Scripophily Glossary

by Terry Cox and Bob Kerstein
If you would like to see other words defined, please email us.

Accrued income bond. A type of bond that pays interest only when the company has sufficient income. The company must make up missed payments.Adjustment bonds. Bonds issued in exchange for outstanding bonds when re-capitalizing nearly bankrupt companies. Similar to income bonds because companies may delay interest payments.

Annuity bonds. Bonds with no maturity dates. Annuity bonds make steady interest payments. Also known as perpetual bonds.

Assessable stock. Typical the stock of the 1800s whereby a company could ‘assess’ existing stockholders for additional funds to be invested.

Bearer bonds. Bonds with principal and interest payable to whoever holds the certificates.  In other words, it is not registered in anyone’s name.

Bearer stock. Stock controlled by whomever holds the stock. Extremely rare among North American certificates.

Callable bonds. Bonds that companies may repay (call) prior to scheduled maturity dates. Companies usually pay interest penalties when buying back these bonds.

Cancellation Markings and Date – When a certificate is cancelled, it is usually marked cancelled by stamp or pen, or punched with holes.  On the more modern certificates, the pin holes show the date of cancellation.

Capital stock. Represents the entire issuance of all classes of stock. Most companies issue only one class of stock, so capital stock is generally synonymous with common stock.

Classes of stock. The two primary classes of modern stock are “Common” and “Preferred.” Some companies further sub-divide these classes into ‘Class A,’ ‘Class B,’ “First Preferred,” and so forth. The intent is to give variable voting rights and dividend rights to stockholders.

Collateral trust bonds. Bonds secured partially by trust (like a debenture) and partially by collateral.

Common stock. Typical stock. Stockholders share in profits in proportion to the number of shares they own. Some Canadian and UK stocks label them as “ordinary.”

Consolidated bonds, consolidated mortgages. Sometimes called monster mortgages. These are new loans issued to pay off several older loans. Often, those earlier issues carry higher interest rates. Railroads often used consolidated mortgages when merging smaller lines into larger systems.

Counterfeit Protection – Many certificates have different forms of counterfeit protection such as the quality of paper, dots embedded in the paper, watermarks as well as other techniques.

Convertible bonds. Bonds exchangeable for stock. Convertible bonds commonly offer greater potential for appreciation in value if stock prices rise.

Convertible preferred stock. Preferred stock with special provisions that allow conversion to common stock at designated times or specific prices.

Corporate stock. Common stock.

Corporate Seal – Official Seal of the Corporation can be printed or embossed – Usually has name of company, state of incorporation and incorporation date.

Coupon. A small certificate, usually cut from a bond, that could be redeemed for interest payments. Coupon bonds are no longer used in the U.S., but a bond’s interest rate is also known as its “coupon.”

Coupon bonds. Bonds initially issued with coupons attached. Coupons were traded for interest payments.

Cumulative income bond. A type of bond that pays interest only when there is sufficient company income. The company must make up missed interest payments.

Cumulative preferred stock. Preferred stock that allows companies to postpone dividend payments. Dividends accumulate if any are missed.

Debentures. Totally unsecured loans. Loans are guaranteed only by the good reputations of companies. The New York Central Railroad issued many debentures.

Deferred interest bonds. Bonds that defer interest payments, often until maturity.

Dematerialization As a result of the high costs associated with issuing paper certificates, many stock exchanges and countries around the world no longer require the issuing of paper certificates.  Stock brokerage firms and many if the issuing company’s enthusiastically support this effort which is called “Dematerialization”.

Dividends. Usually a portions of the company profits paid to shareholders divided ratably  on a per-share basis as authorized by the company’s board of directors. .

Equipment trusts. Forms of collateral trust bonds secured by railroads’ operating equipment and reputations. Titles to equipment are normally registered in the names of trustees and are held until loans are repaid. Equipment trusts are commonly denominated in “shares” of $1000 each.

Extendable bonds. Bonds that give investors the right to extend the repayment of principal beyond maturity dates.

Extended bonds. Bonds with delayed principal repayments. Collateral normally stays the same. Often, extension terms are stamped on the faces of the bonds. Occasionally companies issuedextended debt certificates instead of stamping original bonds.

First mortgage bonds. Primary loans that use companies’ property as collateral.

Float a loan. To initiate a loan. To sell a series of bonds.

