Have you ever wondered what happened to all the old documents, maps, periodicals, telegrams and other paper items associated with the "telegraph age"? Well, some of that material has survived thru the decades and is actively sought by serious collectors. With the ever growing interest in "go withs" in the insulator hobby, some collectors have branched out to collecting related paper items. There are numerous areas in this field, ranging from financial material including stocks and bonds, message forms from various companies, the envelopes or "covers" messages were delivered in, franks -- complimentary passes or stamps used by individuals for free or half rate messages, and a wide variety of other items. These items can create a great deal of interest in the history of the companies that used them initially, and a collector can enjoy the challenge of trying to obtain the early and more elusive material. It's a great hobby! Why don't you join in on the fun?

I personally have been collecting "telegraph paper" for a few years and have found it quite fascinating. There is just enough difficulty in obtaining nice material to make it challenging, and yet there is a very wide variety of items to be found. The more you get involved, the more places you realize these collectible items can be found. Many of the financial pieces are beautifully illustrated with scenes, figures and very ornate artwork. This includes stock certificates and bonds. With so many items to be collected and so much to be said about them, I'll just go into detail this month on the stocks and bonds.

When the first telegraph companies were formed in the 1840's, a great need for capital was created to construct and maintain the lines. At first, telegraph promoters had a difficult time convincing the public that the new invention would become a great success and ultimately change the every day life of all humans. When those early companies were formed, many of them issued stock to raise the needed funds. A stockholder normally received a "stock certificate", a legal document stating his ownership of a certain number of "shares" in the company. As an example, a company might be formed with a capital of $50,000. The figure would be divided into 1000 shares of $50 each. A stockholder would be given a certificate showing the number of shares he owned. In this case, if he purchased $5,000 worth of stock, he would own 100 shares. Although most of them have been cancelled and are no longer negotiable, those stock certificates of early days have become a very collectible item.

The collecting of stocks and bonds has become a very popular pastime, especially in the last four or five years. There are now thousands of collectors in the United States, with an even greater interest in Europe. Although railroad, mining and oil are the categories with the most interest, communications certificates are also popular.

As mentioned earlier, the telegraph industry played a very important role in changing the nation. The growth of the East, taming of the West, communications during the Civil War and countless other important events are a part of the history involved with these documents. Also of interest are the signatures of many famous individuals who were either company officials, or had the stock issued to them. Included among these people are the Rockefellers, Jay Gould and many others. The value of some certificates has risen to over $1000 each, if they have the signature of a famous person. Most of those signatures appear on railroad and oil certificates, but once in a great while the signature of a more famous person will also appear on a telegraph certificate. In the earlier years, Samuel Morse many times received shares of stock in a particular company as payment for use of his patent. Therefore, some of the certificates issued to him would have his signature on them from the time he sold the stock.

The value of many certificates has increased dramatically over the past few years. Key factors involved in determining value are age, signatures, ornateness, use of nice illustrations, condition, and (most of all) supply and demand. Many times it is difficult to judge at first how many of a particular type certificate have been found. Sometimes an individual will hoard them for several years, trying to keep the price up on them. As can be seen in the following examples, each certificate was numbered consecutively from one thru how ever many were issued. A low issue (less than 100) would have greater collector appeal than if tens of thousands had been issued. If the certificates are four or five digits, it stands to reason that there could be a large number of them available. Prices generally range from $1 for the more recent AT&T and Western Union, to $150 for some of the rarer, earlier types. There are a lot of types in the $5 to $15 range. Well illustrated, pre 1880 scarcer types generally run between $50 and $125.

Rather than go into too much more detail at this time, perhaps it would be best just to have a look at a few of the more interesting types. If you have more questions concerning these historical and beautiful documents, please feel free to contact me. I'd very much like to hear from you should you have any in your collection. I might also add that I have duplicates of the New Orleans & Ohio, and several others, should collectors be interested.

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Fig. 1. (This and the following examples have all been reduced at least 50%.)

This certificate, dated April 9, 1849, is the earliest I have seen yet. This company was drawn up in 1845, one of the earliest in the country. It was to be built with two wires, following the Harlem Railroad to the outskirts of New York City, where it was to turn eastward along the Turnpike through Stamford, Norwalk and Bridgeport to New Haven, from which point it followed the right of way of the Hartford & New Haven, the Worcester, and the Western Railroads to Boston. Notice the signature of Francis 0. J. Smith, a very famous and controversial figure of the early telegraph industry.

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Fig. 2. 

This certificate is well illustrated and holds much history. I believe the man pictured at left is Samuel Morse. This company was also one of the very early lines in this country. This particular certificate is issued to Amos Kendall, who was a partner of Samuel Morse. Norvin Green (who later became president of Western Union) and George Douglass, whose signatures appear as company officers, were both involved with the telegraph lines in the south during the Civil War.

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Figure 3

This is a very rare certificate from House's Printing Telegraph Company. This company was formed to create a direct competition to the Morse lines. Due to the fact that there were only eight shareholders when this company was formed, one could assume that a very low number of certificates of this type were ever issued. 

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Figure 4

This is a stock certificate of the Lehigh Telegraph Company. Although I have no history on this particular company, this is one of my favorite certificates. It has a beautiful border, and a great illustration of the railroad and telegraph in use together. As far as I know, this is the only remaining example of this certificate.

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Fig. 5. 

Commercial Telegram Company stock certificate (David Beach collection). Another superbly illustrated certificate. The printing telegraph apparatus and telegraph poles make this a highly desirable certificate. The poles, complete with insulators, are a design with great appeal to insulator collectors. I have seen this design on at least two other types of certificates.

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Figure 6 

This shows a capital stock certificate from the Consolidated Railway Telegraph Company (David Beach collection). Another great certificate making use of a well illustrated locomotive. This type of document with fancy border, lettering, and detailed illustrations is much sought after by serious collectors today.

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Fig. 7.

This company is a combination of different utilities, consisting of Telegraph, Telephone and Electric Light. The illustrations on most of these certificates usually carry a great deal of symbolism, making use of gods, goddesses, telegraph apparatus, etc.

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Fig. 8. 

The famous Marconi Wireless Telegraph is represented here with a very ornate certificate. These are among the most ornate of all types of stock certificates and come in several different colors. The blue is of the more common type, selling for $5 to $8, the purple being very rare.

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Fig. 9 

This shows a capital stock certificate of the Washington Consolidated Telephone & Telegraph Co. Around the turn of the century a large number of companies were formed with a combined name of "Telephone and Telegraph". This particular company chose to have their name printed on a "Goes" certificate. Goes was a printer who was very popular at the time, making use of a number of similar borders and designs. They simply changed the printing plate which contained the telegraph company name for each of their customers.

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Fig. 10.

Mason Valley Telephone and Telephone Company. Another of the small companies which made use of a Goes printed certificate. Notice the similarity of the border and printing of this one and figure 9. This one also has an interesting illustration of a pole line and waterfalls.