Showing posts with label automobiles. Show all posts
Showing posts with label automobiles. Show all posts

Monday, September 4, 2023

Predecessor FC Bayern München to be sold at HWPH auction

Historisches Wertpapierhaus AG (HWPH) has scheduled its next double-session sale for 9 and 11 September 2023. Specialist Matthias Schmitt and his team brought together some 1,900 lots of scripophily and related documents for this occasion. Included is an ultra rare and stunning share certificate from FC Bayern München's predecessor, Munich's gymnastics club MTV.



One of the most iconic football clubs FC Bayern doesn't need an introduction. With an average of 75,000 attendees its Allianz Arena mostly runs at 100 per cent capacity level. The club originates from the Männer-Turn-Verein München (Men's Gymnastics Club Munich) when 11 members of the football division left the club and founded Fußball-Club Bayern München in 1900. This share certificate dates from 1886 and is one of only two known. L(ot) 591 in the auction starts at €2,800. 


The first part of the sale is a public auction at Zorneding, Germany, followed two days later by an online auction. Both parts offer historic and beautiful antique stocks and bonds from all continents. 



specimen share certificate from 1953 in the Rheinisch-Westfälische Eisen- und Stahlwerke, L566


To give an idea, here's very small selection of what will go on the block:
  • L139, La Hispano Suiza Fábrica de Automóviles, share from 1905, great design by the Spanish painter Ramon Casas
  • L592, Boston American League Base-Ball Club, stock certificate, 1911, issued to and signed by centre fielder Jim R. McAleer
  • L594, Flamingo Films, Inc., stock certificate, 1933, issued to and signed by actor comedian Buster Keaton 
  • L793, Akcionarsky Pivovar na Smichove, 1939, splendid share certificate of this brewery from Prague
  • L1737, Republic of El Salvado, $1000 bond,1923 



L27 is a 10 shares certificate from the Toyo Automobile Company, issued in 1912 and a rare example of how Japanese artists became influenced by the Art Nouveau movement. Bidding starts at €400.


You can find more of these fascinating stocks and bonds in HWPH's auction catalogs. Here are the details of this event:

  • Dates
    •  9 September 2023, Zorneding, Germany, public auction
    • 11 September 2023, online auction
  • Further info and catalogs, see here on HWPH's site, as well as there on the Invaluable platform . 

F.L.









Tuesday, February 14, 2023

FHW auctions the Gottfried Schultz collection of worldwide automobile securities

Freunde Historischer Wertpapiere (FHW) has scheduled its 123rd sale for March 4, 2023. This time the auctioneer selected nearly 2000 lots of historic bonds and share certificates. 

FHW reserved major sections for scripophily from the Austro-Hungarian Empire, Germany, the German DM era, and the USA. Over 400 lots from previous auctions are grouped in a "50% from previous callout" section. On top of that about 900 lots of automobile related securities will attract the attention of collectors worldwide. 



In 1928 Harry J. Wolfington signed this stock certificate from Alex. Wolfington's Son, Inc., as President. At the age of 14 he joined the carriage body business founded in 1876 by his father Alexander. Seeing business opportunities with the rise of the automobile, he turned to the production of bodies for luxurious buses and carbodies for Stutz, Pierce-Arrow and Duesenberg. The latter's convertible 1929 Phaeton Royale is legendary. L(ot) 725 starts at €750 and is part of the Schultz automobile collection. 


The bulky Automobile section includes nearly 900 lots of antique securities from lesser known companies but also resounding names appear on the block such as : L923 Duesenberg Automobile and Motors, L1059 Hansa-Lloyd Werke, L1116 Hispano Suiza, L1329 Rolls-Royce and L1491 Automobiles Delahaye.  Food for specialists!



No doubt two top pieces in FHW's Automobile section are a 1908 share from the Établissements De Dion-Bouton, L957, signed by Georges Bouton, as well as a 1919 bond from the same company with facsimile signature of Albert De Dion, L958. In 1900 De Dion-Bouton was the largest automobile manufacturer in the world. Its cars and engines were all being made by hand; the assembly line had not yet been introduced. 


A major part of the offerings consists of antique bonds and shares from Germany with pre- and post-DM eras each in a dedicated section. Some examples:
  • L1621, a specimen share from the Credit-Bank Nürnberg eGmbH, 1924, large underprint of building, originating from a sample book printed by the Universitätsdruckerei H. Stürtz, Würzburg
  • A 1837 interim share in the Rhein-Weser-Eisenbahn-Gesellschaft depicts a train entering a tunnel. Daring for the time! Early and only certificate known. L1682
  • L1722, Basalt-Actien-Gesellschaft aka Basalt-AG extracts basalt, limestone, sandstone, granite and other rock from quarries in Germany and Europe. A large vignette on its DM100 share, 1973, depicts a worker handling basalt chunks.



