Something for everyone: HWPH puts 4486 lots on the auction block!

Historisches Wertpapierhaus AG has scheduled his next triple-session auction for 27, 28 and 29 March 2023. This time Matthias Schmitt and his team brought together over 4400 lots of scripophily and related documents from all continents. 

One thing is for sure, you need some time to go through all the offerings. So I suggest you use keywords in the online search functions. HWPH's site has a dedicated page to select Regions, Countries, Eras and Industries, see here. I tried out the country Japan and found over 40 related lots. 

This unissued Kyoto bond was part of the city's 1909 5% External Loan of 45,000,000 francs. It shows the facsimile signature of mayor Saigo Kikujiro (1861-1928). He was a member of the Satsuma army, a group of dissident samurai that revolted against the imperial government in the Seinan War of 1877. Then, he was shot in the right leg which was partially amputated. Later, as mayor of Kyoto, he organized large infrastructure projects such as the excavation of the Second Lake Biwa Canal, the development of the city's water supply resources, and the expansion of Kyoto's roads and tramway network. With the Mitsui Bank, Saigo Kikujiro procured this 45 million francs foreign loan to finance these projects.  L(ot) 1895  

On the same page you can select for certain industries such as Fine China (Porcelain): you'll be surprised how many hits you get on this theme.  

Oh yes, you can combine 'industries' with 'countries'. I tried USA + Railways, and there it is, over 200 lots in that combination, including the following rare bond printed by the National Bank Note Company. 

The Yumuri Rail and Tramway Company was incorporated in 1907 in the state of New York to construct a railway across the east end of Cuba connecting the northwest and southeast coasts. The Republic of Cuba was founded in 1902. The country's first decade was tumultuous and created a difficult climate for foreign investors. It is unclear what happened to the Cuban operations of this company. It went bankrupt in 1914. Click to enlarge image. L2996 

HWPH also brings its event to the online public through Invaluable.com. There, you'll find a separate section for each auction session. Click through to see the items. From there continue and select "Sort by: Price High to Low" to find the top items within each session. 

One of the top items from the first session is this 500 thaler Prussian Courant share in the Pommersche-Ritterschaftliche Privat-Bank from Stettin.  Today known as Szczecin, Poland, Stettin was then the capital of the Prussian Provence of Pomerania.  The fine print was produced by the Berlin-based lithographic workshop of H. Hindersin. Click the image below to see the rich details on the word "Actie" (share). L796 in the auction.

There is a lot more to discover in HWPH's auction catalogs. Here are the details of this online event:

• Dates: 27, 28 and 29 March, each day starting at 11 AM German time 
• Location: this is an online event
• Further info and catalogs, see here on HWPH. Live bidding is possible through Invaluable.com, see there.

F.L.

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Over 1500 lots of historic securities go on the block in FHW's upcoming sale, including an amazing share from Frederick the Great's Chinese trading company !

Freunde Historischer Wertpapiere (FHW) has scheduled its next sale for October 8, 2022. This time the auctioneer selected more than 1500 lots of historic bonds and share certificates. Major sections have been reserved for scripophily from Germany, the German DM era, USA and a series of more than 200 lots from other countries worldwide.

One of the highlights in the sale is this share in the Hippodrom-A.-G. Frankfurt am Main. The company was founded in 1897. Its main building was used to promote equestrian sports in public events and festivities and had the largest indoor riding arena of Germany. Allied bombing destroyed the hippodrome during WW II. Reportedly only four of these shares were discovered in the 1980s. L(ot) 756 in the auction is expected to realize €2,800. 

The German chapter presents over 750 lots from the pre-DM period and covers all regions and branches. A dedicated Deutschland Top 20 section, lot range 748-767, bundles the high-end items.  The auction also includes the Klaus H Reifenrath Collection consisting of 69 rare Kux and mining shares from the Siegerländer Erzrevier mining area.

The auction includes several shares designed in Art Deco. This one, issued in 1922 by the Mechanische Buntweberei J. Sim. Fleißner Aktiengesellschaft, a textile company from Münchberg, illustrates one of the company's modern fabric designs. L730 starts at €100. 

All lots are well-illustrated with high quality images on the Invaluable online platform. However, the Top 20 section includes even more in-depth information with extra illustrations in the catalog's PDF version (links see further below). 

Some examples from the German chapter  :

• The Central-Afrikanische Seeen-Gesellschaft operated gold mines and saltworks in the African Great Lakes region, then part of German East Africa. Seeen is German for lakes. This 1000 mark share was issued in Hamburg, 1902 and starts at €900, L384.
• The 1855 share from the Steinkohlenbau-Verein zu Rochlitz, a coal mine company, shows the city of Rochlitz, gnomes at work and an explosion in their mine, mined rock with imprints of fossilized plants and lots more. Extremely rare, this is in my opinion the most awesome German share certificate. L763, a top item, starts at €9,000.
• L926 starts at €320. The share from the Sundwiger Eisenhütte Maschinenbau-Actiengesellschaft displays a lovely Jugendstil design.

