Collectible Stocks and Bonds from North American Railroads
by Terry Cox
Types of companies NOT included in this guide
 


Please understand that

my primary focus is railroading.

Can't find a company you think operated a railroad?

It may mean:

I have not yet discovered that company. See Types of companies included in this guide.

I have chosen to exclude that particular company from my project for one or more reasons.

that the company is not actually a railroad at all. See my large list of deceptive names that sound like railroads, but are not.

As I mention above, My primary goal is to include all legitimate "railroad" companies. My goal is NOT to include every company that ever had a rail operation or was peripherally related to railroading. My special page titled Thoughts about which companies to include in the database ... and which to reject explains my logic in more detail.

Thousands of non-railroad companies operated forms of "railroads." Many collectors collect artifacts and paper from peripheral companies, so I try to be somewhat inclusive in what I classify as "railroad-related." However, not every company that ever owned a rail car or length of steel rail classifies as a "railroad company."

I must draw the line, somewhere. Several times a year, collectors try to convince me to expand the database to include one specialty or another. I understand their motivations, but there is a certain reality...

In other words, every minute I spend describing certificates from non-railroad companies is one less minute I have for my core interest – railroading.

No matter how I define my limits, collectors sooner or later find certificates within the vast "gray area."

Here are types of companies and types of operations that I do NOT knowingly include in the database. You may also want to look at my large list of companies with similar, but deceptive names that I classify as non-railroads.

Amusement parks, regardless of railroad authenticity or scale. (For instance, I do NOT consider the the full scale railroad at Dollywood to be a legitimate railroad company.)

Airport operations including trolley buses, loop railways, and subways. (For instance, I do NOT include the tram at the Dallas-Fort Worth Airport nor the underground train at Denver International Airport.)

Manufacturers for which railroading is or was a small part of their businesses. (I do NOT include CF&I Steel, for instance, even though it was a large manufacturer of rails.)

Miniature railroads.

Toy companies. (I do not include Lionel.)

Replicas at any scale.
Associations. There are several conductor, engineer, and trainmen associations and some issued "stock" and membership certificates. While their membership worked for railroad companies, the associations did not carry freight or passengers, nor did they manufacture goods for railroads.
Mining companies that only operated underground trams. I DO include a tiny number of mining companies if they indicated the importance of railroading by including such indications in their corporate names.
Railway and streetcar equipment supply companies. (Just because they sold supplies to railroads does not make them "railroad companies.")
Major diversified companies. I do NOT include highly diversified companies unless railroading constituted central parts of their businesses.
Industries other than railroading. (For instance, I do NOT include companies such as US Steel, The Anaconda Co, or Coors Brewing, even though they operate, or once operated, rails.
Utility companies*. (See footnote for tightly-constrained conditions under which I include a few.)
Holding companies**. (See footnote for conditions under which I include a few.)
Railroad museums and societies. (I include a few if they issued stock)
Modern "depot" companies unrelated to railroading. (Many modern real estate companies include "depot" in their names and are unrelated to railroading and passenger traffic.)
Modern "tie and timber" landscaping companies. (Many modern companies sound like old-time lumber railroads.)
*
Electric utility companies are problematic. In my opinion, as many as a two hundred mid- and large-size utilities probably operated street railways at some time in their corporate existences. However, finding when they closed down their rail operations is hard and time consuming. I do not include any utilities unless they included an indication of railroading in their names. I make this decision for three reasons:
  • If street railroading was not important enough to include in corporate names, then I am reluctant to include those companies in a railroad database.
  • I have never encountered railroad collectors who seriously collect these cross-over items.
  • It is too hard to track prices in both the railroading and utility specialties.

Utilities that generate power from coal, especially those in the western and midwestern United States often own several hundred railcars. Those cars are made up into 100- to 110-car "unit trains" to haul coal out of Wyoming, Montana, Colorado, Utah, and South Dakota. Utilities may own railcars but no one would consider them "railroad companies."

**
As a rule, I include holding companies in the railroad database only when they meet ALL these criteria:
  • They were holding companies for major railroads.
  • Their names are directly indicative of their rail holdings.
  • Railroad collectors are likely to look in this database for certificates.

If railroad companies are true subsidiaries of holding companies, then they have separate operating management and a modicum of autonomy. Like the utility company argument above, I believe that if railroading is (or was) not important enough to be reflected in holding companies' names, then there is no point for me to waste my time cataloging them.

Holding companies that clearly meet requirements for inclusion include the Southern Pacific Company, the Pennsylvania Company, the Reading Company, the Canadian Pacific Ltd, and the Union Pacific Corporation.

 
 

 
Papermental logo Help support this free site! Please visit my store at Papermental.com for railroad ephemera, newspapers, magazines, engravings, and all sorts of paper collectibles.

Please contact me if you have certificates not yet listed. (See How You Can Help for more information.) Try to limit images to 250 Kb each.

Please contact the many fine dealers on my dealers page to buy certificates.

This site best viewed at 800x600 resolution.