HWPH's 66th auction

Happy New Year! 2024 kicks off with Matthias Schmitt's 66th auction. It takes place as an online-only auction and includes almost 600 lots of antique shares and bond certificates.

For the time being this will be the auctioneer's last auction. The prime part of HWPH's business, Russian scripophily, is badly affected by the war of Russia against Ukraine. The auction offers mainly unsold items from previous auctions. With all lots starting at €5, you may strike a bargain!

Part of the sale is a section of roughly 100 lots of American railroad stocks and bonds. Illustrated here is L(ot) 171, a bond from the Savannah and Charleston Rail Road Company, South Carolina, issued in 1869. 

The sale features several shares designed by artists of the time. L224, a share in the Goedkoope Antwerpsche Beenhouwerij, literally translated: 'cheap Antwerp butchery', was designed by one of Belgium's most talented sculptors: Jef Lambeaux. Among the other artists to be hammered are Hermann Gradl, L452, and Demetrios Galanis, L239. 

About 100 lots span three centuries of German insurance activities. Shown here is, L476 a 1961 specimen share certificate from the Allianz Versicherungs-Aktiengesellschaft. Allianz, one of the largest insurers in the world, is part of the Euro Stoxx 50 stock market index. 

All major themes are represented such as railways, mining and government bonds. By means of the online search features you can find the lesser obvious themes as well. A few examples: 

• Bridges, L121 The Main Street Bridge Co, Indiana 
• Music, L242 EMI Ltd 
• Ceramics, L79 Ceramica Industrial de Osasco (Brazil)
• Casino, L461 Casino im Frankfurter Hof 

Another example is a share from the Tsingtao Brewery Company Ltd, China. The company originates from the Germania-Brauerei Tsingtao brewery founded in 1903 by English and German entrepreneurs. In 1993 it became the first Chinese firm listed on the Hong Kong Stock Exchange. L23 was issued in 1996 to scripophily pioneer Wilhelm Kuhlmann. 

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

• Location: this is an Internet only auction
• Date: 18 January 2024 
• Further info : online catalog see here on the auctioneer's website, or via the Invaluable platform, see there  

F.L.

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Boone's 69th auction spans now 2 days. Among the stars are Ferdinand de Lesseps Suez Canal certificates and a 16th century loan from Antwerp.

Mario Boone scheduled its next sale of antique stocks and bonds for 5 and 6 November 2022. That's right, the auctioneer applies a new event format which starts in Antwerp with an international bourse on Saturday morning. The live auction kicks off at 2 PM in the same venue. On Sunday, the second part comprises of a internet/mailbid auction. 

Altogether more than 1700 lots will be hammered in Boone's upcoming auction.  This is an opportunity to see many stunning certificates like this one. Noted security printer Charles Crabbé produced this 1902 share from the Paris-based Crédit National Assurances. L(ot) 353 starts at €100.

Latin America is excellently represented. More than 300 lots fill several chapters : Latin America lot range 534-556 , The Carribbean Collection L729-861, Venezuala Collection L862-965. All of these are scheduled on Saturday, and then there is another Latin America chapter, L1518-1580, on Sunday.  

Some of the interesting items are :

• The Cuban Central Railways Ltd £100 debenture from 1899 shows two small vignettes and is rare, L544.
• Lots 806 through 828 includes several Panama Canal certificates.
• L887 shows a frontal view of a steamship on a Orinoco Steamship Company bond printed in 1902 by the International Bank Note Co. from New York.
• The Société de Recherches de Temascaltepec (Mexique) was organized to mine for silver in Temascaltepec. L1569

L548 in the auction is a share in the Syndicat des Placers Guyanais. The company was formed in 1913 to dig for alluvial gold and diamonds. An overseas department of France in South America, French Guiana's currency is the euro. Gold mining, often done illegally, is still one of its main industries today. Bidding starts at €200.

Included in the sale are several certificates signed by or issued to historic figures, such as:

• members from the Rothschild banking family, L402 through 415, 
• Paul Kruger, President of the South African Republic, L296
• L499 shows the signature of Robert Surcouf, the French slave trader and privateer who raided British ships
• A Nederlandsche Handel-Maatschappij share issued to the Dutch King Willem III, L441.