Time to highlight the absolute top item in the auction.

Four years after Frederick the Great became King in Prussia he annexed in 1744 the independent city-state of Embden (Emden), then the most important trade port on the North Sea. Eager to give Prussia a share of the Asian trade similar to the V.O.C. or the British East India Co., Frederick the Great granted the privilige in 1751 to found the Emden Trading Company. 

The company, also known as the Königlich Preußische Asiatische Compagnie in Embden nach Canton und China (Royal Prussian Asiatic Company in Emden to Canton and China) was allowed to conclude contracts with foreign Asian rulers in the name of the King of Prussia. The Emden company owned four ships that made six voyages to Canton bringing back tea, porcelain and other goods. 

The company operated independently - the king's main interest was filling the Prussian (war) treasury - and became the first modern German stock corporation, i.e. without state influence.

The share, L760 in the auction, issued in 1752 for 500 Reichsthaler in Friderichs d'Or is the oldest German share known. 

It is also the oldest share in the German language. A complete translation of the text on the obverse, as well as a hint on its non-German provenance, can be found in the latest issue of Scripophily magazine, No. 119 August 2022. 

The clipping shown here says [..the Company's ships which shall sail] to Canton in China as well as other places in India .. . The document must be the oldest known share mentioning the word China as well. Start price €50,000.

The sale's Deutsche Mark section comprises of more than 230 lots, including a Top 20 chapter. To mention a few : L1146 is a 20 shares certificate in the Erste Kulmbacher Actienbrauerei AG (EKU), 1990, showing the company's logo with crown and prize medals, €75; L1249 Teutoburger Wald-Eisenbahn-Gesellschaft, Hamburg, 1951, unissued share, starts at €200. 

The Aachener Kleinbahn-Gesellschaft and the Rheinischen Elektricitäts- und Kleinbahnen AG merged in 1942 into the Aachener Strassenbahn und Energieversorgungs-AG (ASEAG). The company provided local public transport in the Aachen city region. During the Battle of Aachen, 1944, Allied troops used tramcars loaded with explosives and ammunition as rolling bombs on the sloping routes from Siegel and Grundhaus to the city center, which, however, caused little damage. This share, from 1954, shows a high voltage power pole and tram car in the underprint. Bids for L1088 are welcome from €40 onwards. 

The USA section features more than 200 lots. Here are some interesting examples to look for:

• L1429 is stock certificate in the Lamb's Run Oil Company coming from an old collection. Printed by Chandler from Philadelphia, 1865, it shows two vignettes of early oil derricks. The company was incorporated in Venango County, Pennsylvania where the biggest oilboom sparked only a few years earlier. €100
• Confederate States of America, 8% $100 bond from 1862, large vignette of the city of Richmond and portrait of C. G. Memminger, L1378, €300
• €380 may buy you a Laramie, Hahns Peak and Pacific Railway Company 100 common shares certificate issued in 1912. The company was incorporated in Wyoming. The shares of this company are illustrated with 3 vignettes of a locomotive, lumberjacks and miners at work, Cox cat nr LAR-083-S-51. L1430

This share from the Compañia Ron Bacardi can be found in the sale's Ausland section (foreign countries). The company was founded in 1862 in Cuba and became worldwide known for its white rum and derived cocktails such as the Cuba Libre and the Daiquiri. The share depicts bats, the company logo, a bottle of Bacardi rum and many of its prize medals won at contests. It is issued to Emilio Bacardi y Rossell, great grandchild of Facundo Bacardi Massó, founder of Bacardi, and grandchild of Emilio Bacardi Lay, mayor of Santiago de Cuba. Note that the certificate was issued in 1955 during the Cuban Revolution. The Bacardi family left the country in 1960 after the government confiscated the company's assets in 1960. L102 starts at €150. 

There is a lot more to discover in the sale, so here are the details :

• Date : 8 October, 2022
• Location : Wolfenbüttel 
• Further info, see here; PDF catalog see there; live bidding is possible through https://connect.invaluable.com/dwa/  

F.L.

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Collecting antique stock certificates ? Go to the next level with Scripophily magazine !

Scripophily magazine is the world’s most comprehensive and insightful publication for passionate collectors and researchers of antique securities. Its 2022 April issue brings over 50 pages of scripophily news, in depth articles, book reviews, pictures of collector friends, auction reports and quality images of stunning, historic and rare stocks and bonds.