Floating-rate bonds. Bonds that employ variable interest rates. Many recent bonds are this type. Certificates usually show tables of yearly interest rates.

Foxing –  This a print condition of scattered brown spots usually a result of too much bleach used to manufacture the paper which reacts chemically with dampness.

Funded bonds. Money is accumulated in special accounts so companies can repay loans easily at maturity. Probably synonymous in practice with sinking fund bonds.

Gold bonds. Bonds payable in gold, as opposed to lawful money.

Government aid bond. Bond issued by a state, province, county, township, or city to underwrite rail development into areas not served by rail.

Income bonds. Bonds that pay interest only if there are sufficient earnings. Accrued income bonds and cumulative income bonds repay all missed payments. Non-cumulative income bondsdo not.

Interchangeable bonds. Bonds that may switch between bearer and registered status. Coupon bonds from the 1880s and 1890s often show records of such changes.

Interim receipt. Definition varied among companies, but generally represented a receipt for a fully-paid stock or bond used while engraved certificates were being prepared. Often synonymous with a temporary stock or bond.

Imprinted revenue. A revenue stamp pre-printed on stocks, bonds, tickets, and checks. The most common U.S. imprints are found from about 1867 to 1872. British imprints are also very common. U.S. imprints are usually orange. British imprints are normally red.

Land grant bonds. Loans that used land granted by state and federal governments as collateral.

Monster mortgages. Consolidated mortgages that repay several smaller, higher interest mortgages in exchange for one larger mortgage with lower interest payments.

Municipal bond – Represents borrowing by state or local governments to pay for special projects such as highways or sewers. The interest that investors receive is exempt from some income taxes.

No-par value stocks. Stock with no stated value. Companies sell such stock at market rates.

Non-assessable stock. Stock immune from further company demands for investment. Most recent stock certificates say, ‘Fully paid and non-assessable.’

Non-cumulative income bond. A type of bond that pays interest only when there is sufficient income. Missed payments are not made up.

Original issue discount bonds. Bonds that carry below-average interest rates. To make up for the low interest rates, companies sell these bonds for less than face values. In other words, they sell them at discounts.

Par value. Initially, the selling price of a single share of stock. The term later evolved into a bookkeeping term. Confusion eventually forced some companies to state that their stocks had ‘no-par value.’ Modern companies often give their stock 1¢ par values. It is also the minimum legal capital per share of a corporation that cannot be distributed except by special legal action.

Participating preferred stock. Preferred stock with special provisions that allow stockholders to receive extra dividends if the company shows excess profits, thereby participating in profits.

Perpetual bonds. Bonds with no maturity dates. Perpetual bonds make steady interest payments. Also called annuity bonds.

Planchette paper. Special security paper with embedded disks of colored paper. Invented by American Bank Note Company in 1891, and widely used after 1940.

Preferred stock. Stock with a preferred status in receiving dividends. Preferred stock dividends are normally fixed from year to year and do not vary as dividends for common stocks do. Because of preferential status, preferred stocks are paid dividends even if there is insufficient money to pay dividends on common stocks. Preferred stocks also receive a preferential treatment if there are any assets left after a company dissolves.

Proof. An unfinished certificate usually created while still in the engraving stage to check details. Proofs may be missing certain features or words later included on final-production certificates. Proofs may be printed on thin tissue-like paper, india paper, or thick card stock. If subsequently folded, card-stock proofs tend to be in poor condition. Unlike specimens, proofs tend to be one-of-a-kind items.

Receiver’s certificates or trustee’s certificates. Bonds issued by court-appointed trustees in efforts to fund continued operations in bankrupt or nearly-bankrupt companies. In repaying loans, receiver’s certificates take precedence over all other securities.

Recto. The front of a certificate.

Redeemable bonds. Bonds that companies may repay prior to scheduled maturity dates. Companies usually pay interest penalties when buying back these bonds prematurely.

Refunding bonds. These are new loans that replace older loans, preferably at lower interest rates. They work similar to home re-financing to lower monthly payments. Easier to understand as re-funding.

Registrar – The Registrar is usually a trust company or bank charged with the responsibility of keeping a record of the owners of a corporation’s securities and preventing the issuance of more than the authorized amount.

Registered bonds. Bonds registered to specific owners. Only registered owners, or their legal assignees, can collect interest and principal.

Revenue stamp. A adhesive stamp attached to stocks, bonds, and other financial documents representing a small tax paid to either a country or state. In some cases, revenue stamps were attached to the stub instead of the actual certificate.

