New York Stock Exchange Presidents

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

6

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

10

1899

Langlois scan

Francis L. Eames

President, NYSE, 1894-1898

Cancels for Eames & Moore

EAMES & MOORE

JAN

2X

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

22

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

5

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

5

1899

NEW YORK.

Langlois scan

New York Stock Brokers: Edward Sweet & Company

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

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

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

New York Stock Brokers: Watson & Brown

WATSON & BROWN

XX

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

Cornell Alumni News, July 1928

ESTABROOK & CO.

MAR

14

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

W. R. HOUGHTALING & CO.

FEB

15

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

C. W. T. & Co.

APR

19

1901

Dave Thompson scan

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. 

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.

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

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

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. 

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