Dear collector,

After our record breaking 50th auction last spring, we present you today with a novelty: a live internet + mailbid auction.
This means you can participate by sending in your absentee bids before the auction (just as in our previous auctions),
or by bidding live online through the technology of the Arfact/Invaluable platform (to be accessed from our website,
www.booneshares.com). This implies the auction will NOT be conducted in our regular Antwerp auction room.
We opted for this flexible and efficient formula as the best way to present to you a medium-sized auction consisting of
the broadly varied and high quality lots you are used to be offered from us. This leaves us time in the weeks and months
to come to further develop several new exciting initiatives aimed to better than ever before serve the collector community.
More on this shortly.
Finally, I can already announce that on April 5-6, 2014 we will organize our 52nd International Antwerp Auction &
Bourse. This will, as in previous years, again be a truly important scripophily event you do not want to miss.
Yours sincerely,
Mario Boone
Managing Director Centrum voor Scriptophilie

CATALOGUE INDEX

Saturday 12 October 10h – 17h: Live Internet + Mailbid Auction

AUSTRALASIA Germany 281 – 292
Fiji 1 G.D. Luxembourg 293 – 335
Netherlands Indies 2–3 Great Britain 336 – 357
The Pacific 4 Greece 358 – 360
New Caledonia 5 Hungary 361 – 362
New Hebrides 6 Italy 363 – 370
K&K Mon./Austro-Hungarian Empire 371 – 377
ASIA Monaco 378
Burma 7 – 10 Netherlands 379 – 394
China 11 – 31 Norway 395
India 32 – 38 Poland 396 – 404
Indochina 39 – 54 Portugal 405 – 415
Iran (Persia) 55 – 56 Romania 416 – 420
Iraq 57 Russia 421 – 515
Japan 58 – 60 Spain 516 – 551
Malaysia 61 – 63 Switzerland 552 – 554
Turkey/Ottoman Empire 555 – 561
AFRICA (former) Yugoslavia 562 – 564
Algeria 64 – 67 Freemasonry 565 – 568
Belgian Congo 68 – 76
Egypt 77 – 81 THE AMERICAS
French Guinea 82 Argentina 569 – 573
Madagascar 83 Bermuda 574
Mali 84 Bolivia 575
Morocco 85 Brazil 576 – 583
Reunion (Ile) 86 Canada 584 – 590
Somalia 87 Colombia 591 – 592
South Africa 88 – 94 Cuba 593 – 595
Syria 95 Dominican Republic 596
West Africa 96 El Salvador 597
Tunisia 97 French Antilles 598
Haiti 599 – 600
EUROPE Honduras 601
Austria 98 – 101 Mexico 602 – 610
Belgium 102 – 167 Panama 611
Bulgaria 168 – 171 Peru 612 – 620
(former) Czechoslovakia 172 – 173 Venezuela 621 – 624
Estonia 174 - 176 United States of America 625 – 663
France 177 – 280
Practical Information
How to bid in the auction ?
1. Live internet bidding : we work with Artfact/Invaluable. You find all necessary information and direct link on our website
www.booneshares.com. Don’t forget to register at least 48h before the auction. Contact us if you need any help. There is no
extra charge for live online bidding.
2. bidding in advance : (e)mail or fax the enclosed bid form as soon as possible, or submit your absentee bids through
www.booneshares.com – “absentee bidding” (you must first register). Note that we must receive your absentee bids at the
latest on Thursday 10 October 10 p.m.
3. Bids should be made in EUR (though we accept payments in €, US$ and and £ sterling).
4. Bidders we do not know can be asked references and/or a deposit. So, if you wish to participate for the first time, do
contact us well in advance.
5. The prices in the catalogue are minimum start prices below which no bids will be accepted.
6. Bid steps : if your bid is €300 and the next highest bid is €200, the hammer price will be €220. (see below for overview of the
bid steps)
7. Sales commission is 15% (private EU residents pay 21% VAT on the sales commission, resulting in a total sales commission
of 18.15%).

