FHW's 125th auction is online with exceptional antique stocks and bonds

Jörg Benecke has scheduled FHW's 125th sale for 2 March 2024. With his team he brought together 2000 lots of scripophily and related documents. The event, a live auction held at FHW's home base Wolfenbüttel, offers historic and beautiful antique stocks and bonds from all continents. 

A highlight in FHW's auction is L(ot)962, a 1858 share in the Eisenhütten-AG Blücher, an early steel company from Dortmund. Germany's Ruhr area counted almost 300 coal mines by the 1850s. Coal was exported or processed in coking ovens into coke, used in blast furnaces, producing iron and steel. This 200 Thaler share depicts Generalfeldmarschall Gebhard Leberecht von Blücher who won several battles against Napoleon’s troops. He joined Wellington at the Battle of Waterloo, his army playing a decisive role in the final victory. The vignette shows von Blücher wearing the Star of the Grand Cross of the Iron Cross awarded only twice in history. This rare and spectacular lithoprint by H. Kaufmann from Münster starts at €2,800. 

The Eisenhütten-AG Blücher certificate is part of the Deutschland bis 1945 chapter that includes about 650 lots. Some of the other historic items here are:

• Deutsche Bank, Berlin, 200 Thaler share, 1881, extremely rare and a top object in any international finance collection 
• Junkers Flugzeug- und Motorenwerke AG, 1000 shares certificate, from the Reichsbank archives
• LLoyd-Werft Aktiengesellschaft, builder of boats, 10000 Mark share 1923, underprint of a sailboat and a hand emerging from the water rescuing a canoe.
• Münchener Trambahn-Actien-Gesellschaft, 400 Mark share, 1882, rare founder's share 

Part of the 200 lots in the Deutschland ab 1945 chapter, is this BASF specimen 1000 shares certificate. BASF as we know it today was reorganized in 1952 and became the largest producer of chemicals in the world. In the 1960s and 1970s BASF succesfully sold computer tape and other storage devices. At the end of the 1970s the company marketed Hitachi's mainframe computers and soon thereafter launched their own line of business microcomputers like the BASF 7120 model. The certificate dates from 1967 and shows the Ludwigshafen production site.  L1457 starts at €500. 

A surprise is the sale of a complete collection of stocks and bonds related to Israel. About 130 certificates, spanning two centuries, are initially offered as one lot at €20,000, L24. In case of no bids, buyers have the opportunity to bid on the individual lots. 

This certificate from The Arab Cigarettes and Tombac Company Ltd is part of the Israel collection. The company was founded in Nazareth, which is the largest Arab city in Israel today. The company traded in cigarettes and tombac, a unwashed natural tobacco leaf used with the waterpipe. This unissued share of 1 Palestine pound with text in English and Arabic might be available from €240. 

Over 350 lots are comprised in the USA chapter. Among the many interesting items are: 

• L1743 Florida Land Rock Phosphate Company, Western Bank Note engraving, 1894, unique vignette of phosphate miners in forest 
• L1835 New Orleans, Opelousas and Great Westeren Rail Road Company, stock certificate, 1855, large train vignette, signed by Benjamin Franklin Flanders, Governor of Louisiana and mayor of New Orleans, who formed the 'Friends of Universal Suffrage' 
• L1680 Central New England Railway Company, preferred stock, 1906, large Poughkeepsie Bridge vignette 
• L1652 Apperson Bros. Automobile Company 

Steel engraving is the trademark of the American Bank Note Company. With no sales recorded during the past ten years in the coxrail.com database, this stock from the Tennesee based Morristown and Cumberland Gap Railroad can find a new home from €500 onwards. L1824 

The auction catalog counts over 200 pages. You'll find several more chapters in it, including two with items offered at half of their previous start price. So, lots to discover there. Here are the details :

• Location : The event takes place at the company headquarters in Wolfenbüttel.
• Date : 2 March, 2024
• Further info, see here; PDF catalog see there; live bidding is possible through https://connect.invaluable.com/dwa/  

L277: Sociedad del Teatro Chapi de Villena, 25 pesetas share from 1915, vignette of the Spanish composer Ruperto Chapi, lovely Art Nouveau design, €150 

F.L.

