1898 Revenues

Auctions: Stamped Paper RN X Sample Book Material

2012-02-11T19:00:00.000+03:00

A current eBay auction for the item above has a starting bid price of $675. Bob Hohertz discussed these rather bizarre samples of 1898 printed cancel material in this post from June last year. He will provide an update to this information in a post on this site tomorrow. Check this site on Sunday for more.

New York Stock Brokers: Joseph Offenbach

2012-02-11T06:00:00.013+03:00

JOS. OFFENBACH,

AUG

1901

NEW YORK.

Langlois scan

New York Stock Brokers: Henry Clews & Company

2012-02-10T06:00:00.030+03:00

Classified Advertisement, June 2, 1901 New York Times

HENRY CLEWS & CO.

NOV

1900

New York.

Dave Thompson scan

Henry Clews wrote the book 28 Years in Wall Street, a late 19th century account of business in New York's financial district. He also wrote a section in King's Views of the New York Stock Exchange.

Mr. Clews was a powerful force in New York society and business and played a significant role in organizing civil society to take down William Tweed, the "Boss" of Tammany Hall.

Lunch at the Clews' residence. Nicola Tesla is seated at right with head propped on his right hand.

USPS Loses $3.3 Billion in the Last Quarter

2012-02-09T20:05:00.000+03:00

A constant for generations and for much of our country's history, the USPS, is about to change forever. Mail volume is declining precipitously with every passing quarter. Either it won't exist or some pale, downscaled institution will only remain in just a few years. See this Reuters article.

New York Stock Brokers: Charles E. Quincey & Company

2012-02-09T06:00:00.017+03:00

C. E. Q. & Co.

???

Dave Thompson scan

Mr. Quincey got himself in a bit of a scrape in 1880 with a broker named Harvey Kennedy, and The New York Times took both successful men to task in the story below. As Mr. Quincey was still practicing as a broker in 1898, it is clear that the kick administered by Mr. Kennedy wasn't fatal.

The New York Times, November 11, 1881:

ALL ABOUT A KICK.

ONE WALL-STREET BROKER SUES ANOTHER FOR PERSONAL DAMAGES.

Harvey Kennedy and Charles E. Quincey are Wall Street brokers. Kennedy is a big man and Quincey a little one. They had some business together in August, 1880, which led to a dispute between them. Quincey called at Kennedy's office one day, and a controversy arose between them, which was terminated by a kick administered by Kennedy upon a fundamental part of Quincey's body. Judge Horace Russell and a jury, in the Superior Court, are now endeavouring to determine whether or not Mr. Kennedy projected his foot so that it hit Mr. Kennedy with violence, and had an intention to do him harm by the impact, and also whether Mr. Quincey shall be consoled with monetary damages for the indignity and alleged bodily harm done by him. In the suit on trial Mr. Quincey seeks $5000 damages, averring in his complaint that Mr. Kennedy's kick made him lame and ill, and that he has not yet recovered his previous good health.

Mr. Kennedy admits in his answer that he kicked Mr. Quincey, but pleads that he only gave him a little kick, which was just calculated to reprove him for his alleged insolence to the kicker in the kicker's office, and which was not delivered with force enough to hurt him. The character of the defense is best shown by the following averment made by Mr. Kennedy: "In consequence of Mr. Quincey's insulting and disorderly conduct, and because of the great provocation induced by his insults and abuse, I did give him a single kick, but I deny that I violently assaulted him except by the single kick, which was neither violent nor severe." He denies that Mr. Quincey was, or could have been, ill or injured in anyway by the kick. The trial of the case is still on. Mssrs Martin & Smith for the plaintiff, and Mr. John M. Scribner for the defendant.

New York Stock Brokers: George B. Hopkins & Company

2012-02-08T06:00:00.014+03:00

XX HOPKINS & CO.

XX 26 1900

Langlois scan

George B. Hopkins

Photo from King's Views of the New York Stock Exchange, 1897

New York Stock Brokers: E. C. Humbert & Son

2012-02-07T06:00:00.029+03:00

E. C. HUMBERT & CO.

Dave Thompson scan

On February 1, I posted the story of the near death of broker Thomas Thorne, and the mortal injury of his coachman in a buggy accident. In June 1906, founder of the firm E. C. Humbert & Son perished from an accident involving his carriage and an automobile. Even for the wealthy moving at horse-drawn speeds, transport was dangerous in early 20th century America.

Just how many automobiles were there in 1906?

From the New York Tribune, June 19, 1906, page 3:

E. C. HUMBERT DIES FROM INJURIES.

Head of Brokerage Firm Was Thrown from Carriage in Collision with Automobile.

Orange, N. J., June 18 (Special).--E. C. Humbert, father J. J. C. Humbert of Madison, and senior member of the firm E. C. Humbert & Son, brokers, of New York, died today at his son's home. Mr. Humbert's death is the result of injuries received on June 2, when he was thrown from his carriage in a collision with an automobile driven by Frederick Clark of Tarrytown, N. Y.

Following the accident Mr. Humbert was carried in an unconscious condition to his son's home, where he has since been cared for. Because of his advanced age and the severity of the shock he sustained, the surgeons held out little hope for his recovery from the start. Clark is under $500 bond to appear at the next term of court.

New York Stock Brokers: Worden & Company

2012-02-06T06:00:00.006+03:00

WORDEN & CO.

Dave Thompson scan

Daniel T. Worden was the son of Admiral John Worden. When Admiral Worden was a Lieutenant, he commanded the ironclad Monitor during its famous battle against the Confederate ironclad Virginia.

Recall this post from October 2011 on the Tilghman brothers, NYSE brokers whose Confederate General father fought and died at Vicksburg. I wonder how Mr Worden and the Tilghmans felt about each other?

Admiral John Worden

First Commander of the ironclad Monitor

New York Stock Brokers: Harris & Fuller

2012-02-05T06:00:00.002+03:00

Advert from a 1928 edition of Cornell Alumni News, a generation beyond the stamps cancelled in 1899 below.

HARRIS & FULLER,

APR

1899

New York

Langlois scans

Harris & Fuller memorandum of sale of 300 shares of the Mobile & Ohio Railroad to the broker S. F. Johnson.

Partners in Harris & Fuller, Smith Harris & Henry Fuller:

New York Stock Brokers: Edwin B. Havens & Company

2012-02-04T06:00:00.018+03:00

E. B. H. & Co.

JUL

1900

Dave Thompson scan

Edwin B. Havens was an avid yachtsman. A photo of his ATHLON sloop, flying his private colors, can be found at The Rosenfeld Collection of the Mystic Seaport website.

New York Stock Brokers: W. S. Lawson & Company

2012-02-03T06:05:00.001+03:00

William Sheldon Lawson and his firm had offices in New York and Boston.

W. S. LAWSON & CO.

APR

1899

NEW YORK

W. S. LAWSON & CO.

FEB

1901

NEW YORK

Langlois scans

W. S. Lawson memorandum of sale for 100 shares of the Mobile & Ohio Railroad

From "Illustrated Boston, The Metropolis of New England", 1898:

W. S. LAWSON& CO., Bankers and Brokers, No. 14 Exchange Place.— The influential position held by Boston in the financial world is chiefly due to the enterprise and ability of her leading bankers and brokers, who have procured the capital and freely used the same for tlie development of the great railway, mining and manufacturing interests of the country. In this connection it is a pleasure to make prominent mention in this commercial review of the city, of the widely known and reliable firm of Messrs. W. S. Lawson & Co., bankers and brokers. No. 14 Exchange Place. The firm's headquarters are in New York, at No. 49 Exchange Place. The New York office was established in 1876, and the Boston office in 1881. The individual membersof this firm are Messrs. William Shelden Lawson, member of the New York and Philadelphia Stock Exchanges, Harry A. Day, member of the New York Stock Exchange, Fisher Howe, Jr., member of the Boston Stock Exchange, and Bennet H. Preston. The firm occupy in Boston well equipped offices, with private wires to New York, Philadelphia and Chicago, and their facilities for transacting business are of a very complete character. Messrs. W. S. Lawson & Co., purchase and sell for cash or on margin all stocks, bonds, government and miscellaneous securities as listed on the various Stock Exchanges, also grain, provisions, petroleum, mining stocks, cotton, etc. This firm has been noted for obtaining early and accurate information as to the state of the different markets, and numbers among its permanent customers many active operators and wealthy investors. The Chicago correspondents of the firm are Messrs. Counselman, Day, Schwartz and Dupee.

New York Stock Brokers: John H. Jacquelin & Company

2012-02-02T06:00:00.014+03:00

J. H. J. & CO.

JUL

1898

New York.

Dave Thompson scan

John H. Jacquelin, Member of the New York Stock Exchange

1897 photo from King's Views of the New York Stock Exchange

Jacquelin's collection of photos of past presidents of the New York Stock Exchange were used by Moses King in his 1897 book.

Other John H. Jacquelin & Co. partners with seat on the NYSE:

John H. Jacquelin & Company could be generous. The November 14, 1916 edition of The New York Times shared this great story:

TELEPHONE CLERK TO GET 'CHANGE SEAT

Employers Will Reward John Ahearn, in Their Service for Fifteen Years,

PRECEDENT IS SHATTERED

Jacquelin & Co. Are Latest Wall Street Firm to Bestow a Membership as a Gift.

A second uniformed employee of the Stock Exchange is to be advanced to full membership on the board as soon as John H. Jacqelin & co., 52 Broadway, have completed arrangements for the purchase of a seat for John Ahearn. Ahearn has been chief telephone clerk on the Exchange for the Jacquelin firm for fifteen years. Last week Underhill & Gilmor bought a seat for Philip Miller, sergeant of the messenger boys on the floor.

These promotions of employees to membership on the Exchange caused considerable comment in the Street yesterday. In the past the Stock Exchange, with its membership limited to 1,100 men, has been considered a rather exclusive club, but the signs point toward a distinct change in this respect. The break from precedent came first last Spring, when S. S. Schuyler of Schuyler, Chadwick & Burnham bought a seat for one of the firm's office force as a reward for long and skillful service.

