Manhattan, New York – February 21, 2008 – The February 6-7th, Winter, Stock & Bond Auction at R. M. Smythe & Company (#277) saw heated bidding that was typified by the sale of a featured stock certificate from Buffalo Bills Wild West Company, which saw a final hammer price of $20,000. The beautifully illustrated certificate featured a portrait of Buffalo Bill at top center. Other noteworthy sales that warmed the winter auction included:
Lot # 1396 (Presale Estimate – $15,000-25,000) Final Bid – $19,000
Accessory Transit (of Nicaragua) (NY) 1856. #12. $5000. Bearer Bond. Auxilliary ocean going steamship. Signed twice by Cornelius Vanderbilt as president, and on the reverse. Not cancelled. John W. Amerman. NY. VF.*
Cornelius “The Commodore” Vanderbilt (1794-1877) was an American financier and founder of his family’s fortune. At the age of 16 he bought a boat and ferried passengers and goods between Staten Island and Manhatten. He later made a fortune in the steamship business, earning himself the nickname “Commodore.” In 1862 he sold his ships and turned to financing railroads, where he amassed a greater fortune estimated at $100,000,000 making him one of the richest men of his time. Accessory Transit was organized by Vanderbilt to move passengers and freight to the West Coast through Nicaragua. Vanderbilt hired C.K. Garrison as his agent through San Francisco, and Charles Morgan as his agent in New York.
Shortly after this bond was issued came the “war of the three commodores,” between Charles Morgan, Cornelius Vanderbilt and George Law. Accessory Transit competed openly with the Law-Aspinwall mail subsidy line. Morgan and Garrison, on the other hand, manipulated the Transit’s stock in such a way that they profited while Vanderbilt lost heavily. Vanderbilt is said to have stormed at them, “I will not sue you because the law takes too long. I will ruin you.”
Vanderbilt did manage to unseat Morgan and Hoyt from the board of directors, but another headache immediately developed in the form of William Walker, who invaded Nicaragua with the support of Morgan and his Associate! William Walker made himself President of Nicaragua. In order to get the money needed to keep a 1200 man army together, he took sides in the in-fighting within Accessory Transit Company. Foolishly backing those who had double crossed Commodore Vanderbilt, Walker confiscated the company assets and handed them over to the insurgent faction. Vanderbilt retaliated with a blockade, cutting Walker off from reinforcements while inciting the neighbouring states. Vanderbilt sent mercenaries to Costa Rica, where they obtained a small force of native troops to attack Walker. As a result Walker suffered defeat and had to flee in May 1857. Vanderbilt was then back in business with Nicaragua. The first Accessory Transit Certificate signed by Cornelius Vanderbilt that we have sold in over a decade, a museum quality certificate that may not be obtainable again in a lifetime of collecting.
Lot # 1083 (Presale Estimate – $1000 to $1500) Final Bid – $1800
Black Star Line (DE) 1919. #2153. 5 shs. Green.
Eastern Hemisphere globe with the title “Africa The Land of Opportunity” flanked by a field hand and an ocean liner. Signed by Marcus Garvey as president. VF.*
Marcus Garvey (1887-1940) was convinced that African Americans could not prosper in countries where they were the minority race, Garvey urged a “Back to Africa” movement, and conceived of a steamship trading company trading between New York, the West Indies and Africa. Over a half million in subscriptions poured in, but the enterprise never materialized. Garvey was arrested, convicted of mail fraud, and deported to Jamaica.
Lot# 1092 (Presale Estimate – $500 to $1,000) Final Bid – $1400
Chesapeake & Ohio Canal (MD) 1838. #12. 2500 shs. People stroll along the Canal and the Potomac River at left. Signed as corporate president by George C. Washington (1789-1854), grand-nephew of George Washington, congressman and Indian treaty negotiator. Tape stain center, otherwise VF.*
This enterprise was chartered in 1828, in succession to the old Potowmack Company. Half of the six million in capital came from the States of Maryland and Virginia as well as the cities of Washington, Georgetown and Alexandria. Although John Quincy Adams turned the first spade, the undertaking was not a success. A change of plan widening the canal made it impossible to finish the work within the constraints of the capital. By the crash of 1837, all of the $8 million had been spent and the canal was still 50 miles from Cumberland. In the meantime, President Jackson had to repeatedly call out the militia to restore order among the quarrelsome and striking workers. Finally, in 1850, way over budget, the canal reached Cumberland, whose coal mines at least offered a commercial product that could be carried to Washington. The company ran at a profit from 1860-1880, with the exception of 1877 when a great flood on the Potomac wrecked the works. The company got back on its feet, but the Baltimore and Ohio Railroad steadily drained away its business. It lingered until 1924, when another great flood destroyed the works and made reconstruction financially impossible. The Federal government bought the land as a park in the 1930’s.
Lot# 1116 (Presale Estimate – $600 to $900) Final Bid – $950
Lewis & Clark Centennial & American Pacific Expo & Oriental Fair (OR) 1904. #1656. One share. Green. Large gold embossed corporate seal with an image of a settler and Indian pointing to a map of the Louisiana Purchase. “Where Rolls The Oregon” ships in harbor. Meriwether Lewis and William Clark on either side. Nicest we have seen. Extremely Rare. VF+.
This exhibition was held in Portland, Oregon, in 1905, to commemorate the anniversary of the famed Lewis and Clark expedition from St. Louis to the
Pacific Coast, which charted a route to the West through the Rocky Mountains.
Lot# 1209 (Presale Estimate – $2,000 – $4,000) Final Bid – $2600
Estate of Alexander Hamilton (NY) Nov. 29, 1804. $200. Printed form. Signed as trustees by Gouverneur Morris (1752-1816) patroon, Morrisana, diplomat and US senator. He was a member of the Continental Congress and one of the three drafters of the Articles of Confederation. Also signed by Rufus King (1755-1827), Revolutionary soldier, Continental Congressman, US senator from NY, twice a US senator, unsuccessful Federalist candidate for President in 1804 (thus at signing). Another signer was Oliver Wolcott, Jr. The other signers were Robert Benson and Thomas Wilkes. Framed behind glass with an engraving of Gouverneur Morris. Not examined out of frame, but appears to be EF.
Issued just four months after Hamilton’s famous duel with Vice President Aaron Burr. Hamilton was brilliant at getting the affairs of the United States in order, but he allowed his own personal finances to fall into complete disorder. The four gentlemen who signed this certificate formed a committee to liquidate Hamilton’s assets in order to try to save something for Mrs. Hamilton and the children.
Prices were generally much improved and autographed items and rare pieces did exceptionally well. None of the prices listed here include the Buyers Premium.
Accredited media interested in scheduling an interview to discuss this release or past or upcoming auctions are encouraged to contact Mary Herzog at 212-943-1880
About R. M. Smythe & Co.
R. M. Smythe and Co., established in 1880, buys, sells, and auctions coins, paper money, stocks and bonds and autographs at their corporate headquarters at 2 Rector Street in the heart of the Financial District in New York City. To order a catalog, to contact any of the firm’s specialists, or to make general inquiries, call 212-943-1880 or 800-622-1880, or visit the firm’s website at: http://www.smytheonline.com.