Lot previewing (during the 3 weeks prior to the auction day)

By appointment, at the address of Centrum voor Scriptophilie BVBA:
Kouter 126, B-9800 Deinze, Belgium - tel. 0032.(0)9.386.90.91, fax 0032.(0)9.386.97.66, mario.boone@skynet.be

Bidding Steps (euro)

€10 to €50 : +€5
€50 to €200 : +€10
€200 to €500 : +€20
€500 to €1000 : +€50
€1000 to €2000 : +€100
€2000 to €5000 : +€200
€5000 to €10.000 : +€500
€10.000 to €20.000 : +€1000
Above €20.000 : +€2000

Condition Ratings
UNC = Uncirculated (as new)
EF = Extremely Fine (in almost perfect condition)
VF = Very Fine (definite signs of use, for instance some edge damage, modest staining)
F = Fine (considerable signs of use such as pieces of paper missing, tired condition)
VG = Very Good (serious damage such as badly torn and/or large pieces of paper missing)
G = Good (in truly terrible condition, we normally don’t offer such pieces)

How to receive the result list of this auction and our next auction catalogue?
The result list will be on www.booneshares.com the Monday following our auction.
If you wish to receive a paper copy of the result list + subscribe to our next auction catalogue, we ask you to contribute €10/$15 to
the printing & mailing costs.
For EU-residents, the easiest way is to subscribe is a cost free bank transfer to:
Bank: BNP Paribas Fortis
BIC/SWIFT: GEBABEBB
IBAN Account: BE55 0011 4587 5144.
Account holder: Centrum voor Scriptophlie
As a non-EU resident you can send us your credit card information, or pay through PayPal (mario.boone@skynet.be).
If you subscribe to our next auction catalogue, you will also receive automatically the result list of that auction.

Don’t hesitate to contact us if you have any questions !

Mario Boone
Kouter 126, B-9800 Deinze, Belgium
tel 0032-(0)9.386.90.91
fax 0032-(0)9.386.97.66
mario.boone@skynet.be.

!!! www.booneshares.com for live online bidding !!!

Your collection could be here !

We’re always interested in complete collections or high quality individual certificates. Our auctions reach the most important
scripophily collectors worldwide and our conditions are very competitive. Contact us for more information.