The world's first passenger airline, Deutsche Luftschiffahrts-Aktiengesellschaft (DELAG), was organized in 1909 as a subsidiary of the Zeppelin airship construction company. DELAG's airships made air travel possible first between Germany's cities, later to the Mediterranean and then across the Atlantic with destinations in the US and South America. Its LZ 127 Graf Zeppelin measured over 230 meters long and cruised at 117km/h with a 15,000 kg payload. In 1929 it made a round-the-world flight (including stops) in 21 days, the fastest circumnavigation of the globe at the time. This share was printed by Osterrieth in 1910. L1626 


There is a lot to discover in the sale. Here are the details :



FHW's 123rd auction includes a Austro-Hungarian Empire section, L18 through L209. However, this 1895 share in the Magyar Folyam- és Tengerhajózási Részvény Társasag (Hungarian River and Sea Shipping Joint Stock Company) can be found in the "50% from previous callout" section.  


F.L.


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Sunday, May 22, 2022

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.

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Tuesday, November 9, 2021

Shall we take the car, the plane, or the boat ?

Recently I was surprised by a vintage stock certificate. Its design was rather plain featuring an eagle vignette, frequently seen on American scripophily. But the name of the issuing company was SPACETRONICS, INC., and that was enough to get my attention.

My first guess was that the company developed radar equipment, missile guidance systems or something like that. But that turned out not to be the case. 




This story is about Walter A. Crowley (1917-2008). As an engineer he worked at General Motors, and later at Chrysler on guidance systems for missiles. Crowley also designed and built a Benson Gyrocopter but after two crashes he aimed his research at 'flight without height'. 

Crowley observed that blowing air into the center of a conical lampshade would cause it to rise and hover steadily above any surface, including water. In 1957 he developed an air cushion vehicle that could traverse land or sea without physical contact. 

A first test flight, or you could say test ride, occured in an in-house experiment with Crowley's ten year old son as the test pilot. Other prototype vehicles and outdoor tests followed. In the mean time he formed his Hydro-Air Transportation Company and filed a patent in 1958.

In this period Carl W. Bollum Sr. worked at the Washington office of the Army Ballistic Missiles Agency. Bollum was sent out to learn about Crowley's ideas. But, unlike himself, his office did not show further interest. 




Soon after Bollum left the army he founded Spacetronics. The company incorporated on October 8, 1958, under the laws of the District of Columbia. Spacetronics was located at Bethesda, Maryland, less than 10 miles away from Washington, D.C. Bollum was chairman of the board and president. 

Spacetronics acquired Crowley's company and its related patents and rights. In return Bollum promised to provide capital to develop Crowley's ideas. He hired Crowley as chief engineer and appointed him vice president. 

In that period the US Navy got interested in the so-called "ground-cushion phenomenon". Hearings sessions took place before the Committee on Science and Astronautics at the House of Representatives on 13, 14 and 15 April, 1959. Several projects on air cushion vehicles were discussed. The key people from Spacetronics were invited to present their developments. Other projects screened involved those from the Ford Motor Company and the Curtiss-Wright Corporation, among others.

At the start of the hearings, Admiral R. Bennett, Chief of Naval Research, USN, explained why the Navy and the Marine Corps was interested :  
"... such a ground proximity machine, used as an amphibious transport or an assault boat, with a low silhouette and moderate load-lifting capability would be extremely valuable in accelerating the ship-to-shore movement. Traveling 4 or 5 feet over the wave tops at speeds up top 50 mph and capable of negotiating beaches up to 15 percent slope, the vehicle would present a far less vulnerable target than our present craft ..."

Bollum, president of Spacetronics, knew how lucrative military contracts could be. His company built a heavy-duty prototype vehicle for the US Marine Corps. The machine could achieve a ground clearance of nearly 12 inches and was stable even as a dozen men moved around its deck. 



This Hydro-Air vehicle, aka a ground effect machine, built by Spacetronics, Inc.,  is designed for traversing swampy ground, snow or ice. A flexible skirt enables it to cross many obstructions. The horizontal propeller behind the driver maintains pressure in the hollow body. 
source: Aviation Week 1959-01-12, via the Internet Archive  


The company gets national coverage after The New York Times, on Sunday, October 11, 1959, publishes a special news article "Flying Platform Planned in U.S." :
A Washington concern announced last week that it was building a flying platform as a prototype for a cargo-carrying craft that would skim over water on an air cushion. The "Hydro-Air" vehicle, being built by Spacetronics, Inc., is similar to the Saunders-Roe Hovercraft that is under test in Britain. The American craft is scheduled to be unveiled next month.
When completed, the prototype will be tear-drop shaped, thirty-two feet long, twenty-four feet wide and two feet high. A horizontal propeller at the forward section will pump air downward to lift the craft just off the water. With aft-mounted fans, for forward propulsion, the vehicle will attain speeds up to fifty miles an hour, it was said.
Officials reported that there were essentially two designs for providing lift for such a vehicle. One is a "pelum chamber" [sic; should be 'plenum chamber' ], used on the Spacetronics craft, to provide a billowing volume of air, and the other "annular jets which gain lift by directing a curtain of air at the water surface", he said. The latter is the method used on the Saunders-Roe craft.



