This is an unissued stock certificate from Yellowstone National Park Association, like from the late 1800s, featuring an illustration of Lower Falls of the Yellowstone River, located in the Grand Canyon of Yellowstone National Park. At 308 feet tall, it is the park's tallest and most iconic waterfall, plunging dramatically into the canyon below. 

The Yellowstone Park Association, established in 1886, was a key player in the early development of Yellowstone National Park's visitor services and infrastructure. Founded by Charles Gibson, Nelson Thrall, and John Bullitt with financial backing from the Northern Pacific Railroad, the association acquired and operated several important properties within the park.

The association was responsible for constructing and managing some of Yellowstone's iconic lodgings, including:

• Lake Hotel: Built in 1891, it's the oldest surviving grand hotel in the park. The association oversaw its 1903-1904 renovation by architect Robert Reamer, transforming it into an elegant neoclassical structure.

• Old Faithful Inn: Commissioned in 1902 and completed in 1904, this landmark building became a model for "park architecture" across the nation.

Working closely with the Northern Pacific Railroad, the association helped popularize "coupon" tours, package deals that allowed visitors to experience the park's attractions over several days.

Today, the Yellowstone Park Association no longer exists in its original form. The organization that most closely carries on its legacy is Yellowstone Forever, which was formed in 2016 through the merger of two earlier non-profit organizations, The Yellowstone Association (founded in 1933) and The Yellowstone Park Foundation (established in 1996).