HWPH stars Shanghai Stock Exchange predecessor in double session sale

Historisches Wertpapierhaus AG (HWPH) has scheduled its next international event for 18 and 19 September 2021. Specialist Matthias Schmitt and his team brought together over 2,300 lots of historic securities and related documents for this special occasion. 

The first leg of the auction is both a live and an online event and takes place in Zorneding, near Munich. The second part is an online only sale and happens the next day. 

The offerings are peppered with German rarities but also includes many desirable antique stock certificates from states like Russia, Sweden, Italy, and much more.

A dedicated 50 Highlights catalog has been compiled for the top lots in the sale. One of the highlights in the auction is a share in the Shanghai Securities and Commodities Exchange  Company Ltd from the 1920s. 

After the first turbulent years of the Republic of China, "Father of the Nation" Sun Yat-sen wanted to develop a stable national economy. A stock exchange, headed by Chinese people, was part of that plan. Together with Zhu Zhixin and Yu Qiaqing, he proposed in 1916 the formation of the Shanghai Securities and Commodities Exchange. But the military regime at Beijing blocked the initiative. When at the end of 1918 Japanese businessmen started their Share Co. Ltd in Shanghai in order to control the exchange market, the founding of the Shanghai Securities and Commodities Exchange Co. Ltd was reproposed and approved in 1919. The new exchange was inaugurated on July 1, 1920, and Yu Qiaqing was its first chairman. Shanghai became the financial center of the Far East. The exchange merged with the Shanghai Chinese Merchant Exchange to form the Shanghai Stock Exchange in 1929. This rare stock certificate, 100 shares of 50 yuan, was issued in 1925. Its vignette shows the exchange building and features early microprinting in the underprint. L(ot) 702 in the auction is expected to realise at least €9000.

The lion's share of the sale involves German securities. The auction's online catalog allows searching for your interests by means of country as well as thematic indexes. A keyword search using the word Nürnberg yields more than twenty lots, including a stunning share, interesting from an art history perspective as well, in the Tiergarten Nürnberg.

Hermann Gradl used to design Art Nouveau decorations for the Nymphenburg porcelain works in Munich. In 1907 he became a teacher at the Nuremberg School of Applied Arts. He designed the share of the newly founded Tiergarten Nürnberg AG in 1911. The zoo received 800,000 visitors in 1918. By then Gradl was as a succesful painter of German landscapes. 

Tiergarten Nürnberg survived the hyperinflation years but after the Nazis seized power, the zoo had to make way for the Nazi party rally grounds in Feb 1939. Two years earlier Adolf Hitler saw several Gradl paintings in the studio of architect Franz Ruff. The latter finished the Party Congress Hall on the new party rally grounds. Hitler arranged a meeting with Gradl and ordered six huge landscape paintings for the New Reich Chancellery in Berlin. 70,000 Reichsmarks were paid as an advance. After delivery of the works in 1941, Gradl was "asked" to join the NSDAP and he received the remainder of his fee totalling 120,000 RM. 

The Nuremberg Zoo was almost entirely destroyed during World War II. By the late 1950s it was rebuilt and today it is one of the largest zoos in Europe. L365 in the sale  

The auctioneer provided a dedicated catalog - in Russian - for the more than 200 Russian offerings : 59-й аукцион антикварных ценных бумаг. Some examples from this category :

• L704,  a share in the Gesellschaft der Anstalt für künstliches Mineralwasser in St. Petersburg, the first company traded on the Saint Petersburg bourse, issued to and signed by Baron Ludwig von Stieglitz, court banker of Tsars Alexander I and Nicolas I. Large vignette of the building, 1834, reportedly unique 
• L709, Moskau-Yaroslav-Archangelsk-Eisenbahn-Gesellschaft, 4% 1000 Rubel bond, 1895, 2nd emission 
• A coat of arms, showing Archangel Michael with sword and shield and the Tsar crown on top of it, adorns a pink and black printed 5000 Rubel specimen bond from the Société du Crédit Foncier de la Ville de Kief, L765
• L902, Trans-Alaska-Siberian Railway Company, stock certificate, 1906, issued to and signed by the French Baron Léon Loicq de Lobel known for his proposal to build a bridge-and-tunnel link between Siberia and Alaska. The project was authorized by Tsar Nicholas II of Russia.

