Scott J. Winslow & Associates
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STOCKS & BONDS

LOT #91

MILWAUKEE STREET RAILWAY COMPANY ISSUED
TO AND SIGNED BY THOMAS FORTUNE RYAN
SIGNED AS PRESIDENT BY WILLIAM NELSON
CROMWELL

1891, Wisconsin. Stock certificate for 5,200 shares. Green/Black. Engraved vignette of two early street railway cars in upper left corner. Issued to and signed on verso by Thomas Fortune Ryan. This rather large quantity stock was signed also by the president of the company, William Nelson Cromwell. A bit scarce. Stamp and punch cancelled. Punches affect Cromwell’s signature.

THOMAS FORTUNE RYAN (1851-1928) U.S. tobacco and transport businessman. Part of his fortune paid for the construction of the Cathedral of the Sacred Heart in Richmond Virginia.

WILLIAM NELSON CROMWELL (1854-1948) was an American attorney active in promotion of the Panama Canal and other major ventures. He is considered an American pioneer in corporation, comparative and international law.

The Milwaukee Electric Railway & Light Co. formed in 1896 from a number of pioneer electric and street railway companies. William Nelson Cromwell was it’s first president. Thomas Fortune Ryan had a reputation for cutthroat business dealings in the streetcar and subway businesses. In 1905, Ryan’s Metropolitan street car system was threatened by a major competitive development, New York’s increasingly popular subway system.

He merged his company with August Belmont’s Interborough Rapid Transit Company. But the joint company’s finances were shaky, and Ryan pulled out. Meanwhile, some $35 million that Ryan had raised in a bond issue were misappropriated. Ryan was investigated for corruption in 1908, but the grand-jury brought no charges. Ryan made fortunes with coal mines, banks, public utilities and railroads. He owned Royal Typewriter and backed the maker of the Tommy Gun. At one time Ryan had controlling interest in 30 corporations. A fine association of two major capitalists on a Fine Railway stock.    $500 - up

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Terms of Sale
  1. All items are unconditionally guaranteed to be authentic. If an item is found not to be authentic, the full sale price will be refunded.
  2. A 15% BUYERS PREMIUM WILL BE ADDED TO THE FINAL HAMMER PRICE.
  3. All accounts are payable in full upon receipt of invoice unless other arrangements have been made prior to the sale. Any special credit terms should be made as early as possible. Title does not pass until full payment has been received.
  4. No "Buy" or unlimited bids will be accepted.
  5. We reserve the right to reject any bid we feel is not made in good faith.
  6. In the case of tie bids on the book, the earliest received shall take precedence.
  7. This is not an approval sale. Lots may not be returned except for reasons of authenticity or a material error in the catalog description.
  8. Please bid in U.S. dollars and only in whole dollar amounts. Fractions of a dollar will be rounded down to the nearest dollar.
  9. Some lots may be subject to a reserve.
  10. Shipping charges will be added to all invoices.
  11. The placing of a bid shall constitute the bidders acceptance of these terms of sale.

 This sale is being held under the laws of the State of Virginia.

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Scott J. Winslow Associates, Inc