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HSK presents American scripophily, bonds and shares from Northern Germany and the H-W Schmidt collection of German banking securities

Hanseatisches SammlerKontor für Historische Wertpapiere (HSK) plans its next auction of stocks and bonds on June 3, 2023 at its headquarters in Wolfenbüttel. Over 1200 lots are described in full in a 200 pages counting auction catalogue. All lots can be checked out online as well.

This 1000 mark share from the Landbank, Berlin, featuring a Jugendstil design, was printed in 1897 by the Reichsdruckerei. Only a handfull of these certificates are known. This one is part of the H-W Schmidt collection. L(ot) 762 in the auction starts at €800. 

The Hans-Werner Schmidt Collection of German banking securities forms a major section in this auction. This collection consists of lots 677 through 816 and has been assembled over several decades. A few examples:

• Rarely seen is the bold industrial artwork of the 10000 mark share in the Ostbayerische Industrie- und Handelsbank AG, Furth i.W., 1923, L778.
• L751, Herzogl. Sächs. Landrentenbank in Coburg, 100 mark bond, issued in 1911.
• One of the most spectacular typographical designs in scripophily is the multicolor share certificate from the Preussische Boden Credit Actienbank, Berlin, 1873. L783

The 1873 founder share of the Stadttheater-Gesellschaft zu Hamburg is the top highlight in HSK's auction. The new stone building of the Hamburg State Opera was inaugurated in 1827. In 1873 the building was renovated in Gründerzeit style, as illustrated in the large underprint of the certificate. Gustav Mahler was the company's musical director from 1891 to 1897. In World War II Hamburg was an easy to find target and the opera house was destroyed by fire-bombing. Rebuilt in the early 1950s by Bauhaus architect Gerhard Weber, the Staatsoper reopened in 1955 with Mozart's Die Zauberflöte. L515 starts at €10,000. 

About 900 lots of German scripophily are presented in several sections:

• L315-446 Bremen and Niedersachsen, for example L348 Deutsche Petroleum-Bohr-Gesellschaft, 1881, illustrated with an oil field vignette 
• L447-519 Hamburg, e.g. L515 Stadttheater-Gesellschaft zu Hamburg, image see above 
• Lot range 520 through 645 consists of a collection of Hamburg related zero numbered specimen certificates from the Deutsche Mark period. 
• L646-676 Schleswig-Holstein and Mecklenburg-Vorpommern, such as L650, two shares in the Flensburg-Ekensunder Dampfschiffs-Gesellschaft, based in the very north of Germany.
• L677-818 H-W Schmidt collection of German banking securities, see above
• L817-1046 Germany before 1945, including L817 a 1852 share from the Aachen-Mastrichter Eisenbahn-Gesellschaft, bilingual in German and Dutch, two coat of arms 'Gott mit uns' and 'Je Maintiendrai', elaborate floral design.
• L1047-1239 Germany from 1945 onwards, e.g. L1110 Deutsche Lufthansa Aktiengesellschaft, Köln, 1997, illustrated with a world map vignette

Polish Auschwitz survivor Jack Tramiel - who later formed Atari Corporation - founded in 1954 the Commodore Portable Typewriter Company. In 1955 the company was reincorporated in Canada as Commodore Business Machines, Inc., and went public on the NYSE under the name Commodore International Limited in 1962. Already in the early 1970s the company produced electronic programmable calculators. Reorganized in 1976, CIL moved its financiel headquarters to the Bahamas. Launched in 1977 the Commodore PET personal computer helped to bring personal computers to widespread use. L63 starts at €100. 

The American section counts 200 lots including several certificates signed by or issued to Thomas A. Edison, L79, L196, L197 and L78.  A Pan American Airways Corporation stock certificate from 1945, L155,  is issued to Sherman M. Fairchild who also signed it on reverse.  