The sale includes more than 40 Italian lots. To name a few : Banco di Roma, L1055, Fabbrica Automobili "Nazzaro", L149, and shipping company La Polare, L184. The certificate illustrated here is a 1925 share in the Industria della Maglia Dott. Francesco Floris, a textile company from Florence. Gaetano Spinelli, an Italian painter, made the wonderful monochromic print for the certificate's central vignette. Spinelli's works are displayed in the Uffizi Gallery, Florence, and Rome's Galleria Nazionale d'Arte Moderne e Contemporanea, among others. L167. 

The auction offers historic and beautiful antique stocks and bonds from all continents spanning 5 centuries of financial history. There is much more to tell, but the best way is to see for yourself. Here are the auction details:

• Dates and place : 
• 18 September 2021, live (and online) auction, Zorneding, followed by a meeting for EDHAC members 
• 19 September 2021, online auction
• Further info, catalogs and search tools, see here on HWPH. Live bidding is possible through Invaluable.com, see there, where you can find high quality images of the lots. 

F.L.

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2400 scripophily lots coming up at HWPH's home base

Matthias Schmitt has scheduled its next double-session sale for 12 and 13 September 2020. With his team he brought together over 2400 lots of scripophily and related documents.

The first sale is a live auction held this time at Zorneding-Pöring, HWPH's home base. The next day an online auction takes place. Both sales offer historic and beautiful antique stocks and bonds from all continents.  

La Bourse - Journal et Banque Édouard Blée et Cie.

Édouard Blée and Pierre Nicolai founded this company in 1883 to operate a bank. The company also published a financial journal "La Bourse". The share's underprint shows a large crowded scene in front of the Paris stock exchange. This rare 2 Parts d'Intérêt certificate dates from 1884. Lot 153 in the auction welcomes bids from €250 onwards.

The emergence of the stock exchanges made a great impact on modern life. No doubt, historic shares and bonds related to bourses are fascinating. HWPH's upcoming sale includes several of these : 

• L65, Nasdaq Stock Market, Inc., common shares certificate, specimen, 2001
• L90, Bourse Khédiviale du Caire, Lstg. 10 share, 1903, at the time the most important bourse in the Middle East and Africa
• L195 / L196,  £100 / £1000 debenture, The Stock Exchange, London, 1899
• L153 La Bourse, with large vignette of the bourse de Paris, see image above

The South Sea Company was founded in 1711 as The Governor and Company of Merchants of Great Britain Trading to the South Seas and other Parts of America, and for the encouragement of the Fishery. It obtained a monopoly to trade slaves from Africa in the Spanish colonies across the Atlantic. This share was issued in 1720 at the peak of the South-Sea-Bubble when for the first time in history many small and large investors lost everything in a speculative rush at the stock market. L626 is expected to realize €3,000. 

The sale features a significant number of securities from the earliest joint-stock companies. Some examples : 

• Sparking the Industrial Revolution the Iron Bridge Company "for building a Bridge across the River Severn" was founded in 1777. Its share is signed by ironmaster Abraham Darby III who played a crucial role in the Industrial Revolution. A rare and top scripophily item, L628 starts at €18,000.
• L631 consists of one of the oldest German shares, a share in the Compagnie Royale Prussienne de Bengale, 1759. It is one of the earliest shares related to the Indian subcontinent as well.  
• An amazing copper print with vignettes of ships at sea and a view on the city of Sevilla is presented as L632. This share from the Real Compañia de San Fernando de Sevilla dates from 1748.