One reason ascribed for the promotion of Stock Exchange employees is the heavy business done in securities these days. Messengers and telephone clerks of long experience are qualified to step right into the crowds on the floor and hold up their end. They become distinct assets to their firms without a period of "breaking in."

John H. Jacquelin & Company are one of the big five odd-lot houses, the details of whose business on the Exchange have expanded largely since the period of million-share days began. The firm already has six floor members, and like other odd-lot firms, has been forced to unusual exertions to execute its orders.

New York Stock Brokers: Thomas W. Thorne & Company

2012-02-01T06:00:00.034+03:00

T. W. THORNE & CO.

JAN

1899

Dave Thompson scan

Thomas W. Thorne, Member, New York Stock Exchange

Photo from King's Views of the New York Stock Exchange

Mr. Thorne nearly died in a horse and buggy accident in 1905. Apparently his survival was in part due to a rather amazing and loyal coachman. The New York Times reported in its Christmas Eve edition of 1905:

BROKER THORNE IN RUNAWAY.

He and His Brother Have Narrow Escape--Coachman May Die.

Special to The New York Times.

NEW ROCHELLE, Dec. 23.--Thomas W. Thorne, the broker, and his brother, Newberry Thorne, the yachtsman, were thrown from a carriage in a runaway accident here this afternoon and barely escaped death. The coachman, Michael Cudahy, who clung to the reins in an effort to save his employer, was thrown against a stone wall and is dying of a fractured skull in the New Rochelle Hospital.

Cudahy has been in the employ of the Thorne family for thirty years, and said to be the richest coachman along the sound. He owns half a dozen houses in New Rochelle, and is a stockholder in several corporations. The Thorne family had so much confidence in him that they would never permit anyone else to drive for them. If Cudahy was off duty they would leave the horses in the stable and walk to the railroad station.

The runaway occurred this afternoon as they were leaving their country place at Davenport Neck. Cudahy was just drawing out of the stable when one of the large doors, blown by the wind, struck the rear wheels of the wagon. This caused the horses to take fright, and as they were running away, Thorne and his brother jumped. They escaped with a few bruises. The coachman held onto the reins until the carriage struck the stone gateway and was wrecked. His head struck the wall, and received a fracture on the right side of the head. He was removed to the hospital, where an operation was performed as soon as possible, but he had not gained consciousness at a later hour tonight.

New York Stock Brokers: H. B. Hollins & Company

2012-01-30T06:00:00.028+03:00

Classified advertisement

New York Evening Post, February 9, 1889

H. B. HOLLINS & CO.

NOV

1898

N. Y.

Thompson scan

H.B.H.&C.

JAN

???

Langlois scan

Harry B. Hollins having his shoes tended to in 1903. His daughter Marion is holding the dog. This photo came from Marion's scrapbook.

H. B. Hollins was a good friend and frequent business associate of J. P. Morgan. Their offices faced each other across Wall and Broad Streets.

Other members of Mr. Hollins' firm included Frederick Arden and James Harriman.

A copy of R175 cancelled by H. B. Hollins & Company was posted on this site in October 2011.

New York Stock Brokers: Harry I. Nicholas & Company

2012-01-29T06:00:00.002+03:00

Classified advert, New York Evening Post, February 9, 1889

H. I. N. & Co.

AUG 14 1899

Thompson scan

New York Stock Brokers: Edward L. Oppenheim & Company

2012-01-28T08:38:00.000+03:00

E. L. O. & Co.

NOV 16 1900

NEW YORK

Dave Thompson scan

The New York Times, January 1, 1886:

E. L. OPPENHEIM & CO.
BANKERS & BROKERS.

Among the prominent banking and brokerage firms of New York that of E. L. Oppenheim & Co. has always been looked upon as one of the very strongest. It was established in 1862, and has always promptly met each and every one of its engagements. The offices of E. L. Oppenheim & Co. are at Nos. 51 and 53 New street and No. 42 Broadway, with a branch at No. 91 Leonard Street. They transact a general banking and brokerage business in stocks of all kinds, bonds, petroleum, cotton, grain, provsions, etc. They are members of the Cotton and Stock Exchanges of New York, and also of the Chicago Board of Trade, the latter place being connected with their New York office by private wire. The members of the firm are Edward L. Oppenheim and Walter Del Mar.

New York Stock Brokers: Harris Hutton & Company

2012-01-27T17:34:00.000+03:00

HARRIS HUTTON & CO.

SEP

1901

Langlois scan

The New York Times, November 17, 1900

BROKERS INITIATE J. S. HARRIS.

Polish His Shoes with Ink, Shave Him with a Shingle, and Write on Him.

James S. Harris of Harris, Hutton & Company, who bought the Stock Exchange seat of F. D. Bangs of Boston was duly "initiated" yesterday on the floor of the Exchange. As he had made no preparations to neutralize the work of initiation, the proceedings were very simple as compared with the "pajama seance" to which H. Archibald Pell was treated recently.

In the case of Mr. Harris, the brokers polished his shoes with ink, shaved him with a shingle, and inscribed the autographs on his collar and shirt front. If they had planned to do anything more they forgot it.

New York Stock Brokers: Halle & Stieglitz

2012-01-26T06:00:00.020+03:00

Advertisement, NY Evening Post, January 7, 1898

HALLE & STIEGLITZ,

AUG

1899

NEW YORK

Thompson scan

Advertisement, NY Evening Post, January 4, 1904

New York Stock Brokers: William Morris Imbrie & Company

2012-01-25T06:00:00.012+03:00

WM. M. IMBRIE & CO.

SEP

1898

Thompson scan

William Morris Imbrie, member NYSE

New York Stock Brokers: Hopkins Brothers

2012-01-24T06:00:00.023+03:00

HOPKINS BROTHERS

DEC

1899

NEW YORK.

Thompson scan

The Hopkins Brothers embroiled themselves in the middle of an election wagering escapade in 1897 the same year the pictures above were taken. The following article concerns the 1897 race for Mayor of New York and the three contenders for the job: Mr. Low, Colonel Tracy, and Robert Van Wyck. Mr. Van Wyck would win as a part of the Tammany Hall ticket. As The New York Times reported on October 21 1897:

BLUFFING IN WALL STREET

Col. Swords Goes There Ready to Wager from $1000 to $5000 on Tracey.

BROKERS EASY TO TAKE IT

He Puts Up a Few Minor Wagers and Through a Friend Agrees to Take the Larger Sum, but Fails to Reappear.

Wall Street brokers who bet--and who when they bet like to see the money put up--were in anxious mood yesterday. It was all on account of the amicable Colonel Swords whose province it is whenever an election is pending to drop down on New York and offer to bet large bundles of money on whoever his party's candidate may be.

On Tuesday Col. Swords descended into the depths of Wall Street. He had heard discouraging tales from the Stock Exchange district. What especially had stirred up the brave man was that somebody could be found in Wall Street willing to bet that General Tracy would not poll more votes than Mr. Low. Col. Swords had figured out that General Tracy is to receive about 100,000 majority over all the other candidates combined and the suggestion that any one candidate was going to come anywhere near approaching Gen. Tracy fired the heroic soul tremendously.

Down in Wall Street, Col. Swords came across a cheery friend in Franklin W. Hopkins of the Stock Exchange house of Hopkins Brothers, and through Mr. Hopkins he learned that it was too true that cynical brokers were ready to bet, and bet heavily, against what Swords was pleased to call Gen. Tracy's walkover. It was even true, so Mr. Hopkins blandly revealed that it would be easy to get big bets that Mr. Tracy would not outrun Mr. Low.

"Do you suppose they'd bet $1,000 even?" was the anxious inquiry.

Mr. Hopkins thought they would.

Col. Swords put some hundred-dollar bills into his friend Hopkins's possession, and Mr. Hopkins went into the Stock Exchange crowd to return a little later with a report that all the money had been taken.

"And do you think you could persuade them to take as much as $5,000?" Col. Swords seemed still exceedingly anxiously to get quickly into a "good thing."

Would Like More Than $5,000

Mr. Hopkins made another tour in among the brokerage bretheren. In the space of one minute and a half he had obtained enough information to satiate every bit of curiosity in the Swords outfit.

"You can get your full $5,000." This was the information provided for Col. Swords.

"And did you take the whole amount?" Such the eager tone of Col. Swords.

"Did you give me the whole amount?" This the bland voice of Broker Hopkins, business man, not politician.

The Colonel looked pained. But the Colonel was a soldier still. And with heroic front said he this:

"Go back into the Stock Exchange, young man, and tell those soulless wretches there that though I don't happen to have brought the rest of this money today I'll be here tomorrow morning early, and the funds will be here too. Don't let them get away. Hold them to their promise to let me meet them tomorrow; don't let them realize too quickly the dreadful risk they are taking in betting with Col. Swords, THE Col. Swords." Then up town the brave man hurried taking with him a memorandum list of about a score of New York Stock Exchange brokers, each of whom was yesterday in quest of a gallant Colonel lost, strayed, or stolen, for through all the long day one Swords came not, neither Swords nor the cash of him.

Luckily for Franklin W. Hopkins, (business man, not politician) he underwrote none of the uncovered bets. Mr. Hopkins personally feels confident, he says that Col. Swords, after all, will finally appear, and that equipped with ample funds. This cheerful opinion was not at the end of business yesterday, however, quite universal under the eaves of the Stock Exchange.

Betting on Van Wyck.

There was a little "bluff" betting in Wall Street yesterday. The quotations on Low beating Tracy were 2 to 1. E. B. Talcott, of Bell & Co., who are said to do the Tammany wagering, offered $2,800 to $4,000 that Van Wyck will get more votes than Tracy and Low together. Davis Johnson of the Stock Exchange booked a bet of $5,000 to $2,0000 on Van Wyck "against the field."

