seeking confirmation: these are worthless (though possibly decorative) papers, right?

David_Snowball

A friend, not a habitue of the board, wrote recently to ask about "a very official looking documents with lots of italics labeled

Investors Syndicate Title & Guaranty Company
Trusteed Participation Certificate
Guaranteed

Then a long page in italics saying briefly, in consideration of payment to Investors Syndicate of $114.00 annually in advance over a period of fifteen years from the date hereof [December 28, 1931] , [my great aunt] becomes the owner of bonds etc. There's a schedule of number of payments and value up to ten years after maturity. There's an assignment page which is not filled out."

My impulse is to suggest that the security was redeemed (no gilt-edged certificate remains) and that this likely has neither financial significance nor any particular collectible value.

Other perspectives from folks more used to dealing with old financial papers?

David

msf

David,

A little Googling (I'm sure that's a trademark leads to the conclusion that your venerable friend should consider contacting Ameriprise with the document info.

Investors Syndicate Title & Guaranty Company wound up as the NY subsidiary of Investors Syndicate of America, according to this page from the May 1948 edition of the Rotarian Magazine:

http://books.google.com/books?id=7kMEAAAAMBAJ&pg=PA45&lpg=PA45&dq=Investors+Syndicate+Title+&+Guaranty+Company&source=bl&ots=a-qSHJVuPp&sig=tNBH_95X3tQClqUCIvw-stfQeIQ&hl=en&ei=VS3lTrWUBciz0QG67_mLBg&sa=X&oi=book_result&ct=result&resnum=2&ved=0CCwQ6AEwAQ#v=onepage&q=Investors Syndicate Title & Guaranty Company&f=false

Tracing Investors Syndicate of America produces the following, the first being the most interesting, the others being supporting docs:

Investment Syndicate of America was founded in the 1890s in Minneapolis to provide ordinary Americans with a way to save money and interest. If I remember correctly, the buyer agreed to put in extra money in fixed installments. At maturity, the investor present [sic] the certificate and would receive all the money plus interest (the "Accumulative"). Later these investments were reclassified as mutual funds. Investors Syndicate changed its name to Investors Diversified Services, or IDS. [Wow, I never researched where that company came from.] In the 1980's, IDS was bought by American Express and is currently [as of 2004] known as American Express Financial Advisors. [Since then, Amex spun off the company as Ameriprise.]"

http://en.allexperts.com/q/Canadian-Stocks-1073/OLD-STOCK-DEED.htm

Wiki Answers: How do you contact a representative of Investors Syndicate of America, Inc? Investors Syndicate is now Ameriprise Financial.
http://wiki.answers.com/Q/How_do_you_contact_a_representative_of_Investors_Syndicate_of_America_Inc

Illinois Administrative Code, Regulations under Illinois Securities Law of 1953, Section 130.1661 (Investors Syndicate of America, Inc.). "Face amount certificate contracts registered prior to Jan 1, 1984 under The Illinois Securities Law of 1953 by Investors Syndicate of America, Inc. are defined by the issuer as 'Face Amount Certificates' and the issuer thereof is qualified as a registered investment company [mutual fund] under the Investment Company Act of 1940.
http://www.ilga.gov/commission/jcar/admincode/014/014001300P16610R.html

Not exactly on point, but does lend credence to the claim above that the investments were reclassified as mutual funds.

I figure "everyone" knows IDS->Amex->Ameriprise, since that was recent history (well, compared with securities from 1931). A quick search for supporting info:
https://schwabpt.com/downloads/docs/resources/actions/library/AXP-AMP_30Sept05_Spinoffv2.pdf (Ameriprise spin off 9/30/05).
http://registeredrep.com/news/amex-spinsoff-aefa/ (IDSAmex in 1994; IDS being a 100+ year old company).

Or you could just cut to the chase, and watch this brief video of Ameriprise's history from its start as Investment Syndicate (narrated by Tommy Lee Jones):

http://www.ameriprise.com/global/sitelets/MWR-future/introduction-video.asp

Bottom line: Contact Ameriprise (I might start with investor relations)