Around the same time the British worked on a much larger commercial vehicle, the "hovercraft, based on the earlier work by Christopher Cockerell and produced by the Sanders-Roe company. 

Both Cockerell's and Crowley's prototypes could not spark more military interest. Two main problems of these early crafts were inaccurate steering control and the stirring up of dust on land.

In 1960 the Spacetronics owners moved to Daytona Beach, Florida, with the intention to produce a commercial-type model for fishermen. 

They had some big ideas. In The International Teamster (a union magazine), issue Oct 1960, you can read that the company was designing a big cargo air truck. Allegedly Southern Airways, Inc., had ordered two of these from Spacetronics, envisioning trucking cargo over water on regular scheduled runs between Miami and the Bahama Islands.



Another far reaching idea from Spacetronics shows a train riding air cushions on a concrete rail
source: Popular Mechanics 1960-06: Volume 113, Issue 6, via the Internet Archive 


It is not clear what happened next, but the company was suddenly dissolved. Yet, Bollum still believed in the potential of Crowley's ideas. You can see here that in 1963 Bollum filed a patent for an "earth-skimming air vehicle" mentioning his name as the inventor.  

Walter A. Crowley went to develop new air cushion concepts at American Machine and Foundry in Stamford, Connecticut. In 1961 the Boeing Company hired him. There he developed an air-bearing system for moving heavy objects with compressed air, up to and including an entire 747 Jumbo Jet. In fact, in 1967, Boeing spun off a succesful subsidiary, Aero-Go, to commercialize all kinds of products based on Crowley's concepts : aero-planks, aero-pallets, air-cushion vehicles, scissor lift tables and much more. 

Crowley's original scale model and prototype hovercraft is on display in the Smithsonian Air Museum in Washington, D.C. 



Walter A. Crowley, research & development manager of Aero-Go, demonstrates the Terra Skipper while skimming over sand and sea at 30 miles an hour. 
Excerpt from The Seattle Times, Pictorial, November 24, 1968 as seen on aerogoeurope.de 8 Nov 2021  


F.L.


Something extra :
  • The Spacetronics, Inc., share illustrated here was issued to James Harold Scribner. Likely, this is Dr. James Harold Scribner, the first US Navy dentist to visit the South Pole and Antarctica. He participated in the first Operation Deep Freeze in 1955-56 with Admiral Byrd. Spacetronics was involved as a Navy contractor, and in the hearings sessions of 1959 (see main article)  the company envisioned its air cushion vehicles operating also in polar regions. The company's location was Bethesda, MD, where there was a dental clinic at the Bethesda Naval Hospital. From a good source I learned that Dr. Scribner was married to Dorothy Louise Scribner nee Meadows who worked as a navy nurse stationed at Bethesda!

Reference links :

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Sunday, May 9, 2021

Feuerwerk at HSK's May auction! Over 1400 antique stocks and bonds from Germany, USA and other states, go on the block

Hanseatisches Sammlerkontor für Historische Wertpapiere, HSK, has scheduled its next auction for 29 May 2021. Michael Weingarten and his team goes online with more than 1400 lots of historic bonds and share certificates. The sale features scripophily from Germany, USA, Russia and more. One of the highlights is a stunning and rare share in the Rochlitz coal mining association.


The Gründerzeit starts halfway the 19th century. During this period Germany's rail and transport network took off, and in its wake, the other industrial activities. However, government rules allowed only very few companies to be organized.  
The short-lived Steinkohlenbau-Verein zu Rochlitz was formed in 1855. Its interim share, a wonderful lithograph, shows at the top the city of Rochlitz and mining scenes on the left and the right. At the bottom we see gnomes at work and an explosion in their mine. Seldom seen in early prints you detect mined rock with imprints of fossilized plants. L(ot) 1168 in the auction is expected to realize at least €12,000 


Starting with this auction, HSK's 40th, the auctioneer decided to change its schedule. HSK auctions will now take place in the early summer period of the year. Also, participants have now the opportunity to follow the auctions live on the Internet via the Invaluable online platform. 



The Alaska Gold Syndicate Company was formed in 1896 under the laws of the Territory of Arizona. Its office was located in "the end of the road " Homer,  Kachemak Bay, Alaska. This 1898 stock certificate, with large hydraulic mining vignette, was printed by the Hamilton Bank Note Engraving & Printing Co. L15 in the auction.