The auction catalog's Autographs index refers to many more personalities, including Ferdinand de Lesseps !

On March 23, 2021, container ship Ever Given gets stuck in the Suez Canal and disrupted global trade for six days. The consequences were incalculable: industries were impacted with shortages, e.g. of semiconductors. The non delivering of food resulted in price rises and livestock shipments were suspended.

The Suez Canal connects the Mediterranean Sea to the Red Sea. It was constructed by Ferdinand de Lesseps' Suez Canal company between 1859 and 1869.  

Boone offers a set of printer proof bonds from the company's 1879/80 loan, all different and unique. One of these is corrected by Ferdinand de Lesseps himself, and personally signed by him. His handwritten signature in scripophily is of the highest rarity. The set of certificates deserves a place in any top collection highlighting France, Egypt, Canals & Transport, and even World History. Start price €10,000 .

The 16-18th century chapter counts more than 50 lots of shares, bonds and related financial documents. Among these "prehistorics" are 

• bonds from the Flemish cities Antwerp, Aalst and Oudenaarde (L480, L482, L484)
• a 1759 share in the Compagnie Royale Prussienne de Bengale , L511
• whaling and canal companies, L486 & L514
• 18th & early 19th century French privateer companies, L489 through L499, and an American one, L533
• a collection of 108 French lotteries issued between 1699 and 1828, L501
• a put option certificate of the Bank of England as early as 1730, L516

An amazing discovery is L480, an Antwerp city bond for 100 Carolus Guilders from 1558. Issued on vellum, it has a large Antwerp city seal in red wax showing 'Het Steen', the still existing 13th century castle. The bond was part of a loan granted in 1555 by Charles V, Holy Roman Emperor and King of Spain.

At the start of the 16th century Antwerp belonged to the Habsburg Netherlands, then part of the Holy Roman Empire. The city was a major shipping base for Spanish and Portuguese merchants importing sugar and raw produce from overseas. Antwerp became the main business centre around the Atlantic. Its wealthy bankers lended money to governments in Europe.

Between 1555 and 1556, Charles V split his empire into an Austro-German and a Spanish branch. As a result of Charles's abdications, the Habsburg Netherlands were left to his son Philip II of Spain. Thus became Antwerp part of the Spanish Netherlands. 

During these decades war with France was never far away. Also the Catholic Church in the Spanish realm had to be defended against the upcoming Protestant Reformation. The loan was raised to finance the construction and maintenance of the fortifications of Antwerp, the so-called 'Spaanse omwalling' (Spanish ramparts). These were built on order of Charles V from 1542 onwards.

€5000 is the start price for this top item that has witnessed a florishing but turbulent Flemish and Spanish 16th century.

As usual the sale includes a large chapter of USA scripophily, presented in both the Saturday and Sunday sessions of the auction. 

• There is an opportunity to buy a Southern State Bonds Collection as a single lot (L649-L728). When there is no buyer then the collection will be regrouped by state, each one then offered as one group lot. In turn, these, when not sold, will be split into single item lots. 
• US railways are plenty. You can find an interesting review on this chapter on Coxrail News and Announcements, see here     

The National Glass Company from Pittsburgh, Pa., was a short-lived glass trust. It owned several factories in places like Dunkirk, Ind., Cumberland, Md. and Marietta, Oh. They specialized in colored table glassware and decorated lamps. This $1000 bond from 1901, a Western Bank Note print, starts at €50. L1708

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

• Dates
• 5 November 2022, Antwerp Crowne Plaza Hotel
• International Bourse 8h30-12h 
• Live auction 14h-18h30
• 6 November 2022, mailbid and online auction
• Further info : 
• online catalog & bidding, see here 
• or via the Invaluable platform (large images), see there 
• and the PDF version of the catalog can be found here 

Even if you are not a collector 5 November 2022 is an opportunity to see some great antique securities. The venue is the Antwerp Crown Plaza. The public bus stops right outside the place and takes you in 10 minutes to Antwerp Central Station. 

F.L.

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HWPH auctions Friedrich Wilhelm III scripophily, a VOC bond from the Dutch Golden Age and nearly 2000 lots of historic stock certificates.