*******

Aspirants in the 1897 race for Mayor of New York:

Robert Van Wyck, General Tracy, and Seth Low

The Tammany Hall candidate, Mr. Van Wyck, won in a landslide.

Colonel Swords lost his money on these bets; I suppose Franklin Hopkins became something of a hero to his fellow brokers on the Exchange who made so much easy money off Colonel Swords.

New York Stock Brokers: Walker Brothers

2012-01-23T06:00:00.000+03:00

WALKER BROS.

MAY

1902

NEW YORK.

R171p block of 4

Langlois scan

John Yates Gholson Walker and his brother Norman Stewart Walker organized the Walker Brothers brokerage firm in 1895. They were the sons of Maj. Norman Stewart Walker of Richmond, Va., the purchasing agent for the Confederate Army in Bermuda, who left the United States to engage in business in England after the Civil War.

New York Stock Brokers: Charles M. Schott Jr.

2012-01-22T06:00:00.021+03:00

cancel by:

CHAS. M. SCHOTT JR. & CO.

New York

Langlois scan

Scott R170p -- 40 cent documentary with hyphen hole perforations

Charles M. Schott Jr. joined the NYSE in 1869 and was one of its most senior members by the 1898 tax-period. Note the clean shaven face, uncommon in the late 1890s when waxed moustaches and beards were in vogue.

Charles M. Schott Jr's New York-Philadelphia business partnership in the 1880s suffered distress as reported by The New York Times of August 22, 1883:

A FAILURE IN WALL-STREET.

SCHOTT & KNIGHT, BROKERS, SUSPEND FOR A SMALL AMOUNT.

Schott & Knight, brokers, at No. 6 Wall Street, who also have an office Philadelphia, sent a notice to the Stock Exchange yesterday, in which they said: "Owing to complications growing out of our transactions between New York and Philadelphia, we find it necessary to announce our suspension." The firm is composed of Charles M. Schott Jr., who has been a member of the Stock Exchange for 15 years, and Thomas C. Knight, of Philadelphia. He was in New York yesterday and said the house traded on the market between the two cities. Some customers failed to put up margins and embarrassed the firm. All contract were, however, carried out. Everything was all right in Philadelphia, and not a dollar was owed there. The trouble was here, but the obligations were not large, and the house expected to resume in a short time. The complications spoke of were in the accounts between the two cities, and it was thought best to suspend until the firm could find out how it stood. In the Street it was said the New York house was long of the market and Philadelphia house was short. The liabilities were supposed to be only about $25,000...

New York Stock Brokers: Alfred L. Norris????

2012-01-21T06:00:00.000+03:00

ALFRED

NORRIS

Dave Thompson Scan

The Norris part of the name is obscured, but the best guess for this cancel is from Mr. Alfred Norris, pictured below. Does anyone have a verifying cancel? If so, write 1898revenues@gmail.com.

New York Stock Brokers: Rudolph Keppler & Company

2012-01-20T06:00:00.063+03:00

Rudolph Keppler

President, New York Stock Exchange, 1898-1903

RUDOLPH KEPPLER & CO.

SEP

1898

In April 1903, President of the New York Stock Exchange Rudolph Keppler inaugurated a new stock exchange building and floor. This building remains the NYSE's home today. The New York Times of April 24, 1903, reported on the first day of trading in the new exchange:

BROKERS ON NEW FLOOR

Struggle to Make First Transaction on Stock Exchange.

Opening Day in the Marble Building Not Strong for Securities--Medals for Committeemen and Gavel for President Keppler.

The members of the New York Stock Exchange settled down to business yesterday in their new quarters. The flowers and decorations of the day before had all been removed, and the big board room wore a strictly businesslike aspect, except for a big twenty-four-foot wreath of flowers sent by the Produce Exchange. President Rudolph himself presided at the opening of the day's business, and there was a large attendance of brokers on the floor.

When the gavel fell many brokers vied with each other for the honor of making the first transaction. Of course, where business is begun all over the room at one and the same time, it is a difficult matter to determine such a 'first transaction," but the ticker reported it as 100 shares of Mexican Central at 27. The sale was made by Charles Gregory to Zimmermann & Forshay. The next recorded transaction was in Chicago Great Western, while succeeding transaction, in their order, were Colorado Southern, Pennsylvania, Rock Island, and St. Louis and San Francisco...

After the close of business the Governors of the Exchange held their first meeting in the new building. Besides the routine matters, the meeting transacted some special business. This was the presentation of certain marks of appreciation to the members of the Building Committee. This committee consisted of Ransom H. Thomas, Chairman, Rudolph Keppler, J. T. Aterbury, R. P. Doremus, H. G. S. Noble, and Ernest Groesbeck.

To each one of these members was presented a gold medal five inches in diameter, of pure gold, value of over $500, and a set of resolutions. The gold medals were framed in a case of leather, which was so arranged that when opened it showed both sides of the medal. They were designed and made by Tiffany & Co. On one side was an embossed picture showing every detail of the Broad Street facade of the new Stock Exchange, and on the other was the following inscription: "The New York Stock Exchange to ____ (here the name of the committeeman was inserted) in grateful recognition of services rendered during the construction of the Stock Exchange Building. MDCCCCIII." ...

The ivory and gold gavel which was given to the Exchange on Christmas, 1900, for the purpose of closing the old century, opening the new, and closing the old building and opening the new, was presented to President Keppler, who has presided over the Exchange for nearly five years, longer than any of his predecessors.

Scott 2630c, NYSE commemorative invert from 1992 sold in 2010 Siegel rarities of the world sale. The stamp features an inverted facade of the Broad Street front of the Exchange.

New York Stock Brokers: Eames & Moore

2012-01-19T06:00:00.024+03:00

EAMES & MOORE,

JAN

1901

New York.

Thompson scan

Classified advertisement in the New York Tribune of January 1, 1903, announcing the dissolution of the firm of Eames & Moore.

Francis Eames was a member of the NYSE and its President from 1894-98 and was a member of the firm of Eames & Moore from 1869 to 1903. He organized the clearing system of the NYSE in 1892 to be able to handle expanding trade volumes, making his reputation through this work and paving the way to his Presidency of the New York Stock Exchange.

Site Changes

2012-01-17T19:25:00.000+03:00

Pardon the interuption in daily postings. I've been doing a bit of minor reengineering to the site lately and the work is using up all of my time for the site.

The new bar under the header with links to "Home", "About", etc., is a work in progress but should provide casual visitors and regulars alike the ability to understand and use the site better.

Normal postings will resume in the next few days.

California Banks: The Bank of California

2012-01-15T06:00:00.035+03:00

1875

THE BANK OF CALIFORNIA

MAY

1901

SAN FRANCISCO, CAL.

Dave Thompson scan

The Bank of California was opened in San Francisco in 1864 by William Ralston. Darius Ogden Mills, builder and owner of the Mills Building in Manhattan that housed many Wall Street brokerage firms, was the bank's first President. Much of the bank's early profits were generated from the mines of the Comstock Lode in Nevada.

William Chapman Ralston

Founder of the Bank of California

D. O. Mills was the first President of the Bank of California.

As in the photo above of Mills from King's Views of the New York Stock Exchange, his title was "Capitalist"

Foreign Banks: Bank of Montreal

2012-01-14T06:00:00.006+03:00

1901 Poor's Manual Advertisement

At the bottom of the advert is a list of the Bank of Montreal's correspondent banks in the United States, including the Bank of New York, N. B. A.

BANK OF MONTREAL

OCT

1899

MONTREAL

Caveat Emptor Redux

2012-01-14T05:57:00.021+03:00

R163 Block of 4 currently for sale on eBay.

Labeled by Katz as imperf; clear roulettes are shown on the sides of the block

Back in August Stuart Katz also posted this block on eBay, at that time for $450. His starting price now is $340. I ran a post at that time on this block that you can find here. As before the block is mislisted. This part-rouletted block, worth less than $20, is stil being labeled by Mr. Katz as imperforate, which it is not. If it was in fact imperf, or more accurately with no roulettes, its value would be +$1000.

Caveat Emptor!

New York Bankers, Banks & Trusts: John Munroe & Company

2012-01-13T06:00:00.017+03:00

Classified Advertisement, New York Evening Post

JOHN MUNROE & CO.

OCT

1899

Dave Thompson scan

JOHN MUNROE & CO.

MAR

1901

Langlois scan

Tim Kohler scan. This document first appeared on this site on November 20, 2010, in a Frank Sente post, "Maurice Grau Heads for Paris."

John Munroe & Company was a banking house with offices in New York and Paris. It seems that the firm was a prodigious receiver and forwarder of mail from the United States and to and from its office in Paris. You can find one such cover at the Philamercury site here. Many of the Munroe covers are highly collectable. The following two covers have been for sale at recent auctions:

Matthew Bennett Auction

Spink Shreves Auction

New York Bankers, Banks & Trusts: New York Security and Trust Company

2012-01-12T06:00:00.015+03:00

1901 Poor's Manual advertisement

While I have not checked all the names listed above for this company's Board of Trustees, I can identify James J. Hill of St. Paul, Minnesota, President of the Great Northern Railway.

N. Y. SECURITY & TRUST CO.

DEC

1900

Dave Thompson scan

Cancel for January 11: Jacob Hoffmann

2012-01-11T06:00:00.008+03:00

Jacob Hoffman signed check

JacHoff

January 11/1900

manuscript cancel by Jacob Hoffmann

In a previous post, you can view a June 29, 1898 Jacob Hoffmann bill of lading. Jacob Hoffmann ran a brewery in New York.

New York Bankers, Banks & Trusts: New York Produce Exchange Bank

2012-01-10T06:00:00.008+03:00

The New York Produce Exchange in 1897

N. Y. PRODUCE

JAN 6 1899

EXCHANGE BANK

From King's Views of The New York Stock Exchange, 1897:

New York has six will-established exchanges, including the Stock Exchange, all occupying buildings owned or constructed for their special uses. Their operations are on similar lines, and many firms hold memberships in two or more of them, this being especially true of the Stock, Cotton, and Produce Exchanges...

