Holding on to the paper from trading's past

Tom Carroll with his paper stocks. Despite computerized trading, some relish the paper.
Tom Carroll with his paper stocks. Despite computerized trading, some relish the paper. (AP)
Posted: September 23, 2012

Bob Kerstein loves his paper stock certificates.

At a time when stock trading is dominated by rapid-fire computers, he relishes paper stocks for their palpability. Wall Street seems cryptic and far away, but certificates are something he can see and hold.

They're a pleasant throwback, a tangible marker of company history, a wisp of inky artwork in a canyon of electronic solemnity. So when Facebook went public this year and decided not to print paper stock certificates, Kerstein was bummed.

"A travesty," he says.

He's used to it. For years, people have been writing the obituary for paper stocks. They're derided as hard to track, easy to lose, and out of date.

And yet they keep sticking around, stubbornly analog in a digital world.

Die-hards hoard Enron certificates in hopes they'll be worth something someday. They hold on to Bear Stearns because they lost everything on it - or, for a few, because they made a ton of money betting against it.

They scramble for Disney because their kids are into Mickey and the stock, graced with the image of the famous mouse and Walt Disney himself, looks nice in a frame.

Joe Wildberg, a retiree in Wolverine, Mich., has been accumulating stocks of old Michigan copper-mining companies since he ran across a few shares in a house he inherited.

"Where else would you find a document going back to the 1840s?" he says.

Tom Carroll, a sales director in Reston, Va., was a hit at a family reunion when he doled out stock of the old Pennsylvania Railroad, where his grandfather worked for 52 years. "Everybody was getting them framed and hanging them up to remember our grandfather," he recalls.

Kerstein's favorite is a certificate for a business with the unfortunate name Shadyside Operators. The stock he owns is dated Oct. 29, 1929 - during the most infamous crash in Wall Street history.

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