Historisches Wertpapierhaus AG (HWPH) scheduled its next double-session sale for 3 and 4 September 2022. For this occasion specialist Matthias Schmitt and his team brought together some 2,000 lots of scripophily and related documents . 

Included are several top-notch items such as a unique share from the Preussische See-Assecuranz-Compagnie issued to King Frederick William III of Prussia and one of the oldest securities from the mother of all joint stock companies, a Vereenigde Oostindische Compagnie bond from 1623. 

L(ot) 568 in the auction is this wonderful share from the Actien-Verein für den zoologischen Garten zu Dresden. The Dresden Zoo opened in 1861 and was bombed in World War II by the Allies. Reopened in 1946 it now welcomes about 1 million visitors per year. This 50 thaler share from 1863 starts at €1800. 

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. 

A major part of the offerings consists of antique bonds and shares from Germany, spread over several sections in both parts of the event. Among several German highlights you'll find these two :

• A radical democratic anti-monarchist, Gustave Struve's Gesellschaft deutscher Republikaner tried to finance the German revolutions of 1848-1849 with the issue of bonds. L515 is one of these rare certificates. Illustrated with several allegorical vignettes, it is propably the earliest known scripophily showing the colors of Germany's flag.
• AEG, worldwide known today for its eponymous home appliances brand, originated as the Deutsche Edison-Gesellschaft für angewandte Elektrizität. The auction features a 1883 share from this company, L538. The company changed its name change into Allgemeine Elektricitäts-Gesellschaft. L539 is a share, 1887, from the first issue using the new name. Both are extremely rare. 

Perhaps the most spectacular object in HWPH's auction is this share in the Preussische See-Assecuranz-Compagnie. The company provided insurances against sea and fire risks and was organized in Szczecin, Poland, then capital of the Prussian Provence of Pomerania. The share shows a three-master with the flag of Prussia (click image) and is issued in 1825 to Frederick William III King of Prussia (1797-1840). He joined the coalition against Napoleon, and unified the Protestant churches in Prussia. Tsar Nicholas II of Russia and Kaiser Wilhelm II are two of his grandchildren. L546, a unique historic document from Germany's and Poland's prehistory, is expected to realize €25,000 

The sale includes many more lots from all over the world. The auction's online catalog allows searching for your interests by means of country as well as thematic indexes. I tried out Luftfahrt (aviation) which refered to several airline companies : 

• Linhas Aereas Paulistas S.A. (LAP), Brazil map vignette, L68
• Lloyd Aereo Boliviano, L69, La Paz, aircraft vignette
• Badisch-Pfälzische Luft-Hansa A.G. Mannheim, L221
• Cathay Pacific Airways Limited, L734
• Japan Air Lines Company, Ltd., L770 and L771

Founded as Pan American Airways in 1927, Pan Am became the largest international airline of the USA in the 20th century. Its advertisements and so-called "Clippper" airplanes featured in movies like 2001: A Space Odyssey, Live and Let Die, Blade Runner and Catch Me If You Can. The company ceased operations in 1991 and reincarnated several times. The Pan Am Corporation owned and controlled the airline and services division. This share was issued in 1998 to scripophily pioneer Wilhelm H. Kuhlmann. Bidding on L1761 starts at €50  

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

• Dates
• 3 September 2022, Zorneding, Germany, public auction
• 4 September 2022, 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.

Collectors of 18th century scripophily, and even older items, will find more than 50 entries in their category. The most iconic lot is a 1623 bond for 1000 Flemish Pounds from the Vereenigde Oostindische Compagnie (V.O.C.), aka Oost-Indische Compagnie aka Dutch East India Company.  Securities from this historic company are extremely rare and considered the crème de la crème in our field. Why can be read on this blog here. In 2019 HWPH auctioned a similar bond, issued for 500 Flemish Pounds, at €46,000 without buyer's premium. L500 starts at €40,000. 

F.L.

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Scripophily Puzzle No. 6 - solution

I'm sure you recognized the Disney vignette as one of the three visual cues from Puzzle No. 6 . Even with the other vignettes provided, solving the puzzle was not straightforward. Yet I did receive one correct answer.

The three visual cues were clippings from three different stock and bond certificates. The common link between the cues was a particular object.

The correct answer for the puzzle was ... (drumm roll in the background) ... the Liberty Bell.