The Produce Exchange, housed in one of the finest structures of its kind, is also in point of member one of the largest exchanges in the world. Incorporated in 1868, it did not occupy until 1884 its present building [pictured above] which cost altogether $3,178,645...There are 3,000 members. Membership has varied in price from $5,000 to $150, and costs today about $250.

New York Bankers, Banks & Trusts: New York Central Trust Company

2012-01-09T06:00:00.006+03:00

NEW YORK CENTRAL TRUST CO.

APR

1899

R155s with Check Value Die Cuts

2012-01-08T16:36:00.001+03:00

$25, $3, and $5 check value die cuts on copies of R155

A collector and reader in Israel sent in this scan of several R155s with apparent cut cancels. These die cut dollar value "cancels" were almost certainly made by a machine that punched a check with corresponding dollar value of the check; presumably this process was done to prevent check washing.

Bob H., am I right about the use of punching the value into the check?

New York Bankers, Banks & Trusts: J. P. Morgan & Company

2012-01-08T06:00:00.003+03:00

1901 Poor's Manual, Advertisement for J. P. Morgan & Company

New York Bankers, Banks & Trusts: United States Mortgage & Trust Company

2012-01-07T06:00:00.008+03:00

New York Daily Tribune

January 1, 1903

United States

FEB 23 1900

Mortgage & Trust Co.

New York Bankers, Banks & Trusts: The Mercantile Trust Company

2012-01-06T06:00:00.003+03:00

THE MERCANTILE TRUST CO.

APR

1901

New York Bankers, Banks & Trusts: Lazard Freres

2012-01-05T06:00:00.004+03:00

L. F.

SEP 24 '01

N. Y.

Langlois scans

inverted L. F. perfin

George Blumenthal

Head of the US branch of Lazard Freres; partner in French branch during the 1898 tax period. Blumenthal was an uncle to Katherine Graham. Graham was the publisher of the Washington Post through the 1960s and 70s.

New York Bankers, Banks & Trusts: J. & W. Seligman & Company

2012-01-04T06:00:00.003+03:00

J. & W. SELIGMAN & CO.

1899

Joseph Seligman

New York Bankers, Banks & Trusts: Goldman Sachs

2012-01-03T06:00:00.008+03:00

GOLDMAN, SACHS & COMPANY

Langlois scans

Marcus Goldman, c. 1900

1821 - 1904

Founder of Goldman Sachs.

New York Bankers, Banks & Trusts: Bank of New York

2012-01-02T06:00:00.014+03:00

The Bank of New York, National Banking Association

1900

BANK OF NEW YORK,

MAR

1902

N. B. A.

Langlois scans

Happy New Year 2012!

2012-01-01T00:01:00.018+03:00

FREIGHT OFFICE

L. S. & M. S. Ry

JAN 1 1900

SO. CHICAGO

ILLS.

*****

Happy New Year! 2012 will continue with our ongoing series on New York and other stock brokers, but will begin with a series on New York and other bankers, banks, and trusts. Somewhere down the line I will revisit documentary printed cancels. I can't say much more about what 2012 holds for the site; planning isn't really my strength as a blog publisher. However, I've got lots of proprietary printeds to rollout, and a discussion to start on the Joyce/Buford lists of proprietary printed cancels.

A new addition for 2012 is this feature page on stock broker cancels. At this page, you can find a list of links to posts on stock brokers and their cancels, compiled in alphabetical order. I will endeavour to keep this list up-to-date on a bi-weekly basis. Nearly 70 brokers are listed on this links page as of today.

Thanks to all the regulars and occasional visitors to this site. I wish you all the best for the New Year.

New York Stock Brokers: Dominick & Dominick

2011-12-30T06:00:00.030+03:00

Home page from Dominick & Dominick's 2011 website.

January 1904 Dominick & Dominick column advertisement

Dominick & Dominick

FEB 4 1902

New York.

Langlois scan

These photos of the partners in the Dominick & Dominick firm were taken in 1897 for the book King's Views of the New York Stock Exchange when the firm was still named Dominick & Dickerman. Before the end of the 1898 tax period, Watson Dickerman departed the firm, with the consequent rename of the firm to Dominick & Dominick.

Dominick & Dominick still exists today as an independent financial services firm specializing in wealth management, institutional trading, investment banking, and risk management.

Bayard Jr.'s future was bright. This photo is c. 1897; he would become the senior partner in the firm. From the D&D website:

Bayard Dominick Jr. succeeded his father to become the senior partner and the firm entered the investment banking business. In 1919 D&D headed a syndicate which underwrote $50 million General Motors 6% Preferred Stock -- the largest industrial company underwriting of its kind up to that point.

New York Stock Brokers: Dominick & Dickerman

2011-12-29T06:00:00.014+03:00

January 7, 1898 Column advertisement for Dominick & Dickerman

Dominick & Dickerman's Watson Dickerman was a President of the New York Stock Exchange in the early 1890s, and was a named partner of this firm at the beginning of 1898. Over the course of the 1898 tax period, however, Mr. Dickerman would leave the partnership with the sprawling Dominick family, and the firm's name would change to Dominick & Dominick. Dominick & Dominick still exists today. Tomorrow this site will highlight a cancel from the Dominick only franchise.

From the Dominick & Dominick website:

When Dominick & Dickerman was founded in 1870, Ulysees S. Grant was in The White House. The country was engaged in post Civil War construction. The vast areas west of the Mississippi River were largely wilderness. William Gayer Dominick & Watson Bradley Dickerman met on the floor of the New York Stock Exchange and in 1870 formed the partnership of Dominick & Dickerman.

DOMINICK & DICKERMAN,

JAN

1899

NEW YORK.

Bayard Dominick, brother of Marinus Dominick and father of Bayard Dominick, Jr.

New York Stock Exchange Presidents

2011-12-28T06:00:00.051+03:00

Yesterday's post on Edward Sweet & Company got me thinking about whether I could put together a group of cancels and photos of the Presidents of the NYSE in the years before, during, and after the 1898 tax period. The Presidents included here were part of firms that operated during the 1898 tax period, and consequently cancelled stamps during that time.

The collection is a work in progress, but with the stamps from mine and Dave T's collections I was able to assemble a decent survey, with only one company cancel, that of Pomroy Brothers, missing between 1886-1912. There is also representation going back to 1878, by Mr. Ives of R. H. Bissell & Company.

Brayton Ives

President, NYSE, 1878-1879

Mr. Ives was partner in the firm R. H. Bissell & Company.

cancel for R. H. Bissell & Company

Thompson scans

There is a gap here from 1880 to 1885....1898 Revenues is seeking cancels for the firm of Vermilye Company. Please write to 1898revenues@gmail.com if you have any 1898 series stamps with Vermilye cancels.

1882 Hudson Hawley painting of the New York York Stock Exchange on Broad Street

In 1903, the NYSE would move to a new and grander location on Broad Street.

James D. Smith

President, NYSE, 1886-1887

Cancel for James D. Smith & Company

J. D. S. & CO.

SEP 8 1899

Thompson scan

William L. Bull

President, NYSE, 1888-1889

Senior Partner, Edward Sweet & Company

perfin cancel for Edward Sweet & Company

E S & Co

Langlois scan

Watson B. Dickerman

President, NYSE, 1890-1891

Watson Dickerman was a founding partner of Dominick & Dickerman, a firm that would be renamed Dominick & Dominick upon Mr. Dickerman's departure from the firm. Dominick & Dominick is still in business today and remains privately owned.

Cancel for Dominick & Dickerman

DOMINICK & DICKERMAN

JAN

1899

NEW YORK.

Langlois scan

Frank K. Sturgis

President, NYSE, 1892-1894

Sturgis was President of the Exchange during the Panic of 1893. The panic produced the second greatest economic depression the US has experienced after the Great Depression of the 1930s.

Cancel for Strong Sturgis & Company

S. S. & CO.

APR

1899

Langlois scan

Francis L. Eames

President, NYSE, 1894-1898

Cancels for Eames & Moore

EAMES & MOORE

JAN

1901

NEW YORK.

die cut:

E & M

Thompson scan

Rudolph Keppler

President, NYSE, 1898-1903

Rudolph Keppler presided over the Exchange when it moved into its new and present facilities. The Harper's issue above, on which Mr. Keppler was the cover feature, contained an article on the Exchange entitled "The American Gambling Spirit" by Edwin Lefevre. Lefevre was a noted stock broker and journalist who chronicled the stock market in the early 20th century.

cancel for Rudolph Keppler & Company

RUDOLPH KEPPLER & CO.

SEP

1898

Langlois scan

Current NYSE, opened in 1903.

Ransom H. Thomas

President, NYSE, 1903-1904

Cancel for R. H. Thomas & Company:

R. H. THOMAS & CO.

SEP

1899

NEW YORK.

Langlois scan

Henry K. Pomroy

President, NYSE, 1904-1907

Pomroy Brothers cancel needed. David T - Any P. B. cancels in your collection?

Ransom H. Thomas

President, NYSE, 1907-1912

Mr. Thomas returned as President during the market panic year of 1907. The panic of 1907 was stabilized through the actions of J. Pierpont Morgan; the ensuing investigation of its cause and proposed remedies led to the creation of the US Federal Reserve. Imagine a Ron Paul America with no Federal Reserve -- life would go back to financial panics, delivered at least once a generation, controlled only by kingpin financial barons like J. P. Morgan. Paul can have his vision of America. It is not mine.

Cancel for R. H. Thomas & Company:

R. H. THOMAS & CO.

SEP

1899

NEW YORK.

Langlois scan

New York Stock Brokers: Edward Sweet & Company

2011-12-27T06:00:00.004+03:00

Classified advertisement, January 21, 1909 New York Evening Post

E S & Co

perfin cancel on R168p block of four

Langlois scan

William Bull was the senior partner for many years at the venerable firm of Edward Sweet & Company, including the years of the 1898 war taxes. He was also the President of New York Stock Exchange from 1888-1889.