Some other examples:

• L106 is a bond from The Huntingdon and Broad Top Mountain Rail Road and Coal Company, large railway bridge vignettte, issued in 1862.
• A lovely banking vault vignette adorns a Lowry Banking Company stock certificate, Georgia, 1894. L120
• L26 The American Quick-Transit Steamship Company, 1882, Boston, Mass., depicts a large ocean steamer.

The European section in HSK's 42nd auction includes objects such as this 1904 share from the Société Anonyme du Théatre-Concert du Moulin-Rouge. Located in the Boulevard de Clichy, Paris, this cabaret became a world famous attraction with its can-can danse. Bids start at €200 for L292.

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

• Date : 3 June, 2023 
• Further info, see here; live bidding is possible through https://connect.invaluable.com/dwa/ 

F.L.

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HSK's upcoming auction in Hamburg features more than 1100 lots of historic securities

28 May is the day when HSK's 41st auction takes place in Hamburg. This time HSK brought together more than 1100 scripophily lots. Bonds and shares from Berlin real estate developers, the Wolfgang Tartz collection, are part of many top-quality items included in this sale.

The event starts with a talk by Claus Müller titled The beginnings of the Russian mining industry in Ukraine, financed with foreign capital. After the auction a collector's bourse precedes a joint dinner.

From the American auction section,  L(ot) 62 is a rare bond from The Colorado Bonanza and Union Tunnel and Mining Company issued in 1891. The company was founded that year to dig for Colorado gold in Gilpin County. The upper vignette shows its mining operations near Bates Hill and Maryland Mountain. Remarkable, a cross-section of that same view tells us about the Bonanza and Union tunnels that were to be excavated. 

Scripophily from all continents is represented in the auction. Major sections are dedicated to America and Germany with in particular Bremen & Niedersachsen, Hamburg, Schleswig-Holstein & Mecklenburg-Vorpommern.

Some noteworthy items from the European section :

• L256 is a 1886 share in the Compagnie Générale des Bateaux Parisiens with riverboat vignette. The company operated commuter riverboat services around Paris. 
• Illustrated with a Roman! pyramid, L298 is a lovely share certificate from the Public-Auto SA per il Servizio delle Automobili da Piazza in Roma e Altrove, a public transport company in Rome.
• The Manchester Race Course Association share from 1848 features a detailed vignette of the company's grandstand, L287. 

The Eidgenössische Bank AG, aka Banque Fédérale SA, Zürich, was one of the most important Swiss commercial banks. It became part of the Schweizerische Bankgesellschaft (SBG) in 1945 (later UBS). The sale features two of the company's sought-after share certificates. L260, dates from 1893, see image, and  L261, from 1917. 

Before I discuss the Berlin real estate developers collection, let me point out some interesting German certificates :

• L881, a "Stamm" (Kux, mining share) in one of the earliest mercury mining companies from Germany is a top item in HSK's auction. The share in the Quecksilberwerke am Lemberg, issued in 1846, shows excavation activities, the smelting of mercury ore, and is adorned with leaf scrollwork in beautiful blue printing. Check the word 'STAMM' in detail : each letter is designed as a trunk (another meaning of the word STAMM). A very rare, small work of art.
• Carosseriewerke Schebera Aktiengesellschaft from Berlin dealt in automobiles and produced car bodies. The 1922 specimen share, L692, illustrated with a horse carriage and two of the company's automobiles, bears the facsimile signature of Jacob Schapiro, car dealer, taxi entrepreneur and stock market speculator, who became a large shareholder of Daimler-Benz.
• Art Deco enthousiasts will love L941, a 1923 issued share from the Textil-Kunst Aktiengesellschaft from Dresden.

