The shaft in this Cosby driver is elaborately constructed.  According to Edwin Cosby's US patent issued in 1924, there is a steel core that runs the length of the shaft.  The steel core is surrounded by a textile covering and enclosed in a hickory casing which itself is enclosed by six pieces of Bamboo.  All of these components are visible on the tip of the shaft which extends through the head to the sole. The bottom 9 1/2 inches of the shaft are wrapped in braided material, to add strength to the bottom of the shaft. 

The beautiful leather grip is sewn closed up its backside with braided whipping at the top and bottom of the grip.

Quite the elaborate shaft and grip, made with old school craftsmanship.

TCA2: V2, p633