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|To City:||New York|
|Addressee:||Beebe Ludlow & Co|
|Qty of #1:||1.0|
|Qty of #2:|
Not listed in Alexander
October 27 1848 Folded Letter Sheet
from Johnston & Hanson's Stock Exchange in Baltimore, Maryland to Beebee Ludlow & Co., in New York
US #1, 5c Franklin SON & tied by circular grid with matching Blue Baltimore Oct. 27 (1848) CDS
Ludlow & Co., & Beebee Ludlow & Co. were brokerage companies in Philadelphia & New York. With the Gold Rush in 1849 their office in San Francisco became of great importance & they were described as the largest Gold Bullion dealers in the United States. Financial improprieties & alleged misappropriations would cause them great problems in the 1850's.
This cover was part of the huge Ludlow & Co. and the Beebee Ludlow & Co. holding which, when it entered the philatelic market, allowed students to plate US #1's & #2's. Huge holdings like this one and the Eli Beatty, Bank of Hagerstown, Md. hoard, provided students with ongoing, sometimes daily correspondences which in some instances used entire sheets over a few months. Luckily envelopes were not used or these financial statements would have been kept, but not the covers, which would have been discarded. Many early platers & collectors, in contrast, removed the letter or information sheet, to conserve space, & discarded them instead, keeping the outer sheet.
When the Eli Beatty, cashier of the Bank of Hagerstown, letter files were found by curious Boy scouts, meeting in the old bank building, the knowledgeable philatelists, brought in, destroyed all #1's & 2's & their lettersheets if they were not at least fine in condition, or so I read. The letterboxes contained the lettersheets in hanging files, causing folds in places other than when used postally. For that reason the stamps and/or the covers often are creased. The filers could not have cared less about the attached adhesives. The file fold on this example does not affect the stamp.
This Scott #1 is a nice light-brown to orange-brown (My red-green color blindness causes me, as well as 20% of all male collectors, grief when trying to differentiate between red-browns, orange-browns, light-browns & bricks). The stamp was folded along the margins & torn apart rather than being cut out of the sheet. It has one nice margin at the top, one irregular, clear to in at left, another irregular, touched to nicked at right & completely in at bottom. (see close ups). The printing shows a nice, sharp impression & the SON circular grid cancel is a nice vivid Baltimore Blue, as is the matching CDS. The cancel just ties the stamp to the sheet.
This example was sold in the Siegel sale of 5-15-1942 as attested by the penciled notation on the reverse. It has probably gone through many other sales since then. I obtained it in the 70's.
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