2
 FIJI
1 MANGO ISLAND CO. LTD
FIJI : MELBOURNE. Debenture of £100. black.
#400. No 185. Ma(n)go Island is a volcanic
island that lies in the northwest sector of
Fiji's northern Lau Group of islands. It is one
of the largest private islands in the Pacific
Ocean (22 square km) and was bought in
2005 by Hollywood actor Mel Gibson for $15
million. In the 1860s, Australians built on the
island a sugar cane plantation plus mill and
for this purpose founded the Mango Island
Co. The mill was shut down in 1895. The
bond we offer here is part of a £40,000 loan.
5 March 1883 VF EUR 100
NETHERLANDS INDIES
2 DE ASAHAN PLANTAGE MAAATSCHAPPIJ
NETHERLANDS INDIES : AMSTERDAM.
Aandeel groot Fl.1000. brown, green. #750.
No 298. Folds. Very pretty large format piece
(unusual for scrip from the Dutch Indies)
with vignette of the Asahan River (Sumatra)
and the tropical river borders, with a man in
colonial outfit on watch. Produce could have
been coffee, sugar, cacao and/or rubber.
18 June 1901 VF EUR 90
3 HWA SENG KONGSIE, ADMINISTRATIE-
KANTOOR EN HANDEL-MIJ. (2 types)
NETHERLANDS INDIES : SUMATRA. MEDAN.
Aandeel Fl.100. 1. 1917, green & blue
(company capital 100.000 Guilders). 2. 1918, guts feeling, we propose to attribute this
blue & black (capital 500.00 Guilders). Both pretty piece to New Caledonia. Extremely
have one small and repaired edge-tear. rare.
Trading company founded in Medan, the 1880 VF-EF EUR 200
capital of the province of North Sumatra.
Company name also in Chinese - remarkable.
Reflecting Chinese interests/investors/trade
business???
1917+1918 VF EUR 100
NEW HEBRIDES
6 BECHADE DES NOUVELLES-HEBRIDES, SOC
THE PACIFIC NEW HEBRIDES : PORT-VILA. Action de
F1000. orange, black. #8000. No 1949. A
shipping and trading company which was
originally founded by the French noble
Gabriel de Béchade in 1888 and
headquartered in Nouméa, the capital of
New Caledonia. In the 1920s, the company
moved operations to the New Hebrides
(Port-Vila), this is another French former
territory in the Pacific, since independence
(1980) known as Vanuatu.
22 July 1926 EF EUR 100
4 COLLECTION "THE PACIFIC" (8 pieces)
FRENCH POLYNESIA/ OCEANIE. 1. CIE. BURMA
NAVALE & COMMERCIALE DE L'OCEANIE,
Obligation de F500 7%, 1928. 2. CIE.
IMMOBILIERE ET AGRICOLE DE L'OCEANIE,
Part de Fondateur, 1929. 3. Same, Action
"Série A" de F100, 1928. 4. Same, Action
"Série B" de F100, 1929. 5. Same, 1930. 6.
CIE. MARITIME DU PACIFIQUE, Action de
F500, 1891. 7. CIE. NAVALE DE L'OCEANIE,
Action de F500. 8. SOC. MARITIME ET
COMMERCIALE DU PACIFIQUE, Bon de F500
6%, 1920. Unusual collection of 8 different
shares of French-financed companies
operating in the Pacific. The French had a
major colonial empire in that region, the
most important places being French
Polynesia, New Caledonia and the New 7 RANGOON IRON BAZAAR CO., LTD
Hebrides. BURMA : RANGOON. 1 Share of Rs.25. red,
1891-1929 VF-EF EUR 300 black. #4000. No 1229. Decorative border
and large vignette of the covered market
NEW CALEDONIA place in Rangoon. Burma, or Myanmar as it
5 SUCRERIE-DISTILLERIE & EXPLOITATION
known today, gained its independence from
AGRICOLE DE LA NOUVELLE-FRANCE, S.A.
Britain in 1948. A military coup followed in
NEW CALEDONIA : PARIS. Action de F100.
1962. Over the past few years, a transition
green, black. #2000. No 304. A superb
towards democracy is taking place with a
certificate, with a wide border full of views
leading role for Nobel prize winner Aung San
of busy harbours, plantations, distilleries and
Suu Kyi. This company was founded in 1946,
much else. The problem is that we can't find
so before independence and thus under the
'Nouvelle-France (Océanie)'. Not even
1866 (British) Indian Companies Act.
Larousse or google knows of it. Based on our
31 October 1946 VF-EF EUR 100
3