Shares from the American Union Fire Insurance Company from Philadelphia, PA, show the Liberty Bell in front of the city's Independence Hall. Printed by the Security Bank Note Company, this share certificate was issued in 1910. Things were not going well for the insurance company. It liquidated in 1913. 

The Liberty Bell was made in Great Britain by a foundry that became known as Whitechapel Bell Foundry, a producer of many famous bells such as the Big Ben in London.

Pennsylvania commissioned the Liberty Bell in 1751 to celebrate the 50th anniversary of William Penn's Charter of Privileges, Pennsylvania's original constitution. After a rough passage across the Atlantic, the bell cracked when it was first rung.

Two Philadelphia workmen, John Pass and John Stow, recasted the bell. Its large distinctive crack, also visible in the vignette above, originated somewhere in the first part of the 19th century. The bell was placed in the tower of the Pennsylvania State House, aka Independence Hall. This leads us to the first cue.

These bonds, issued by the City of Philadelphia in 1866 (upper right image) and 1861, feature the same vignettes, including the city's Independence Hall that housed the Liberty Bell for about two centuries. It is now located in the Liberty Bell Center. This pair of bonds was sold at Holabird Americana's Dec 2020 auction at $50 without buyer's premium. 

The bell became a symbol of freedom. In the 1830s several anti-slavery journals featured the bell in their publications. In 1853 President Franklin Pierce visited Philadelphia. He spoke of the bell as the symbol of the American Revolution and Liberty.

George Lippard writes his "Fourth of July, 1776" in 1847. In that story a young boy instructed an aged bellman to ring the bell on America's Independence Day. But that was not correct. Historians assume that the Liberty Bell rang on July 8th to summon the people to hear the Declaration of Independence read out aloud for the first time. Anyway, Lippard's story was widely reprinted and retold as 'historical fact' for many decades to come.

On the occasion of Philadelphia's 1876 Centennial International Exhibition a replica of the Liberty Bell was cast. It weighed 13,000 pounds (5900 kg), more than six times the weight of the original bell.

The Liberty Bell was not displayed at Philadelphia's Centennial Exhibition. But it made several trips to various other expositions and celebrations in the years thereafter. This brings us to the second cue of puzzle No. 6.

The World's Columbian Exposition, aka Chicago's World Fair, took place in 1893 to mark the 400th anniversary of Christopher Columbus' arrival in the New World in 1492. With 46 countries participating, it attracted over 27 million visitors. This $10 shares certificate from 1893 was printed by the Western Bank Note Company. It sold for $400 excluding buyer's premium in Holabird Americana's 2018 October auction. 

In 1893 the Liberty Bell was sent to Chicago's World Columbian Exposition as a highlight of the festivities. It was not the only big bell on display there.

For the World's Columbia exhibition a much larger Columbian Liberty Bell was casted. Two days before the end of the exhibition, Chicago's Mayor Carter Harrison sounded his "new" bell at his final speech on 28 Oct 1893. A few hours later Harrison was assassinated.

The original Liberty Bell returned from Chicago bearing a new crack. Wherever it went, the bell attracted millions of people, more cracking occurred, and souvenir hunters chipped pieces away from it. After 1915 Philadelphia refused any further requests for having the bell featured in events like that.

There was also a third "bell" present at the Chicago event. It was a full-sized model of the Liberty Bell made out of oranges by the State of California. This brings us to our last cue for this puzzle which showed Walt Disney and several Disney figures.

In Holabird Americana's May 2021 auction this Walt Disney stock certificate went $120 excluding buyer's premium. The company displays a full-sized replica of the Liberty Bell in Walt Disney World, Florida. 

As part of the US Liberty Bell Savings Bond Drive, the US government ordered 55 full-sized replicas of the Liberty Bell in 1950. These were casted by Fonderie Paccard in France. Shipped as gifts to US states and territories the bells were to be displayed and rung on patriotic occasions. 

In 1989 Walt Disney ordered another bell casted by the same foundry from the same mold. It stands now on Liberty Square in the Magic Kingdom, Bay Lake, Florida.

The Liberty Bell sometimes appears on coins, stamps, bonds and stock certificates. I'm interested to see other examples from the latter category. Several American corporations have used the bell's name and image, but none so daringly as the restaurant chain Taco Bell.