The Leipzig Gewandhaus Orchestra gave its first concert in 1781 in the Gewandhaus. The ensemble would welcome performers such as Mozart and Liszt. From 1835 to 1847 Felix Mendelssohn was the orchestra's music director. This share from the Neues Gewandhaus in Leipzig was issued in 1884 to finance the building of a new concert hall.  It was designed by architect Martin Gropius, a friend of Mendelssohn. The new premises are illustrated in the vignette. A memorial for Mendelssohn was unveiled in front of the concert hall in 1892. Because Mendelssohn came from a Jewish family the Nazi regime ordered the removal of the statue. A bombing destroyed in 1944 the New Gewandhaus. The city of Leipzig opened again a new Gewandhaus in 1981. A bronze replica of the original Mendelssohn statue was presented in 2008. L452, a multicolor printing feat by Giesecke & Devrient, starts at €400. 

Both auctions include together more than 900 German scripophily lots  :

• Interested in German automobile history ? What about Porsche, see lots 284, 285, 286, 358 and 1856. A rare Megola-Motoren-AG share from the 1920s, L341, may find a new owner at €270.
• The Königlich Bayerisch privilegirte Krystallglas-Fabrik Theresienthal was the first joint-stock company in Niederbayern. Theresienthal was, and still is, famous for its luxury glass. Founded in 1836 the company counted among its customers King Ludwig II. Its share, issued in 1841, is one of the earliest known glass scripophily objects. Extremely rare, bids invited at €3,500. L637
• There are many flags to see in the auction catalog. The share from the Ruder-Gesellschaft Sparta e.V. Berlin-Tegel is calling with the rowing club's flag. L1753
• A map of West Germany adorns a modern specimen stock certificate, L1900, from the HCA Hypotheken-Computer-Analyse AG

The two auctions count four bonds from the McDonald's Corporation : L58, L59, L2164 and L2165. The vignette shown here is different from what we usually see on McDonald's scripophily. It is a nice example of McDonald's image building capacities. In 2011 the company held a mega job fair in the USA. Business Insider, Apr 28, 2011, wrote "It's Harder To Get A Job At McDonald's Than It Is To Get Into Harvard". McDonald's was looking then for 50,000 new workers. They hired about 62,000 people after receiving a million applications for those positions - an acceptance rate of 6.2%. Enjoy your meal ! 

There is a lot more to discover in HWPH's auction catalogs. The live auction concludes with meeting for EDHAC members. Here are the details of the event:

• Dates
• 12 September 2020, Zorneding, Germany, public auction
• 13 September 2020, online auction
• Further info and catalogs, see here on HWPH. 
• Live bidding is possible through Invaluable.com, see here, where you can find high quality images of the lots.

F.L.

HWPH includes 270 lots of Russian scripophily. A dedicated PDF catalog, in Russian, is available here.  The vignette shown is a detail from L843, a 1902 share in the AG für Walfang und Fischerei im Stillen Ocean Graf H. H. Keyserling & Cie.

Walker's Manual of Unlisted Stocks

Some stock certificates are not listed on an official stock exchange, but can still be publicly traded. These are called Unlisted Stocks. These stock certificates are traded off-exchange or over-the-counter (OTC) between two parties without any supervision of an exchange. In the US, OTC trading is carried out by brokers using an electronic service like the OTC Bulletin Board.

The movie The Wolf of Wall Street (2013) is based on the true story of stock-broker Jordan Belfort. In one of the first scenes, we see Belfort, played by Leonardo DiCaprio, working in a small office at a mini-shopping center. The low value stocks, he sells there impressively over the phone, are unlisted stocks.

Walker's Manuals

Since the early 1900s Walker's manuals have been published for Pacific Coast Securities, California Securities and later also for Western Corporations. The first Walker's Manual of Unlisted Stocks was published in 1996. The book contains profiles of 500 unlisted companies and investment partnerships (funds), traded at or over $5 per share. A similar manual for companies traded under $5 is brought out as the Walker's Manual of Penny Stocks and a special manual exists for unlisted community banks. 

