Sunday, December 18, 2011

Auctions: RS303r Piso Company Private Die Full Sheet


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. 



Saturday, December 17, 2011

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



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.




Friday, December 16, 2011

New York Bankers, Banks & Trusts: Manhattan Trust Company


MANHATTAN
MAR
2
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

Thursday, December 15, 2011

New York Stock Brokers: Andrews & Criss


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








Wednesday, December 14, 2011

Auctions: Helmholz & Remick Futures Contract


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. 



Monday, December 12, 2011

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

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

Right stamp:
KESSLER & CO.
JAN  24  1901
--NEW YORK.--

Dave Thompson scan

 

Sunday, December 11, 2011

New York Stock Brokers: Kissam, Whitney & Company


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


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. 

Saturday, December 10, 2011

Friday, December 9, 2011

New York Stock Brokers: Hunter, Cooper & Company


HUNTER, COOPER & CO.
NOV
15
1898
New York

Dave Thompson scan



HUNTER, COOPER & CO.
XX
X
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


KOHN & CO.
AUG
8
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. 

Wednesday, December 7, 2011

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

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.