Scripophily magazine is illustrated with tons of gorgious stock certificates. This one from The Cincinnati Edison Electric Company is featured in the Deutsche Bank trilogy (© HIWEPA). The company was incorporated in the state of Ohio. Its $1 million capital was represented by 10,000 shares of $100. This certificate, issued in 1892 to the Deutsche Bank of Berlin, for 3,333 1/3 shares, represents a third of the capital. Image by Horst Klophaus 

Compelling tales, business plot twists and memorable personalities keep you spellbound. Scripophily magazine uncovers the stories of historic and artistic securities. In addition, reports from the auction markets help you to stay up-to-date. This periodical is the flagship of The International Bond and Share Society (IBSS) and appears three times a year.

Here is a summary on the topics brought in the latest issue :

• Piers and Seaside Entertainment, interview with a collector 
• Book review : Stamp Taxes in Nevada I. Silver Fever! Nevada Territory Stock Certificates, 1863-4, author Michael Mahler 
• Book review : Michigan Copper Mining Stocks and Bonds, Part II, author Lee Degood
• El Partido Revolucionario Cubano, a rare but fake bond emerged 
• The Insanity Spreads, NFT technology flirts with Scripophily 
• Dispatches from the Front, Bits and Pieces, market concerns with the Russo-Ukrainian War 
• The Greenawalt Donation : Interview with David Mihaly of the Huntington Library 
• Charles V Bond with phenomenal Face Value emerges (Spain)
• Standing on the Shoulders of Giants, Terry Cox reflects on his US railway project coxrail.com 
• The Howe Sound Co, copper mining in British Columbia 
• Selling the Security, member contributions with share certificates promoting the business 
• Studebaker, the family, stocks and bonds, and legacy
• Deutsche Bank Part I : The History of "Deutsche Bank AG"
• Boomtimes in the German Sugar Industry : 1850-1885 

On top of that the issue brings results and analysis on more than 20 auctions that took place during the preceding period in Germany, USA, China, Switzerland, UK, and other countries. You'll find out which auctions took place, what collecting themes are currently in demand and what price results are achieved for top pieces.

Subscribing to Scripophily magazine brings you valuable free extras: 

1. The IBSS Directory brings you in contact with fellow collectors. Many of those are experts in their field, often share common interests with you, and possibly live nearby. The Directory contains members from more than 40 countries. 
2. Upcoming events : Learn which auctions, collector bourses and society meetings will take place.
3. Locate dealers and auctioneers : The Membership Directory also contains a list of dealers and auctioneers with further contact details. Most  auctioneers and dealers publish their catalogues either online or on paper.
4. Access to the Experts : Being part of the International Bond and Share Society (IBSS) has provided me access to a network of experts in a variety of specialties related to the collection of Stocks and Bonds, always willing to led a hand and point me in the right direction.
5. Access to all content on the IBSS website, including digital versions of previous issues of Scripophily magazine, the online forum, special theme galleries, and the like. 
6. Newsflashes on the website focus on hot topics that can't wait for the next issue of the magazine. 
7. Get extra credibility : being listed as a member is a good reference in any deals made remotely with parties previously unknown. 

A 1-year subscription only costs £25 or $35 or €28. The magazine is published by IBSS. More info : https://scripophily.org/membership/join/ 

F.L.

Related links

• International Bond and Share Society 
• What is Scripophily, a quick introduction 

Collectibles from the undersea world and other rarities emerge in Boone's scripophily auction

The 66th auction of Mario Boone takes place online with an exceptional wide range of scripophily collectibles. More than 1,100 antique stocks and bonds span 4 centuries of financial history.

The sale includes several historic items and a number of old collections have been consigned for this occasion. Very special, and unseen before, is a scripophily collection of the undersea world. The companies represented here had goals that captured our imagination. Their shares often featured fantastic vignettes.

During the American Civil War hundreds of ships  were destroyed. This share from the Life Saving Raft Company, was issued in 1866 just after the war. The amazing vignette shows the company's life raft with shipwrecked sailors. Early lithograph produced by Henry Seibert and Brothers, New York, and part of the Diving/Submarines collection 

The Diving/Submarines collection consists of about 90 certificates from companies involved in diving operations, the ship wreck salvage business, underwater treasure hunting, production of submarines, insurance of maritime losses, diving and life saving equipment and maritime archaeology. The collection, L(ot) 1051, offered as a whole, starts at €4,000. In case no bid is received, it will be offered again in smaller lots. 

I'll come back to the other collections consigned for this sale but let me discuss first some of the top items in the sale.

One of the highlights in the auction is this previously unseen share from 1747. Formed in 1720 the Compañia Real de la Havana organized the trade between Spain and Cuba. The company controlled the export of tobacco, sugar, wood and other Cuban products but also slaves, as well as all import of European products needed in the colony. L771 in the auction starts at €5,000. Detailed image provided on the auctioneers Invaluable.com portal, see link below.