• Title : Walker's Manual of Unlisted Stocks - 1998 3rd Edition
• Author : H. K. Eisenberg
• ID : 0-9652088-6-9, published 1998 by Walkers Manual, LLC
• Languages : English
• Number of pages : 526 excluding indexes
• Images : no images
• Index : 1. Company name, 2. Geographic area, 3. SIC code (theme). Additional indexes by a number of financial indicators such as total revenue, market capitalization, price/earnings ratio, etc. A separate index is provided for the section of the investment partnerships

Every company profile contains a single paragraph describing the company, a table with the financial indicators over the preceding four years, a comment on the company's evolution, and an overview of its officers. Both new and long existing businesses are included from all economic sectors. 

Rochester and Pittsburgh Coal Company

Stock certificate for common shares, issued 1985

-

This is one of the unlisted companies from this volume. 

The company mined bituminous steam coal in Pennsylvania since 1881. 

ROC-295 in the Coxrail database

image from eBay seller jpm8282

Is this large format book worth purchasing ?

The book was compiled for investors and in that context, absolutely. For scripophily research purposes, it depends. If you are into current American stocks, you might discover something of interest. However, the book contains only 500 profiles: a small chance to find out more about a particular type of companies you are curious about. 

TIP: Amazon.com regularly sells second-hand Walker's Manuals. 

F.L.

Related link : Investopedia's Over-The-Counter

Signed the Guest book yet ?

Scripophily 99 reveals the first scripophilist in the history of mankind

The last issue of Scripophily magazine, No. 99, released in December 2015, features again articles with high scripophily content. Some statistics :

• number of pages : 32 pages
• number of bond and share images : 64
• number of auction reports : 32
• number of authors and reporters : 15

To me, the big surprise in this issue was the story on the first scripophilist. Most introductory texts in the hobby speak of early collectors in the 1970s. I've always thought that the oldest scripophilist (a collector or researcher of antique stocks and bonds) was Grover C Criswell. Criswell published his book Confederate and Southern State Bonds in 1961, that is 55 years ago. 

But in this issue, Scripophily author Max Hensley brings us the story of his findings in a California archive. The author tells us ... 

(the archive) contains what I believe to be the first documented intact US scripophily collection. I'm not talking about the usual accumulations of stocks assembled by archivists into 'collection' files, or accumulations from lawyers, trust companies, corporations and others who acquired their certificates in the ordinary course of business rather than by any collecting impulse.

The article contains lots of details on the collection, and is a fascinating read. You can actually feel the author's excitement in this scripophily adventure. The bottom line is that this first collector has a name, Andrew J Moulder, and that he was collecting in the 1890s or even sooner. This dates our hobby more than 125 years back from today. A must read to any serious collector.

Scripophily 99's front cover depicts a startling
1854 Cocos Island Treasure Company share,
one of the treasures in the Moulder Collection.
double-click image to enlarge

What's else in the magazine ? Here's, an overview of the other stories in Scripophily's last December issue :

• The road ahead, a statement for the near future by IBSS chairman Martin Zanke
• Herzog Collection debuts at Wall Street Collectibles Show
• John Herzog on selling his collection, interview with the man himself
• The Wall Street vignette
• Let me entertain you with antique stock certificates - by Fred Fuld III, book review
• The Stockton & Darlington Railway
• Oldest Siemens share certificate
• French colonial companies, interview with Alain Léger
• The first US scripophilist ?
• Hotel Arcadia - Santa Monica California
• 50% growth in worldwide auction sales - four months to Nov 2015
• Ottoman Railways
• Cox's Corner : More catalogs please
• 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.