The first major section in the event includes 330 lots of American scripophily. Noteworthy are several certificates from Alaska, as well as stocks from several shipping companies, such as L313, Union Navigation Company, L314, The United States and Azorean Steam Packet Company, and L318, The United States Mail Steamship Company. And there is a lot to go through for US railroad collectors as well, a few examples :
  • L67 Chester and Eddystone Street Railway, elk vignette
  • L199 The Natchitoches and Red River Valley Railway, rare
  • L329 The Wilmington, Charlotte and Rutherford Railroad Company, three vignettes, rare



Merchants from Bremen formed in 1856 Norddeutscher Lloyd, a precursor of the multinational TUI Group. This rare 100 Reichsmark share from 1929 illustrates the printing mastership of Giesecke & Devrient. Note how Norddeutscher Lloyd's logo, a crossed anchor and key with an oak leaf wreath, is included in both the left corner guilloches. The anchor represents the sea and the wreath stands for a united Germany. The key is the key of the Freie Hansestadt Bremen. L603 starts from €300 


HSK specializes in scripophily from North Germany. The sale counts about 200 lots from Bremen and Niedersachsen, over 100 lots related to Hamburg and more than 40 lots from Schleswig-Holstein and Mecklenburg-Vorpommern. The Norddeutscher Lloyd share shown here is one example. Some others are :
  • L461 Aper Canal-Gesellschaft, 1849, what a shipping vignette! 
  • L478 Bremerhavener Strassenbahn, rare
  • L638 Uelzener Bierbrauerei-Gesellschaft, bond printed by Hofbuchdruckerei der Gebrüder Jänecke from Hannover 
  • Due to the spartan equipment of its ships and the notoriously poor catering, the Deutsch-Australische Dampfschiffs-Gesellschaft earned the nickname "the German-Austerity-Line". Its rare share from 1888 is one of the highlights in the auction, L671 



After World War I the Nürnberg area counted several competing brands of motorcycles such as Ardie, Mars and Zündapp.  Apparatebau AG Kracker & Co. produced in the early 1920s several lightweight motorcycles under the Abako brand. This specimen share, with hundreds of gears in the design, was produced in a striking Art Deco style by Graphische Kunstanstalt Zerreiss & Co. L828


The European section, lot range 365 through 452, includes historic items like a 1918 share in the Det-Østasiatiske Kompagni, L365, and, L409, Kaiser Ferdinands Nordbahn, 1856. And here is a representative of modern scripophily, Austrian Airlines.


In 1988 Austrian Airlines underwent an IPO upon the Vienna Stock Exchange. Yet the majority of shares in the company stayed with the Austrian government. L375, Austrian Airlines Österreichische Luftverkehrs-AG, Wien, 1000 Schilling share, 1988, starts at €100 


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


F.L.


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Tuesday, April 20, 2021

Book : Dow Jones by Peter Jones

Dr. Peter D. Jones brings the stories behind the companies that formed the Dow Jones average in 1884, as well as the ones that were included in the DJIA as the index grew over the decades. The book deserves a place in any scripophily library. Let's have a closer look.

 


  • Title : Dow Jones by Peter Jones - A History of Dow Jones Stock Averages since 1884
  • Author : Peter D Jones
  • ID : ISBN 978-1-09830-506-2, published by BookBaby, 2020
  • Language : English
  • Number of pages : 350
  • Images : almost on every page, in color except for vintage photos, page wide images of stock certificates
  • Indexes : large index section spanning 11 pages each with 4 columns of keywords 

Peter Jones introduces the reader into the world of scripophily and the history of the Dow Jones stock market index. The book continues with the stories of companies that were included in the Dow Jones index.



The United States Steel Corporation entered the DJIA in 1907 after it bought the Tennessee Coal, Iron and Railroad Company, one of the initial index components. This $100,000 bond once belonged to industrialist Andrew Carnegie. He sold his share in US Steel to banker J. P. Morgan for $225 million. Carnegie was paid in 50-year gold bonds like the one shown here. The buyout was the largest industrial takeover in United States history. It made Carnegie the richest American.  Image courtesy : Peter Jones  