8 BURMESE NATIONAL BANK LTD (4 types)
BURMA : RANGOON. 1. Ordinary Shares of
20 Rupees, 1948. 2. Ordinary Shares of 20
Kyat, 1953. 3. Shares of 100 Kyats, 1963. 4.
Shares of 10 Kyats, 1963. Each certificate has
a somewhat different design with the first
two having text all in English except for
company name which is also in Burmese.
The 2 later shares however are completely in
Burmese, except for the title which is also in
English. Also several adhesive tax stamps.
The bank was founded in 1948, and was the
first Burmese-owned bank to be formed
after the country gained its independence.
1948-1963 VF EUR 50
9 BURMA MINES LTD
BURMA : Ordinary Shares of 3/6. blue, black.
No 61108. One repaired edge-tear at the
bottom. This is a lead/zinc mine operating in
Namtu Badwin (Shan State) with a mining
history going back to the 15th century.
Nationalised in the 1960s as the "No. 1
Mining Enterprise".
27 June 1952 VF EUR 30
10 TAVOY BANK LTD
BURMA : TAVOY. Shares of 10 Kyats. green,
black. No 695. A bank from the port city of
Tavoy, today known as Dawei, in
southeastern Myanmar.
15 August 1957 VF EUR 40
CHINA
11 GOUVERNEMENT IMPERIAL DE CHINE
CHINA : ST.-PETERSBURG. 4% Obligation Or
de F500=Rmk.404=Rbls.125. Cat. KUL-55.
brown, red, black. #500000. No 499990.
Central fold, otherwise in excellent
condition. Franco-Russian Gold Loan. Very
attractive early bond, one of the first types
available to collectors. Fine underprint of a bonds. Text in English & French. Sold by the
dragon in clouds of fire. Text in French, Banque de l'Indo-Chine.
Russian, English. To be repaid from customs 1 March 1909 VF EUR 100
duties. Few of these pieces are offered, and
generally cancelled by 5 large holes. This
piece however, doesn't have any
cancellation holes. Sold in St. Petersburg and
with an additional Russian guarantee by
Ukase of Czar Alexander III.
1895 EF EUR 800
12 EXPLORATIONS MINIERES EN CHINE S.A.,
SOC. FRANCAISE D'
CHINA : PARIS. Action de F100. green.
#10000. No 1807. Formed in Paris in 1896 to
acquire a gold/mercury mine in Kweichow
province, and a silver/lead mine in Hunan.
Printed by Chaix, Paris.
1 February 1903 VF EUR 40
15 ANGLO-FRENCH (PEKING-HANKOW
RAILWAY) LOAN OF 1908
CHINA : LONDON. 5% Bond for £100. Cat.
KUL 181. lilac, red, black. #24000. No 855.
Trimmed borders with small splits. Issued by
the Hong Kong and Shanghai Banking Corp.
13 CREDIT FONCIER CHINOIS S.A.
See previous lot. Top denomination.
CHINA : PARIS. Part Bénéficiaire. green,
1 March 1909 VF EUR 160
black. No 4900. This is the only type known
16 TIENTSIN-PUKOW SUPPLEMENTARY
of this company. Text in French and Chinese,
LOAN 1910
and name in Chinese in a bamboo frame,
CHINA : LONDON. 5% Bond for £20. Cat. KUL
and generally decorative piece.
201. red, green, black. No 2576. Central fold
15 May 1910 EF EUR 150
and a tiny piece of paper missing at the right
border (outside the printed part of the
certificate). Despite the large numbers
issued, these bonds are relatively rare. This
is due to the fact that most of them were
bought by the German Government and
returned to China.
1 November 1910 VF EUR 30
17 GOVERNMENT OF THE PROVINCE OF
PETCHILI GOLD LOAN OF 1913
CHINA : ANTWERP. 5,5% Gold Bond for £20.
Cat. KUL-290. brown, red, black. #25000. No
13532. Unusual long format, with pretty
14 ANGLO-FRENCH (PEKING-HANKOW
vignette of boats on a mountain lake. One of
RAILWAY) LOAN OF 1908
the very few Belgian loans to China. Coupons
CHINA : PARIS. 5% Bond for £20. Serie B. Cat.
28-80 attached.
KUL 182. green, black, red. #125000. No
4 April 1913 VF EUR 1.000
96529. Trimmed borders with a few small
splits. This loan, for £5 million, was raised by
the Hong Kong & Shanghai Bank, London,
and the Banque de l'Indochine, Paris, partly
to redeem bonds of 1899, issued to build the
railway, and partly to establish industries.
The line, 755 miles long, opened in 1905.
Very fine vignette of the old gate of Peking,
and one of the most attractive of all Chinese
4
18 GOVERNMENT OF THE PROVINCE OF