SCRIPOPHILY (scrip-af-il-ly), the hobby collecting of authentic old stock and bond certificates.  The word resulted combining words from English and Greek. The word “scrip”  represents an ownership right and the word “philos” means to love.  

Second mortgage bonds. An additional loan on company property, already covered by a first mortgage. Second mortgages are junior to first mortgages, meaning first mortgages must must be redeemed before second mortgages. Second mortgages are riskier and commonly carry higher interest rates than first mortgages.

Securities & Exchange Commission (SEC) A federal agency that regulates the U.S. financial markets. The SEC also oversees the securities industry and promotes full disclosure in order to protect the investing public against malpractice in the securities markets.

Serial Number – Unique serial number is assigned to each certificate.  Usually preprinted.

Serial equipment trust. Trusts that became due and payable over a period of years, instead of all at once like ordinary bonds.

Share. Equal portion of rights and interest in a company.

Sink a loan. To pay off a loan. To redeem a series of bonds.

Sinking fund bonds. Money is accumulated regularly in special accounts so companies can repay loans easily at maturity. Theoretically, sinking fund bonds are safer investments.

Specimen. Specimen Certificates are actual certificates that have never been issued. They were usually kept by the printers in their permanent archives as their only example of a particular certificate.  Specimens were also used to show prospective clients different types of certificate designs that were available. Most specimens are numbered “00000” and are stamped “SPECIMEN”, commonly in the signature area. Specimens are usually minimally punch cancelled.

State of Incorporation – The state in which the company was incorporated and has their corporate charter

Stamp frame. And ornamental box to allow uniform placement of an adhesive revenue stamp. Usually found on the left side of stock certificates used in the 1860s and 1870s.

Stock exchanges Formal organizations, approved and regulated by the Securities and Exchange Commission (SEC) in the United States, that are made up of members who use the facilities to exchange certain common stocks. The two major national stock exchanges in the United States are the New York Stock Exchange (NYSE) and the American Stock Exchange (ASE or AMEX).

Stock dividend Payment of a corporate dividend in the form of stock rather than cash. The stock dividend may be additional shares in the company, or it may be shares in a subsidiary being spun off to shareholders. Stock dividends are often used to conserve cash needed to operate the business.

Trustee’s certificates. Bonds issued by court-appointed trustees in efforts to fund continued operations in bankrupt or nearly-bankrupt companies. In repaying loans, receiver’s certificates take precedence over all other securities.

Third mortgage bonds. An third loan on company property, already covered by first and second mortgages. Third mortgages are junior to second mortgages, meaning first and second mortgages must must be redeemed before third mortgages. Third mortgages are risker and commonly carry higher interest rates than second mortgages. Very few third mortgage bonds are known.

Transfer Agents are hired by companies as “caretakers” for their shareholders. They maintain shareholder records and issue new certificates (virtual or paper) when needed.  They also distribute proxies, dividends and annual reports to shareholders and brokers, and forward company correspondence to shareholders.

Verso. The back of a certificate.

Vignette. A vignette (pronounced vin- YET) is an illustration that appears on stocks, bonds, paper money, checks, letterhead, invoices, and so forth. Vignettes are artistic, but they have serious security purposes. In theory, complicated and delicate vignettes are hard to counterfeit.  Vignettes are normally more valuable if they were made specifically for use by one company versus generic vignettes which were used by many different companies.

Zero-coupon bonds. Bonds that pay no interest. In financial jargon, bonds’ interest rates are their coupons. By inference, zero coupon means zero interest. In order to make up for not paying interest, companies sell zeros for much less than their face values. Zero-coupon bonds are extreme examples of original-issue discount bonds.

South Africa Scripophily

by Mario Boone

South Africa is not only one of the most beautiful countries in the world, it is probably also one of the most fascinating, with a history that goes back as far as mankind. The first permanent European settlers were Dutch. Under the orders of the Dutch East India Company (VOC), Jan van Riebeeck founded in 1652 the first white settlement at the Cape of Good Hope. It was the beginning of a long colonization process by which Dutch, German and French colonists (so-called Boers) went deeper and deeper into the unexplored African inland, often leading to bloody conflicts with the native inhabitants, the Khoisan and Bantu tribes such as the Xhosa and Zulus. In the beginning of the 19th century, the British took control over the Cape and many Boers went further north to establish their own republics: Transvaal and Orange Free State. However, Great Britain didn’t give in and tried to unite the whole of South Africa under its authority. In 1910, and despite two Boer Wars led by the legendary Paul Kruger, London achieved its goal. In the following years, South Africa increased its autonomy towards Great Britain and went more and more its own and well known way.