Related links

• International Bond & Share Society (IBSS)
• IBSS on Facebook 

Scripophily magazine 98

It's only a matter of one or two weeks before you can expect the next issue of Scripophily magazine in the mailbox. For those who are not subscribed, here is an overview of the stories from the last August issue :

• The Anderson Motor Company
• $100,000 Denomination Chinese 1937 Liberty Bond print inconsistencies , about counterfeit Chinese bonds
• Rarity Key System , a joined communication by several auction houses 
• The bonds issued under the forced loans of Jérôme Bonaparte , a story on Westphalia Kingdom finance 
• Rafting Scripophily , highlights early timber logging and transport companies in the US
• Embossed British revenue stamps , did you know about the junction between British revenue stamps and stocks and bonds?
• Charles A Stoneham & Co mining curb brokers , a story on a remarkable mining stock brokerage firm
• Sensation at 5 centimes in 'Le Petit Journal', an updated article about this famous French newspaper company 
• An early IBM predecessor company, about the Computing-Tabulating-Recording Co
• China's Historic Foreign Bonds, by J M Thompson and M D Perry , book review 
• Pictorial Stock Certificates - Lithography and Engravings for the Graphic Art Collector, by B Brown , book review 
• Cox's Corner : We're not getting any younger , tips about specializing your collection
• 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

Did you know about the previously rare Suez canal company
where about 50 hoard certificates recently appeared?
Read about it in Scripophily magazine Nr 98 Aug 2015
-
image from Wikipedia:
Suez Canal from 1881 Young Persons' Cyclopedia of Persons and Places

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

F.L.

Related links

• International Bond & Share Society (IBSS)
• IBSS on Facebook 

The Brussels Stock Exchange .. on stocks

Brussels has a fascinating stock exchange building. 

Have you already had the opportunity to run up and down 

the large stairs at the entrance between the two giant stone lions. 

And did you admire the impressive pediment?  

How did the building get there in the first place?

Banque Auxiliaire de la Bourse
detail from the certificate below
double-click image to enlarge

By decree of Napoléon

The first stock exchange in Brussels was established in 1801 under the government of Napoléon in Belgium. The former Saint Augustine Convent was chosen for the original premises. After the convent buildings were sold, the exchange continued its business in the national mint, the Hôtel des Monnaies. When the mint re-opened in 1820, the brokers rented a house on the Rue Guillaume, now called the Rue Léopold. By the 1850s that building was becoming too small for the growing activity.  

Banque Auxiliaire de la Bourse
founder's share, 1895 Brussels
printed in blue color tints by Lith de la Cote Libre

Architect Léon Suys designs a larger building

In 1858, no fewer than 11 petitions for building a new and larger stock exchange building were handed to the city council. It was the eclectic design of the Belgian architect Léon Suys that was chosen for the new exchange. The building could be entered through several imposing doorways under the decorated pediments.  

Banque Auxiliaire de la Bourse
detail from the certificate above
Also the renewal coupon depicts the exchange.

Not Belgian but English entrepreneurs start building

In 1866, an agreement was made between the city council and the (English) Belgian Public Works Co Ltd for the cleansing and overvaulting of the Zenne river and the erection of  the new stock exchange building. The overvaulting made possible the construction of a wide traffic axle between the north and south railway stations. Along this axle, the mayor J Anspach wanted the construction of prestigious buildings: the new exchange would be the crown jewel. BPWC contracted the Waring Brothers, English entrepreneurs in public and railway construction, for the building of the exchange.  In 1868 on average, 99 workers and 26 horses were employed on the construction site every day.

Comptoir International de Banque et de Change
detail from the share below

Léon Suys sees a way out during the Franco-German war

In 1869, after the completion of the foundations and the substructure of the building, the architect Suys took over the Warings’ job, becoming both architect and builder. In 1870, the supply of building stone from the French quarries in Anstrude and Ravière was interrupted by the Franco-German war. A solution was found: the quarries on the English Isle of Portland could provide stone of similar colour and quality. The City of Brussels took over the management of the project after BPWC went into liquidation in 1871.  Finally in 1873, King Léopold II and Queen Marie-Henriette attended the inauguration ceremony. The building was completed in 1874. 