PETCHILI GOLD LOAN OF 1913
CHINA : ANTWERP. 5,5% Gold Bond for £20.
Cat. KUL-290. brown, red, black. #25000. No
13530. As previous lot.
4 April 1913 VF EUR 1.000
19 CHINESE GOVERNMENT GOLD LOAN
CHINA : ST. PETERSBURG. 5% Gold Bond for
£20. Cat. KUL-RAB Belg.307. brown, red,
black. No 735799. Sold by the Russian-Asian
Bank in Belgium. Coupons 52-94 attached.
21 May 1913 VF EUR 100
20 LUNG-TSING-U-HAI RAILWAY
CHINA : BRUXELLES. 5% Gold Bond of £20.
Serie B. Cat. KUL 281. blue, green, red.
#40000. No 219970. Folds.
1 January 1913 VF EUR 30
21 CHINESE CENTRAL GOVERNMENT LOAN:
AUSTRIAN LOAN I
CHINA : PEKING. 6% Bond for £100. Cat. KUL
311A. green, red, black. #1000. No 9743.
Folds, a few pin-holes and a little staining at
the bottom right, but certainly in above
average condition. Officially communicated
by the Wai Chiao Pu to the Minister in
Peking for Austria-Hungary. As this loan was
completely redeemed in 1925 (Skoda Loan
II), these so-called 'Austrian Loans' are
extremely rare and wanted.
1913 VF EUR 2.900
22 MARCONI LOAN
CHINA : PEKING/LONDON. 8% Treasury Bill
of £1000. Cat. KUL 432. yellow, red, black.
#200. No 2029. Two repaired edge-tears at
the top, but in much better than average
condition. Loan raised in London for
£600.000. Kuhlmann states that half of the
loan was to buy 200 wireless telephones for
the army. The other half was for current
expenses of the government. The only
Chinese bonds known, hand signed by a
Minister, Kung Hsin Chang, who has signed
as Minister of Finance. He became President
of the Central Government. Scarce top
denomination.
1918 VF EUR 430 25 TRAMWAYS & D'ECLAIRAGE
ELECTRIQUES DE SHANGHAI, CIE. FR.
CHINA : PARIS. Action de F250, unissued.
green, buff, black. #200000. Formed 1906 to
acquire a concession for electric tramways in
the French concession in the city of
Shanghai, with lines to other parts of the
international zone, and into Chinese
territory. Also for electric-lighting in the
French concession and along the routes it
serves. Border of dragons and Chinese
architecture. Hole-cancelled, unissued, with
stub and complete coupon sheet.
1928 EF EUR 200
26 UNION COMMERCIALE ET INDUSTRIELLE
POUR LA MANDCHOURIE S.A.
CHINA : PARIS. Cert. Nominatif de 40 Actions
de F250. brown, buff. No 40. Folds and some
edge-damage with small splits (outside the
printed part of the certificate). First time we
see this nominative type.
23 BELGO-MANDCHOUE DE COMMERCE SA
3 June 1930 F-VF EUR 100
CHINA : MANCHURIA. BRUXELLES. Action de
Capital de F500. brown, yellow. #2000. No
1764. Large format share, of a company
formed for import and export with all
countries of the Far East. The directors had
particular rights and projects in Manchuria,
now the north-eastern region of China.
1920 EF EUR 50
24 MINISTRY OF COMMUNICATIONS
CHINA : PEKING. 8% Bond for $1.000. purple, 27 CHINESE GOVERNMENT 23RD YEAR
buff, red seal. No 1850. Text on one side in CHINA : 6% Bond for £1000. Cat. KUL 852.
Chinese, the other in English. Colourful red, blue, black. #1000. No 6769. Text in
piece, with flowers. Large red 'chop' seal. Chinese and English. This top value of this
Rare high denomination. issue is difficult to find. The original Boxer
29 June 1925 EF EUR 250 indemnity loans of 1901, to compensate
5
Britain and several other countries for
damage incurred during the Boxer rebellion,
were replaced in 1934. This is one of the
bonds issued to reimburse Britain. Portrait of
President Sun Yat Sen. In superb condition.
1 June 1934 EF EUR 1.350
28 REPUBLIC OF CHINA
CHINA : NEW YORK. Secured Sinking Fund
Bond of $1000. Cat. KUL 952. blue, black. No
1924. Somewhat wrinkled paper. Vignette of
pagoda. Issued for redemption of bonds of
the 3 Year Loan of 1919 - better late than
never! One of the prettiest of all Chinese
bonds. Also known as the Pacific
Development Loan.
1 July 1937 VF EUR 600
29 CHINA ELECTRICAL INDUSTRIES CO., LTD.
CHINA : MIN KUO. 500 Shares, 5.000 Yuan.
red, black. Text entirely in Chinese. With red
embossed seal.
1944 EF EUR 40