On April 1, 1996, Taco Bell launched an ad in the newspapers posting that it had purchased the Liberty Bell and renamed it the "Taco Liberty Bell". Thousands of outraged people had called Taco Bell headquarters and the bell's caretaker, the National Park Service. By noon it was told that the story was a joke. The company's publicity stunt allegedly led to nearly a $1,000,000 rise in sales that week.

I received one joint correct answer on this puzzle from Randy & Scott. Well done! You are now entitled a portion of "eternal fame".

F.L.

Reference links

• worldsfairchicago1893.com, a great resource on Chicago's 1893 World's Fair 
• National Park Service 

Previous posts

• An Albatros from Ukraine
• Use alternative search terms when searching digital publications 

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

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

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

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

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

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

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

Northern Steamship Company Kotlas-Archangel-Murmask 

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

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

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

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

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

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

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

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

F.L.

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

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Scripophily Puzzle No. 3 - solution

Scripophily Puzzle No. 3 was about a sensational art theft that happend in Belgium during the night of 10 April 1934. As a matter of speaking, you could say that, back then, the news of the robbery went viral.

On Thursday, April 12, 1934, The New York Times reported  :

Thief Steals Panel by van Eycks That Treaty Restored to Belgium

Wrenches It From Altarpiece, 'Adoration of the Lamb,' in Ghent Cathedral During Night — Most Sensational Art Theft Since That of 'Mona Lisa' Is Laid to an Eccentric. Thief Steals Panel by van Eycks That Treaty Restored to Belgium

-- Wireless to The New York Times ---

BRUSSELS, April 11. — One of the panels from the polyptych, "The Adoration of the Lamb," by the brothers Hubert and Jan van Eyck, one of the masterpieces of Flemish art, was stolen last night from the Cathedral of St. Bavon in Ghent. ... The panel stolen is the panel of St. John the Baptist and includes the figures of virtuous judges. It is about 54 inches long and 22 inches wide. The theft was discovered early this morning when the beadle of the cathedral was making his rounds. The thief had evidently hidden in the cathedral last night and had allowed himself to be locked in. ... The polyptych had been complete only since the conclusion of the World War, when Germany was ordered to return two panels, one of them that [was] stolen last night. The theft of a panel of the Ghent altarpiece is the most sensational event in the art world since a thief walked out of the Louvre in Paris with Leonardo da Vinci's "Mona Lisa" in August, 1911. ...

source: timesmachine.nytimes.com, accessed 2 Sep 2020

The three towers in the old Ghent city center, from left to right :

A) Saint Nicholas Church, B) Belfry of Ghent, C) Saint Bavo Cathedral

Puzzle No. 3 was a multiple-choice question in which you had to indicate one of three towers in a vignette. I also gave you two visual clues that lead to the solution : images of share certificates in these two companies :

1. La Victoire des Flandres SA - Vlaanderens Zege NV
2. Société de Plantation & d'Exportation de l'Elaeis au Kasaï, dite "Plantexel"

Obviously the vignette with the three towers was taken from the former share in a Flemish insurance company. After enlarging the image - by clicking it - you could see that the company was based in the city of Ghent. Searching online for images of towers in Ghent would confirm your first clue: Ghent. 

Registered office in Ghent 

in French : siège social Gand 

in Dutch : maatschappelijke zetel Gent 

The second clue showed a share from Plantexel, dated 1928. This Belgian company cultivated palm oil, aka elaeis, in Belgian Congo. You'll be surprised knowing how this company fits in this story.

First, let us have a look at the painting. It looks like this when all panels are open. The panels have paintings on both sides.

The brothers Hubert and Jan van Eyck painted the Ghent Altarpiece, or the Adoration of the Mystic Lamb, in Dutch: Het Lam Gods, in the 15th-century. The polyptych altarpiece measures with all panels open 11 ft × 15 ft (3.4 m × 4.6 m). This masterpiece of European art is located in the St Bavo Cathedral, Ghent.

In our story, the stolen panel is the one in the lower left corner. The painting on its front side is called The Just Judges or The Righteous Judges, in Dutch: De rechtvaardige rechters. A notice from the public prosecutor's office, dated 12 April 1934, shows one of the last pictures taken from the paintings on the front and the back of the panel. 

