D. Hillman & Sons an Iron Clad Mystery

The next lot to catch my eye in the upcoming Smythe Schingoethe sale is lot 1901. This Obsolete note is denominated at 5 cents, printed in blue ink and hosts an oustanding vignette of the Tennessee Rolling Works. This is a large mill scene which streches over most of this unissued remaider note, making it most attractive to anyone interested in building vignettes. Also of interest to collectors of Iron Works items and ofcourse, a nice item for any Obsolete or Scrip collector. There is a lot of cross appeal working for this numismatic item.

In addition there is a good deal of mystery to solve. Under the main title, a note reads D. Hillman & Sons, who were the original owners of the mill, which later seems to have passed to Ewald Iron Company. The Internet offered a few references to a D. Hillman & Sons located in Trigg county Kentucky running a mill under the name Empire Iron Works, but I'm not sure when, or if, this changed to Tennessee Rolling Works, or if this is even the right D. Hillman & Sons. A quick check of the History of Trigg County revealed quite a bit of background on Daniel Hillman, with ties to Cumberland Furnace, Trigg County and Lyon County. Daniel established a company which eventuall became known as D. Hillman & Bros., so it's a short, but logical guess that it may have evolved over time into D. Hillman & Sons, the issuers of this note.

Ewald Iron Company ran at least two mills, one in St. Louis and one in Louisville. The St. Louis mill was called Tennessee Rolling Works and was established in 1846. According to the 1881 buisness directory of St. Louis, the Tennessee Rolling Works was located at 519 North Main Street near Washington Avenue, though I also found an address of 801 North Second Street. These may be the offices of the company, as I noticed a works location in Lyons county. The Louisville location was built later in 1869 and originally opened under the name Kentucky Rolling Mill, later changed to Tennessee Rolling Mills. A third mill mentioned in one source ran under the name of Tennessee Iron House. Maybe this one was on the Cumberland?

As you can see, there's plenty of mystery to go around on this note. But I'll leave further research for the new owner to enjoy after the auction closes on April 9th

Buy eBay? Hmmm....

I read this morning that Merrill Lynch has changed their stock buying recommendation for eBay. Recently M-L had eBay listed as a neutral, but today they are recommending it as a good buy opportunity based on three factors.

The M-L cited factor which caught my attention involved eBay's new management and change in mentality. Hmmm. As a longtime eBay participent both in buying and selling, I have to say that the new management and the changes they have instituted have not been well received by or truely beneficial to the eBay community as a whole. Most seem dramatically slanted towards protecting innocent buyers from evil sellers, an attitude that has come on board with the advent of the new management.

In the past, eBay was always run as a community. Certainly they profited, but so did sellers and buyers enjoyed the benefit of a wide selection of goods and collectibles at reasonable prices. We all enjoyed a level playground and were treated equally. Sometimes a buyer didn't pay, sometimes a seller didn't describe an item fully. eBay did a reasonable job of mediation when it was needed and for smaller incidents users absorbed the losses and moved on.

Recently however, I get the feeling that the new eBay management thinks that dishonesty only originates from the pool of sellers, while all buyers are true-blue. This is not always the case. As I mentioned earlier, some buyers never send payment. Worse still, recently I have been hearing from some sellers that buyers are sometimes claiming they did not receive the item and getting a forced PayPal refund. In one specific instance this happened only three days after the close of the sale and payment was complete. For normal service, the USPS just does not work that fast. In the last year, I know of at least one seller who has lost hundreds of dollars to buyer fraud of this type. So I guess my point is, dishonesty on eBay is a two way street and sellers deserve as much protection as buyers.

For my part however, I would prefer it to be as it was in the beginning. A friendly community exchanging stuff. It was more fun in those days, before it became big business.

Which brings us back around to the Merrill Lynch buy recommendation. They are basing this on a percieved atmosphere of change at eBay. Well, there is no question about change in the air at eBay, buy I'm not likely to be buying, as I don't anticipate that these changes will build a better community or a stronger business in the long run.

Tom's Recommended Film of the Week

No Country For Old Men

Right from the start, I'd like to caution that No Country For Old Men is a violent film. No doubt about that, so if you are bothered by violence in film, better pass on this one. The whole premise of No Country For Old Men centers in on the violence that permeates the edges of our lives in the form of criminals and law enforcement. It questions what might push one of these elements past the thin line that divides them, or what might draw others towards either of these lifestyles. This story compels the viewer to think about their own personal values and how fully we might cling to them in the face of temptation, adversity and hopelessness. Consider it an exploration of the human element within the businesses of drugs, money and public service.

In No Country For Old Men, we see intelligence, power, audacity, greed and stupidity each surfacing to cause incidents, which lead to unavoidable outcomes. While one character in the film purports that chance is an ever-present element, the story line begs to differ. Once the first decision is made, by the first character most viewers will identify with, a course is set which seems inevitable and once the viewer realizes this, the questions begin to crop up.

An outstanding novel by Cormac McCarthy, excellent direction and production by Joel and Ethan Coen and underplayed yet powerful acting from Tommy Lee Jones, Javier Bardem, Josh Brolin, Kelly Macdonald, Woody Harrelson, Gene Jones and Barry Corbin combine to show us the incredible possibilities of a world with character, but no courtesy. Listen closely to Ed Tom Bell, he is the voice of the novel and of the film, and provides the perspective that grounds the story.

My favorite films are always the ones that catch you off guard and make you think. No Country For Old Men does both and keeps you thinking for a long time after the film has ended.

Interesting Analysis of Gold and Silver Trends

Here's a quick recommendation. Check out Merv Burak's article from March 23rd on The Market Oracle website. Burak wisely has taken some time during this precious metals consolidation period to examine the upward climb with an eye towards benchmarks and pivotal points. In particular, he points to $885 and $840 as primary up-trend spots in Golds ascent since about the middle of last year.

I recall that Gold was just under $800 for a period last November and sits just above $900 today, representing a $100 rise in about five months. With the last few weeks consolidation trimming off roughly $90 after Gold's peak of about $1030, it is definitely a good time to reflect and consider options and possibilites.

As always, I suggest that you read as much as you can and consider carefully before investing your hard fought earnings. This is as true for investment as it is for numismatic collecting.