Hundreds of collectors from all around the world contribute information to this large and long-running project.

I am incredibly honored!

The best sources of information are personal collections. Most correspondents send scanned images and serial numbers from their personal collections. Once they exhaust that kind of information, they usually try to continue contributing by searching the web for new material. With its ever-changing selection, eBay is an excellent place to find images and serial numbers.

Unfortunately, I have a dramatic lack of time. The wealth of material available on eBay conflicts with my lack of time. On average, I spend 35 to 45 hours per week recording information about railroad stocks and bonds. I cannot possibly spend one more minute than I already do.

Hence my policy: since June, 2006 I must refuse to follow links to any eBay or online sales. Many collectors feel they are doing me favors by sending links to eBay and other online sales. I appreciate their kind thoughts and their contributions. However, I simply cannot use that kind of help anymore. I tried for several years, but discovered the time spent following eBay and online sales links was unsustainable.

Few people know how much time it takes to add information to the database. Let me explain.

The process. Every single piece of new information that appears creates a time committment. To use any information, no matter the size, I must first search the database for the proper company name. Next, I search for the proper certificate. If I find the correct certificate, I record its serial number, date (year only) and shares. I record sales prices if known. Next, I number any images supplied and reference them to contributors and sources. Finally, I straighten and improve images. If I don't already have images online, I add them to the online database and upload the new images to the web. Finally, if contributors send high-resolution images, I record appropriate information (source and date) and store images on my hard drives. If I have never seen certificates before, I add new lstings and catalog numbers. Recording information for new certificates takes two to three times as long as certificates that have already been recorded.

Please, do not send images from eBay sales until sales close. I have measured the number of minutes it takes to enter similar information from both open and closed eBay sales. As it turns out, the process for recording items from open eBay sales takes exactly as long to accomplish, except that when I finish, I have not gained any new price information!

If those same items sell some time later, I need to go through the entire process a second time several days later in order to enter prices. In other words, it takes two separate searches and almost twice as long to add information from open eBay sales.

This peculiarity with eBay sales has caused me to observe that

"information is valuable, but it is not uniformly valuable."

For those interested in a greater discussion of the eBay conundrum, please see Links to eBay and other online resources.

Yes, I know, some eBay information can be quite valuable. But even valuable information has its limits. I already spend the beginning of every morning gathering information about all railroad certificates that sold on eBay (US) during the previous 24 hours. This allows me to gather an ever-changing panoply of price information.

Because of my lack of time, I limit my price gathering to items that sell for $19.50 or more. Although I have kept that minimum price stable for several years, I envision a time when I will adjust it up or down in order to maintain a uniform time-commitment.

In case you're wondering, no, I do NOT gather images or information about certificates that do not sell on eBay! Yes, I fully recognize that kind of information is potentially valuable. However, I purposely avoid recording that information because items that do not initially sell on eBay generally reappear a few days later. Second or third listings often allow items to sell if sellers are sufficiently insightful to lower their starting prices. I usually assume I will encounter unsold certificates at later times. Yes, I know some certificates NEVER reappear. I cannot help but be under-concerned.

I have a simple request for contributors. I beg you to understand that I already spend too much unpaid time on this project. As for eBay sales, I already spend approximately ten to twelve hours per week capturing and cataloging eBay sales. With so many other sources of valuable information, spending more time with eBay is a very poor use of my time.

Yes, new, scarce and rare certificates most assuredly DO appear on eBay every week. However, the vast majority of eBay certificates are neither new, scarce nor rare. And no matter how we slice or dice the direction of the market, prices achieved on eBay are very, very low compared to professional dealers and live auctions. I must research and quantify the entire market, not just eBay.

It embarrasses me when I need to reply to contributions negatively, so, I have made these general guidelines:

• If you find NEW or RARE certificates on eBay, please wait until they sell. If they sell for more than $19.50 on eBay (US), then you do probably do not need to do anything. I will almost certainly encounter them during my daily price research.
• If you see NEW or RARE certificates that sell on eBay (UK), eBay (DE), or elsewhere, for more than $19.50, please send images, prices, and serial numbers. That information will be valuable because I do not track those sites.
• If you find new NEW or RARE certificates that sell for less than $19.50, then that information may also be valuable. Please send images, prices, and serial numbers.
• If you find NEW or RARE certificates that do not sell, then you decide whether to send them or not. Please understand that I do not usually record such information because most items usually reappear for sale multiple times until sold.
• Please do NOT send lists of serial numbers from eBay.
• Whatever you do, please do NOT send links to eBay sales or any other online sources. I will NOT take the time to research them.

Thank you for your understanding.