The public prosecutor's office distributed two days after the theft a notice with a description of the panel.
Left : front side painting The Just Judges 
Right : rear side painting St John the Baptist 

attribution : Vdkdaan / CC BY-SA, Wikipedia

At the end of April 1934 the thief demanded from the Bishop of Ghent a ransom of one million Belgian francs in return for the panel. The Belgian government intervened and refused to meet the demand.

The authorities started negociations after receiving a second letter from the thief in May 1934. More letters led to the return of the rear side painting. There was no further trace of the thief.

At this point our main suspect comes in to the story.  On 25 November 1934, stockbroker Arsène Goedertier, once a sacristan of the Bishopric of Ghent, suffered a heart attack. He was dying in the sole company of his lawyer to whom Goedertier declared that he knew the repository of the painting. Goedertier however was not able to disclose it but, so told the lawyer, he referred to documents hidden in the house.

signature Arsène Goedertier 

The documents found were incriminating and included carbon copies of the ransom notes. The  lawyer notified the police only a month later.  The latter concluded that Goedertier had been the thief.

After a while doubts arose whether Goedertier had been the thief, or the brain behind it. Some suggested that somebody else may have put the incriminating documents in Goedertier's home office after the latter's death. Several researchers have tried to prove Goedertier's guilt or innocence or tried to find the painting.

Today the original painting The Just Judges is still missing. What you see today, and also in the picture above, is a copy made in 1945 by Jef Van der Veken. A Ghent police detective is still assigned to the case of the missing painting.

Arsène Goedertier was one of the directors of "Plantexel". He signed many of the company's founder shares (the 2nd clue in this puzzle).

Searching the word 'Plantexel' in Google yields links to the story of the famous theft. The answer for this puzzle is C: Saint Bavo Cathedral, the location of the Ghent Altarpiece by the van Eyck brothers.

I received one correct reply. Well done reader-detective DB ! Why don't they assign you the Goedertier case ! 

 F.L.



Previous posts

• The spectacular collapse of the South Sea Company shares 
• Uncharted : The Buller Gold Mining Syndicate 

Puzzling scripophily - No. 3

Unleash your detective skills !

Here is a vignette showing three towers in a row. Have a good look at it. In this puzzle, I want you to solve the following question : Is it A, B or C ? Now, that's simple, isn't it !

Of course, you need some more inputs to find the solution unless you are a clairvoyant. Here is hint one. The vignette was used on a share from the insurance company La Victoire des Flandres SA - Vlaanderens Zege NV.

courtesy : Mario Boone, The Scripophily Center

And here is hint no. 2, a share from a Belgian Congo company. This is also the last hint that I can give you.

The question is simple. Look at the vignette on top of this post. Choose your answer A, B or C, and tell me briefly why your choice is the solution of this puzzle.

• How to take part ? Submit your reply in the comments section of this post, or in any other way.
• What's in it for you ? The first correct answer yields eternal fame. 
• When will the solution be revealed ? Check this particular blog post .

Good luck !

F.L.

Previous posts

• Uncharted : The Buller Gold Mining Syndicate 
• Did you miss Scripophily magazine in 2019 ? On purpose ? 

Connoisseurs of British railway securities will be thrilled at Boone's next scripophily auction

The 64th auction of Mario Boone takes place online with an exceptional range of high quality collectibles. Nearly 1,700 antique stocks and bonds spanning 4 centuries of financial history represent about 100 countries.

Boone's next auction is set for 4 April 2020. Included are many genuine founder shares from famous companies. This is one from the Assicurazioni Generali Austro-Italiche. 

Following the Napoleonic Wars, Trieste became the main trading port and shipbuilding centre of the Austrian Empire. There insurance expert Joseph Lazarus Morpurgo founded the Assicurazioni Generali Austro-Italiche in 1831. His company provided insurances against risks of marine and land transport, flood, fire, and much more, hence the name GENERALI.  One of its notable employees was writer Franz Kafka who worked for Generali in Prague in 1907 and 1908. This is Generali's share number 1, issued in Trieste, 1832, and signed by Morpurgo. Lot 943 in the auction is a top item for any scripophily collector of insurance companies or Italian/Austrian finance history. 