The publication consists of the following chapters :
  1. Scripophily - what is it ?
  2. Dow Jones Company and its averages
  3. First Transport average 1884 - 11 stocks
    • Chicago and Northwestern Railway, Delaware Lackawanna and Western Railroad, Lake Shore and Michigan Southern RW, Louisville and Nashville RR, Missoure Pacific, New York Central RR, Northern Pacific RR, Chicago Milwaukee and St. Paul RR, Union Pacific RR, Pacific Mail Steamship, Western Union Telegraph 
  4. First Industrial average 1896 - 12 stocks : 
    • American Cotton Oil, American Sugar Refining, American Tobacco, Chicago Gas, Distilling and Cattle Feeding, Laclede Gas Light, National Lead, North American Co, Tennessee Coal Iron and RR, US Leather, US Rubber, General Electric 
  5. Second DJIA 1916 - 20 stocks, including :
    • American Beet Sugar, American Can, American Car and Foundry, American Locomotive, American Smelting and Refining, AT&T, Anaconda Copper, Baldwin Locomotive, Central Leather, BF Goodrich, Republic Iron and Steel, Studebaker, Texaco, Utah Copper, Westinghouse Electric and Manufacturing 
  6. Third DJIA 1928 - 30 stocks, including : 
    • Allied Chemical, Atlantic Refining, Betlehem Steel, Chrysler, General Motors, General Railway Signal, International Harvester, International Nickel, Mack Truck, Paramount Publix, Postum (General Foods), Radio Corporation of America, Sears Roebuck, Standard Oil (EXXON), Texas Gulf Sulfur, Union Carbide, Victor Talking Machine, Woolworth, Wright Aeronautical 
  7. 30 longest surviving DJIA stocks, including :
    • Procter and Gamble, Honeywell, United Aircraft, DuPont, Eastman Kodak, Chevron, Goodyear, ALCOA, Johns-Manville, International Paper, Owens-Illinois Glass 
  8. Ten largest US companies
    • Apple, Alphabet (Google), Amazon, Microsoft, Walmart, Pfizer, Facebook 
  9. Appendices
    • Corporate structures
    • Richest people in US
    • How DJIA is calculated
    • 1884 DJTA railroad locations



The Nash Motors Company was in the DJIA30 from 1928 to 1930 and from 1932 to 1936. The company, founded by former General Motors president Charles W. Nash, pioneered with car heating and ventilation systems, unibody construction and seat belts. Nash Motors became American Motors Corporation (AMC). Image courtesy : Peter Jones

By bringing the story of America's large industrial companies in easy digestible chapters, the author also tells us the history of modern industrial America. Besides writing about successful entrepreneurs, inventions, technological advances and progress in society, Peter Jones also discusses union disputes, dishonest business practises, environmental abuse, etc. Yes, lots to be amused about.

Peter Jones is also the author of these numismatic books : Colonial History in Your HandsCommemorative Coin TalesThe First Medals of AmericaThe First Coins of America and Notable Notes. A description of these can be found here


This Google Inc. share shows the facsimile signatures of founders Larry Page and Sergey Brin. Peter Jones' book is one of the few scripophily works that also highlights modern technology stocks such as Apple, Microsoft, Amazon, Facebook and Google. Google was not included in the Dow Jones. Why can be read in the last chapter. Image courtesy : Peter Jones

A hard cover, it measures 11 x 8.5 inches (28 x 21,6 cm). You can purchase the book from the author himself. Mail your address and a check for $79 (includes US mailing) to : Peter Jones, Box 1, Windham Center, CT 06280. International mail typically costs about $50 extra.

I especially liked the author's personal anecdotes in several chapters.


F.L.




Wednesday, February 10, 2021

F.H.W. auctions 1900 lots of historic securities in online event. Scripophily from Germany and Austro-Hungarian Empire substantial.

Freunde Historischer Wertpapiere (FHW) has scheduled its 119th sale for February 20, 2021. This time auctioneer Jörg Benecke and his team selected nearly 1900 lots of historic bonds and share certificates. Major sections have been reserved for scripophily from the USA, the Austro-Hungarian Empire, and of course Germany.

The auction starts with the American scripophily section, over 240 lots, the bigger part being railway securities. 



L(ot) 41 is an uncancelled! stock certificate from The Cincinnati, Portsmouth & Virginia Railroad Company. Henry Fink signed in 1903 this share as President. He was born in Germany and was called the "Dean of Railroad Men", a title he earned for his continuous service in the railroad field. Fink started his career in 1851 as a rodman on the Western Maryland Railroad. Within several railroad companies he climbed up from construction engineer and master of transportation all the way to vice president, general manager, and receiver. Henry Fink wrote several works on transportation subjects.


Here are some other interesting US railway lots : 
  • L44, The Cincinnati, Washington & Baltimore Railroad, 5% First Income Mortgage Bond, $1000, 1883, rare 
  • The Tyrone and Clearfield Railway Company share from 1867, L221, displays a lovely railway vignette and is signed by John Edgar Thomson best know for his leadership of the Pennsylvania Railroad. Thomson, an entrepreneur but also a reknown civil engineer co-designed what became known as "Horseshoe Curve".
  • L29, The Central Pacific Railway Company, $500 4% First Refunding Mortgage Gold Bond, 1899, color print by ABN with portrait of Collis Potter Huntington, rare 

One of the main roles in FHW's event is played by k.u.k. and its successor states (Nachfolgestaaten). The Austro-Hungarian Empire (1867-1918) comprised Austria, Hungary and parts of todays Italy, Serbia, Croatia, Romania, Slovakia, Czech Republic, Poland and Ukrain. It was the second-largest country in Europe after the Russian Empire at over 620,000 km2. The "kaiserlich und königlich" refers to "imperial (Austria)" and "royal (Hungary)".  The sale features over 300 k.u.k. lots including this lovely fire engine share.



