone or internet.

Archives International's catalogs are always very well produced. Items are well illustrated and most are given lots of "breathing room." Because of the presentation style, the catalogs tend to be very thick and will probably become collectible in themselves. Make sure you get yours while they are still available.

Spring sale from Archives International

Just today, I received the newest Spring Auction 2012 catalog from Archives International Auctions. This particular sale will offer 1,070 lots on Tuesday, May 15, starting at 10:00 am. This will be the first sale in Archives International's own facilities in Fort Lee, New Jersey which is across the George Washington Bridge from Manhattan.

The Spring Auction includes three main types of collectibles: banknotes (555 lots), security printing ephemera (102 lots) and stocks and bonds (413 lots). Foreign banknotes are heavily represented among the banknotes, but there are gobs of obsolete currency sheets that I haven't seen since the big Christie's sales in 1990.

All sorts of items are represented among the lots of security printing ephemera including engraved vignettes, advertising sheets, invitations, and advertising cards, primarily in specimen and proof form
.
Obviously, I am most interested in the 87 lots of railroad material, 83 of which are from the U.S. There are numerous stars in the sale, and there are surely to be items of interest to all U.S. collectors, depending on specialty. In general, price estimates congregate in the $200 to $600 range with some higher and some lower.

My favorites include specimens from the Texas Central Railroad, the Quanah Acme & Pacific Railway and the Galveston Houston & San Antonio Railway. Perhaps my favorite is a proof from Morgan's Louisiana & Texas Railroad & Steamship Company. There are 61 specimens and proofs in the sale, leaving 28 issued certificates, almost evenly split between cancelled and uncancelled.

One of the cancelled certificates is a Jay Gould-signed bond from the Troy Salem & Rutland Rail Road. The price estimate is $200 to $300 which I must say seems a very fair estimate. For whatever reason, these bonds are a little more common than they were fifteen years ago, but they are still very far from "common"! Moreover, these bonds are among only a tiny handful of certificates that display Gould signatures other than the numerous MKT stocks.

Another standout is a 1919 uncancelled stock certificate of the Alaska Anthracite Rail Road Company. Take my word, they're not making any more of those!

Finally, I have to mention a local Colorado favorite, an uncancelled (correction: CANCELLED, see comments below) 1873 Colorado Central Rail Road Company stock certificate. This particular certificate is one that carries the signature of Henry Teller, a man who made a fortune playing lawyer in the gold fields of Central City and Black Hawk. I once donated a small letter signed by Teller for sale at a historical society fund raiser. Admittedly, Teller's autograph means more here than most anywhere else, but my donated Teller autograph fetched $250, and that was almost 20 years ago!

If you have not already received your beautifully-printed catalog, be sure to contact Archives International Auctions as soon as possible. As I mentioned above, the sale will take place May 15th, 2012. Ask for the "Spring Auction 2012" catalog or "Part XI" catalog.

If short on time, go to the Archives International web site and bid online.

Mario Boone's sale 48 coming quick

Mario Boone will present auction 48 as well as a huge stock and bond bourse in Antwerp's Crowne Plaza hotel on March 10 and 11. The bourse is billed as the world's largest scripophily event. Auction 48 will offer 1590 lots of items from around the globe; 273 lots represent North American countries.

While my interests are obvioiusly rail-related, Mario's catalogs always offer very fascinating pieces from other industries. Take a look at his colorful catalog and you will be astounded at the sizes of some vignettes, particularly several from Portugal. Several other European certificates are downright astounding.

This time, North American railroads are represented by 56 single-item lots plus one large lot of 67 Cuban railroad certificates. I can't say how many Cuban specialists there may be, but I recommend close attention to that lot (#233). It contains numerous rarities and I can only hope that the winner will scan certificates and send copies. If there is a downside, it might be the 5,000 EUR start price.

Having said that, I heartily applaud the European practice of clearly posting minimum bids. Why American sales have abandoned the custom is really quite beyond me. Collectors may not like posted minimum bids. but they never need to question how much to bid. Some collectors will always complain about apparently high European prices, but astute observers will always be able to spot potential bargains. In the few minutes I've spent with the catalog, I already noticed several. As always, the question remains to be seen who else might bid who owns a more well-stocked wallet.

You still have time to order Mario's full-color catalog from www.booneshares.com. Or call 0032-(0)9-386-97-66. All auction lots are online and illustrated and you may bid until March 9. Again, the sale will take place March 10 and 11, so I suggest quick action.

Massive Spink 312 catalog available

Spink Smythe will offer 3,517 lots over a course of three days. The sale will be held at Spink New York headquarters starting Monday, January 16. As with its recent sales, this sale continues its Collector's Series and will again feature paper money, coins, autographs and stocks and bonds.

Catalog #312 sports 322 pages of lots, with just a little less than half the pages dedicated to stocks and bonds. In terms of lots, stocks and bond account for 1,838 lots, or 52% of the entire catalog!

As usual, railroads represent the largest single industry group. I count 501 lots directly related to railroads including a large selection of 19 lots of railroad aid bonds.

Like other recent Spink Smythe sales, roughly two-thirds of the railroad-related lots are multiple-item lots. That means that one-third of the lots are single-item lots that feature some of the classier material including scarcer items and more expensive autographed certificates. As expected, personalities such as Morgan, Gould, Sage, Huntington and the like are well-represented.

The median lot in this sale includes eight items. Some collectors may object to multi-item lots, but they overlook the great opportunity to acquire items for very low per-item costs. With eBay an inexorable fact of life, it is now vastly easier for collectors to liquidate duplicate and unwanted items than ever before. Let's also remember that 8-item lots are very much smaller than in the days when Smythe was selling off the huge Penn Central hoard. Personally, I'm a great fan of moderate-sized lots.

I calculate that Spink Smythe will offer in the neighborhood of 13,000 railroad-related certificates. More if you count less obvious material grouped with non-railroad and general certificates. That is a LOT of certificates. And yet, the minimum estimated value for that number works out to only about $8 per certificate! That tells me that with rare exception, most of the collection is fairly priced, if not under-priced to the market. It looks to me that there are some serious deals to be had.

If interested in participating in sale #312, I suggest you contact Spink Smythe right away. Believe me, there is NEVER sufficient lead time. Even carefully reading the descriptions of several hundred lots takes more time than you will have. The quickest way is to visit the Spink Smythe web site or call 212-262-8400. You may attend the sale and bid in person; you may bid by mail or you may bid online via Spink Live.