Lard shafts are exceptionally visual collectibles with hundreds of holes hand drilled in a six sided steel shaft.  Because they were one of the earliest steel shafts commercially produced,  Lard-shafted clubs are also quite historic.  Spalding Spalding offered these clubs in its 1918 and 1919 catalogs, no less than 6 years before the USGA ruled that steel shafts conformed to the rules of golf. Consequently the vast majority of the Lard shaft clubs in existence are marked "Spalding" etc.  The back of this particular example, however, is marked "Wright & Diston" etc. and comes complete with its original leather wrap grip and 38 1/2 shaft. This Wright & Ditson mid-iron 6 is a strong example in all respects, and appears original top to bottom. 

Spalding promoted Lard's metal shafts as a substitute for the best hickory shafts, which were in short supply. Drilling out the metal to create the hundreds of holes in the shaft was necessary to bring the shaft to a decent weight. Ironically, with top quality hickory shafts in short supply, a shortage of steel during World War 1 interrupted the production of Lard's steel shaft.