L507 is a 100 Forint share from the Tarnóczy Tűzoltószer- És Gépgyár Részvenytársasag, in English: Tarnóczy Fire engine and Machine Company. Issued in Budapest, 1891, it shows the company's factory, hand-operated fire engines, lathes, a blacksmith and a firefighter with firehose. 


The lion's share of new offerings can be found in two major sections of the auction: Germany before, and, after 1945. The former counts 272 lots, the latter - the "DM" part - features 495 lots. As good as all regions and economic themes are represented. I checked out the catalog reference index on 'breweries and malthouses' and found tens of entries ! 



The economy of West Germany developed rapidly after World War II. This "Wirtschaftswunder" created a heavy demand for steel. German post-WWII securities are often artistically designed. Modern German steel scripophily counts perhaps the most stunning examples. Check FHW's catalog for L1816 Stahlwerke Peine-Salzgitter, L1542 Dortmund-Hörder Hüttenunion and L1641 Hüttenwerke Phoenix. This 1000 DM specimen share in the Rheinisch-Westfälische Eisen- und Stahlwerke AG dates from 1953, L1764 in the sale. Click image to enlarge


Top German item in the sale is L1223, a founders share from 1838 in the Gesellschaft für Spinnerei & Weberei in Ettlingen, the first public limited company in the German cotton industry. The share shows the detailed floor plan of the factory and its usage of hydropower from the Alb, a tributary of the Upper Rhine. The company is known today as ETTLIN AG and still manufactures fabric and technical textiles. 

You want to inspect the "50%" lot range 688-1126. Here, unsold lots from previous sales are offered again at 50% of the original start price. Included are also bonds and shares from the Dr. Werner P. Schmidt Automobile and China Collection.  



From the Dr. Werner P. Schmidt Automobile Collection, L881 consists of two Volvo shares from the 1930s. Volvo was founded in 1927 as a subsidiary of the ball bearing manufacturer SKF. The share shown here bears the facsimile signature of SKF founder Sven Wingqvist. 


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


F.L.


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Thursday, February 4, 2021

Pioneering communication technology and lots more ready for take off at Spink

SPINK's latest timed scripophily auction went live earlier this week and ends at 11 AM GMT on Feb 16, 2021. This online sale presents about 600 lots of antique bonds and shares from all continents.



SPINK's e-Auction includes a large American section. The Utah Lithographing Co. S. L. C produced this stunning print for the Fairview Southend Mining Co. We've seen other lovely scripophily works by this printer, such as those made for the Salt Lake and Ogden Railway Co., depicting a tramcar and a mountain and lake landscape, and for the Dromedary Hump Mines Company illustrated with a dromedary. This 1906 issued share certificate shows a native American at nightfall watching the first star that appears behind the mountain tops. L(ot)534


For this sale SPINK specialist Mike Veissid selected a remarkable number of antique bonds ands shares from companies pioneering in the field of communication technology. Marconi needs no introduction, L292 is a share from Marconi's Wireless Telegraph Company Ltd. Edison is represented with a £100 share in The Edison Telephone Company of Glasgow, 1880, L281. 
Here are some other fascinating items :
  • Most of us still remember the fax machine. L290 Kamm's Zerograph Syndicate (1905), Limited, issued in 1906, is signed by Leo Kamm who invented a filmless movie projector but also a telegraph transmitting text that was printed at the receiving end. 
  • Two 1911 shares in The National Telewriter Company, Limited comprise lot 296.
  • Military commander and aviation pioneer Baden Baden-Powell signed L286, The Helsby Wireless Telegraph Company, 1910. 
  • A share in The Kilduchevsky Mega Telephone Syndicate, Limited, L291, is signed by another aviation pioneer, Paul de Kilduchevsky.



The German Josef H. Reineke invented this wireless telephone system for use in mining environments. A demonstration of Reineke's system was given in 1913 at the Annandale Pit, Kilmarnock, belonging to the Carrington and Auchlochan Coal Co. It was stated that with a portable apparatus in case of an accident, when ordinary telephone wires would be broken, it would be possible to converse with entombed miners. Officials of Dinnington Main Colliery, Yorkshire, where the system was tested for six months, often spoke from the pit-head or the pit-bottom to an operator in the cage while in motion. They also communicated with success through a mile of solid coal. L299 in the auction.
source: The Electrical Review, Vol. 73 No. 1869, Sep 19, 1913.