For centuries, South Africa had an economy largely based on agriculture and without any major industries. As a result, very few old stocks are known.

The discovery of Diamonds

In 1869, this was all to change. It that year, the discovery on the banks of the Orange River of the Star of Africa, a 83,5 carats rough diamond, became the catalyst for the great diamond rush. While at first ‘wet’ diggings along the banks of the Orange and Vaal rivers were pursued, it was only a matter of months before major finds were made ‘inland’. Six major diamond mines were discovered during the “Great Rush” (1869-1871) : Bultfontein, Koffiefontein, Jagersfontein, Dutoitspan, De Beers and Kimberley (the richest of all). From than on and up till today, no other country would mine more diamonds than South Africa does. In those early days, some 3600 different mining claims were bought by individual persons. Consolidation (economics of scale) made of course much sense and after a change of law in 1876, this was exactly what happened. After a fierce battle for overall control of the diamond fields  between  Barney  Barnato  and  the   legendary Cecil Rhodes, the latter took de facto control over almost the complete South African diamond industry. He amalgamated his holdings into the De Beers Consolidated Mines. By 1929, the German-originated Oppenheimer family took control over De Beers and continues up till today to run what is by far the world’s biggest diamond business.

The discovery of Gold

Even more important than diamonds for the South African economy was the discovery of gold in 1886 when George Harrison found an outcrop of the main reef of gold-bearing conglomerate near Johannesburg. Unlike the earlier Californian and Australian discoveries, this field was not an alluvial deposit where thousands of freelance gold diggers could work, it was the tip of low grade reefs which could be mined only at depth and at great initial capital cost. There was very little capital in South Africa at that moment, so many mining companies were founded and listed on the stock exchange in London. Here again, consolidation took place among the successful companies (i.e. those who had claims where enough gold could be extracted to make a profit) while many others were quickly dissolved because of lack of fortune. While for diamonds, only ‘De Beers’ really stands out, there are seven big gold mine companies who make that South Africa was, and still is, the world’s largest gold producer: Gold Fields of South Africa (founded by Rhodes), Rand Mines (now Randgold), Johannesburg Cons. Investments, General Mining (now Gencor), Union Corporation (now Gencor), Anglo American (founded by Oppenheimer, now AngloGold) and AngloVaal. Up until today, South Africa has produced no less than 35% of all gold ever mined in the world!

Collecting South African stocks & bonds

The historical significance of collecting South African certificates is obvious from the above text. Yet, there is more: several pieces are very attractive, most ones are in English and sometimes with interesting foreign influences. Overall, there are a few hundred different pieces known, though almost all are quite rare because of the low number of stocks issued (most were small companies), yet prices tend to be rather moderate thanks to the fact that Scripophily is not yet very well known in South Africa.

Autographs by Terry Cox

Autograph collecting is a hobby separate from stock and bond collecting. It just happens to overlap the stock and bond hobby because many certificates are issued to, or otherwise signed by, major and minor celebrities. Autographs are important both for their historical significance, and for their speculative possibilities.

Do your research

Newcomers often share the misconception that autographs represent excellent opportunities to get rich quick. A warning is in order. You cannot stumble into this specialty and reasonably expect to win. Autograph collecting takes careful research. It takes a clear understanding of the market. Without both, speculation in autographs represents a terrific opportunity to get poor quick.

The autographs that show the greatest demand among advanced collectors are those of major industrialists (Rockefeller, Carnegie), major investors (Hetty Green), legendary railroaders (Commodore Vanderbilt, Jay Gould), and major historical figures (Nathan Bedford Forrest). Signatures of that caliber routinely attract prices in the thousands of dollars.

There are fewer such autographs than there are collectors who want them, so important signatures show steady increases in prices. Price increases routinely beat inflation by several percent per year. At that level of collecting, all attention is focused on the value of autographs. The values of certificates on which they it appear are immaterial.