From The New York Times, December 5, 1914:

BROKERS' FIRM TO DISSOLVE

Edward Sweet & Co., Founded in 1854, Will Transfer Accounts.

The Stock Exchange firm of Edward Sweet & Co., one of the oldest houses in the Street, will transfer its affairs to Chandler Bros. & Co. of New York and Philadelphia on Thursday and formally dissolve. The firm's offices at 34 Pine Street will be occupied after that date by Chandler Bros. & Co., whose New York office is now at 111 Broadway....

The house of Edward Sweet & Co. was founded in 1854 and retained its name without change. although numerous alterations in the personnel of the partners occurred. many well-known figures in Wall Street affairs did business in securities through the firm, including a number of the Vanderbilt family. H. H. Rogers and other men interested in Standard Oil had accounts with Sweet & Co., and E. H. Harriman was a customer for some time. The late William L. Bull, the senior partner at the time of his death last January, served as President of the Stock Exchange in 1888 and 1889.

1000th Post Milestone for 1898 Revenues

2011-12-26T06:00:00.028+03:00

Frank Sente called to my attention the fact that this month, and with this post, 1898 Revenues has now reached the milestone of 1000 published posts.

1000 Dollar James Madison documentary stamp from the Scarsdale sale. This stamp is the single 1000 Dollar value of the 1898 series.

This site began in March 2009. With nearly daily updates or entries to the site, we've managed to get to 1000 posts before the end of 2011. Few blogs on the web can claim this kind of intensity of new content production.

I state that "we've managed to get 1000 posts", as I've had help from many contributors. Special thanks go David Thompson, Frank Sente, and Bob Hohertz, though there have been a host of others that have shared their material, from individual stamps to exhibits.

As part of the experience of publishing this site I've found it relatively easy to identify new ideas and subjects for daily updates and posts. The blog format fits very well with subject of revenue stamps and their cancels. Despite 1000 posts to date, I've still got hundreds of post ideas in the cue -- many sent to me by collectors like David Thompson -- and many more written up by veteran collectors like Frank Sente.

So as this year comes to end and we start a new one, I expect another year of productive blog publishing. Thanks for reading and Happy New Year!

Merry Christmas from 1898 Revenues

2011-12-24T06:00:00.001+03:00

Baboon Cliff, overlooking Lake Nakuru, The Great Rift Valley, Kenya

New York Stock Brokers: Watson & Brown

2011-12-22T06:00:00.000+03:00

WATSON & BROWN

80 BROADWAY

Dave Thompson scan

Split cancels are partial, but sufficient to show the address 80 Broadway, the location of the NYSE firm Watson & Brown.

Boston Stock Brokers: Estabrook & Company

2011-12-21T06:00:00.001+03:00

Cornell Alumni News, July 1928

ESTABROOK & CO.

MAR

1899

BOSTON.

Rick Lokos scan

The stamps and cancels above come from the Mexican Telephone Company stock cert shown below. This document featured on this site nearly a year and a half ago on July 8, 2010.

New York Stock Brokers: Warren R. Houghtaling & Company

2011-12-20T06:00:00.005+03:00

W. R. HOUGHTALING & CO.

FEB

1902

NEW YORK.

Dave Thompson scan

W. R. Houghtaling & Company was a brokerage firm located at 7 Nassau Street in New York. Warren Houghtaling, a member of the New York Stock Exchange, was the head of the firm.

Nassau Street is in New York's financial district and intersects with Wall Street. Nassau Street was also one of philately's most famous addresses, as numerous stamp dealers, many catering to wealthy of New York, were located on Nassau Street.

I am interested in acquiring copies or scans of Mekeel's from the early 1900s to identify the addresses of stamp dealers located on Nassau Street. With an old city map, the locations of brokers and many of the leading stamp dealers of the day can be plotted. Stay tuned!

New York Stock Brokers: Charles W. Turner & Company

2011-12-19T06:00:00.005+03:00

C. W. T. & Co.

APR

1901

Dave Thompson scan

Auctions: RS303r Piso Company Private Die Full Sheet

2011-12-18T14:00:00.001+03:00

A full sheet of Piso Company 5/8 cent private die stamps is currently up for auction on Ebay. The opening bid price is $159.99. By the description, and from the rather poor photo of the item, there clearly is some damage to this large sheet, though the sheet is intact and complete.

Bob Hohertz has a page on this company and this stamp at his website. He provides an explanation for the apparently missing stamp at the lower right corner of the sheet.

Railroad Presidents: Chauncey Depew and Samuel Callaway, New York Central & Hudson River Railroad

2011-12-18T06:00:00.002+03:00

Depew was President of the NYC&HRR at the beginning of 1898. He would hand the Presidency to Samuel Callaway in April 1898, but by mid-1901, Callaway would leave the New York Central to become the President of the American Locmotive Company.

New York Bankers, Banks & Trusts: Manhattan Trust Company

2011-12-17T06:00:00.004+03:00

MANHATTAN

MAR

1899

TRUST CO.

Langlois scan

ANDREWS & CRISS. broker cancel

SALES BILL WITH PROPER

STAMPS ATTACHED HAS

BEEN EXHIBITED

MANHATTAN TRUST CO.

Dave Thompson scan

Advertisment, 1901 Poor's Manual

New York Stock Brokers: Andrews & Criss

2011-12-16T06:00:00.014+03:00

Two handstamps are present on this pair: the brokerage company and a trust company:

Broker:

ANDREWS & CRISS.

Trust Company:

SALES BILL WITH PROPER

STAMPS ATTACHED HAS

BEEN EXHIBITED.

MANHATTAN TRUST CO.

Dave Thompson scan

Auctions: Helmholz & Remick Futures Contract

2011-12-15T06:00:00.024+03:00

This 1899 Chicago Board of Trade contract shown sold on Sunday, December 11 on Ebay for $32.88. Compare this with the stamps used as examples in the price discussion for used documentary revenues in this post on December 13. While those used stamps have little value, those on this small futures memorandum of sale are a different matter. $32.88 is not a fortune, but it is +30x the value of the same stamps off cover and without distinguishing cancels.

The bidding for this item was interesting. It appears that three collectors or dealers placed "snipe" bids. All three snipers have an extensive Ebay sales or purchase history as indicated by the number of transactions.

Clearlly, by this bidding pattern, this is a document wanted by advanced collectors and dealers of material catering to those collectors. I can't be sure why this item was so popular with those sniping bidders, but I can take a guess:

Two special characteristics of this piece may have driven the final sale price above $30:

1. The cancels are special: big clear ornamental shields that neatly tie the stamps to the piece.

2. The memorandum has a statement regarding documentary tax requirements at the upper right. It reads:

STAMP TAX

For each one hundred dollars in value or fractional part thereof ONE CENT.

Immediately below this statement fall the stamps with a total of 15 cents in face value. This contract sold for $1500. The guidance regarding the stamp tax requirements is scarce; this document was used at the Chicago Board of Trade; I would guess that other CBOT traders might have used similar documents.

Tracking Used Documentary Battleship Revenue Stamp Values: 2012 Scott Catalogue Prices

2011-12-13T06:05:00.005+03:00

A reader of this site, Sally, emailed to ask the value of some battleship stamps she discovered in an old photo album. Expectations are always high when old stamps are found. Is there a fortune in newly discovered old and unfamiliar stamps? Unfortunately, with battleship revenues, hopes are usually dashed. In Sally's stash she found the following:

5 2 cent documentaries
1 4 cent documentary
1 5 cent documentary
1 10 cent documentary

All are used on piece. I have no information about the document or the cancels on the document, or whether the stamps are rouletted or hyphen-holed.

The new Scott Catalogue for 2012, listing the retail values for these stamps in very fine condition when not attached to their original document, has now been published. What are the values for Sally's stamps? I will use examples from my own collection to illustrate. If you are familiar with the listed prices from last year, they haven't changed.

2 cent documentary, R 164, used with handstamp cancel

Value, used, rouletted: 30 cents

Value, used, hyphen-holed: 25 cents

Standard, round perforations were not applied to battleship stamps. Instead, short, knife like cuts called rouletting was applied during the first year and a half of the production of the stamps. After December 1899, the stamps were perforated with slot-shaped perforations known as hyphen-hole perforations. The value of these stamps varies by which type of perforation was applied. On the two cent documentary above, the difference in value between the two types is insignificant. On the 4 cent stamp below, the difference is significant:

4 cent documentary, R166, used handstamp cancel

Value, used rouletted: 35 cents

Value, used hyphen-hole: $1.60

5 cent documentary, R167, used with handstamp cancel

Value, used rouletted: 35 cents

Value, used hyphen-hole: 35 cents

10 cent documentary, R168, used with handstamp cancel

Value, used rouletted: 25 cents

Value, used hyphen-hole: 25 cents

For Sally's stamps, unless the document on which her stamps are located has some significance, the stamps do not have much value. Some of the battleship stamps had 100s of millions of copies of printed, so many are quite common. However, some of the battleship values, and many in the right condition, may have some real monetary value. Below I will do a check on the values of the balance of the documentary battleship revenues set in the 2012 Scott Catalogue.

Half cent documentary orange, R161, used with handstamp cancel

Value, used rouletted: $17.50

Value, used hyphen-hole: not issued.

The orange half cent stamp was issued for a brief period, and no hyphen hole versions were produced. Genuinely used stamps are far scarcer and more valuable than unused stamps.

Half cent documentary gray, R162, used with handstamp cancel

Value, used rouletted: 25 cents

Gray half cent stamps were in use for the majority of the 1898-1902 period. They are much more common than orange stamps. No gray stamps are known with hyphen hole perforations.