Also prominent in the sale is a series of securities related to arms, explosives and weapons : 
  • Probably the most splendid scripophily in this theme is a share in The Colt Gun and Carriage Company, Limited. Issued in 1906 it is embellished with vignettes of soldiers and machine guns, L306. 
  • L312 is a share in John Rigby & Co. (Gunmakers), Limited. Rigby, one of the oldest gunmaking companies in the world became famous in the 18th century for its dueling pistols. 
  • Hiram Percy Maxim is credited with inventing the firearm silencer. L311 is a Maxim Silencer Company, Limited share from 1909 with embossed seal depicting guns.



The Rexer Arms Company acquired the rights to manufacture the Danish Madsen machine gun in the British Empire. After a legal battle on patents Rexer changed its focus on producing the Rexer Steam Car, without success. L323, £1 shares certificate, 1906, vignette of aiming soldier 


There is a lot more to discover. Collectors of scripophily from South Africa, Rhodesia and Egypt will be delighted, as well as those looking for new automobiles, motorcycles and tobacco material !
Here are the sale's details : 



Into African and Belgian Congo scripophily? Then this top signature of Henry Morton Stanley will definitely interest you. As an agent of King Leopold II of Belgium, Stanley searched for the source of the Nile and explored central Africa. Detail from L303, W. T. Henley's Telegraph Works Company Limited


F.L.


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Wednesday, December 30, 2020

Poll results - Collecting motives

Do you prefer Beauty or are you more satisfied with A Good Bargain? When it comes to collecting what do you prefer? 

On the occasion of this blog's 10th anniversary, I launched in May 2020 an online poll about five collecting motives :  
  • Scarcity
  • Beauty
  • A Good Bargain
  • Collection Completeness
  • and Historical Significance. 
These resulted in ten possible combinations: scarcity-beauty, scarcity-a good bargain, etc. For each combination the participant was asked to choose between one or both, in other words, which one he or she preferred.



I leave it up to you to decide to which collecting motive the above share corresponds. The Ford Motor Company of Canada gained all Ford patent rights and selling privileges to all parts of the British Empire other than Great Britain and Ireland. Its share shows the company's sales markets in the British Empire on both hemispheres. It was issued in 1932. That year Adolf Hitler obtained German citizenship, the Kreuger & Toll business empire collapsed, the Dow Jones Industrial Average reached its lowest level of the Great Depression and Gandhi, in jail, began his first anti-untouchability fast. 


I believed that the poll questions asked were relevant for banknote, coin, and stamp collectors as well. Thus, I promoted my poll also through the International Bond and Share Society (IBSS) and on a number of numismatic online audiences as well, such as CoinsWeekly, Numismatic Bibliomania Society’s E-Sylum newsletter, a IBNS discussion group, and several scripophily Facebook groups.

It took a few months, but all together 123 people cast their votes. In addition to questions on collecting motives, I started the poll with some general questions to have a better idea of the participants. 

Though poll participation was anonymous, I asked about the participant's country. People responded from at least 20 countries. Top 3 locations were USA, 29%, Germany, 16% and UK, 11%. See the Poll Participants table for the details. 

On the question Are you a member of a scripophily society? 41% replied they were not. But all 8 Belgian participants were members of a scripophily society, wonderful.

The next question queried the participants for their IBSS membership
  • 56% confirmed they were members. 
  • 28% said they were not and “didn’t care”.
  • The remainder, 15% or 19 participants, replied they were not IBSS members but “wanted to find out more about IBSS”. In this category we find 2 Belgians, 3 Germans, 1 Indonesian, 1 Dutchman, 1 Filipino, 2 Poles, 1 UK citizen and 6 Americans.

On the question How long have you been a collector of scripophily? 
  • 82% said ‘5 years or more’.  I'll call these group "the experienced" ones. 
  • 6% indicated they ‘did not collect scripophily’. 
  • 15 participants -12%- said ‘less than 5 years’. These are the "starters". Of the latter group, 5 were from the USA. Bravo!


Now what about the collecting motives? Which one is the absolute winner? Do we have the same results for the top 3 locations? Are there any differences between our "starters" and "the experienced" ? Let’s find out.

I used the following method to derive a ranking. For each one of the participants I counted how many times a motive was chosen in the participant’s comparisons. For example, if someone choose Beauty over Scarcity, then Beauty deserved one point, Scarcity zero. This led to 2460 scores : 123 participants * 10 pair comparisons * 2 motives.

And the winner is…
1 Collection Completeness, 332 points
2 Historical Significance, 323 pts
3 Scarcity, 260 pts
4 Beauty, 159 pts
5 A Good Bargain, 156 pts
The overall winner in the contest is Collection Completeness, closely followed by Historical Significance.  

But the numbers also revealed that there are a two nuances
  1. The group of the American respondents, 36 of them, however preferred Historical Significance above Collection Completeness
  2. When we analyze the results by the number of years a person is collecting, only one motive prevailed. All 15 participants collecting less than 5 years - our "starters" - strongly preferred Historical Significance above all the other preferences.