Down the ladder of importance are signatures of prominent railroaders (Harriman, Huntington, and the Vanderbilt heirs), important industrialists (Morgan, DuPont, and Mellon), politicians (Fillmore), and military figures (Burnside.) Make no mistake. These were important Americans. Still, collectors usually pay less than a thousand dollars each for their signatures. Their popularity is somewhat fickle. They are in a different class than the previous group. Like the previous group, their signatures are worth more than the certificates they grace.

In less demand are the signatures of minor figures. In this group are autographs from people like Cassatt, Clews, Depew, Grow, and Scott. These people were important to their companies. Many were well known in their time. Still, they had limited impact on the nation as a whole. At this level, you can discern the values of autographs separate from the values of certificates. Expect to pay $5 to $100 for autographs from this group plus the cost of the certificates they are on. Buy autographs from this group carefully. Always consider possible resale. When you buy these kinds of autographs, try to buy those with minimal cancellations, legible handwriting, and scarcer certificates.

The most unpredictable group of autographs are those of locally-important figures. These are figures who were important in one city, county, or state, but who may not have been well-known elsewhere. Such autographs can attract huge bids in one auction, and go unsold thereafter. This is the realm of the specialist.

When you are first starting to collect autographs, be very cautious! If you see an autograph for sale, and you do not already know who that person was, that is a gentle hint that you should do more research before you invest. Never buy an autograph until you know whose signature you are buying and why you need to own it.

What exactly is an autograph?

For the purposes of this catalog, an autograph is:

A signature, usually in ink, signed by hand by the person whose name appears.

This definition seems so obvious that I need to define what is NOT an autograph.

A printed or rubber stamped facsimile signature.
A signature signed by a mechanical device (Autopen or Signa-Signer).
A signature signed by someone (a surrogate signer) other than the person named.

Stock certificates commonly offer several autograph possibilities. On the front (recto) of each stock certificate are usually two signatures of company executives. These are usually the company president and a clerk or treasurer. Additionally, there may be counter-signatures or clerks or officers in trust companies or banks. If a stock certificate was legally transferred, the signature of the stockholder will usually appear on the back (verso). Such certificates may also include potentially valuable signatures of witnesses, attorneys, and transfer company officers.

Issued bonds usually show the company president’s signature on the front. They may also include signatures of comptrollers, treasurers, and clerks. Owners’ signatures seldom appear anywhere on bearer bonds. Registered bonds, however, may show owners’ signatures on the back. The backs of many bonds show the signatures of trustees and guarantors.

Issued to, but not signed by…

In this price guide, you will see a few references to certificates that were issued to famous people, but the celebrities never signed them. Normally, such certificates are signed by attorneys. Such certificates are not autographed. However, because they carry famous names, they attract auction bids slightly above ordinary certificates.

Pens used for autographs

Prior to the 1940s, almost all stocks and bonds were signed by hand with some sort of quill pen, steel nib pen, or fountain pen. Inks for those pens were usually a black or bluish black when applied, but most aged to a brown color. As a rule, very old autographs show a brown halo caused by migration of the liquid agent (usually linseed oil) that carried the black pigment (usually lamp black.)

Signatures signed in ball point pen started appearing in the 1950s. Although uncommon, you will occasionally find low quality ‘forgeries’ signed with ball-point pens. The modern ball-point pen was invented in about 1935, although the earliest patent was issued in 1888. The first successful ball point pen was sold in large quantities in 1945. You can be certain that anything signed with a ball-point pen before 1935 is definately a forgery. Any certificate signed in ball point before late 1945 should be highly questionable.

It is sometimes hard to distinguish facsimile signatures from autographs. The surest way to tell the difference is to flip the certificate over. Fountain pen ink normally soaked through the paper while printed facsimile ink did not. Real autographs normally dented the paper, the evidence of which can be seen most easily from the back. Another method is to look closely where one pen stroke crossed another. If the junction of the two strokes is exactly the same shade as the surrounding pen strokes, you’re probably dealing with a facsimile. (Experiment with both fountain pens and ball-point pens to see how they behave.)

Facsimile signatures are common on recent stocks and bonds, but it is hard to pinpoint exactly when they first appeared. The New York Central heavily used pre-printed officers’ autographs in the 1940s, and thereafter. The earliest recorded facsimile signature in the database is currently attributed to a New York Central specimen (NEW-530-Ss-65) from 1914.

