stock certificates: Trash or cash?
I just found some old stocks that belonged to
my grandfather and was wondering if you could help me. There are
600 shares in United Asbestos Prod. Co., 500 shares in Cleveland
Mining Co., and two shares in MacFadden Newspaper Corp. The first
two are from Idaho in the late 1920s and the third is from Delaware
in 1928. Can you tell me how I would find out what they are worth?
Any help would be so appreciated. Thank you so much.
-- Jenny Sui Juris
If you're willing to do a little legwork on your own, I'd recommend
that you go to your public library and research the company in the
Directory of Obsolete Securities or the Robert D. Fisher Manual
of Valuable and Worthless Securities. Alternately, you can hire
Smythe or another firm to research the stock's value. Paying
$40 to $70 per certificate to see if they have any value doesn't
make much sense to me without first trying the library.
Once the value's been determined, you still need to
show ownership to transfer the registration to you from your grandfather's
estate. A death certificate, along with a letter from the executor
of the estate, should be sufficient for the transfer agent to transfer
the registration of the shares to you.
Even if the shares are worthless as stock, they may
have some value as a collectible. R.M. Smythe or Stock Search International
can give you an idea of the certificate's worth as a collectible.
I found a Cleveland Mining stock certificate for sale on ClintonHollins.com
The Bankrate feature, "Cashing
in on collectible stock and bond certificates," has more
on chasing down the value of old stock and bond certificates.