Architect Ludwig Richard Seel designed the city hall for Königsberg, known today as the Russian city of Kaliningrad. Seel is known for building the Parliament and Ministry of Justice in Tokyo. Königsberg's city hall, completed in 1912 and illustrated on this Stadthalle Königsberg share from 1907, included concert halls, a restaurant and a cafe. During the Nazy era, many artists lived in Königsberg to work independently of state control. The building was destroyed in World War II. Restored in the 1980s, it is now home to the Kaliningrad Regional Museum of History and Arts. L930 

The Wolfgang Tartz Collection counts over fifty bonds and shares from Berlin real estate development and property companies.  The collection was assembled over a period of many decades. Lot range 570 through 624.

Between 1750 and 1850 Berlin's population tripled to over 400,000 people. In 1871 Otto von Bismarck unified Germany. Berlin, the capital of the new German Empire, became the center of politics on the European continent. Von Bismarck created a favorable investment climate for the city's development. A large numbers of industrial workers and their labour unions, bankers, entrepreneurs, scientists and artists made Berlin a thriving but fast growing city. By 1910 the number of Berliners amounted to 2,000,000. 

The public square and transport hub of Alexanderplatz is recognizable from afar thanks to Berlin's nearby 368m heigh Fernsehturm. With hundreds of thousands of passers-by and visitors  Alexanderplatz is the most visited area of Berlin. 

Founded in 1912, the Aktiengesellschaft Alexanderplatz managed a number of houses at Alexanderplatz and nearby, including Hotel "Alexanderplatz". This 1000 Reichsmark share from the same year is part of the Wolfgang Tartz collection. L572 

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

• Date : 28 May, 2020
• Location : Hamburg
• Further info, see here; PDF catalog see there; live bidding is possible through connect.invaluable.com/dwa 

Though called a share certificate (Anteil-Schein) this is an interest-free lottery bond from the still existing Ski-Klub Oberstaufen. It was issued in 1920 for "the purpose of building a first class ski jump". Since the 1960s several international slalom competitions were held in Oberstaufen won by champions like Vreni Schneider and Ingemar Stenmark.  Note the logo with skis. L902 in the auction. 

F.L.

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Spink London launched its E-auction of world bonds & share certificates

Exactly 443 lots of scripophily will go on Spink's E-block. This online sale already started Apr 12 15:00. The bidding window closes on April 30 11:00. At stake are antique stocks and bonds from many countries. Larger sections include China, Japan, Australia & New Zealand, UK, Confederate States of America and the USA. 

5% Japanese Imperial Loan, Meiji 42 (1909), bond for 500 yen 

Historically, Japanese dates were expressed as years of a named era. Emperor Meiji, who ascended the throne in 1868 tied the era name to the reign of the current emperor. Meiji 42 indicates the 42th year of Meiji's reign. As the first year of the reign is year 1 and not year 0, one has the subtract 1. So Meiji 42 stands for 1868+42-1 = 1909. 

L(ot)89 in the auction, scarce 

Dun Mountain Copper Mining Company, Limited, 10 shares of £1, London, 1857 

Dun Mountain, named for its brown (dun) colour, is located near the city of Nelson. In the 1850s and 1860s, chromite and copper were mined on the mountain leading to the building of New Zealand's first railway. Marvellous embossed seal of a miner at work, click image to enlarge.  L136 is estimated at £80 

The oldest certificate in the sale, L237, is a handwritten warrant authorising a payment from 1655 and handsigned by Oliver Cromwell, see here. Estimated between £5000-£6000, it is expected to realize also the highest result.

The most rare certificates in the sale are indicated with R12. Rarity 12 stands for 'only one known'. The auction includes a handful of these. You can use 'R12' in the online search function to find them, e.g. L240, a specimen $5000 bond from The Government of the United Kingdom of Great Britain and Ireland, dated 1916.

The largest group lot is L158 and counts 2200 bonds from several loans issued by the Österreichische Staats-Eisenbahn-Gesellschaft  between 1855 and 1885.

£50 may buy you this stunning Casino Municipal de la Ville de Nice bond from 1881. 