There is no easy way to discriminate between Autopen signatures and genuine handwritten signatures. Generally, you need several certificates for comparison. If several signatures are identical in flow and appearance, you have a mechanically-made signature. If the signatures vary considerably, you probably have genuine signatures. (Notable exceptions are the signatures of the U.S. Presidents where several different auto-signing machines may be used concurrently.)

Authenticity

Authenticity is a serious issue with autographs. Fortunately, the engraving on stocks and bonds is usually so complex, and certificates are still so cheap, that counterfeiting of whole documents makes little sense. However, forgers can buy unissued certificates and add fake signatures. They can also remove worthless signatures from issued certificates and substitute forgeries of valuable autographs.

So far, stock and bond autograph forgeries have proven rare. That will probably change as autographs grow increasingly valuable. Protect yourself as much as possible by buying autographs from reputable, established dealers who unequivocally guarantee their products. For valuable signatures, seek expert authentication from one or more third party appraisers.

Finally, read these books:

Questioned Documents
Collecting Autographs and Manuscripts
Salamander: the story of the Mormon forgery murders

Prices for autographed issues

Autograph collecting is a separate hobby that happens to involve stocks and bonds. Autographs of famous people add significantly to values of otherwise common stocks and bonds. Autograph collecting can be highly profitable. Taken as a group, autographs have historically shown excellent price growth. They are popular investments.

Fame and autograph demand

Generally, the richer and more influential the individual, the more collectors demand his or her signature.

Autographs from last century’s millionaires are usually in high demand. Autographs from heirs and offspring are worth much less than their illustrious parents. Signatures from celebrity spouses are usually in less demand except among specialist collectors.

Unless individuals were notorious, rich, or both, autographs of company officers are seldom sought after. Autographs from persons of pure celebrity (movie stars, composers, sports figures) are valued roughly in comparison with their enduring fame. The perceived value of autographs from politicians, military figures, judges, crooks, and other notables roughly track the degree of their national impact.

Presently, the most ‘valuable’ rail-related autograph is that of Andrew Carnegie. It appeared on a Pullman Palace Car stock certificate and sold for over $70,000 in the 1999 Strasburg sale by R.M. Smythe. Other extremely valuable autographs include ‘Commodore’ Cornelius Vanderbilt, founder of the New York Central Railroad and the Vanderbilt dynasty. His signature is extremely rare on railroad certificates. Signatures from Jay Gould, on items other than MKT stocks, are also extremely valuable.

The pricing of autographs is problematic

The so-called value of autographs depends on one thing – how important buyers think an autograph should be. One buyer may be completely enamored with the ‘get it done’ tenacity of John Casement as he drove the Union Pacific westward across the continent. Another buyer might wonder, ‘So what?’ The value of every autograph is personal.

The values of autographs in the catalog come primarily from prices realized at auctions. In most cases, auction prices represent competition between two or more bidders. Prices in fixed-price catalogs will usually be higher.

Look before you leap

Buy autographs cautiously, especially when you are first starting. Study all aspects of autograph collecting before you invest. Prices will be cyclic. Autograph prices CAN AND DO FALL! Financial returns can be wonderful or pitiful.

Think about resale

Because of potential profits, and losses, autograph collecting is often equated with investing. Consequently, when you collect autographs, you should always keep an eye on potential resale. Never buy an autograph before you assess its future. Ask yourself, as dispassionately as possible, whether you think future collectors will think a particular signature as desirable as you do. Commodore Vanderbilt’s autographs are easy. But what about Henry Clews’?

Uncontrollable events affect values.

Random events affect people’s impressions about the importance of specific autographs. For example, consider the 1869 Selma Marion & Memphis Railroad bond. All were signed by Confederate hero Nathan Bedford Forrest.

In 1989, the bonds routinely sold for $150 to $250. Then came along Public Television’s broadcast Ken Burn’s Civil War series in 1990. Within months, dealers in a wide range of hobbies noticed an unprecedented interest in every kind of collectible related to the Civil War. By 1992, Selma Memphis & Marion bonds were selling for as much as $900. By 1994, auction prices had topped $1,100. They are currently in the $2,500 to $3,000 range.

Outside events can also lower values and salability of autographs. You can see notable examples with signatures of World War I personalities. They were in very high demand during the 1920s and 1930s. After World War II, interest in World War I autographs dropped significantly. Prices are still low considering their age and historical significance.

