Acquiring the Vincent First Folio: A Bibliophilic Drama in Two Parts (Part 2)

(Read Part 1 of the story)

January 1900. New York and London

ith the January 1 deadline past, the New Year began with another flurry of telegrams.

On January 3, 1900 Railton sent Henry a telegram that read: “Owner declines and has returned deposit implying sale is off shall we renew offer without conditions.” Henry replied the same day: “Buy without condition but try to secure privilege returning at 4800 after inspection.” Henry’s conflicting instructions reveal both his strong desire to acquire this First Folio alongside his entrenched position of paying a reduced amount for a defective commodity.¹

On the 4th Railton cabled: “Trying fatal Know owner too well firm offer only chance cable immediately.” A note tells us that Henry answered: “Buy using judgement.” On the 6th Railton cabled to say they’d made a firm offer but Sibthorp had “finally declined.” Again, a note tells us that Henry answered: “I fulfilled my side of contract in sending money before January first Look to you to secure Folio.”²

When the cable to “Buy using judgement” came through, Sotheran & Co. wrote to Sibthorp, informing him they were authorized to “by the Folio outright, should you still be willing to sell it.” Railton also asked that Sibthorp excuse the “delay in bringing the matter to a close before the end of last year,” further explaining that it was caused “by the disarrangement of mails owing to government requisitions on British mail steamers.” Sibthorp did not, however, excuse the delay and decided to “keep the Shakespeare in [his] possession.”³

Not pleased with Sibthorp’s refusal to continue with the sale, Henry telegrammed on the 7th: “Railton see Sibthorp please explain I intended if Sibthorp unwilling to accede my request you should make payment completing purchase before January first. Pay if now necessary six thousand. Will Keep purchase secret.” (Upping his offer to £6000 is equivalent in today’s money to an offer of over $1 million.) Doubling down on this higher price and making further concessions, Henry sent another telegram asking: “Will Sibthorp accept 6000 cash with understanding he Keep book in his possession five years.”⁴

On January 13, Railton telegrammed: “Have done everything possible without avail.” A letter of the same day contains Railton’s assessment that Sibthorp “will not yield at present” and that “on no account must pressure be used” since “Mr Sibthorp is not the gentleman to give way under it.” Enclosed was the company’s latest correspondence with Sibthorp, including a letter dated January 11 in which Sibthorp agreed that Mr. Wheeler’s report on his First Folio was “disquieting” but also admitted that he “did not regret that the sale had not taken place but felt some resentment as regards the way [he] had been treated.”⁵

On January 15 and 16 the cables again flew between New York and London. Henry wrote: “Use discretion about conditions including Sibthorp retaining possession for period paying up to eight thousand if necessary.” To which Railton replied: “most strongly urge waiting till personal interview occurs.” Henry next asked: “Would my coming to London help.” Again, Railton tried to discourage his pressure: “Effect of your visit quite problematical doubt whether would influence sale.” The following morning, from Railton: “Strongly urge delay premature action fatal.” To which Henry conceded: “Gladly leave everything to you 8000 limit.”⁶

Railton’s letter to Henry on January 17 informed him that Railton and Sotheran planned to explain things to Sibthorp in person when he visited London to retrieve the book from the Chancery Lane Safe Deposit company. Things were looking bleak for Henry.

January 1900. New York, Canwick Hall, and London

earing the possibility of losing his prize, Henry wrote directly to Sibthorp. His letter of January 9 explained that he “had purchased a volume for the largest sum ever paid for a single book. But this fact was of less importance…than the expectation of becoming the owner of a remarkable copy of the book I most love.”⁷ He went on to defend his correspondence with Railton—a book dealer who would appreciate the monetary value and bibliographic defects—which, when shared with Sibthorp, must have come across in a strange tone.

Sibthorp’s reply didn’t come until January 20. In it he offered his “sincere regrets” that Henry “should have been disappointed.” Sibthorp laid the blame at Mr. Wheeler’s feet and concluded with mention of Sidney Lee coming to Lincoln to give a lecture on Shakespeare for which he expected to be asked to “lend my 1st Folio Edition for inspection on the occasion.”⁸

Curiously, the copy of the reply to Sibthorp is written in both Emily and Henry’s hands, which begs the question of just how involved Emily had been in preparing the first letter to Sibthorp and even with those sent to Railton. It is well-documented that Emily was a partner in building the Folger collection, but the handwriting of this letter brings her involvement in the pursuit of this particular prize to the forefront.