One cent documentary pale blue, R163, used with handstamp cancel

Value used, rouletted: 25 cents

Value used, hyphen hole: 25 cents

Three cent documentary R165, used with handstamp cancel

Value used, rouletted: 35 cent

Value used, hyphen hole: $1.40

Twenty five cent documentary R169, used with handstamp cancel

Value used rouletted: 50 cents

Value used hyphen hole: 50 cents

Forty cent documentary R170, used with handstamp cancel

Value used rouletted: $1.25

Value used hyphen hole: $30.00

Fifty cent documentary R171 used with handstamp cancel

Value used rouletted: 25 cents

Value used hyphen hole: $1.00

Eighty cent documentary R172 used with handstamp cancel

Value used rouletted: 50 cents

Value used hyphen hole: $50.00

In an upcoming post I will review unused values.

New York Stock Brokers: Kessler & Company

2011-12-13T06:00:00.011+03:00

Right stamp:

KESSLER & CO.

JAN 24 1901

--NEW YORK.--

Dave Thompson scan

New York Stock Brokers: Kissam, Whitney & Company

2011-12-12T06:00:00.012+03:00

KISSAM, WHITNEY & CO.

SEPT 18 1899

NEW YORK.

Dave Thompson scan

Benjamin Kissam, father of Samuel Kissam, and progenitor of the original Wall Street firm. Painting by John Singer Sargent. Benjamin's sister, and Samuel Kissam's aunt, Maria Louise Kissam Vanderbilt, was married to William Henry Vanderbilt I. William Henry Vanderbilt was the son of Cornelius Vanderbilt. Cornelius built the orginal Vanderbilt fortune from nothing; his son William more than doubled the fortune after his father died.

Ebay Listing: RB31p 5 Cent Proprietary Plate Block

2011-12-11T08:22:00.001+03:00

Above and below:

For sale: Ebay listed 5 cent proprietary hyphen hole plate block.

Starting bid: $1,295

Buy it now: $2,795

Unlisted by Scott 3 years ago, the battleship plate blocks now have a place in the specialized catalog. No blocks are cheap; some are quite expensive and scarce. The copy above currently being sold by Steve Wittig on Ebay is an example of the expensive and scarce. He has set a starting bid over a thousand, and a buy it now for close to three thousand.

When the listing for this block first appeared in the 2010 specialized catalog, there was only a dash where a price should have been. Now in the 2012 catalog, instead of a dash, there is a price of $1750, though the price is in italics, indicating a lack of robust market information. What happened in the intervening 2 years? In April 2010, Siegel sold a plate block of 12 of this stamp for $1900. And sometime over the past 2 years a copy of this block for sale at Eric Jackson's website listed for $1500 was removed from his site. It must have had a buyer.

So there is some demand for these blocks out there, though I doubt we are quite ready to have anybody willing to pay the buy it now price on the Ebay lot above. Two years ago I wrote a full post on proprietary hyphen hole plate block values. Perhaps it is time to do it again.

New York Stock Brokers: Herzfeld & Stern

2011-12-11T06:00:00.002+03:00

HERZFELD & STERN

N. Y.

Dave Thompson scan

New York Stock Brokers: Hunter, Cooper & Company

2011-12-10T06:00:00.010+03:00

HUNTER, COOPER & CO.

NOV

1898

New York

Dave Thompson scan

HUNTER, COOPER & CO.

1898

New York.

Dave Thompson scan

The New York Times, January 25, 1888:

ANSWERING WITH A BLOW

BROKER HUNTER'S REPLY TO THE EPITHET OF LIAR.

THE RUMORS AND CHARGES WHICH LED TO BLOODLESS ENCOUNTER ON AN ELEVATED ROAD PLATFORM.

Arthur M. Hunter is a stock broker who does not weigh 100 pounds. S. Morris Pryor is a stock broker who weighs twice as much. Arther Hunter is a member of the Stock Exchange and a pet of Wall-street. He is a lightweight athlete, a rider to the hounds, and known in all the fashionable sporting circles as a "gentleman jockey" almost without peer. Dashing to very recklessness and skillful to the last degree, he has a long time been one of the heroes foremost in high fashion's turf circles. S. Morris Pryor has not any athletic record, but he is a well-built and sturdy representative of the brokerage brawn that is noted on the Consolidated Stock and Petroleum Exchange. Mr. Pryor has some fame, moreover, as the personal friend of James G. Blaine and the chosen instructor of James G. Blaine, Jr., in the Wall-street ways.

So much for the biography as Mr. Hunter and Mr. Pryor have cultivated in days past of peace and quietness; but just now comes a little addendum to the tale of their hitherto harmonious careers. Mr. Pryor and Mr. Hunter have been friends hitherto; they have met socially, and fraternal pleasures have added to the good-will grown from business relations. Suddenly in blow the cold blasts of disagreement and dispute--down-right pugilism, indeed. Broker Arthur Hunter meets Broker S. Morris Pryor on the elevated railway station platform at Rector-street and there, in the presence of amazed fellow-habitues of Wall-street, the twain fell into something much akin to a slugging match.

There was nothing but amiability about the manner in which the gentlemen approached one another at first. They were both through business for the day, and Broker Pryor said to Broker Hunter: "Arthur I want to speak with you a moment," Broker Hunter stepped aside from the crowd and, leaning against the rails of the railway platform, awaited at the other's service.

"You've been talking about me!" quoth Broker Pryor pointedly.

"What?" demanded Broker Hunter.

"You've been saying," pursued Broker Pryor, "that I told you that I could have business done on the Stock Exchange for less that the regular commission rate."

"So you did," ejaculates Broker Hunter.

"You've said that I declared that Maurice, Bishiop & Howland were splitting commissions with me."

"So you did."

"You lie!" said Broker Pryor in a spirited tone.

Broker Hunter did not offer a retort. His answer was a blow. He doubled up his fist and struck out as pluckily as though, instead of 100 pounds, he weighed a ton. His knuckles barely grazed the cheek of bigger Broker Pryor. The elevated railway platform's jam of brokers became suddenly alive and agitated. Little Broker Hunter stood ready to pursue his vengeance, but some tender-hearted Wall-street on-looker stepped between the brave cavaliers, and the battle came thus suddenly to an end, with never one drop of blood spilled nor mangled broker to remove.

It did not take long, however, for the tale of what might have been a sanguinatory conflict to spread, and yesterday afternoon and last night all Wall-street was enjoying chronicles, more or less fiery and elaborate, of the intrepid onslaughts of Aurther Hunter and brave defense made by S. Morris Pryor. Never before have the Stock Exchange and its rival, the Consolidated Exchange, met at such close quarters bent on such fearful sacrifices.

To-day the Stock Exchange Governing Committee will have the matter before it in a more or less direct way. E. A. Mauriac of the Stock Exchange house of Mauriac, Bishop & Howland has demanded an official investigation of charges that have been circulated about him and his firm--the charges that led to the elevated railway platform's incipient combat. The Stock Exchange has a rule, which it professes to guard more jealously that all the rest of its rules together, fixing the rate of commission which a broker must charge for executing a buying or selling order at one-eighth of 1 percent, or $12.50 on a hundred shares. It is held to be the rankest treason to break this rule or evade it. "Splitting commissions" is a crime punishable with the expulsion from the Stock Exchange and the forfeiture of the twenty-thousand-dollar membership. In dull times, such as exist at present, there are always whispers around pointing toward successful firms as possible or probable breakers of the commission law, for envious eyes are not all outside of Wall-street. And it came about a few days ago that whispered innuendos began to circulate against the house of Mauriac, Bishop & Howland. Broker Arthur Hunter was given as authority the assertion that an outside broker proved, according to Broker Hunter, to be S. Morris Pryor of the Consolidated Exchange.

As the story went, Broker Hunter averred that Broker Pryor had approached him with a proposal to do business on the Stock Exchange for one-sixteenth of 1 percent, or $6.25 per 100 shares. Mr. Hunter declared he promptly spurned the offer, whereupon Mr. Pryor asserted that he was able to make the splitting arrangement with Mauriac, Bishop & Howland. The story on its rounds came to Mr. Mauriac, who has been a member of the Stock Exchange for close upon 20 years, and has always ranked high. He called upon Stock Exchange officers at once, demanded an investigation, and gave notice of this demand to both Broker Pryor and Broker Hunter. Thus it came about that these latter gentlemen met and sparred at one another at the Rector-street elevated station.

Broker Pryor and his partner have assured Mr. Mauriac (and they reiterated this yesterday to a TIMES reporter) that the story told by Broker Hunter is an invention through and through, and they offer to appear before the Stock Exchange Governors and testify unreservedly to this effect. Broker Hunter, however, does not back down. He is just as brave in his assertions as he was with his fists when he aimed and plugged away at Broker Pryor's countenance in resentment at the epithet that questioned his veracity. Mr. Hunter's firm consists of himself and E. D. Hunter -- Hunter Brothers, 68 Broadway, Broker Pryor's office being just over the way. Mauriac, Bishop & Howland are at 7 Wall-street, the members of the firm being E. A. Mauriac, Sidney Bishop, and M. Morris Howland. Broker Arthur Hunter does not himself profess to know of a single act that has been to the discredit of Mr. Mauriac's firm. he only repeats what he declares what were the assertions of the Consolidated Exchange broker. Mr. Mauriac's prompt demand upon the Stock Echange authorities for an investigation is quoted all over Wall-street to his credit.

New York Stock Brokers: Kohn & Company

2011-12-09T09:00:00.000+03:00

KOHN & CO.

AUG

1898

Dave Thompson scan

Otto Kohn never had the chance to develop much of a history; he died in 1900 from typhoid fever when he was about 30 years old.

A Printed Cancel Puzzle: S. C. & Co.

2011-12-08T05:00:00.001+03:00

Historically the S. C. & Co. printed cancel has been attributed to the Strong Cobb Company of Cleveland, Ohio. Morton Dean Joyce, in his 1957 catalogue, Proprietary Revenues of 1898 Precanceled Varieties, lists 3 separate varieties of the cancel, all attributed to Strong Cobb. Robert Mustacich, whose Battleship Desk Reference (BDR), focuses more on handstamp cancels but also includes printed cancels, likewise attributed all his S. C. & Co. listing variations (four separate handstamp variations and a generalized printed cancel listing) to Strong Cobb.

