Romancing the Road

QUESTION: My mother saved every map she and my dad collected on their many road trips. Some of these go back as far as just after World War II.  Do these have any value today?

ANSWER: Road maps, especially the ones produced by oil companies for their service stations, are highly collectible. While older ones can be worth higher amounts, depending on their condition, newer ones aren’t as pricey. They’re also easy to store, so a collection won’t take up a lot of room—always a good thing for those living in apartments.

The systematic mapping of roads and the installation of route signs by the government didn’t occur until the auto arrived. Prior to the mid-1890s, bicyclists were the ones who demanded road maps. But as the new century dawned, the number of automobiles on the roads began to increase. The Chicago Times-Herald printed the first automobile road map in the country for a race they sponsored from Chicago to Waukegan.

In 1918, Wisconsin’s state legislature initiated a numbered highway system., which the federal government adopted in 1926. The new highway system gave us the names for legendary roads like Route 66 or California’s scenic Highway 1. Rand McNally became the first major publisher to adopt the system, which it also helped promote by installing numbered signs along these national roadways.

Before World War II, service stations gave out road maps free. These featured elaborate artwork. Oil producers such as Esso, Chevron, Shell, Gulf, Standard, Texaco, and Socony-Vacuum (later known as Mobil) all distributed maps.

Raod maps belong to the growing category of collectibles called “petroliana,” or anything to do with gas stations and the petroleum industry. For the most part, they’re reasonably priced, and some estimate that during their peak service stations distributed over 8 billion. Oil companies provided them as a service. They were made to be disposable, marked up by the gas station attendant as he gave directions and sent his customer on their way. But people often saved maps as souvenirs of the trips they made.

As automobiles proliferated, the marking of routes changed. Before numbered roads, stripes of paint on telephone poles, fence posts or trees delineated the various routes. In 1925, states began numbering their roads. At first it was an adventure to drive, but by the 1930s it had turned into a method of tourism. Tourist cabins sprang up along the way, as motorists made their way across country. Historians consider this time the road map’s golden age.

The Sinclair Oil Company hired noted artists like Peter Helck, who also produced advertising illustrations for car companies. Maps featured images of a carefree and playful life on the road, with service stations welcoming children and dogs, many of which were Scottish terriers, like the ones popular in movies like “The Thin Man.”

Maps produced during World War II reminded motorists to slow down to save tires. After the War, maps featured dynamic scenes, vibrant colors, and great graphics.

By the baby booming 1950s, the images tended to show nuclear families—a mom, dad, son and daughter, all enjoying life on the road. During the 1960s, maps displayed the dotted lines of planned Interstates and aerial views of highway cloverleafs.

Three companies—Rand McNally, H. M. Gousha, and General Drafting—produced most of the service station maps. These became a vehicle through which oil companies could promote the service at their stations, for it was service that differentiated them.

General Drafting produced maps for Esso, whose attendants handed out some 34.5 million maps in 1965.
After 1965, the quality of service station maps declined until their virtual disappearance in the 1980s.

Today, of course, free maps are long gone. They faded away, along with so many other aspects of the highway culture, with the 1973 energy crisis.

Early road maps from the first decade of the 1900s can be worth $75-100 today in good condition. Those from the 1920s and 1930s range in price from $20-40.  Groups of maps from the 1950s sell for $10-20.

Investing in Old Stock Certificates

QUESTION: I’ve been unpacking some old boxes of things left to me by my father. In one of them I discovered some old stock certificates. Are they worthless or do they have investment value?

ANSWER: Old stock certificates, especially those from defunct companies, are only worth the paper that they’re printed on. But some, especially those with signatures from famous people, famous companies, or those involved in major scandals, can be worth quite a bit.

What exactly is a stock certificate? A stock certificate is the physical piece of paper representing ownership in a company and includes the number of shares owned, the date, an identification number, usually a corporate seal, and signatures. They’re larger than a standard letter-size piece of paper and many also have elaborate engraved designs to discourage counterfeiting.

Stocks represent partial ownership in a company. Today, most companies keep records of ownership electronically but some allow their shareholders to request a paper version. Each certificate starts out as a standard design to which the company adds the date of issue, identification number, and other information, including the printed signature of the chief executive. Executives on older certificates signed them in ink.

According to financial historians, partnership agreements dividing ownership into shares began to be used in northern Italy during the Middle Ages. However, these early shares were only intended to be in effect for a short time and only included a small group of people. Eventually the idea of shareholding spread to Belgium, and it’s believed the concept caught on in the trading town of Bruges. It was here that the idea of the stock exchange originated.

Eventually, shareholding took its next big step in Amsterdam in the early 17th century when the Dutch East India Company, formed to encourage trade in spices from Indonesia, issued shares that were tradable. The company compensated its shareholders well for their investments. In 1621, the market saw the issuance of shares for the Dutch West India Company, and much financial innovation ensued. Stock exchanges in the New World didn’t appear until 1790 in Philadelphia and then two years later in New York.

Collectors love canceled stock certificates because of their beautiful and elaborate graphics, as well as their connection to the historically significant companies they represent.

Old certificate values vary depending on their rarity, beauty, collector interest, historical importance, and  autographs, and industries for which they’re issued. Like all collectibles, supply and demand determine value.  Interesting pieces create a lot of demand while supplies vary.

What affects the market for stock certificates? Above all, general economic conditions tend to influence the prices of old stock certificates because many collectors of them are also involved in the real stock market. The law of supply and demand, as with other collectibles, governs this market as well. And Internet auctions have increased not only the availability of old stock certificates but their ease of purchase.

What determines the pricing of old stock certificates? Two important price boosters are signatures of important people and newly formed companies. For example, a Standard Oil Company certificate that John D. Rockefeller signed is worth nearly $8,000 today. Prices have leveled off in the last few years and finding rare certificates at reasonable prices has become a real challenge.

As with postage stamps, pricing can be affected by the rarity of a certificate—the rarer it is, the higher the price. An autograph of someone famous of the stock company with which he was involved also raises the price. Whether a stock certificate has ever been issued also influences it value, as does its age and decoration. The location and history of the company don’t affect the price of a certificate as much as, say, its condition and whether its canceled or not.

However, no one point is always in control of a certificate’s value. For example, a Cody-Dyer Arizona Mining & Milling stock certificate, from a failed gold mine, signed by Buffalo Bill Cody currently is currently valued at approximately$4,000, while a rare unsigned Buffalo Bill's Wild West Co. stock certificate sold for $20,000 at auction in 2008.

As with any collectible, you should always collect stock certificates that are in excellent condition, have been issued, and are uncanceled. You should also collect certificates from industries that you’re familiar with or in which you’re interested. Early companies issued their stocks in small quantities, thus limiting the number of their certificates in today’s market. But there are lots out there for sale at low to reasonable prices.