Here are some more lovely items from the Spanish chapter in the sale :

• L772, an early copper engraving on vellum, boundless vignette all over the design, is a share from the Real Compañia de Comercio Establicida en Barcelona, dated around 1748 but unissued which explains the moderate start price of €400! 
• Printed with a "gold" vignette of a mining operation, the San Juan Bautista (Teruel) silvermine share, 1857, belonged to the Duke of Rianzares, second husband of Queen Maria Cristina de Borbon, L775 
• A great example of Art Nouveau design, L782, a share in the Nueva Plaza de Toros, shows off the bullring of Barcelona

Let's jump to the present. Everyone knows how to download a PDF auction catalog and read it with the Acrobat Reader application. Both PDF and Acrobat Reader were developed by Adobe Systems. The company was founded in 1982 by ex-Xerox PARC employees John Warnock and Charles Geschke. This specimen stock certificate bears the facsimile of Charles M. Geschke. In 1992 he was kidnapped from Adobe's parking lot. Four days later the FBI found and saved Geschke. L1043, a very interesting collectible from the software industry, starts at €50 

Regarding American scripophily there is lots more to find. This auction chapter includes a top collection of ninety early USA (1816-1860) certificates, lot range 884 through 976. A few examples :

• L886, Thomaston Coal and Mineral Company, 1819!, then part of Massachusetts, today Maine
• L910, Philadelphia Museum Company, previously Peale's American Museum, share from 1840
• L943, West End Land Association, 1854, vignettes of villa and native Americans

The American 'regular' section, lot range 977-1044, has some more surprises, so don't forget that part. 

The Russian chapter consists of nearly 100 lots and kicks off with another highlight :  L678, a share in the Warsaw-Vienna Railway Company. In 1814 Alexander I of Russia was made king of Poland at the Congress of Vienna. His succesor Nicholas I approved the construction of the Warsaw-Vienna Railway. Its 1839, unissued, share shows the vignette of the Russian imperial double-headed eagle. Besides tsarist era scripophily, the chapter includes several soviet certificates as well.

The Azoff Steam Ship Company, founded in 1871, serviced the harbors at the Sea of Azov and the River Don. In the Soviet period the company became an asset of the Ministry of the Maritime Fleet (Minmorflot). This 1895 specimen share was printed by Typography Brothers Schumacher. The printing house finds its origins in the 18th century print shop of the Russian Academy of Sciences. The shop was founded by Johann Daniel Schumacher, secretary of the academy and librarian to the Tsar, and his brother Johann-Jacob, professor of architecture at the St-Petersburg university. L691 

Here is an overview of the other collections that will go on the block in this auction : 

• L5, Collection of 16 Red Cross certificates
• L187, Collection of 46 Austrian World War I bonds 
• L321, Collection of 84 royal loans of France under the form of life rentes (cfr. the catalogue France, The Royal Loans by Howard Shakespeare), period 1689-1787 
• L322-333, Corsica collection
• Lot 625-677: Rolf Büchsenschütz collection of Romania (part)
• L1080-1117, Fire fighting collection

The printed catalog contains several indexes to help you find what you are looking for.  The online versions can be searched by keywords. 

At the start of the 20th century, Ghent, Ypres, Bruges and other Flemish cities still counted many female lace workers. During WWI, war lace was bought by soldiers as a gift for the home front in England or America. This handicraft would disappear, partly because in the Congo, then a Belgian colony, nuns taught lace-making techniques in the missions. The Congolese women and children produced large quantities of lace at very low wages. De Vrouwelijke Beroepsbonden, in English: The Women's Occupational Unions, was a cooperative from Ghent founded in 1914. This unissued share shows vignettes of a lace worker and two seamstresses. Printed by Litho. F. & R. Buyck Frères. L229 

It is impossible to mention all items in this sale, but there is a way to find out more about them. Here are the auction details :

• Location : Internet only
• Date : 10 April 2021
• Further info : 
• online catalog & bidding here, 
• or via the Invaluable platform (large images), 
• PDF version of the catalog there 

F.L.

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Cuban scripophily at Spink's upcoming "world bonds and shares" auction

More than 300 lots from the Andrew Kirk collection of bonds and shares are going on Spink's E-block. At stake are antique stocks and bonds from many countries. This online sale started last week on the 9th of March and the bidding window closes on March 23rd 11:00.

Rare and interesting scripophily objects represent themes like UK railways & shipping, British theatres, United States, China & Latin America.

The sale also presents an attractive section with Cuban scripophily. Here are some highlights from Cuba's pre-independence period :

• L(ot) 223 is a rare 1853 share in the Compañia de Caminos de Hierro de la Habana, vignette of the railway station, incoming train and lots more, a feast for the eye, and early
• L225, Compañia de Seguros Maritimos de la Habana, 1857, very fine vignette of steamship in trouble at sea near lighthouse
• Issued ten years earlier is a 50 peso share from the Sociedad de Minas de la Habana, 1847, L234.