Comptoir International de Banque et de Change
preferred share of 100 Francs, 1901
splendid Art Nouveau design, printer unknown.

Léon Suys' stock exchange is rarely seen on share certificates

So much for a little of the history. Only a few share certificates are known with a vignette of the Brussels stock exchange.  I still know only four types of certificates:

• Banque Auxiliaire de la Bourse, part de fondateur, 1895
• Comptoir International de Banque et de Change, action privilégiée de 100 Francs, 1901. An action ordinaire is also known
• Société Financière Liégeoise, action de capital de 500 Francs, 1925, best known in unissued form
• CODEP-Banque Nagelmackers, bon de caisse, 1995, large underprint of the stock exchange, no further details known, unfortunately no image available

I would be very interested to hear about other types.

F.L.

Société Financière Liégeoise

share of 500 Francs, 1925, issued (rare)

printed by H. Wolf from Liège

References

• Ter Beurze, by Geert De Clercq (in Dutch and French), pub. Tijd 1992, ISBN: 9069660814 

PS : This article is based on the one written for the May 2006 issue of Scripophily magazine, published by IBSS.

Brussels Stock Exchange post card, around 1900

Exhibition : Behind the Numbers

The Brussels Stock Exchange was created by a decree of Napoleon in

1801. More, in 1807 he legalized the existence of limited companies.

Brussels Stock Exchange, 2006
Source : Ben2, Wikipedia

Discover the world of the stock exchange 

In Behind the Numbers, you can discover the secrets and the functioning of the stock exchange in the historical Bruxelles stock exchange building itself. On display are remarkable objects lent by a dozen of Belgian and foreign institutions, including a handful of authentic US stock certificates, a number of 19th century Belgian bond and share certificates (facsimiles) and one facsimile of the oldest stock from the Westfries Archives in Holland (see also here).

Learn and experience about the numbers

The exhibition, an initiative by TREETOP ASSET MANAGEMENT, consists of three parts:

1. What is the stock exchange ? provides non-specialists with the prerequisite keys for reading, in order to help follow the rest of the exhibit.
2. A history of stock exchanges shows the evolution of the stock exchange in parallel with economic development, in Europe first, later worldwide. 
3. How does the stock exchange work ? shows how the stock exchange forms as part of the economy, and how it benefits those who use it.

Christophe Gaeta, the scenographer of the Antwerp Red Star Line Museum, did the scenography for this exhibition as well. Gaeta created three immense cylinders, encircled by ticker tape, to evoke the constant whirlwind of stock market information. Inside the cylinders, visitors will be able to discover surprising interactive and entertaining installations (video mapping). Furthermore, the artist Charles Sandison reveals his artistic view on the stock exchange in a special piece of art 'The Mirror Room'.

The front certificate on display here, is a 1920 Ansonia Clock Company stock certificate.
This clock manufacturing business started in Ansonia, Connecticut, in 1851. It moved
to Brooklyn, New York, in 1878 and produced hundreds of clock models. After WWI
the company faced fierce competition. In 1929 the majority of the machinery and tooling
were sold to the Soviet government's US trading company Amtorg, just before the
stock market crash. The parts, machinery and key skilled workers were shipped out of
the USA to form the basis of the clock and watch industry in Moscow,  e.g.: Poljot.
Source: Wikipedia; Copyright picture: Serge Marteaux

Practical info

• Place: Brussels Stock Exchange building, Place de la Bourse, Brussels
• Duration : 4 September - 8 November 2015
• Opening hours: Tuesday to Sunday, 10 am to 6 pm. Last admission at 5 pm.
• Ticket price:  € 8, free entrance for young people (0 to 18 years), students and schoolgroups
• More info, see here (English), here (French) or here (Dutch)

F.L.

Tip : interested in antique stocks and bonds ?
On 1 November the Boone's international bourse of antique stocks and bonds takes place at the Bruxelles NH Carrefour de l'Europe Hotel, by foot less than 10 minutes away from the exhibition. See more there.

