What a gorgeous club—with such a thin, delicate neck and shaft—And so well made.  The forked hosel and corresponding 43" shaft are blended together exceedingly well.  While BGI offered this Fork Splice club in 1900, it was actually patented in 1896 by Warren Briggs of Bridgeport, Connecticut. 

According to a review in the January 1900 issue of Golf(ny), "The advantages of a fork spliced club are that you get the spring right down to the point of impact—the neck is almost unbreakable with play, and it is practically impossible for it to come loose in the glue.  The result is a long driving, durable club." 

The above quote explains why the neck is so thin and delicate—to facilitate the spring of the shaft. There is a 1" wrap of whipping on the shaft, up above the neck joint, so it is possible that this shaft suffered a small crack.  It's also possible that the whipping was applied in an effort to stiffen the shaft just a bit or provide just a bit of security to keep it from cracking.  If the shaft is cracked, its minor and a non-issue at this point.  No cracks appears when the shaft is torqued. 

The neck of this driver was formed by steaming it and then bending it to the desired angle.  The 1900 BGI catalog notes that "The fork-spliced [club] has all the advantages of the socket club, and in addition the strength of the club is doubled by having twice the gluing surface. these clubs resemble the one-piece clubs originated by John D. Dunn, and they drive a long ball. BGI Fork-spliced clubs are made from the besy selected bent-hickory heads, with hickory shafts."

The leather face insert is original to the club.  It is not a repair.