L224 is a share in the Compañia del Ferro-Carril de La Bahía de La Habana à Matanzas. Issued in 1859, the year when the company opened its first track, it shows the old Fesser railway station. The company was also a ship owner. Their side-wheel steamer, the Nuestra Señora de Regla, built in 1861 in New York was meant to run on a ferry between Havana and the railroad's terminus at Regla. On her way to Havana the ship entered Port Royal, South Carolina, then in rebellion against the United States during the American Civil War. The ship was seized by the Union fleet, it was searched and incriminating letters were found including an order from the Confederate Army for purchasing rifles, bayonets, cavalry sabers, cannon powder and the like from agents in London.

source: The Mystery of the Nuestra Señora de Regla : Underwater Archaeology in North Carolina, by Richard Triebe and Mark Wilde-Ramsing, Prologue - Quarterly of the National Archives, Spring 1992, Vol 24 No 1

Collectors of UK railway and shipping scripophily must have a look in the Great Britain section. Some examples :

• L122, Poole Isle of Purbeck, Isle of Wight and Portsmouth Steam Packet Company, 1845, beautiful vignette of paddle steamer in heavy seas, printed on vellum with green embossed seal depicting ship.
• Two rare 1845 shares from the Peninsular and Oriental Steam Navigation Company (P&O) are offered, L120 and L121. The term Peninsular stood for the Iberian Peninsula, Spain and Portugal. Soon the company offered round trips to Alexandria and Constantinople. Two years after these shares were issued, the company entered the opium trade in the East.
• Another fine landscape with train vignette can be seen on a share in The Middlesbrough and Guisbrough Railway Company, L106, issued 1857

American scripophily forms a substantial part of the sale. This is L259, a $1000 City of Boston Water Scrip bond, issued in 1848 and signed by mayor Josiah Quincy Jr (IV). During his term the Cochituate Aqueduct was built to bring water from Lake Cochituate to the growing city of Boston. Both Quincy Jr's father and grandson were mayors of Boston.

There is much to discover in the sale! So, here are the sale's details : 

• Location : online auction only
• Date : ends on 23 March, 2021 at 11:00 AM
• Further info : see Spink's online catalogue with full color images here 

F.L.

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King of the Netherlands owned the Belgian economy : spectacular royal share in the Société Générale de Belgique auctioned in Antwerp

Mario Boone's 65th auction is set for Saturday 31 October and takes place live on the internet. Over 1,300 lots of antique stocks and bonds from all over the world span four centuries of financial history. Part of an extraordinary collection and highlight in the auction is a unique share in the Société Générale des Pays-Bas pour favoriser l'Industrie Nationale that once belonged to Willem I, King of the Netherlands. 

With the help of bankers from Brussels, Willem Frederik (1772-1843), King of the Netherlands, created in 1822 an investment bank, the Société Générale des Pays-Bas pour favoriser l'Industrie Nationale. Belgium was still under Dutch rule at that time. In 1830, when Belgium became an independent state, the Société Générale des Pays-Bas took the name Société Générale de Belgique. 

The Société Générale de Belgique played a major role in the industrial development of the country and its former colony Belgian Congo. After the independence of Belgium the company became the official banker of the kingdom until the National Bank of Belgium was formed in 1850. Under Leopold II, the investment bank financed industries in China, South America, Egypt and Russia. The Société Générale is now a part of the French multinational Suez. This certificat d'inscription was issued in 1841 for 4300 shares of 500 Dutch Florins to Willem I, King of the Netherlands. Lot 332 in the sale is expected to realize at least €12,000. 

The 'Willem I' share offered here is part of a set of rare and early Société Générale items, lots 329 - 347 in the auction. Each one of these are opportunities to enrich any serious Belgium scripophily collection. Included are the 1822 company statutes from the Alg. Ned. Mij. ter Begunstiging van de Volksvlijt (the company's Dutch name), a provisional share from 1837, a 500 Ned. Guldens share dated 1847, a Bradbury Wilkinson specimen, parts de reserve, and the like. 

The Compagnie du Chemin de Fer du Bas-Congo au Katanga was registered in Elisabethville, today known as Lubumbashi. This specimen share from 1949 is part of the Belgian Congo railway collection. Lot 204 

The sale includes more noteworthy collections. The Belgian Congo section counts about 80 lots, more than half of these come from a railway collection. The Dutch Indies consists of 40 lots, some of them group lots, and will interest collectors of sugar, tobacco, spices and rubber scripophily.