Their letter attempts to smooth over the rocky relationship that had developed. While written in first person as coming from Henry, the first four pages are in Emily’s hand. It opens saying the purpose is not “to burden [Sibthorp] with continued correspondence about your Shakespeare”—it is hard not to read the possessive pronoun staking the claim of Sibthorp’s ownership as a strategic, deferential choice. It goes on to say that while it may “never be [Henry’s] good fortune to…purchase the book” he wanted to clarify that he had “aimed to deal in regard to [this matter] as one gentle-man should with another.” They explain that Wheeler’s November visit came at a time when personal family tragedies occupied Henry and those “interruptions and the slowness of the mails” left Henry waiting for answers to several questions at the end of December. As a result, he was “sorry both to have lost the purchase and to have left [Sibthorp] with…a false impression,” which he hoped this letter would remove. The draft concludes, in Henry’s hand, with the £6000 offer and the promise to “keep this purchase, if made, a secret for several years.”⁹

Sibthorp’s reply came on February 15, blaming his delay on a bout of “Influenza which has been raging” in the area and infected his household. He explained that he had been prepared to keep his word on the agreement of £5000 by January 1, but that he “was by no means anxious to part with my Folio.” He declined the generous offer of £6000 since he had it on “the best authority” that this copy “is the most valuable from its size, & interesting, as a Presentation Copy, of any folio known.”¹⁰

With the air cleared between the English gentleman and the American captain of industry, their direct correspondence ended.

1900. New York and London

enry and Railton’s correspondence continued in January and February, but with little to report since Sibthorp wasn’t replying to either of them.

By March, Henry appears resigned to the loss, writing to Railton that “we were ready to pay the price knowing that we could never sell except at a large loss…The additional £1000 we now offer is the penalty we are ready to pay for showing any hesitation, and our willingness to still have the book in Mr Sibthorp’s hands shows our honesty in stating that the purchase will be kept secret.”¹¹ The use of the second-person pronouns recognizes Emily’s role directly, showing the Folgers as partners while suggesting that the couple had discussed the cost at length and both saw the volume as worthy of the great expense.

When Sibthorp came to London to collect the volume, Sotheran and Railton showed him Henry’s recent letters and Sibthorp was pleased with the suggestion of his retaining possession for “2, 3, 4, or even 5 years.” While they couldn’t entice him back into selling, Sibthorp gave them a “definite promise” that if he decided to sell, it would be offered first to Sotheran & Co. once again. Railton explained this to Henry in a letter along with their decision not to offer up to £8000 since “it would have no effect” at present and they must “consider the negotiation closed” for now.¹²

Henry wasn’t ready to accept this conclusion, however. On April 3, Railton sent a lengthy reply to Henry answering outstanding questions. While Railton believed there was hope of eventually securing the folio from Sibthorp, “neither increase of price or retaining the book” enticed him to reconsider, nor would Henry’s coming to England that summer. Railton cautioned Henry not to correspond directly with Sibthorp as it would “irritate” him. Railton concluded saying he expected that public interest would die down in 2-3 years at which point Sibthorp was likely to reconsider.¹³

As things stood at the close of 1900, the First Folio remained at Canwick Hall.

1901. New York and London

n spring 1901, Henry checked in with Railton who replied in early April reiterating the “two serious difficulties” he’d previously shared: “the fact that Mrs. Sibthorp does not want to part with the book and the other that of Mr. Lee who has brought the existence of the copy so prominently before the public.”¹⁴ Railton’s inclusion of Mrs. Sibthorp’s opinion and placing her in equal billing as a villain alongside Lee is quite telling of the influence she wielded in this matter. It is hard to resist imagining her reaction when Sibthorp first agreed to sell at £5000 and just how much pressure she may have been exerting to keep the volume at Canwick Hall during the whole process.

The correspondence again goes cold, though Railton repeats his hope of eventual purchase in a December 1901 letter discussing other business.

1902. New York, London, Canwick Hall

n February 1902, one of the major obstacles fell. Railton wrote to Henry with news Mrs. Sibthorp’s death, calling her “a true english [sic] gentlewoman” and promising not to lose sight of the Folgers’ “unfulfilled desire” regarding the First Folio.¹⁵

And with Mrs. Sibthorp dead, Sibthorp himself began to waver. In July of that year, Sibthorp gave Sotheran leave to “write to [him] once a year…(say at Xmas time)” about the First Folio, noting that “At present time there would be an outcry in my own family (& outside it)” if he sold. This line, with Sibthorp’s emphasis, suggests that the family also knew where Mrs. Sibthorp had stood on the matter.¹⁶

January 22-23, 1903. London and New York

otheran & Co.’s annual reminder to Sibthorp received a reply on January 22, 1903 in which he revealed that “Another American Gentleman (not your friend Mr Folger)” had inquired about buying the First Folio in 1902. Sibthorp told that man he’d declined an offer of £6000 and “did not wish to sell” but that £10,000 would make Sibthorp “‘consider the matter’.” Sibthorp never heard back from the man believing he considered “the price to be prohibitive. So do I.”¹⁷