The Wealthy One Hundred

The Wealthy 100

Some years ago, two business professors published a most interesting book entitled The Wealthy 100, in which they compared and ranked the fortunes of various American businessmen across time.  For example, John D. Rockefeller was worth approximately $1.4 billion when he died in 1937, apparently mere pocket change for the $60 billion wealth of Bill Gates today.  Yet according to the authors, Rockefeller is #1 on the list and Gates is #31.  The writers used an interesting measuring stick that allows them to compare different eras.  It is a simple formula, dividing a person’s wealth by the estimated Gross National Product.  When Rockefeller died, his fortune was estimated as 1/65th of the GNP, whereas Gates’ wealth accounts for only 1/425th of the GNP in 1995 [it has grown considerably in the last 3 years, and is now estimated in 1999 at only 1/135th of the GNP, still far behind Rockefeller’s share].  In today’s dollars, Rockefeller’s personal fortune would be worth an astounding $190 billion, making Gates’ $60 billion slightly more than pocket change for Rockefeller!  To put this into more understandable terms, at times, Rockefeller’s wealth exceeded the annual Federal budget.  I won’t comment on whether this is a commentary on the growth of Federal expenditures or the reduction in the accumulation of wealth.  But I believe it would be impossible for Gates’ net worth to exceed today’s trillion dollar budgets.  Still, it has been recently estimated that Gates is as wealthy as the bottom 100 million Americans combined.

Looking over the list, I think the most interesting aspect of the list is how many of these successful entrepreneurs were immigrants, their sole baggage on the long ocean voyage little more than a large dream.  Andrew Carnegie, John Jacob Astor, Stephen Girard, Alexander Stewart, Frederick Weyerhauser, William Weightman, Claus Spreckels, Anthony Brady, Adolphus Busch, John Kluge, Joseph Pulitzer, Samuel Slater, and August Belmont were not native-born Americans.   In fact, five of the top ten were born in Europe and came here seeking a better life, which they ultimately found.

Also remarkable is the number of people who left their fortunes to charity, and many of them are well known, such as the Ford Foundation, the Rockefeller Foundation, the numerous Carnegie Libraries, Chicago’s Field Museum of Natural History, Girard College, Stanford University, the Frick Educational Commission, the Peabody Educational Fund, Duke University, the Robert Wood Johnson Foundation, Johns Hopkins University, and many other unnamed charities and foundations.

We believe it would be interesting and challenging for scripopholists to try to collect as many of The Wealthy 100 as possible.  So we made it as easy as possible for you.  Below, is a listing of the ninety-nine men and lone woman who made up this list, followed by an assortment of their signed stocks, bonds, letters and documents.

 