Who are the tailenders ? 
This might be a surprise but Beauty and A Good Bargain are apparently less important than the other ones when it comes to collecting motives. Even more, this finding applies to both our starters and the experienced. 



This Ford Canada share may trigger one or more collecting motives. There is a lot to tell about. As you can see in this vignette, the Indian subcontinent is marked. One of Ford Canada's subsidiaries was Ford India Private Ltd where production began in 1926. An extraordinary Ford model was used by Mahatma Gandhi after he settled in Sevagram in 1936. There was no road to Sevagram and during rains people had to walk in knee-deep mud to the place, or use an ox cart to get there. The industrialist Jamnalal Bajaj, a close associate of Gandhi, arranged for a special vehicle to transport VIPs to Sevagram. It consisted of a sawn-off rear half of an old Ford car, drawn by oxen. They called it the 'Oxford'. In 1941 automobile magnate Henry Ford would write Gandhi a letter to tell him how much he admired Gandhi. 


With this poll I did not reach collectors from South America, Africa and scripophily countries France, Russia, and China. It would be interesting to repeat the experiment on a future occasion and include a version in Spanish, French, Russian and Chinese.

My sincere thanks to all who participated and spread the word. I hope you found it as interesting as I did.

Happy New Year !

F.L. 


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Friday, December 4, 2020

Crossing Latin America by rail with SPINK

SPINK's Bonds and Shares Department has put its last sale of 2020 online. The auctioneer offers over 600 antique securities including an impressive set of bonds and shares from Latin American railway companies.  This online auction ends at 11 AM GMT on Dec 15, 2020.


Several bonds and shares from South American railroads are ready to be hammered at Spink's scripophily auction. The Central Argentine Railway issued this share in 1911. Railway construction started in 1863 with the building of the terminus in Rosario. Nearly 100 years later the Juan Perón administration nationalized the British owned railways in 1948. L(ot) 394 in the auction was printed by Waterlow and Sons. 


Spink and Son Ltd specialises in the auctioning of stamps, coins, banknotes, medals, autographs, books, wines and more. This time antique stocks and bonds from many countries go on the block. 



The Mexican International Railroad Company was formed in 1882 to link the Southern Pacific to the Mexican Central Railway. In 1910 the business was acquired by the government controlled National Railways of Mexico. This £100 specimen bond from 1897 was printed by American Bank Note Co., L435 


Major sections in the auction include Africa, Asia, Europe, Great Britain, the Americas, and the United States. Special interest themes that can be discovered are : Russian oil, American mining, Norway, British automobile builders, and more. 

The British entertainment section includes some historical items from the theatre, film and television world. Let's take a look at lot 335, a group lot of two specimen bonds from the Alexander Korda Film Productions Ltd company. Film director and producer Alexander Korda (1893-1956) became one of the leading figures in the British film industry. He founded London Films and became owner of British Lion Films. World famous is The Third Man which he produced in 1949.  



Abyssinian Corporation share certificate with vignette of elephant

The auction features over 60 lots of scripophily from the African continent. This share in the Abyssinian Corporation was issued in 1918. The British company was involved in trading activities with the Ethiopian Empire, then ruled by Empress Zewditu. Frederick Lugard, then Governor-General of Nigeria, signed the share as Director. His wife, the journalist and writer Flora Shaw coined the country's name "Nigeria", derived from the Niger river. Vignette of elephant and lion head, rare, L12 


The sale also provides an interesting cross-section of British motor cars and cycles. Here are some of the highlights with lot numbers : 

  • British Motor Company Ltd, preference shares, 1898, signed as director by Harry Hewitt Griffin, cycling journalist, editor of Bicycling News, and director of the New Beeston Cycle Co, L302
  • Argylls, Ltd, 1909, Scotland's largest car manufacturer before World War I, motor car vignette, L289 
  • Clément, Gladiator and Humber (France) Ltd, £1 shares, 1897, company in 1903 divided to form Clement Talbot in England and Clement Gladiator in France, L310




The British Motor & Engineering Company was based in Caversham, Reading where they produced four models between 1905 and 1907. One of these was a 6.5 h.p. two-cylinder two-seated car that sold at £105.  L303 


There is a lot more to discover! So, here are the sale's details : 
  • Location : online auction only
  • Date : ends on 15 December, 2020 at 11:00 AM
  • Further info : see Spink's online catalogue with full color images here 

F.L.


bond from the Great Northern Central Railway of Colombia

The Great Northern Central Railway of Colombia was founded in 1907 and planned a first rail section between Puerto Wilches and Bucaramanga. This rare 5.5% £20 Mortgage bond, 1909, one of the South American railway certificates in the sale, illustrates the coat of arms of Colombia and a locomotive. L432 


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