With a new price in hand the game was afoot once again, launching another series of cables across the ocean. Railton sent a telegram on January 23 written using a partial cipher “repeats Isoscele” followed quickly by another reading “Isoscele might buy folio shall we offer.” The cipher word “Isoscele” is underlined in thick pencil, perhaps indicative of Henry’s mental strife over it. The use of cipher words was another strategy to keep Henry’s collecting quiet, but in this case, he had forgotten the equivalent word and telegrammed back: “Cable translation cipher word.” The translated reply came back: “Ten thousand pounds.”¹⁸

In 1903, £10,000 was worth $48,730 (today that’s over $1.6 million). It wasn’t until 1910 that Henry’s annual salary reached $50,000. By all measures, this was a serious price tag, but with its 17th-century associations, it was also incomparable amongst First Folios. The final telegram sent the morning of the 23rd from Henry reads: “Buy without fail even at ten thousand cash but arrange time payments if you can.”¹⁹ The Folgers would not miss this chance again, but the request for payments points to their own lack of ready cash at this scale.

Since a payment plan had caused the previous deal to go awry, Sotheran & Co. offered Sibthorp £10,000 cash, which was also in keeping with Sibthorp’s expressed preference for immediate transfer should he ever decide to sell again.

January 26 – February 6, 1903. London and New York

ibthorp’s answer came on January 26: “In reply to your letter making me the offer of 10.000£ on behalf of Mr. Folger for the 1st. folio Edition of Shakespeare in the Library at Canwick I write to say I will accept it. On condition that the money is paid me within a week of my placing the Book in your hands,” which he expected to do when he was in London the next week.²⁰

With the clock again ticking, Railton telegrammed Henry on the 27th to say: “Bought for ten thousand payable within ten days please acknowledge.”²¹ The next item in the Folger Library records is an already-written-on Standard Oil inspection form. Scribbled on the back is a note in Emily’s hand:

Cablegram reads bought for
10000 payable within ten days
Pls acknowledge – have answered
Cablegram rece’d terms Accepted
Emily C. J. Folger.²²

It was Emily who had received Railton’s telegram and accepted Sibthorp’s terms for the purchase of the First Folio. With this act, the Folgers set a new record for the most money ever paid for a single book, although it would remain a secret for many years.²³

The cable transfer of £10,000 was sent on January 31, 1903.²⁴ And on February 6, a telegram from Sotheran simply read: “Safely stored.”²⁵

A letter from Sotheran the same day remarked that Sibthorp had had second thoughts, proposing to “let £5000. remain till April if we would retain the book for him but we felt that you would prefer to have it at your disposal at once.” Sotheran chalked up Sibthorp’s behavior to the fact that he “quite intended the present price to remain prohibitory” and that Henry’s “prompt action” won him the acquisition. We know it was Emily’s prompt action in the end, though surely Henry would have made the same decision had the telegram come to him first. Sotheran concluded the letter by offering his congratulations “on…securing the most interesting copy of the First Folio which as far as appears now is ever likely to occur for sale. It is most remarkable that it is the only copy to which any personal contemporary interest is attached.”²⁶

After a quest of nearly four years, the Folgers had acquired the Augustine Vincent association copy of the First Folio.

Summer 1903. New York and London

ather than have a courier bring the volume to New York, the Folgers planned their first trip to England for June 1903 “for the purpose of bringing back the Folio” as Henry reported to Railton in May.²⁷

For their journey, the Folgers chose the SS Minnehaha, a slow cattle steamer, captained by John Robinson. The Folgers arrived at the Port of London on June 23rd, visited Stratford-upon-Avon, collected their First Folio, and departed on June 27th with it safely stowed in a suitcase. When the Folgers disembarked at the Port of New York on July 7, 1903, their treasure found its new home in America.

n 1907, Henry wrote the article “A Unique First Folio” in which he dubbed the volume “the most precious book in the world.”²⁸ He did not explicitly reveal himself as its owner, however, and still in 1922 the ownership of the Vincent First Folio was a mystery. In April 1922, the rare book dealer A. S. W. Rosenbach, with whom the Folgers had worked closely, sent Henry a letter he had obtained that had been written by Sibthorp to Sidney Lee in November 1902. In it, Sibthorp revealed that an “American Gentleman (but not your frend [sic] Mr. Perry of Providence)” had offered him £6000, which he declined, but also named £10,000 as his new price.²⁹ Rosenbach’s letter asks whether Henry was the American gentleman mentioned. There is no record of whether Henry replied, but in keeping with his character and other requests for such details, it is likely he did not.

Ninety years ago, in a speech to the Meridian Club, Emily called this copy “the keystone of the Folger Library.”³⁰ And when the Folger Shakespeare Library reopens to the public in 2024, following a three-year renovation, the Vincent-Sibthorp copy of the First Folio will be on permanent exhibition (along with the other 81 First Folios acquired by the Folgers). Together, the First Folios will anchor the North Exhibition Gallery and give visitors a peek into the vault to see copies of the work the Folgers considered the most precious in the world.