30 CHINESE AMERICAN CORPORATION LTD.
CHINA : Shares. purple, green, black, red.
Folds. Colourful piece, with text, other than
name, in Chinese. Much larger than most
Chinese shares. The company capital
amounted to $20.000.
1947 VF EUR 200
31 C.D.F. EN CHINE, CIE. GENERALE DE
CHINA : BRUXELLES. Action de F250,
unissued. red, black. #12000. Founded 1900
and absorbed by the Société belge
d'Entreprises en Chine around 1979. The
company was established by Belgian Baron
Edouard Empain to link the railroads
Kaifong-Fou to Honan-Fou with the Peking-
Hankow railroad - a missing link of 185km
known as the Chemin de fer du Pien-Lo. The
line opened in 1909. (Reference book:
Edouard Empain: esprit fécond,
entrepreneur conquérant, by Jacques Simar,
2013, ed. The Scripophily Center).
1947 UNC EUR 50
See also lots 3, 39, 43, 58, 59.
INDIA
32 INVESTORS' LAND CO., LTD
INDIA : 1 Share of Rs.100. green, black.
#5000. No 868. Underprint of an impressive
housing complex.
1917 VF-EF EUR 20
33 GREAT INDIA FIRE INSURANCE CO., LTD
INDIA : BOMBAY. Share of Rs.20. blue. No
982. Central fold with long tear, repaired.
Vignette shows India in a heart and a rising
sun.
13 August 1919 F-VF EUR 20
34 NEW KUSUNDA COLLIERY LD.
INDIA : CALCUTTA. Ordinary Shares of Rs.10.
blue. No 539. Probably mined for coal in
western Nepal, where the Kusunda people
live. They were a tribe of hunter-gatherers
living in the forests of western Nepal. Over
the past decades they have intermarried and
their culture and (isolate) language is
moribund, with, according to a 2005
scientific publication only 7 native speakers
remaining.
1 September 1920 EF EUR 20
35 TATA POWER CO. LTD
INDIA : BOMBAY. 1 Ordinary Share of
Rs.1000. brown, olive. No 8205. Four punch-
holes and a little staining. Vignette of an
allegorical figure symbolizing 'electricity'.
Founded 1911 as Tata Hydroelectric Power
Supply Co. Today it is India's largest private
6
sector electricity generating company with a
capacity of over 7700 MW. Based in
Mumbai. Part of the Tata Group, one of the
largest conglomerates in India and with
operations worldwide.
1 April 1920 VF EUR 100
36 AZAM JAHI MILLS, LTD
INDIA : HYDERABAD, DECCAN. 1 Share of
Rs.100. green, black. #18000. No 14046.
Large underprint of the factory buildings.
Est. 1932 in Warangal district in Hyderabad
State. Taken over by the National Textile
Corp. from Bangalore in 1974.
2 April 1932 VF-EF EUR 30
37 BANK OF HINDUSTAN LTD
INDIA : MADRAS. Cert. of 5 Shares of Rs.100.
brown, green seal. No 1608. Heavy folds
with small splits and repaired upper left
corner. Vignette of the Indian peninsula, also
in underprint. According to some sources the
original 'Bank of Hindustan' was India's first
bank, est. in the late 1700s. The share we
offer is from a bank with the same name but
probably founded much later. Headquarters
in Madras. It went into liquidation in 1957.
8 April 1936 F-VF EUR 60
38 SAVANA SOC. INDUSTRIELLE,
COMMERCIALE ET FINANCIERE S.A.
INDIA : 33 GIRONDE. BORDEAUX. Action de
F2500, unissued. brown. #81300. Attractive
piece, with well-known design of Indian
themes - elephants, Hindu gods and
ceremonies. The company operated a
spinning & weaving mill (probably for
cotton) at Pondicherry. This town, on India's
south-east coast, formed part of the
Etablissements Français de l'Inde, the
remains of the former French empire in
India, which became part of India in 1954.
The company was founded in Bordeaux in
1886 to acquire an existing mill at
Pondicherry.
23 May 1952 EF EUR 20
See also lots 43, 102, 622.
INDOCHINA
39 C.D.F. DE L'INDO-CHINE & DU YUNNAN
S.A., CIE. FRANCAISE DES
INDOCHINE : PARIS. 3% Obligation de F500.
green. #178000. No 132851. A few pin-holes.
The company was formed in 1901 to build a
line from Laokai, French Indochina, to
Yunnan-Sen, in southwest China, and to
exploit the existing line from the port of
Haiphong, via Hanoi, to Laokai, with the new
extension. The line was completed in 1910.
Attractive and ornate border of Chinese
dragons.
5 November 1901 VF EUR 200

