Saturday, June 16, 2012

On Beyond Holcombe: B. H. Bacon Company

Editor's Note: Malcolm A. Goldstein is a contributing blogger for 1898 Revenues.  This post is part of a continuing column on the companies that used proprietary battleships.



B. H. Bacon printed cancels from the collection of the late Henry Tolman.  Tolman noted that the second and fourth stamps were "unlisted", meaning that the type was not listed in the Chappell/Joyce listing of proprietary printed cancels published in the 1950s.

******



B. H. Bacon spent his working career in up-state New York..  He began his manufacture of patent medicines in 1885 in Le Roy, N.Y., an Erie Canal town between Rochester and Buffalo in Western New York.  His two most prominent products were Otto’s Cure and Celery King.  An 1895 announcement in one of the pharmaceutical trade magazines stated: “B. H. Bacon & Co., manufacturers of Otto’s Cure, have decided that Rochester is the Garden of Eden and have located there ...”.  This rosy picture may have glossed over a dispute between the various patent medicine manufacturers of Le Roy and its postmaster, who ruled that sample packages the manufacturers wished to mail pursuant to fourth class postal rates were too thick to qualify under those regulations.  Apparently, the postmaster in Rochester, N.Y. was already accommodating the Warner Safe Cure mailings of similar kinds of samples and Bacon decided that business would be easier to transact there.  



By 1901, Bacon himself had died, and the company incorporated.  Otto’s Cure was advertised as late as 1906 as “the cure for coughs, colds, the grippe, whooping cough, asthma, bronchitis and incipient consumption.” Celery King was a nerve tonic meant to sooth everything from sleeplessness and nervous prostration and was advertised as a “positive cure” cure for an encyclopedia of ills ranging from constipation to heart disease.

In 1907, another patent medicine company, S.  H. Wells & Co., itself located in Le Roy, N.Y., purchased the B. H. Bacon Co., and removed the manufacturing facilities back to Le Roy, N.Y.  While its important brand names continued, the Bacon company itself probably determined that it was not worth it to comply with the new Pure Food and Drug Act, passed in 1906.


Thursday, June 14, 2012

New York Stock Brokers: Daniel O'Dell & Company


DANIEL O'DELL & CO.
JAN
8
1901
NEW YORK.

Langlois scan






A clerk's attempt to steal from Daniel O'Dell & Company was recounted in The Morning Call of San Francisco of November 11, 1891:




Wednesday, June 13, 2012

Edison Illuminating Company


ILLUMINATING CO.
JUL  10  1900

Langlois scan



The Edison Illuminating Company was established by Thomas Edison in 1880.  The company constructed and ran electrical generating stations, initially in New York City.  The first station, Pearl Street Station in Manhattan, was opened in 1882. 

Henry Ford was an engineer with Edison Illuminating in the 1890s.  the company was purchased by the Consolidated Gas company during the 1898 tax period.  In the 1930s the company changed its name to Consolidated Edison.

Tuesday, June 12, 2012

Valvoline


Advertisement for Valvoline from the 1916 Proceedings of the Annual Cotton Manufacturers Assocation showing "VALVOLINE OIL CO. successor to Leanard & Ellis"


David Thompson identified and sent in this copy of R155 with a neat bullseye by Leonard & Ellis:


LEONARD & ELLIS.
1898
NEW YORK.


*******


One of the largest producers of motor oil in the United States, Valvoline was founded by Dr. John Ellis.  Ellis formulated a petroleum-based lubricant in 1866 and trademarked the Valvoline name in 1873 in Binghamton, NY.

Valvoline's modern logo:

Monday, June 11, 2012

New York Stock Brokers: Price, McCormick & Company


New York Evening Post, January 7, 1898




R173 rouletted with PM & Co. perfin cancel

David Thompson scan



R173 hyphen hole with PM & Co. perfin cancel

and handstamp cancel:

PRICE, McCORMICK & CO.
MAY
21
xxxx
NEW YORK

Langlois scan





Sunday, June 10, 2012

M.C.R.R.: Maine Central Railroad or Michigan Central Railroad?

M.C.R.R.

Michigan Central Railroad or Maine Central Railroad?  The two stamps below come from a calendar of stamps that was once in the collection of Henry Tolman.  That calendar is replete with stamps from the midwestern properties of the Vanderbilts, in particular the Lake Shore & Michigan Southern Railway.  There are numerous M. C. R. R. cancels from the Michigan Central, also a Vanderbilt property.  In both cases below the cancels are of a small font, both serif and sans serif.






The Maine Central, which also used M. C. R. R. cancels, used a much larger font, at least in the example of the bill of lading below.  I seek more examples of MCRR cancels if you have different types.  Please contact me or send scans to 1898revenues@gmail.com.  Thanks!



