Because publishing schedules always have a tendency to slip, including mine, I will NOT divulge plans for the third edition until I feel very confident things will move forward without delay. The text and cover design is finished, but I cannot afford the publishing risk right now.

My daily recording of prices unquestionably proves that average collectors are simply not spending much money on collectible stocks and bonds. Prices have been dropping for several years, and every time I think prices have hit bottom, I'm proven wrong. Demand for the rarest and most desireable items seems okay. Not strong, but okay.

It is the vast middle ground that has me concerned. Demand for all but the most desireable certificates seems very soft. Rightly or wrongly, this is my guidepost. My theory is that if average collectors aren't buying certificates, they probably have little desire to buy catalogs.

I think it unwise to risk a substantial amount of money on a new edition right now. Conceivably, if I can find compelling evidence of recovery - both in the economy and in prices of collectibles - I can issue a new edition in the spring or summer of 2010. Economists always disagree more than weather forecasters, but I am hearing few predictions of early recovery. Most predictions seem to indicate a longer recovery period. While I am aiming for a publishing date next year, I am giving only it a 50-50 chance.

I discuss this issue in more detail at Third Edition Schedule on the Coxrail site. In the meantime, I continue to collect prices and new information about certificates as I have for the last twenty years. As always, I update the online database every two weeks. That means that EVERY new certificate and every new serial number is listed online within no more than two weeks of discovery. Similarly, every new price is factored into my price estimates in the same schedule.