Neither Joyce, nor C. H. Chappell, whose earlier precancel listings provided the basis for the Joyce catalogue, indicated any basis for attributing specific cancels to specific companies. Mustacich, on the other hand, provided a thorough explanation of how he and co-author Anthony Giacomelli based their cancel/company correlation process. Primarily using pharmaceutical trade directories for the years 1898-1902 they first built a database of potential proprietary stamp users and then searched those listings for specific precancels. Generally, when sufficient additional evidence existed from other sources, or when the presence of corresponding information, like a specific location, occurred for a company in the index as well as on a specific cancel, a direct correlation was established. That one of the S. C. handstamp cancels listed by Mustacich also bore the location "Cleveland", Strong Cobb's headquarters location, probably resulted in the other S.C. varieties also being attributed to Strong Cobb.

While Mustacich reported making "educated guesses" he identified those suppositions in his correlation index with a leading "?" to indicate the tentative nature of the correlation. Interestingly, he also specifically reported rejecting "...many correlations from Joyce's personal [handstamp] collection based upon our enumeration of a large number of possible correlations combined with skepticism that Joyce did not have sufficient additional information in some of these cases." This suggests that Joyce and Chappell before him also may have "guessed" about the firms they correlated to specific printed cancels. Admittedly, that's a guess on my part; we'll just never know for sure.

What we do know for sure is that an S. C. & Co. cancel on a 1/8th cent RB20 proprietary issue still affixed to a complete product container, a cough drop box, recently appeared in an Eric Jackson online-auction, and the product wasn't produced or distributed by Strong Cobb! Mustacich notes that the surest way to establish a cancel/company correlation is to find a cancel used "on piece". In this instance we've got the entire box! So how did both Joyce and Mustacich get it wrong? We'll begin exploring that situation by first reviewing Joyce's three S. C. & Co. listings.

Joyce Type 1

Two line horizontal printed cancelation in a 2 1/2 mm. serif font, with the initials above and the date below. "Co." is in upper and lower case letters.

S. C. & Co.

1898

Joyce Type 2

Two line horizontal printed cancelation in a 3 mm. serif font, with the initials above and the date below. "Co." is in upper and lower case letters.

S. C. & Co.

1898

NOTE: This particular example of the Type 2 cancel has no period after the first "C", a variant not listed by Joyce.

Joyce Type 2

Type 2 cancels are listed in three colors, black, red, and blue.

Joyce Type 3

Two line horizontal printed cancelation with the initials above and the date below. The initials are from the same font as those in Type 1 and the date is the same as Type 2. "Co." is in upper and lower case letters.

S. C. & Co.

1900

NOTE: Joyce listed the Type 3 cancel in blue ink only. This example is black.

If you carefully compare the letter fonts in Type 1 and Type 2 you'll see that in addition to being 1/2 mm larger, the Type 2 serifs are more pronounced. And the numerals in the Type 2 date are justified horizontally, whereas the Type 1 numerals are not. Type 1 and Type 2 appear to be from entirely different font sets. As such they easily could have been produced by different printers and possibly could correlate with entirely different companies. However, that the letter font in Type 3 matches Type 1, while the Type 3 numeral font matches the Type 2 numeral font seems to establish a relationship between all three cancels, i.e. that they likely were produced by the same printer for the same client. But was that client Strong Cobb?

Lot #54 Eric Jackson Online Auction 276, November 8, 2011

RB20 with S. C. & Co. Type 1 Cancel

on Snyder, Chaffee Cough Drop box

Enlarged detail of stamp affixed to the box

Regrettably, the enlarged detail of the 1/8-cent RB20 affixed to the lot #54 cough drop box is degraded, although it's sufficiently clear enough to confirm that it matches the Type 1 Joyce listing for S. C. & Co. attributed to the Strong Cobb Co. But clearly, as shown in the photo below, these cough drops were produced by Snyder, Chaffee & Co. of Columbus, Ohio, whose initials also are S. C. & Co., and not by Strong Cobb.

Reverse side of Lot #54

Snyder's Cough Drops

Manufactured by SNYDER, CHAFFEE & CO.

Columbus, Ohio

It appears the Snyder, Chaffee & Co. operated a retail chocolate shop in downtown Columbus at least from the 1880s until sometime in the 1920s, perhaps longer. The firm also manufactured chocolates and other confections wholesaling them to other retailers. An 1889 History of the State of Ohio indicated the firm had 73 employees in 1887. The 1895 Annual Report of the Commissioner of Patents indicates the firm was granted a trademark for cough drops that year. As the firm's primary products were chocolates and candies, not subject to the Spanish American War tax, these cough drops may well have been the firm's only product subject to taxation. The firm wasn't included in Mustacich's database as they weren't listed in the Era Druggist's Directories for 1898-1902 that form the basis for his index. I didn't find them listed in an Era directory until 1916.

Snyder-Chaffee Chocolate Shop circa 1910

That some small one-product firms like Snyder Chaffee don't appear in the BDR doesn't in any way lessen its value to handstamp collectors. It's an absolute must for any serious handstamp collector. A searchable, online version is available via Mustacich's website. Because the BDR is a dynamic database, new finds and company additions such as this can be integrated with little effort.

Strong Cobb & Company was still in business in 1957 when Joyce completed his catalogue. Their recently developed Strong Cobb tester for pill hardness was then the industry standard. The firm was founded in 1874 and by 1898 was a major wholesaler of pharmaceuticals and chemicals as evidenced by the pricelist shown below. A history of the firm was published in 1894 in Vol. 11 of The Phamaceutical Era.

Strong Cobb Catalogue and Pricelist

January 15, 1898

With clear evidence of a still-thriving Strong Cobb Company whose leadership as a wholesaler in the phamaceuticals was well established by the Spanish American War era, it doesn't seem unreasonable for Joyce, and Chappell before him, to have assumed that Strong Cobb was the likely user of the S. C. & Co. printed cancel, if that's in fact what they did. With the Snyder, Chaffee Company apparently gone by the 1920s it's quite possible that neither Joyce nor Chappell ever knew of their existance. Even Mustacich, who brought a systematic, applied approach to documenting possible users of proprietary stamps, found only Strong, Cobb & Co. as having the initials S. C. & Co.

That someone happened to save a Snyder, Chaffee cough drop box gives us absolute, unqualified reason to question the validity of identifying Strong Cobb as the user of the S. C. & Co. printed cancel, but it's not the only reason. Consider the fact, as documented by both Joyce and Mustacich, that the S. C. & Co. printed cancel appears only on the 1/8th cent proprietary stamp whose purpose was to pay the tax on a product retailing for just 5-cents or less! The printed cancel is not found on any other value. Then consider that at the turn of the 19th Century Strong Cobb's primary business was to supply non-proprietary pharmaceuticals and chemicals, in bulk, directly to druggists, physcians, and to other companies who in turn made prescriptive or compounded proprietary products. As such, much, if not all, of Strong Cobb's products were not subject to the War Tax. Strong Cobb simply wasn't a company that made its money selling 5-cent products! And it's doubtful they had any need for a 1/8th cent tax stamp. On the other hand it appears that the only product subject to taxation produced by Snyder, Chaffee was their cough drops and the 1/8th cent stamp was likely the only value they needed.

In hind-sight it simply doesn't make sense that a large firm like Strong Cobb would print and use only the smallest value revenue stamp, while it makes perfect sense for a candy company dabbling in a single, inexpensive proprietary product to do so. So it seems a reasonable hypothesis, or educated "guess", if you prefer, to consider that all of the S. C. & Co. printed cancels were produced for use by Snyder, Chaffee and not by Strong Cobb.

However it likewise seems reasonable to suspect that the higher value S. C. & Co. handstamp cancels listed by Mustacich do come from Strong Cobb. If anyone can provide other examples of ANY S. C. & Co. cancel, printed or handstamp, used "on piece" either from Snyder, Chaffee or Strong Cobb please send a scan with description to 1898revenues@gmail.com

FOR THE RECORD

Here are some additional examples of S. C. & Co. cancels including some non-Joyce listed varieties. A handstamp on the 2 1/2cent RB 28, assumed to be from Strong Cobb, also is shown. Please report any other varieties of these cancels, with scans, to 1898revenues@gmail.com

S. C. & Co.

1898

Joyce Type 1 Inverted

Langlois scan

S. C. & Co.

1898

Joyce Type 2 Inverted

S. C. & Co.

1900

Joyce Type 2

1900 inverted date unlisted by Joyce

Langlois scan

S. C. & Co

1900

Joyce Type 2

no period after "Co"

S.C. & CO.

1898

Unlisted by Joyce, proposed as new Type 4

Two line horizontal printed cancelation in a serif font, with the initials above and the date below. "CO." is in upper case letters. The initials are the same font as Type 2 but are only 2 1/2 mm in height. The year date doesn't match any of the prior type fonts.

S. C. & CO .

1898

handstamp attributed to Strong Cobb

This handstamp on RB28 matches one of the handstamp types listed by Mustacich. Mustacich however reports it only on the 5/8 cent and 1 1/4 cent stamps, not the 2 1/2 cent.

New York Stock Brokers: John H. Davis & Company

2011-12-07T06:00:00.000+03:00

JOHN H. DAVIS & CO.

MAY

190X

Looks like Dave T's dog has been at his stamps again.

JOHN H. DAVIS & CO.

Dave Thompson scans

The New York Times, January 31, 1920:

BROKERAGE FIRM DISSOLVES

Billings, Olcott & Winsmore Succeed John H. Davis & Co.

The Stock Exchange firm of John H. Davis & Co., one of the oldest brokerage houses in Wall Street, will dissolve on January 31 to be succeeded on February 1 by a newly formed partnership under the firm name of Billings, Olcott & Winsmore. The dissolution marks the retirement of John H. Davis, the firm's senior partner, who has been in business in the financial district for more than fifty years.

Mr. Davis started in business in Philadelphia in 1868 and soon removed his offices to this city. As a banker he financed many important industrial enterprises, both local and in the northwestern part of the country, and for many years his form handled a considerable arbitrage business between New York and London.

