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.   

Tuesday, December 6, 2011

New York Stock Brokers: John H. Davis & Company



JOHN H. DAVIS & CO.
MAY
8
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.

Monday, December 5, 2011

New York Stock Brokers: Charles A. Harned & Company


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.



Sunday, December 4, 2011

New York Stock Brokers: H. Content & Company


H. CONTENT & CO.
DEC  20  1901
NEW YORK





H. CONTENT & CO.
MAY  2  1901
NEW YORK

Dave Thompson scans





Saturday, December 3, 2011

Friday, December 2, 2011

New York Stock Brokers: Maxwell & Scoville


MAXWELL & SCOVILLE.
NOV
1
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


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.

Thursday, December 1, 2011

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



I. F. MEAD & CO.
MAY
24
1901
New York

Thompson scan

 

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



I. F. MEAD & CO.
DEC
19
1898
New York.
Langlois scan



I. Franklin Mead, member, New York Stock Exchange