L168 in the auction  

The Modern Comedies Company, Limited was a British company producing theatrical comedies. Founded with a £10,000 capital, very few certificates have been issued. The then famous actors Frank Curzon and Gertrude Silver aka Gertrude Kingston signed this share in 1902. L321 

More auction details :

• Location : this is an Internet only sale
• Date : April 12 15:00 - April 30 11:00. 
• Further info : see here 

F.L.

IBSS Mail Bid Auction - October 2015

The International Bond and Share Society, sets its next (members only) auction date to 2 October 2015. This auctions counts more than 200 lots, representing about 40 countries and an equal number of themes. 

Paleis voor Volksvlijt te Amsterdam

in English: Amsterdam Crystal Palace

Share of 2.5 Gulden, 1869

lot 138 in the auction

double-click image to enlarge

--

Founded 1856 to exploit a building for national and international exhibitions

 of industry, theatrical and musical performances. The palace, based on 

Paxton’s Crystal Palace in London, was completed near the Frederiksplein 

in Amsterdam, 1864. Erected with glass and iron, it was the creation of 

Cornelis Outshoorn. Unfortunately, a fire destroyed this building on 18 april 1929.

(Description: Boone catalogue 2009 March)

--

The Dutch word "Volksvlijt" can be interpreted as diligence by the people.  By the 

mid 19th century, modern society urged people to hard work because labor promoted 

health and gave joy to life. However, early socialist beliefs soon stated that the concept 

of "hard work" was only a means to create more wealth for the people in the upper classes.

Amsterdam Crystal Palace, ca. 1890s

Source: Jacob Olie , via Wikimedia Commons

Practical auction info :

• Date : October 2, 2015
• Place : not applicable, this is a mail bid auction only
• Auction catalogue can be downloaded here, where also the images of the lots can be viewed.

F.L.

Identifying the signature of actor Roger Livesey

Many old bonds and shares have a handwritten signature. Frequently the writing is hard to read. Recently I learned a trick that can help you identify a signature.

Adam Films Ltd was active in the British film industry
share certificate for 25 Shares of 1 Pound
representing 1/6th of the initial capital, issued in 1949
printed by Chas, Davy & Co. Ltd
double-click to enlarge image

Roger Livesey

The certificate above was issued to Roger Livesey Productions Ltd. Roger Livesey (25 Jun 1906 – 4 Feb 1976) was a British stage and film actor. Between 1921 and 1970 Livesey featured in not less than 40 movies, often teaming up on scene with his wife Ursula Jeans. During World War II, together they volunteered to entertain the troops. Livesey played the lead role in The Life and Death of Colonel Blimp (1943) which established Livesey's international reputation. 

The London Gazette from April 10 1975 announced the Adam Films company had ceased its operations, a few months before Roger Livesey passed away. 

This looks like Roger Livesey's signature.

Skewing and stretching a signature

With some good will, the signature above can be read as Roger Livesey. But you can make it more readable by skewing and stretching the image. These image editing functions are available in image editing programs such as Microsoft Paint. This is the result :

The signature is more readable now. The image results from applying the following image editing operations to the original :

• Skew horizontally : -40 Degrees
• Stretch horizontally : 120 Percent

Here are some guidelines  :

• When the handwriting inclines
• to the right, then use a negative number of horizontal skew degrees, e.g. -40°
• to the left, then use a positive number of horizontal skew degrees, e.g. 30°
• When the characters appear
• flattened, a 'n' looks like a '_', then use a vertical stretching percentage larger than 100, e.g. 130%
• narrow, a 'd' looks like a '/', then use a horizontal stretching percentage larger than 100, e.g. 140%

Caution: being able to identify the name in a signature, does not mean the person actually wrote it. On stocks and bonds, a signature was often written by someone else, a secretarial signer. In our example this is maybe improbable, but possible. I don't have any further references to signatures of Roger Livesey.

MS Paint window displaying the Stretch and Skew functions.