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 ?

Pre-war debt securities on display at the Warsaw Stock Exchange

The Warsaw Stock Exchange (WSE) is one of the fastest-growing exchanges in Europe. In 2013, 450 companies were listed, including 47 foreign companies. The WSE ranked #2 in Europe by the number of IPOs, and #5 in terms of their value. 

The WSE and the Collectors' Association of Historical Securities (Stowarzyszenie Kolekcjonerów Historycznych Papierów Wartosciowych) have set up an exhibition Debt securities listed on the pre-war exchange - Papiery dłużne notowane na przedwojennej giełdzie. On display are about 100 pre-war bonds and debentures, issued in Poland by credit societies, private corporations, and the Polish State Treasury.

Image source : Warsaw Stock Exchange

Practical info

• Location : Warsaw Stock Exchange, ul. Książęca 4, Warsaw.
• Duration : 29 September 2014 – 31 January 2015
• Opening hours :  From Monday to Friday 10:00 - 15:00.
• Entrance : free

Related links

• Warsaw Stock Exchange 
• Stowarzyszenie Kolekcjonerów Historycznych Papierów Wartosciowych, (Polish) Collectors Association of Historic Securities
• WSE's announcement of the exhibition, see here .
• WSE's announcement of its previous exhibition, see there . 

Digest of scripophily readings XII

New online scripophily articles and references, November 2013

Taiwan Stock Museum
About one year ago, the Taiwan Stock Museum (TSM) was opened officially to the public in Taipei. The museum was created by the Taiwan Depository & Clearing Corporation (TDCC) following the completion of the company's move to a paperless depository of securities in July 2011. The museum, which includes an interactive multimedia hall, shows artifacts and many stocks and bonds that have witnessed the historical development of Taiwan's stock market.
Related links :

• The Taiwan Stock Museum , entirely in Chinese 
• An online article in English from the TDCC, see here 
• A coverage on the TSM by Culture TW, see here, with a photo gallery there 
• TSM's interactive wall 

NONVALEURS on Tumblr

Hans-Georg Glasemann, author of many books and articles, see for example here, is also the writer of many scripophily related posts on his NONVALEURS blog on Tumblr. You'll find out that Mr. Glasemann's topics cover all themes worldwide. Most articles are written in German, here is one of my favorites about Papua New Guinea, but occasionally you can detect stories written in English, like this one about early attempts to connect France and the UK by means of a railway tunnel. Tumblr is a social-media blogging platform, so you can "Follow" the NONVALEURS blog and never miss a post !

Scripophily Magazine

In addition to the online sources above, the latest August 2013 No.92 issue of Scripophily magazine, published by the International Bond and Share Society , contains the following stories :

• Speculation mixed, about speculation phenomena in scripophily
• Collectors' clearinghouse - Hetty HR Green
• Cox's Corner : Sharing information and knowledge
• Dr Fred S Pearson and the Infrastructure Revolution, about infrastructure and railway investments in the US, Canada and Mexico
• Britain's National Debt, a coverage of 17th, 18th and 19th century loans, payment orders and annuities
• Scripophily at the New York Stock Exchange, about the NYSE archives
• Consolidate What ? a story on John Peirce's railway ventures
• Inspection of the vignettes on a share of the Chicago & Northwestern Railway Company, amazing what there is to see !
• Tasker L Oddie - Prospector & Politician, a US gold mining story
• An Interesting Mystery, about Chester Pennsylvania banks 
• other periodical topics : society matters, news, bourse reviews, auction reviews, events calendar, member classifieds, book reviews

F.L.

Signed the Guest book yet ?

Exhibition : Helsinki Stock Exchange 100 Years

My apologies for this very late notice, I found out about it only yesterday, 

but I still wanted to post this topic on the blog.