40 GOUVERNEMENT GENERAL DE L'INDO-
CHINE, REPUBLIQUE FRANCAISE
INDOCHINE : PARIS. 3% Obligation de F500.
Serie 2. brown, green. #155000. No 26212.
Some staining at right border. Fine and
elaborate border design of scenes of
Indochina - peasant life, villages, river, trains,
dragons, etc. This loan was raised to build
the following railways: Haiphong to Hanoi &
Laokay, Hanoi to Nam-Dinh & Vinh, Tourane
to Hue and Quang-Tri, Saigon to Khanh-Hoa
& Lang-Bian, and Mytho to Cantho.
5 August 1902 VF EUR 100
41 BANQUE DE COCHINCHINE S.A.
INDOCHINE : PARIS. Action Nominative de
F250. red, black, gold. #20000. No 12703.
Perhaps one of the best-known pieces in
scripophily, with its bright colour, and fine
design of scenes in Cochin-Chine, the
southern part of Vietnam, which includes
Saigon and the Mekong delta. In one corner
we see a fine dragon, and each corner has
the yin-yang symbol. Text in French and
Chinese. The bank was formed in 1907,
primarily for banking in the whole of
Indochina.
1908 EF EUR 200
42 TOT-LAM S.A.
INDOCHINE : PARIS. Part de Fondateur.
green, brown. No 363. The company owned
tea-plantations. Very decorative piece with
oriental themes, and a Vietnamese drinking
a cup of the company's tea. The company
seal shows a rickshaw.
1912 EF EUR 300
43 CHARGEURS D'EXTREME-ORIENT S.A.
INDOCHINE : PARIS. Part de Fondateur.
brown, yellow. No 3949. Formed 1917 as a
shipping/transport company. Sailed between
Yokohama, Bombay, Calcutta, Alexandria,
Marseille, Lyon and 5 Chinese cities. Took
part in the establishment of the Syndicat
minier d'Extrême-Orient and the Compagnie
minière et métallurgique de l'Indochine.
1 April 1918 EF EUR 10
44 CAOUTCHOUCS DE L'INDO-CHINE S.A.
INDOCHINE : PARIS. Action de F100. brown,
yellow. #80000. No 29517. Formed in 1922
to acquire the rubber estate of Loc-Ninh, in
Cochin-Chine, southern Indochina; the estate
covered 2.800Ha. Colourful piece, with a fine
vignette of rubber-tapping, and a most
decorative border, including rubber leaves
and flowers.
1921 VF EUR 100
45 PLANTATIONS D'AGAVES DE L'ANNAM
INDOCHINE : COCHINCHINE. SAIGON. Part de
Fondateur. yellow, blue, red. No 7. Unusual
border with leaves and yin-Yang symbol.
31 December 1924 VF EUR 20
46 PLANTATIONS MARIANI, S.A. DES
INDOCHINE : SAIGON. Action de 50 Piastres.
blue, green. #10000. No 4096. Central fold.
Company formed Saigon, 1927 with a capital
of 500.000 piastres.
23 December 1927 VF EUR 30
47 PLANTATIONS D'HEVEAS DE LA
SOUCHERE S.A.
INDOCHINE : SAIGON. Part de Fondateur.
brown, buff. No 14861. Underprint of a cock.
20 January 1927 EF EUR 10
48 CHARB. DE TUYEN-QUANG S.A.
INDOCHINE : HANOI (TONKIN). Part
Bénéficiaire. brown, red. No 1589. This coal
mining company was probably active
between 1924 and 1956. Tuyen Quang,
northern Vietnam, is probably best known
for the Siege of Tuyen Quang - one of the
French Legion's most celebrated feats of
arms. During the Sino-French War (1884-
7
1885), the French garrison of 630 men
successfully defended their post against a
Chinese force of 12,000 soldiers during a
four-month siege.
1928 EF EUR 20
49 INDUSTRIE DE LA SOIE, SOC. FRANCO-
ANNAMITE POUR L'
INDOCHINE : NAM-DINH. Action de 10
Piastres. red, brown, black. #40000. No 222.
A few pin-holes. A silk producer from Nam
Dinh, northern Vietnam.
1936 VF EUR 50
50 UNION MINIERE INDOCHINOISE S.A.
