Monday, February 22, 2021

Taxonomy of a certificate : Passoeroean Stoomtram-Maatschappij

Taxonomy is the practice of describing, identifying, naming, and classifying things on the basis of characteristics. Using a predefined list of characteristics makes it easy to register your collectibles in a document, a spreadsheet, or any other database application.

As far as antique securities are concerned, you can define as many characteristics as you need. I usually consider two groups of characteristics :
  • those that you derive from the certificate's appearance: physical characteristics 
  • and those that you get after more research: researched characteristics.

As an example I use a Dutch stock certificate from the Passoeroean Stoomtram-Maatschappij, Dutch for 'Pasuruan Steam Tram Company'.

Physical characteristics
  • Issuer : Naamloze Vennootschap Passoeroean Stoomtram-Maatschappij (PSM)
  • Type :  share 
  • Denomination : 100 gulden  
  • Capital/Principal : 500,000 gulden 
  • Issue date : 1st July, 1905
  • Place of issue : 's-Gravenhage, the "old" name for Den Haag
  • Registered or bearer : bearer 
  • Lifecycle status : issued and uncancelled
  • Printer : Zuid-Hollandsche Boek- en Handelsdrukkerij  
  • Colors : blue 
  • Design & vignettes : borders with scrollwork of leaves and flowers 
  • Engraver : none mentioned
  • Artist : none mentioned
  • Language : Dutch
  • Security features 
    • seal : none
    • watermark : none
    • handwritten signatures : yes
  • Notable person (signed by, issued to, transferred to) : none
  • Format : vertical
  • Medium carrier : paper
  • Special remarks : -

This Passoeroean Stoomtram-Maatschappij share from 1905 was printed by the Zuid-Hollandsche Boek- en Handelsdrukkerij. The latter company became part of the Elsevier publishing house in the late 1970s.

Researched characteristics  
  • Country of issuance : The Netherlands 
  • Place of operations : Pasuruan, East Java
  • Country of operations : Indonesia
  • Type of operations : railway 
  • Era : Ethical Policy program of the Dutch East Indies (1900-WWII)

Once you have specified a certificate's characteristics, you can use that information to find out more about the certificate, its issuer, the latter's location or possible notable persons involved. 

The term Naamloze Vennootschap, in short NV, corresponds to similar concepts in other countries such as Aktiebolag (AB), Aktiengesellschaft (AG), Incorporated (Inc), Public Limited Company (Plc), Société Anonyme, Sociedad Anónima and Spółka Akcyjna (SA), Società per Azioni and Societate pe Acțiuni  (SpA), Ανώνυμη Εταιρεία (A.E.), etc. In Indonesia the term Perseroan Terbatas (PT) is used.

What have I learned about this antique share certificate?

Sugar producers need a tramway
The illustrated share in the Passoeroean Stoomtram-Maatschappij (PSM) was issued in 1905 during the so-called Ethical Policy program. Aimed at promoting the living conditions of the Indonesians, this Dutch colonial policy comprised these pillars : 
  1. Irrigation, introduction of banking services and subsidies for indigenous industries and handicrafts,
  2. Education, including the organization of a Dutch school system,
  3. Migration of people from the over-populated Java to the less densely populated areas of Indonesia.
Unlike the Ethical Policy program, the PSM was a success. The company organized transport of passengers and products such as sugarcane, tea and tobacco for nearly 100 years. Actually sugar cultivation was the main reason to set up this tramway company.

The PSM imported locomotives made by Lokomotivbau Hohenzollern, HANOMAG and Cockerill. The one shown on this picture taken around 1910 is the Cockerill C2201 "Louisa".
image : Tidak Diketahui, Public domain, via Wikimedia Commons

Colonial Indonesia's Liberal Period introduced private (mainly Dutch) entrepreneurship. The Sugar Act of 1870 allowed private companies to start sugar cane plantations in the Dutch East Indies. Soon, the region around Pasuruan saw the startup of several sugar factories. Pasuruan lies in East Java along the coast line between Surabaya and Probolinggo.

To provide cheap and fast rail transport to and from the sugar mills, the government granted several concessions to the PSM for building and operating a railway. The 6km track between Pasuruan and Warung Dowo was inaugurated on May 21, 1896. Others sections followed. The last one was opened in 1912 and connected Warung Dowo with Ngempit over a 5km distance. 

Some of PSM's branches were closed under Japanese Occupation during World War II. Others were further closed due to increased competition by road transport. The remainder of the PSM lines are now operated by PT Kereta Api Indonesia.

Oh, did you know that the Indonesian word for tram is trem !


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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 :


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