Northern Steamship Company Kotlas-Archangel-Murmask 

200 Roubels share, 1916, lot 1062, click the image to enlarge 

A large Russian section counts over 90 lots. Many of these antique securities were issued during the reign of tsars Alexander III and Nikolai II Alexandrovich Romanov. Some of the highlights :

• Northern Steamship Company Kotlas-Archangel-Murmask, gorgeous vignette, see image above, L(ot)1062 
• City of Arkhangelsk, 5000 Rbls bond, 1916, large denomination, L1064
• Baku-Tiflis Oil Industry and Commerce Company, company operated in today's Azerbaijan and Georgia, temporary share for 1000 shares amounting to 1 million roubles, serial number 1, extremely rare, L1060
• L1061, share from the Chinabad-Andijane Feeding Railroad Line, Uzbekistan, 1916
• Kursk-Charkov-Azov Railway, £500 bond, 1888, L1002

The French city of Reims hosted in 1909 the Grande Semaine d'Aviation de la Champagne, the first international aviation meet. Aviation pioneers such as Glenn Curtiss, Louis Blériot, Louis Paulhan and Henri Farman participated. This share in the Aérodrome de la Champagne - Terrain d'Aviation de Reims-Bétheny was issued in 1910.  The artist Gournay may have attended the event and added different types of early aircraft to the design of the share. L643 

The catalog's comprehensive country index lists about 100 countries. In particular large sections are Dutch East Indies, Belgian Congo, Belgium, France, Germany, Russia, Spain and the USA. Scripophily from less obvious, often exotic places, like Papua New Guinea, Burma, Ethiopia, Monaco and El Salvador is present as well.

Printed by Imprenta Casa Misericordia this Minas de Cala share was issued in 1901, Bilbao. Its ingenious design of a carving incorporates all the important headings of a share certificate (company name, share capital, ..) as well as the arms of Huelva and Bilbao. L1108 starts at €50 

There is much more to discover in the auction. Here are the auction details :

• Location : Internet only
• Date : 31 October 2020
• Further info : 
• online catalog & bidding here, or via the Invaluable platform 
• PDF version of the catalog there 

F.L.

The share from the Compañia de Seguros Maritimos de la Habana, dated 1857, features this stunning vignette. Click to enlarge. L1210, see the Cuban section of the auction

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Archives International Auctions - part XXXIV

The United States of America
3% (Spanish-American War) Loan of 1898-1918
bond for $20 including complete sheet of coupons
Lot 481 in AIA's XXXIV auction

The Guerra Hispano-Americana was a conflict fought between Spain and the United States in 1898. Officially at stake were the Cuban and Filipino struggles for independence from Spain. The US wanted to protect their economic interests (sugar trade) and saw an opportunity to increase their military naval presence overseas. The ten-week war was fought primarily in Cuba and the Philippines. After Spain's defeat, both parties signed the Treaty of Paris on December 10, 1898. As a result Spain gave up sovereignty over Cuba, ceded Puerto Rico and Guam to the US, and sold the Philippine Islands to the United States for twenty million dollars.

This bond was issued under authority of an Act of Congress entitled The War Revenue Act of 1898. The act authorized a tax on a wide range of goods and services in order to collect funds for America's participation in the Spanish–American War. The act further gave the U.S. Treasury permission to issue a two hundred million dollar war loan at 3% interest. The phrase 'An Act to provide ways and means to meet war expenditures', mentioned on the illustrated bond, refers to The Committee on Ways and Means, which is the chief tax-writing committee of the United States House of Representatives and which has jurisdiction over all taxation, tariffs, and other revenue-raising measures.

This auction contains almost 400 lots of scripophily.

• Dates : July 26, 2016 
• Place : Fort Lee, NJ 
• Further info : see here , for the catalog there

F.L

Digest of scripophily readings XVII

New online scripophily articles and references, August 2015

Don Mesler's blog

A retired stockbroker, investment adviser, and convertible bond trader, Don Mesler has examined innumerable stock and bond certificates. With more than 25 years of collecting experience, he has an eye for distinct themes and vignettes in US scripophily. Something you can witness on his sleekly designed Scripophile blog, see here. Don recently teamed up with Lawrence Falater (author of American Automobile Certificates) to co-author American Brewers Stock and Bond Certificates. Thank you for sharing all these beauties, Don, happy to follow along !

Source: donmesler.tumblr.com

Annuaire Desfossés
In 1907, E. Desfossés & Fabre Frères, Paris, started publishing a yearly directory, the Annuaire Desfossés. These manuals describe local and international securities, issued by governments, municipalities and companies, and traded on the French interbank market. Information included with the entries :  nationality, date of establishment, object, registered office, duration, social capital, detail of the distribution of profits, names of directors, highest and lowest quotations, authorized amount, issue amount, nominal value, interest coupon due, and much more.