Until 1 September 2013, only a few more days left, the Bank of Finland Museum presents the 100 year history of the Helsinki Stock Exchange in a seasonal exhibition. On display are

• original documents related to the history of the stock exchange
• a nice collection of share certificates from Finnish companies

Yhtyneet Paperitehtaat Osakeyhtiö, share from 1920
English: United Paper Mills Ltd
source: Bank of Finland Museum
double-click image to enlarge

Practical info :

• location :  Snellmaninkatu 2, Helsinki, Finland, see here 
• duration : 29 January 2013 -  1 September 2013
• opening hours : Tuesday to Friday, 11:00 - 17:00, Saturday to Sunday 11:00 - 16:00, closed on Mondays.
• no entrance fee
• Guided tours are available in Finnish, Swedish and English and are also free of charge

Further reference :

• Helsinki Stock Exchange 100 Years 

F.L.

Digest of scripophily readings IX

New online scripophily articles and references, January 2013

Pre-World War I American railroads

The following image depicts a stock certificate printed by the American Bank Note Company.

Western New York and Pennsylvania Railroad Company
certificate for 5 shares of $100, 1888
identified in the Cox catalog as  WES-748-S-39 iu
double-click image to enlarge

This rare and fine specimen of an engraved stock certificate can be seen, along with many others, on Pete Angelos' website showing American railroad stocks and bonds. Besides issued scripophily papers, separate sections contain proofs and specimens. A special section is dedicated to Confederate issues. All these beauties, can be seen here . Peter, thank you for sharing!

French shipping companies and their house flags

Dominique Cureau has listed more than 2300 French shipping companies and 900 house flags on his website. Interesting to see that several of the flags illustrated are details from shares and bonds.

Try to identify this flag on
 https://pavillon.houseflag.free.fr/ 

If you have a share certificate depicting a French shipping flag, you can research the company or the flag in the following ways :

• alphabetical index on company name
• search by flag characteristics
• or use a term with the search engine.

Merci for sharing your expertise !
Who can help Dominique in completing his inventory of house flags of French shipping companies ?

History of the Norwegian stock exchange

The offices of the Christiania Børs, English: Christiana Exchange, opened in 1819. A new building was opened in 1829. It was the first monumental building since Norways independence declaration from Denmark in 1814 and it took another 52 years, in 1881 to be precisely, before the first securities were listed. Before that, it was a place for trading currencies, bills of exchanges, commodities, ships and parts. 

In the original trading room you can still still see the weather clock, connected with a weather vane on the roof. Depending on the wind direction, prices of commodities and securities went up and down depending on the direction. Why, and much more, can be read on the following pages of the Oslo Stock Exchange  :

• History of the Oslo Stock Exchange 
• Milestones in the history of the Norwegian stock exchange 
• History about the stock exchange building 

der aktiensammler
In addition to the articles above, the latest December 2012 No.6/12 issue of der aktiensammler magazine, and at the same time the last issue, contains the following stories (in German) :

• Der Goldstandard - kein Allheilmittel, aber immer noch vertrauensbildend, about the gold standard and our monetary system in the past (part 12 in a series on the evolution of money)
• Echte und unechte Eiffelturm-Aktien : Auf die Nuancen kommt es an, in English: True and unreal Eiffel Tower shares: It's all there in the Nuances
• HEAG: 100 Jahre Eisenbahn und Strom in Südhessen, about the history of the Hessen railway company and its growth into a larger concern with interests in electric power utilities, telecommunication et cetera
• Spekulation: Schlummernde Schätze oder doch nur Nonvaleurs ?, a collector tells us about his (disappointing) adventures when trying to sell so-called speculative certificates
• Warum die Schmidheinys keine Banker waren (Teil 2), about the Schmidheiny industrial entrepreneurs family and the Holderbank cement business (part 2)
• other periodical topics : Auction Reviews, Collector's Portrait, Events Calendar, Classifieds

I am sorry to learn from the editors that the magazine will no longer be published.

F.L.