Connoisseurs of British railway securities will be thrilled. More than 120 lots come from an old collection that illustrates the rich and pioneering history of British railways. Even if you are not into railway scripophily, this is an exceptional opportunity to check out this series (lot range 789 through 914). Let me mention here a few of these gems :

• L793 Blaydon, Gateshead & Hebburn Railway, stunning vignette; 
• from Ireland, L804 River Line, Cork Blackrock and Passage Railway; 
• L803 Clarence Railway, 1828!; 
• L809 Durham and Sunderland Railway, rare, wax seal;
• Another stunning vignette can be seen on a Liverpool and Manchester Railway certificate, 1826!, L845. 
• L877 comprises a share from as early as 1804 - eighteen hundred and four !!! - issued by the horse-operated Oystermouth Rail-Way or Tram-Road. This company commenced to carry passengers in 1807. 

The Monmouthshire Railway and Canal Company operated a canal and a network of railways in south-east Wales. It started as the Monmouthshire Canal Navigation and opened canals from Newport to Pontypool and to Crumlin from 1796. The unusual large vignette on this 1854 share transfer certificate shows a train and a horse-drawn barge nearing a canal bridge. Click to enlarge image, L869 in the auction. 

Auctioneer Boone provides an extensive catalog for this sale with every lot described in detail (download link see below). Among the nearly 1,700 antique securities you'll find hundreds of little masterpieces. Their designs reflects the art style in vogue and often include vignettes from illustrators. Some examples :

• L422 Comptoir de la Bourse de Bruxelles, illustrated by Charles Posch
• Constand Montald's work can be seen on L443, Grands Magasins à l'Innovation, Bruxelles 
• Oriental elements are abundant on L384 Société Foncière de Syrie
• L691 Gewerkschaft "Deutsche Nickel-Gesellschaft" displays a super mining vignette
• My favorite Art Deco share is the 100 Gulden share from the Nederlandsche Bakkerij-Centrale, Amsterdam, 1917, a work by Johan Rudolf Bonnet created before he went to live in Bali, L972

A little masterpiece is this 25 shares certificate from The Anatolian Rug Manufacturing Co. Ltd., Athens, dated 1924. Printed in multicolor by Aspiotis Brothers, banknote printers from Corfu, the share is adorned with oriental elements and shows carpet knotters at work. Despite their obvious activities, the scene is filled with silence. Click the image to enlarge, one of them noticed your attention. L924 in the sale

The catalog's comprehensive country index lists nearly 100 countries. In particular large sections (each containing between 40 and 250 lots) are Belgium, France, Germany, UK, Romania, Russia, Sweden, Australia, Netherlands Indies and the USA. Scripophily from less obvious, often exotic places, like British North Borneo, Iraq, Djibouti and Suriname is present as well.

Chile's Government Junta proclaimed Chile as an autonomous republic within the Spanish monarchy in 1810. Eight years later Chile declared its independency in 1818 which would only be recognized in 1844. The Anglo Chilian Mining Association, formed in London, 1825, is one of the earliest companies formed in the new state. L1519 in the auction.

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

• Location : Internet only
• Date : 4 April 2020
• Further info : 
• online catalog & bidding here, or via the Invaluable platform 
• PDF version of the catalog there 

F.L.

PS This auction also includes the first part of a unique collection of Indonesian scripophily (ca. 250 lots! ). Find out more about this here .

Boone's 64th auction catalog includes also an index of collecting themes (besides countries). The sports entry refers to more than 20 shares, including this French 1911 share in the Olympic Tennis Club de Wimereux, Boulogne-sur-Mer. Lot 610 

Spink UK presents hundreds of antique securities in upcoming April auction

SPINK's Bonds & Shares Department was created in London in 2008 when specialist Mike Veissid joined Spink. It's upcoming, online sale on 4 April, 2018, features about 400 lots of antique bonds and shares representing all continents. 

Art lovers can find securities designed by artists like L. Blombed, G. Bonnet, A. Mucha and the exceptionally Alfredo Roque Gameiro who illustrated this Adamastor share from 1918.