Friday, June 8, 2012

New York Stock Brokers: Probst, Wetzlar & Company

P.W.&Co.

What firm cancelled its stamps with an oval with P. W. & Co. inside?  For several years I have had this stamp in my collection:


P. W. & Co.
JAN   19  1899
N. Y.


Then I acquired this block of four:


P. W. & Co.
JUN   18   1902
N. Y.

then David Thompson sent in this pair:



For all these examples, there are two possibilities for the originator of this cancel, with one being more likely.  The best known P.W. & Company brokerage firm in history is Paine, Webber & Co, which existed deep into the 20th century but was headquartered in Boston during the 1898 revenues period.

The other P. W. & Co. firm was Probst, Wetzlar & Co., a prominent New York-London arbitrage firm during the 1898 tax period.  Probst Wetzlar was headquartered in New York, and given that these cancels all include N. Y., I figured these were from Probst Wetzlar but needed proof.

And then an on-document example showed up in the form of a memorandum of sale, and mystery was solved:



Memorandum of sale for 100 shares of the Erie Railroad at 37 7/8 per share.  The hole in the middle possibly came from a clerk in the NYSE's clearing office putting the memorandum on a spindle.




********

Mr. Probst and Mr. Wetzlar in 1898:





Mr. Probst and Mr. Wetzlar made much of their money by trading on the differences in price for US stocks on the London and New York stock exchanges.  Probst, Wetzlar was an arbitrage brokerage house.   In a post from November 22, 2011 on the firm Ladenburg Thalman, I featured the work of arbitrage houses:

From King's Views of The New York Stock Exchange, page 20:

Meanwhile, the "arbitrage houses" have also been in close touch with their correspondents in London over the cable, and their clerks have been busy noting prices and coding orders and instructions. The "arbitrage houses" make a business of buying and selling between the two markets, according as a margin of profit offers itself by disparity in prices, and in active markets each house will send and receive many cables in a minute. There are about eight or ten of such houses, among whom L. von Hoffman & Co., Ladenburg Thalman & Co., L. H. Niles & Co., Probst, Wetzler & Co., and I. & S. Wormser are prominent. The principal arbitrage houses in London are R. Raphael & Sons, Leon Bros., Satterthwaite & Co., Huggins & Clark, and Borthwick, Wark & Co.

The houses just named make a business of dealing between the two markets. Suppose St. Paul stock [the Chicago, Milwaukee & St. Paul, or Milwaukee Road was known as the "St. Paul" in 1897] to be 93 1/2 "sellers" in London at 3 PM, while the first quotation in New York is 91 1/4. As all American stocks in London are quoted on an arbitrary basis of $5 to 1 pound, (i. e., $1 equals 4 shillings), the London quotation is equal to a quotation of 90.69 in New York (with exchange at 4.85), so that with the opening quotation of 91 1/4 the arbitrage house [Ladenburg Thalman & Co.], for example -- buys St. Paul in London at 93 1/2, and sells St. Paul in New York at 91 1/4/ There is a pure profit in the transaction of over 50 cents per share...


Wednesday, June 6, 2012

New York Stock Brokers: Halsted & Hodges


HALSTED & HODGES
JUL
7
1898
NEW YORK.




HALSTED & HODGES
______190____



HALSTED &
HODGES.
APR
3
1901

Langlois scans




Tuesday, June 5, 2012

New York Stock Brokers: Halle & Stieglitz

A CDS cancel by Halle & Stieglitz on a R175 pair was featured on this site back in January.  Yesterday, a CDS cancel by Haven & Stout featured.  For both of these cancels, the firm's names are spelled out, leaving no doubt about the origin of each cancel.  Yet in each case, the brokerage firm's initials are H & S. 

For years I've had mulitple off-document examples of this cancel in my collection:


H.  &  S.
MAR
28
1901


I was never sure of the originator of this cancel, whether Halle & Stieglitz, Haven & Stout, or another.  Fortunately, a packet of broker Memoranda of Sale arrived awhile back and I have an answer.


In the same batch of MOSs were other H&S documents that include several examples of a long straight-line cancel:



If you have another example of a different type H&S cancel, please contact me at 1898revenues@gmail.com.

Monday, June 4, 2012

New York Stock Brokers: Haven & Stout


Advertisement, New York Times, February 1, 1898



HAVEN & STOUT,
APR
26
1899
NEW YORK.

Langlois scan




New York Stock Brokers: Jacob Cahn


J. CAHN,
FEB
17
1899
NEW YORK


Langlois scan

Sunday, June 3, 2012

Saturday, June 2, 2012

Interlude

Phew.  Life has been busy.  I should be back with a real post on Sunday.  See you then