Annuaire Desfossés
Valeurs Cotées en Banque à la Bourse de Paris
excerpt from the large table of contents, 1907 edition 

From 1912 the editor included also the values ​traded ​on the official stock market. Twenty years later, in 1932, regional securities from the provincial exchanges, over-the-counter ​and a large number of colonial values were added to the directory. Following an agreement between the Société Anonyme Cote Desfossés and the Société d’Éditions Économiques et Financières (SEF), a single directory is published annually, from 1950 until 1981, under the name Desfossés-SEF. It consists of two volumes. The first includes a section on loans and information related to corporate law. The second includes records on companies. Source : Centre des Archives Économiques et Financières (CAEF) 

The first four editions of the directory have been digitized by Gallica, the digital library of the Bibliothèque Nationale de France. You can query and download the books for the years 1907, 1908, 1909 and 1910, right here . Once on the page, open up a book from the list by clicking its title. When the book opens up in your browser, you'll find a link to download (in French: Téléchargement). Accepting the usage conditions, click "Envoyer" (send) after which a PDF file is being prepared for you. The files can be easily searched for keywords in French, e.g. "Mexique" or "mine d'or".

Scripophily magazine

In addition to the online sources above, the last April 2015 No.97 issue of Scripophily magazine contains the following stories :

• Life among the aggregators, about "auction house aggregator" companies and their online databases
• Stocks on stamps
• US war bonds
• Warner Company, profile and history
• The world's first investment trust, The Million Bank , 17th-18th century banking in Great Britain
• Scripophily and the first American colony in Cuba
• Trust this bank , a historic overview of US trust companies and banking
• French annuities (18th century)
• The railroad that run for only one day , about the Lawrenceburgh & Indianapolis Rail-Road Company
• Mucha do about securities (Alfonse Mucha)
• Cox's Corner : Upside-down is the new normal, reflections about abnormal pricing situations
• other periodical topics : society matters, news, bourse reviews, auction reviews, events calendar, member classifieds, book reviews, interviews and lots of pictures of collector friends and scripophily

Scripophily magazine is a publication from the International Bond & Share Society.

F.L.
Signed the Guest book, yet ?

Book : Acciones Españolas

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image source by Boone Shares

• Title : Acciones Españolas, la historia gráfica de los títulos Españoles; in English : Spanish share certificates, the graphical history of the Spanish securities
• Authors : Jorge Ibáñez
• ID : ISBN 84-95241-18-8, published by Bancoval, S.A. Grupo Dexia, 2001
• Languages : Spanish and English
• Number of pages : 197
• Images : more than 150 large color images 
• Indexes : no index

This luxury publication introduces us into, arguably, the most decorative theme in scripophily one can think of : Spain. More than 150 large color images are used to illustrate the following topics, both in Spanish and English :

• Sociedades por acciones y modernización económica en España (1700-2000); Stock companies and economic modernisation in Spain (1700-2000)
• Las primeras compañias; The first companies (18th century)
• La Españia de ultramar; Spain overseas (including some Philippines and Cuban certificates)
• La deuda pública; Public debt
• Los bancos; The banks
• El seguro y el mar; Insurance and the sea
• Aparece el tren; The arrival of the train
• El último tranvía; the last streetcar
• El automóvil; the automobile
• Las minas; Mines
• La electricidad; Electricity
• Con pan y vino; With bread and wine 
• El Modernismo Catalán; Catalonian Art Nouveau
• Madrid, Madrid, Madrid
• Los Españoles se divierten; Spaniards have fun

Most sections are briefly covered but the following ones are illustrated with a more extensive set of certificates including several rare pieces : 18th century companies, railroads and tramways and Catalonian art (including 3 certificates designed by J. Camins).

The companies included were active in the field of : trading companies, insurances, mining, banking, railway and tramways, public debt, public transport, electric power and lighting, food & wine, bull fighting, and more. 

A nice introduction into antique stocks and bonds from Spain. 

F.L.

Amgueddfa Cymru – National Museum Wales home to Welsh-interest share certificates

Amgueddfa Cymru, the National Museum Wales, is today a Welsh Government sponsored body. Founded by royal charter in 1907, it consists of nine museums including the National Museum Cardiff, St Fagans National History Museum and the Big Pit National Coal Museum. Earlier this year, the Museum announced on its blog, see here, that it had received 16 very interesting share certificates, including a share certificate from the Royal Copper Mines of Cobre company founded in 1835.

Royal Copper Mines of Cobre
"We hereby certify that the holder is entitled to five shares of forty pounds each, 
in the Royal Copper Mines of the township of Cobre in the Islands of Cuba"
By permission of Amgueddfa Cymru – National Museum Wales

The Museum has been actively collecting certificates since the mid 1980s and holds by  far the largest and wide-ranging Welsh-interest share certificate collection held by any public museum, library or archive. The collection covers coal mining, metal mining (copper, gold, lead, silver, zinc), slate quarrying, metal smelting and processing, roads and bridges, canals, railways, shipping, public transport, public utilities (e.g. gas) and leisure (such as sporting and social clubs, cinemas). Currently more than 850 share certificates and related documents are preserved in the archives, says Mark Etheridge, Curator for the Industry & Transport Collections.

