Want to Help Solve Some Mysteries?

Can you help clear up some long-standing mysteries? Following is a list of stock certificates that I know almost nothing about. Most of these listings originated over the years with unillustrated, multi-item auction lots.

Please send 8½ x 11 copies or electronic images of any certificates you may have. In many cases, I know of other certificates for these companies, but none for the dates listed. If there is any response to solving these mysteries, I will list mysterious bonds in a future newsletter.

267 New Certificates from June

	1st Edition	2nd Edition	Currently
Number of certificates listed (counting all variants of issued, specimens, etc.)	8,559	14,112	15,224
Number of distinct certificates known	7,152	11,146	11,954
Number of certificates with celebrity autographs	699	1,175	1,219
Number of celebrity autographs known	232	342	349
Number of railroads and railroad-related companies known	17,276	19,805	20,371
Number of companies for which at least one certificate is known	3,516	5,001	5,302

I finally struck a chord in the June issue. I received more responses to that question than any other question I have asked in the last three years!

I asked if anyone collected certificates based on the numbers of shares. I wondered why so many dealers listed shares instead of serial numbers in their catalogs. I thought I was missing something.

Most collectors said numbers of shares were not important to them at all. A few advanced collectors said they were attracted to high share values when they represented large or controlling interests in companies.

Thankfully, several dealers also wrote letters. All admitted that they referenced numbers of shares out of habit, custom, and imitation of other dealers. In some cases, they said they included numbers of shares just to have something to say about very plain certificates.

I looked over my old price lists and freely admit that I did the same thing when I was in the business.

Respondents did not say much about serial numbers. The few who did, agreed that they like seeing serial numbers included in descriptions of scarce certificates. (I correspond with some collectors about serial number censuses, so I know it is very important to some people.)

One writer wondered conspiratorially why dealers did not include serial numbers.

In defense, I point out that a couple of European dealers record serial numbers of all their certificates. And Smythe and Winslow often include serial numbers of some of their rarer certificates.

Finally, correspondence with one e-mail writer prompted me to add serial numbers to the searchable online database. Now you can see all the serial numbers I currently know about.

Or, rather, all the serial numbers I have added so far.

Regrettably, I have only recorded serial numbers for the last couple of years. Consequently, I am going back through all my references and recovering serial numbers I overlooked for a decade. Talk about time-consuming! I can only add about 500 numbers per week. So, please be patient because I have a long, long way to go!

Catalog Needed

Do you have a copy of Smythe catalog 166 you can let me copy?

State Seals on Stocks and Bonds

States and provinces in the U.S. and Canada use official seals to validate their business dealings and laws. I imagine states in Mexico do the same.

State seals are similar to corporate seals. They are about 2½ inches in diameter, made of metal, and used in hand-held tools to emboss official paper documents.

State seals are political in nature, so they are designed to represent qualities that states deem important. Some designs are quite complicated, given the small metal disk upon which the designs appear. However, codification of the designs is often more intricate than even the designs themselves.

State codes generally prohibit exact reproduction of seal designs except for official state business. Nonetheless, state seals are strong and identifiable designs, so businesses often modify them for commercial use.

Modified state and provincial seals appear on at least 636 varieties of railroad certificates. Pennsylvania’s state seal is the most heavily-used. Seals from Massachusetts, New York, New Jersey, and Georgia are also very popular.

Interestingly, the most commonly depicted image on Pennsylvania railroad certificates is actually not the state seal. It is more properly be called a “Coat of Arms.”

The actual state seal shows an eagle, a ship, a plow, and sheaves of wheat. The most popular Pennsylvania design is the one that appears on the state flag. It shows two black horses flanking the principal design elements of the state seal. On certificates, the design is usually modified with more robust horses and one of the horses is usually white.

You may view all the U.S. state seals on my web site at: www.coxrail.com/state-seals.htm. 

I am designing a “Finding Chart” for state seals. State seals are usually heavily modified, so I want to include only the elements that appear on certificates, not just the official elements.

To help me out, would you send copies or scans of any state seals that appear on your certificates? While there are lots of photos in catalogs, they are just too small to see details. An enlarged copy of the seal portion is really all I need. (The Colorado seal from the Moffat Tunnel bond is a good example.)

Special Letter that was was sent to correspondents with this issue of the UPDATE Newsletter...

August 29, 2001

Collectors and dealers continue to ask... "When is the second edition coming out?"

As you probably know, the second edition was originally scheduled for release in January, 2001. I "pulled the plug" on new listings on the first of December. At that time, there were 14,112 certificates cataloged, compared to 8,559 certificates in the first edition.

Unfortunately, health concerns in the publisher's family forced a postponement. I want you to know that publishing of the second edition is still a high priority for both the publisher and me, but its schedule is uncertain. It should be possible to get the book out in 2002. Whether it turns out to be early or late in the year, though, depends on unpredictable developments.

I consider Fred Schwan, the owner and publisher of BNR Press, a good friend. (You may know him as the author of the definitive book on Military Payment Certificates.) As a friend, I intend to do my part to help decrease pressure on him, just as I would want him to do for me if our positions were reversed. While we all want to see the second edition in print, the truth is, it is just a book. We need to keep perspective that many things in life are more important than books.

So, for the time being, I will be the intermediary. I will keep track of everyone who contacts me concerning the book's scheduling and potential advertising.

Even if you have contacted me before, feel free to keep writing. It does not hurt to remind me. (If you are getting this letter as part of the UPDATE newsletter, you are already in my system.)

I cannot promise when the second edition will emerge. But I can promise you that I will contact you when the schedule firms up.
Until then...

• Visit my web site at www.coxrail.com. On the site you will find:
  • links to dealers,
  • large amounts of text about stocks and bonds,
  • the complete searchable database of EVERY certificate I currently know about,
  • sections about mysterious vignettes and questionable companies,
  • links to operating railroad companies,
  • and much, much more.
• Continue sending copies of images of new certificates. Whenever BNR Press publishes the second edition, both Fred and I agree that we want it as up-to-date as humanly possible. Since the December deadline, the database has already grown by over 1,000 new listings! We now have an uncertain amount of time, so I beg you to continue to contribute information.
• Let me know if you want to advertise in the next edition. I will not sell advertising space, but I will keep your name on file. I will do everything I can to make sure BNR Press contacts you long in advance of publishing.
• Contact me with whatever questions and news you have. I will always return your letters and e-mails within a couple of days.