Companhia de Seguros Luso-Sul Americana, Adamastor
1 share of Esc 200$00, 1918
design by Alfredo Roque Gameiro
lot 241 in the auction, estimated at £200-250

The Companhia de Seguros Luso-Sul Americana, Adamastor, in English: Portuguese-South American Insurance Company, Adamastor, was a marine insurance company founded in 1918. The company operated both in Portugal and Brazil.

The design of the company's share, printed as a litho, was made by the Portuguese artist Alfredo Roque Gameiro (1864-1935). Roque Gameiro, painter and illustrator, specialized in water color painting. He studied fine arts in Lissabon and lithography in Leipzig. 

The company's name and its choice of artist is not coincidental. Adamastor is a Greek mythological character representing the dangers at sea. Adamas (ἀδάμας) is Greek meaning "untameable". Luís de Camões uses the character Adamastor in his epic Os Lusíadas (1572). Adamastor symbolizes the forces of nature Portuguese navigators had to overcome during their discoveries. In 1900 Camões' work is printed again by the Empreza da História da Portugal as the Os Lusíadas, Grande Edição Illustrada. It is co-illustrated by Roque Gameiro. One of his illustrations from that work is displayed below.

source : A TRIBO DOS PINCÉIS
roquegameiro.org

The SPINK sale includes shares and bonds from the UK, Russia, France, Australia, Austria, Mexico, USA and much more. Each section contains several group lots with sharp start prices that will interest both starting and advanced collectors. E.g. lot 19 comprises three Egyptian shares from the early 1900s and starts from £80. A noteworthy Chinese government and railway bond section includes for example a rare 1913 £1,000 bond from the 6% Arnhold Karberg Chinese Central Government Loan with a £2,500-3,000 estimate (lot 116). There is more to discover in the catalogue.

Auction details

• Location : online auction only
• Date : 4 April 2018
• Further info : see Spink's online catalogue with full color images, here, and PDF version there 

F.L.

HWPH to sell TUI precursor at public auction

Historisches Wertpapierhaus AG is a major auction house when it comes to antique stock and bond certificates. The team around Matthias Schmitt kicks of the New Year with two consecutive sales. 

The first sale is a live auction at Würzburg, Germany, on 20th Jan 2018, followed two days later by an online auction. Both sales offer nearly 2400 lots of historic and beautiful antique stock and bond certificates from all continents. One of the many highlights is a share from Norddeutscher Lloyd, precursor of the multinational TUI Group.

An impressive vignette shows one of Norddeutscher Lloyd's transatlantic steam ships. 

On top of the second mast, the company flag is waving, barely recognizable. 

Click the image for more details. The flag shows a crossed anchor and key with an oak leaf wreath. 

The anchor represents the sea and the wreath stands for a united Germany. 

The key is the key of the Freie Hansestadt Bremen. 

The emblem is incorporated three more times in the share's design, see the image below.

TUI Group owns travel agencies, retail stores, hotels, cruise ships and airlines. It is one of the largest travel and tourism companies in the world. TUI's current name was adopted in 2002 but before that, it was called Preussag AG. Oddly enough, Preussag was originally a mining and foundry company.

Norddeutscher Lloyd was formed by merchants from Bremen in 1856. NLD's cargo and passenger transport activities growed as a result of emigration. The company started operating routes to England and the USA, and by the end of the 19th century to the Mediterranean, the Far East and Australia. Because of the Boxer Rebellion in China, Kaiser Wilhelm II seized in 1900 14 of NLD's ships for the transport of German troops.

Norddeutscher LLoyd 

1000 Mark share, Bremen, 1923 

printed by Giesecke & Devrient 

lot 552 in the auction, click to enlarge 

After both World War's large parts of NLD's fleet were either confiscated or destroyed. The company had to rebuild its business twice. After cooperating with the Hamburg-Amerikanische Packetfahrt-Actien-Gesellschaft (HAPAG) since the 1930s, both companies would merge in 1970 to form Hapag-LLoyd. 

Remember Preussag, our industrial conglomerate. That company transformed itself into a transport and tourism company after purchasing Hapag-Lloyd in 1997. Preussag changed its name into TUI in 2002. 

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

• Dates
• 20 January 2018, Würzburg, Germany, public auction
• 22 January 2018, online auction
• Further info see here on HWPH. 

F.L.