Mr. Davis will be a special partner in the new firm, which will be composed of his present partners, Oliver C. Billings and Robert S. Winsmore as well as Dudley Olcott, who retires as a Vice President of the Central Union Trust Company to join the new firm.

New York Stock Brokers: Charles A. Harned & Company

2011-12-06T06:00:00.014+03:00

C. A. HARNED & CO.

JAN 2X 1899

N. XX

Dave Thompson scan

Mr. Harned would be dead shortly after this stamp was cancelled. From The New York Times of March 30, 1899:

Charles A. Harned.

Charles A. Harned of the Stock Exchange firm of C. A. Harned & Co. died on Tuesday on the Florida Limited, at Washington, while on his way home from Florida. He had suffered from diabetes for several years. His body was brought to 797 Madison Avenue, this city.

Mr. Harned was born in Albany in 1840. His father was a shipbuilder there. After receiving a public shool education he was for some time a railroad agent in the service of the New York Central. Afterward until the war, when he was, because of his loyalty, driven North, he was agent for several railroads at Savannah. Coming to New York he was engaged as receiving and mercantile clerk in a Washington Street butter and cheese commission house. In 1863 he drifted in Wall Street and became and outside broker. He prospered, and in 1871 was able to buy a seat in the Stock Exchange. He for sometime did business alone, afterward becoming a member of the firm of Savin & Harned, formed with F. W. Savin. This was dissolved in 1882 and the present firm was formed with F. J. A. Phillipp, who in 1890 was succeeded by Frederick Currie.

Mr. Harned died a Republican, but was a staunch Democrat until the free silver heresy culminated in the candidacy of William J. Bryan. He was a member of the New York Athletic Club and past master of Ivanhoe Lodge, No. 610, F. & A. M. He is survived by his widow and five daughters and a son.

*****

Dave Thompson sent an email reminder to me today (Tuesday Dec 6) that he had sent nearly a month ago the scan below of an additional C. A. Harned cancel type:

AUG 24 1XXX

C. A. HARNED & CO.

MILLS BUILDING

The cancel identifies the location of C A Harned & Company as the Mills Building. The building stood at the corner of Broad Street and Exchange Place and housed many different brokerage firms. A picture of the Mills Building in included in the 1897 King's Views of the New York Stock Exchange:

Darius Ogden Mills built and owned the Mills Building:

Mills made a fortune in California and was the owner of the Virginia and Truckee Railroad during the mining of the Comstock Lode in Nevada. He became a major philanthropist and developer of real estate in New York.

A post on the Virginia & Truckee appeared January 14, 2010.

New York Stock Brokers: H. Content & Company

2011-12-05T06:00:00.004+03:00

H. CONTENT & CO.

DEC 20 1901

NEW YORK

H. CONTENT & CO.

MAY 2 1901

NEW YORK

Dave Thompson scans

New York Stock Brokers: Bell & Company

2011-12-04T06:00:00.000+03:00

BELL & CO.

APR

1901

N. Y.

Dave Thompson scan

New York Stock Brokers: Maxwell & Scoville

2011-12-03T06:00:00.005+03:00

MAXWELL & SCOVILLE.

NOV

1898

Dave Thompson scan

George Thebaud Maxwell was a member of The New York Stock Exchange, and the head of this firm located at 3 Broad Street in Manhattan.

Cleveland Terminal & Valley Railroad

2011-12-03T05:59:00.000+03:00

C. T. & V.

JUL 1899

R. R. CO.

The Cleveland Terminal & Valley Railroad was a subsidiary of the Baltimore Ohio, and controlled the B&O's terminal properties in Cleveland in addition to the former Valley Railway Company.

New York Stock Brokers: I. F. Mead & Company

2011-12-02T06:00:00.003+03:00

I. F. MEAD & CO.

MAY

1901

New York

Thompson scan

Column advert in June 2, 1901 edition of The New York Times

I. F. MEAD & CO.

DEC

1898

New York.

Langlois scan

I. Franklin Mead, member, New York Stock Exchange

Railroad Presidents: Henry Fink, Norfolk & Western Railway

2011-12-01T06:00:00.051+03:00

N. & W. Ry. CO.

DEC 1 1899

NEW YORK

The Norfolk & Western was a Roanoke, Virginia-based railroad that served primarily to haul West Virginia coal to the Atlantic coast. It prospered through its own business and through mergers with successful railroads and coal haulers like The Virginian. Remnants of the N&W still remain vital today as components of one of the major railroads in the United States, The Norfolk Southern.

Map showing the Norfolk & Western's mainline from West Virginia thru Roanoke and into Norfolk, Virginia on the Atlantic coast.

Henry Fink, President of the Norfolk & Western Railway

From the June 2, 1901 New York Times:

THE OUTLOOK FOR THE SOUTH

President Henry Fink of Norfolk and Western declares that in his opinion the greatest development during the next century in any part of the country will be in the South, which, he believes, has a wonderfully prosperous future before it. Along these lines, President Fink says:

"The South is an empire in itself. In my opinion the next century will see it develop far beyond all present expectations. And why should not this be? It is a magnificent country, with a fine climate and rich in its natural resources. All it needs is capital and enterprise, and both of these it will surely get to the full in due time. Indeed, in the last few years there has been a wonderful development and progress all through the south. Time there was that the south was altogether an agricultural country. Now it is this, and more. It is fast becoming a manufacturing section, and promises to soon show great strength in this respect.

"There has recently been--and it is worth noticing at this time--great improvement in the legislation of the Southern States. Some years ago railroads and other corporations were troubled with all kinds of hostile legislation. Now a reaction is settling in. The people are taking a more intelligent view of matters, and are not so much governed by demagogues. [ed. note: I am from Louisiana. Huey Long, the ultimate demagoge, was about to emerge on the southern and national scene] The policy pursued now is one of live and let live; it is an enlightened policy, in short. [ed. note: I guess Fink forgot about Jim Crow, poll taxes, and all manner of unenlightened practices; Plessy vs. Ferguson was only 5 years old when he spoke to The New York Times] Hence, corporations and institutions generally can now proceed with every fair chance to succeed. And so it is that I have the greatest faith in the future of the Southern country. I have spent the best part of my life there, and I appreciate its recent astonishing progress.

"I have heard it declared in some quarters that the recent panic in Wall Street may, after al, have been due more to unfavorable general conditions that was supposed. I do not see how this can be. General business conditions are excellent and are just as good now as they were before the panic. As a matter of fact, there never was in my opinion any justification for the very high prices of some securities in the stock market, and for that reason the panic was a good thing in forcing quotations down to a proper level. It would have been better, however, if prices had not tumbled so suddenly but had reached their proper level gradually.

Fake Porto Rico Excise Revenue Overprint on US R173

2011-11-29T06:00:00.001+03:00

Recently I bought the stamp pictured at right on eBay described as "USA R173 Porto Rico Excise $1 Overprint". There were 10 bids, but as the seller chose the private listing option, I'm not sure how many different individuals tendered bids. Obviously at least one other person wanted the stamp.

The seller didn't identify it as a fake or as a genuine stamp, in fact there was no description other than what appeared in the eBay title line quoted above. One isn't supposed to sell fakes on eBay and I don't know whether or not the seller believed it to be a fake. I bid on it assuming it was and because I wanted it -- the equivalent of a philatelic "don't ask, don't tell" situation.

At Left: Genuine Overprint on Puerto Rico R5

At Right: Fake Overprint on US R173

Frank Sente scan

There is no listing for the stamp in the Puerto Rico section, or elsewhere in the Scott Specialized Catalogue. The only dollar values of the Commerce issues overprinted for use in Porto Rico were the the $1, $3, $5, $10, and $50 gray Commerce Issues, like the $1 value shown at left above.  A similar overprint appears on the 1c, 5c, 10c, 25c and 50c battleship issues. Porto Rico was the only territory acquired during the Spanish American War where any of the US documentary stamps were used.  The stamps were used differently than in the United States, i.e. they were used to paid for an entirely different schedule of taxes. We'll leave those details for a future blog.

Here's why I believe it to be a fake. Compared to the crisp appearance of the genuine, the fake has an overall fuzzy appearance. The horizontal axis of the genuine overprint parallels the vertical axis of the stamp's design, whereas the R173 overprint slants uphill reading from left to right deviating noticeably from the vertical axis of the stamp design.  The height of the R173 is almost a full millimeter shorter than the genuine. Also the length of the words "EXCISE REVENUE" appear to be about a half millimeter shorter on the R173 than on the genuine, suggesting that the fake may have been generated via a photocopy process.

I sent scans of it to both Richard Friedberg and Eric Jackson. Friedberg responded that he'd not previously encountered an example. Jackson replied that he had another copy "somewhere". Both also believe it to be a fake.

We'd appreciate hearing from anyone with additional information or having additional copies. 1898revenues@gmail.com.

Railroad Presidents: Frank Thomson, Pennsylvania Railroad

2011-11-28T06:00:00.000+03:00

Frank Thomson was President of the Pennsylvania Railroad from 1897 to 1899. The photo above was included in King's Views of the New York Stock Exchange, published in 1897.

P. R. R.

NOV 3 1898

New York Stock Brokers: W. B. Lawrence & Son

2011-11-26T06:00:00.018+03:00

W. B. Lawrence & Son,

AUG

1898

New York.

Dave Thompson scan

At the time of the publication of the photo above in 1897, Walter B. Lawrence listed his brokerage firm as W. B. Lawrence & Company. However, he had a son, Townsend Lawrence, an 1894 Harvard graduate, who was a practicing member of his firm. Yet at the time of the August, 1898 cancel, Townsend Lawrence was a first lieutenant of the Second United States Volunteer Engineers and an aid-de-camp to Brigadier General Ernst during his unit's deployment to Puerto Rico during the Spanish American war. It appears that father Walter may have renamed his firm Walter B. Lawrence & Son in honor of his son serving as on officer in the US Army.