Rank Name Born Died Wealth in 1000s Ratio (Wealth:
GNP)
1 John D. Rockefeller 1839 1937 $1,400,000 65
2 Cornelius Vanderbilt 1794 1877 $105,000 87
3 John Jacob Astor 1763 1848 $20,000 107
4 Stephen Girard 1750 1831 $7,500 150
5 Andrew Carnegie 1835 1919 $475,000 166
6 A.T. Stewart 1803 1876 $50,000 178
7 Frederick Weyerhaeuser 1834 1914 $200,000 182
8 Jay Gould 1836 1892 $77,000 185
9 Stephen Van Rensselaer 1764 1839 $10,000 194
10 Marshall Field 1834 1906 $140,000 205
11 Henry Ford 1863 1947 $1,000,000 231
12 Andrew W. Mellon 1855 1937 $350,000 258
13 Richard B. Mellon 1858 1933 $350,000 258
14 Sam M. Walton 1918 1992 $22,000,000 275
15 James G. Fair 1831 1894 $45,000 280
16 William Weightman 1813 1904 $80,000 286
17 Moses Taylor 1806 1882 $40,000 286
18 Russell Sage 1816 1906 $100,000 287
19 John I. Blair 1802 1899 $60,000 289
20 Cyrus Curtis 1850 1933 $174,000 320
21 Edward Henry Harriman 1848 1909 $100,000 322
22 Henry H. Rogers 1840 1909 $100,000 322
23 J. P. Morgan 1837 1913 $119,000 328
24 Col. Oliver Payne 1839 1917 $178,000 337
25 Henry C. Frick 1849 1919 $225,000 351
26 Collis Potter Huntington 1821 1900 $50,000 374
27 Peter A. Widener 1834 1915 $100,000 387
28 James Cair Flood 1826 1888 $30,000 405
29 Nicholas Longworth 1782 1863 $15,000 411
30 Philip Danforth Armour 1832 1901 $50,000 413
31 Bill Gates 1955 $15,000,000 425
32 Mark Hopkins 1813 1878 $20,000 446
33 Edward Clark 1810 1882 $25,000 458
34 Leland Stanford 1824 1893 $30,000 462
35 William Rockefeller 1841 1922 $150,000 493
36 Hetty Green 1834 1916 $100,000 498
37 James J. Hill 1838 1916 $100,000 498
38 Elias Hasket Derby 1739 1799 $800 515
39 Warren Buffett 1930 $12,000,000 532
40 Claus Spreckels 1828 1908 $50,000 554
41 George Peabody 1795 1869 $16,000 556
42 Charles Crocker 1822 1888 $20,000 608
43 William Andrews Clark 1839 1925 $150,000 609
44 George Eastman 1854 1932 $95,000 611
45 Charles Tiffany 1812 1902 $35,000 616
46 Thomas Fortune Ryan 1851 1928 $155,000 633
47 Edward Stephen Harkness 1874 1940 $155,000 643
48 Henry M. Flagler 1830 1913 $60,000 651
49 James Buchanan Duke 1856 1925 $140,000 652
50 Israel Thorndike 1755 1832 $1,800 674
51 William S. O’Brien 1825 1878 $12,000 696
52 Isaac Merritt Singer 1811 1875 $13,000 709
53 George Hearst 1820 1891 $19,000 712
54 John Hancock 1736 1793 $350 714
55 John W. Garrett 1820 1884 $15,000 715
56 John W. Mackay 1831 1902 $30,000 718
57 Julius Rosenwald 1862 1932 $80,000 726
58 George F. Baker 1840 1931 $100,000 758
59 George Washington 1732 1799 $530 777
60 Anthony N. Brady 1834 1913 $50,000 781
61 Adolphus Busch 1839 1919 $50,000 781
62 John T. Dorrance 1873 1930 $115,000 786
63 George Pullman 1831 1897 $17,500 835
64 Robert Wood Johnson, Jr. 1893 1968 $1,000,000 864
65 Horace E. Dodge 1868 1920 $100,000 889
66 John F. Dodge 1864 1920 $100,000 889
67 J. Paul Getty 1892 1976 $2,000,000 893
68 William Aspinwall 1807 1875 $4,000 913
69 Johns Hopkins 1795 1873 $10,000 944
70 John Werner Kluge 1914 $6,700,000 952
71 Samuel Colt 1814 1862 $5,000 966
72 James Stillman 1850 1918 $77,000 989
73 William Collins Whitney 1841 1904 $23,000 993
74 William Thaw 1818 1889 $12,000 1040
75 Paul G. Allen 1953 $6,100,000 1046
76 Cyrus McCormick 1809 1884 $10,000 1072
77 Arthur Vining Davis 1867 1962 $400,000 1103
78 Thomas H. Perkins 1764 1854 $3,000 1116
79 Joseph Pulitzer 1847 1911 $30,000 1142
80 Daniel Willis James 1832 1907 $26,000 1169
81 Howard Hughes 1905 1976 $1,500,000 1190
82 Frank W. Woolworth 1852 1919 $6,500 1214
83 John McDonogh 1779 1850 $2,000 1278
84 Samuel Slater 1768 1835 $1,200 1312
85 August Belmont 1816 1890 $10,000 1313
86 Benjamin Franklin 1706 1790 $150 1320
87 Sumner Murray Redstone 1923 $4,800,000 1329
88 Capt. Robert Dollar 1844 1932 $40,000 1451
89 Richard Warren Sears 1863 1914 $25,000 1457
90 H. L. Hunt 1889 1974 $1,000,000 1474
91 Jay Van Andel 1924 $4,300,000 1483
92 Richard M. DeVos 1926 $4,300,000 1483
93 Henry Phipps 1839 1930 $60,000 1506
94 Lawrence J. Ellison 1944 $4,300,000 1519
95 Ronald Owen Perelman 1943 $4,300,000 1519
96 Peter Chardon Brooks 1767 1849 $1,300 1646
97 Charles W. Post 1854 1914 $22,000 1656
98 Samuel I. Newhouse 1895 1979 $1,500,000 1681
99 William Wrigley, Jr. 1861 1932 $34,000 1707
100 David Packard 1912 1996 $3,700,000 1724