Pontypridd Gas Light and Coke Company
Share of 10 Pounds, 1852
By permission of Amgueddfa Cymru – National Museum Wales

The Welsh share certificates are used for temporary exhibitions whenever certificates are relevant to the subject matter of the exhibition. Two years ago, certificates from Welsh copper mining and copper smelting companies were displayed when an exhibition on the Welsh copper industry was mounted at the National Waterfront Museum at Swansea.

Paper objects deteriorate if exposed to high light levels or if displayed for long periods, clarifies Robert Protheroe Jones, Principal Curator Industry. For conservation reasons no paper objects, including certificates are displayed for long periods. That explains why certificates are not permanently on display.

Pontypridd Gas Light and Coke Company
detail from the certificate shown above
By permission of Amgueddfa Cymru – National Museum Wales

The Welsh-interest certificate collection is held in the first place for study and reference. The Museum's certificates have also been utilised by authors of industrial history books. The collection is stored at the Museum's Collections Centre near Cardiff. The Museum is always pleased to provide access to the collection prior by appointment Mondays to Fridays.

From my question whether there were any certificates in Welsh - I haven't seen any yet - I learned that despite Wales being a bilingual country, Welsh was rarely used on certificates because English was dominant in commerce. More, shares in Welsh companies were usually promoted to potential investors in all parts of the UK. But the Museum has one bilingual certificate of "Cymdeithas Telynau Cymru (The Welsh Harp Society) Ltd", dated 1964.

I want to thank Robert Protheroe Jones, Principal Curator Industry, and Mark Etheridge, Curator for the Industry & Transport Collections, for their enthusiastic feedback about the Welsh scripophily collection.

F.L.

Related links

• Amgueddfa Cymru – National Museum Wales 
• the Museum's blog  and Twitter account 

Reference catalogue : Cox's North American Railroads

                                        

2nd Edition, 2003
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• Title : Collectible Stocks and Bonds from North American Railroads - Guide with prices, second edition
• Authors : Terry Cox
• ID : ISBN 0-9746485-0-7, published by TCox & Associates Inc., 2003
• Languages : English
• Number of pages : 546
• Images : about 225 black and white images 
• Indexes : alphabetically, additional index on the key words and phrases from the chapters
• Still available, see here.

This superb reference catalogue covers stocks and bonds from companies that built, or planned to build, railroads in the USA, Canada, Mexico, Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Puerto Rico, Cuba, Jamaica and other Carribean Islands. 

Included are: mainline railroads, short line railroads, narrow gauge railroads, horse railroads, tourist railroads, electric railroads, street railroads, traction railroads, subways, tramways. The edition lists about a phenomenal 18000 different certificate entries with price indication. Several "Quickfind Charts" help you to find certificates from companies that issued tens of varieties.

I bought the 1st edition of the book, I believe it was in 1998. When in 2003 the 2nd edition appeared I purchased that one as well without the slightest hesitation. Though I am not a collector of these railroad certificates, I have used the books exhaustively. Just look at the images of both editions, you'll see the fold and cracks in the front covers. Why? Well, the book contains so much more and useful stuff for any  collector of American shares and bonds in general.

What is a CUSIP number ? Do you know the difference between cumulative preferred stock and assessable stock? The answers on these questions and many more are given in the book. You will find information on quantities of certificates, price evolutions, terminology, security engraving, lettering on securities, denominations, paper, underprints and overprints, scams, rarity, autograph aspects, a list of 300 biographical entries, and more ..

Chapters preceding the actual catalogue section :

• Purpose of this guide
• Background on stock certificates
• Background on bond certificates
• Background on railroad-related certificates
• Miscellaneous information about certificates
• General information about railroad companies
• Revenue stamps and imprints
• A discussion of prices
• Use this price guide to your benefit
• What about selling your certificates
• Explanation of catalog numbering system
• Categories of information recorded
• Selected references
• How to help correct and expand this guide
• Glossary of common terms used on stocks and bonds
• Autographs found on railroad stocks and bonds

The book is only a part of a bigger project realized by the author : Coxrail is the online version including a  searchable database on the catalogue entries. Here you find new additions, images, updated price information, serial numbers recorded and again lots more for the railroad scripophily enthusiast. Terry Cox is also working on a third edition, as you can see here , but that meticulous and time-consuming labour is still in progress. 

F.L.

Further information : Terry Cox's Coxrail 

1st edition, 1995
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