INDOCHINE : PARIS. Cert. Nom. d'Actions de
F100. green, black. No 82. Formed 1928.
First time we offer this nominative type.
2 November 1945 VF EUR 30
51 BANQUE DE L'INDOCHINE S.A. (5 types)
INDOCHINE : PARIS. 1. Bon nominatif, 1941.
2. Cert. d'Actions Nominatives, 1949. 3. Cert.
de Bons de droit A Répartition, 1956. 4. Bon
de Droit A Répartition, 1965. 5. Cert.
Représentatif de 17 Bons de Droit A
Répartition, 1970. The most important/
scarce piece is certainly the nominative
share certificate. The bank was founded in
1875 as a note-issuing bank for French
Indochina and other French territories in
Asia. It lost this role in the 1950s, and now
after several mergers it is part of Crédit
Agricole/Calyon.
1941-1970 VF-EF EUR 500
52 CAMBODGE, CIE. DU - SOC. INDO-
CHINOISE DE CULTURES
INDOCHINE : KAMPONG-CHAM. CHUP. 1
Action de 150 Piastres Indochinoises. yellow,
green. #505000. No 57304. Attractive border
of Cambodian masks, and of rubber-trees,
showing the work of the company. Formed
in Saigon.
Undated EF EUR 20
53 DISTILLERIES DE L'INDOCHINE, SOC. FR.
INDOCHINE : PARIS. Action de F200. red,
yellow. No 470. This is a modern share, but
the company was founded as early as 1901.
During the French colonization, the
imperialist government had a monopoly on
alcohol production and the only distilled
alcohol beverage the general population
could purchase was "ruoucong ty" - a diluted
distilled alcoholic beverage made from rice
and corn by this company.
1981 EF EUR 30
54 COLLECTION OF 21 DIFFERENT
INDOCHINA PIECES
INDOCHINE : Most shares are from the
1920s, but also for instance an 1884 bond of
the the C.D.F. garantis des Colonies
Françaises. Other pieces include Grands
Hotels Indochinois, Co. des Voies Ferrées de
Loc Ninh et du Centre Indochinois, Tramways
du Tonkin, Mines de Thakhek, Phosphates du
Tonkin,... (full list on request).
Various dates VF-EF EUR 200
IRAN (PERSIA)
55 IMPERIAL GOVERNMENT OF PERSIA
IRAN (PERSIA) : 5% Bond of £20, specimen.
blue, black. #12500. Arms of Imperial Persia,
and decorative border. Loan for £1,250,000.
First time we offer a bond of this loan. A
scarce Bradbury, Wilkinson specimen.
1 December 1911 EF EUR 400
56 FRANCO-IRANIENNE DE RECHERCHES
IRAN (PERSIA) : PARIS. Cert. d'Actions "A"
nominatives de F125. brown. No 262.
Founded 1930 by French, Soviet and Iranian
capital (each 1/3) to explore oil deposits in
the provinces of Semnan and Mazandéran,
Iran. When in 1951 Mohammad Mosaddegh
nationalized Iran's petroleum industry and
oil reserves, the company got into serious
difficulties. The lot includes several letters to
the shareholders (1951-1952). Not seen
before by us.
10 February 1947 VF EUR 100
IRAQ
57 IRAQ GOVERNMENT - LOAN OF 1947
IRAQ : 4% Bond for 100 Dinars, specimen.
green, orange. Britain granted independence
to the Kingdom of Iraq in 1932 and the
Hashemite monarchy led the country. After a
coup d'etat in 1958, the country became a
republic. Text in Arabic script on the front
and English on the back. Coat-of-arms of the
Kingdom. Printed by Bradbury, Wilkinson.
1947 UNC EUR 120
JAPAN
58 MANCHUKUO TELEGRAPH AND
TELEPHONE CO.
JAPAN : Bearer Cert. for 10 shares of 500
Yuan. green, black. Illustration of the large
company headquarters (today the
Changchun Police Headquarters). The
Manchuria telegraph and Telephone Co. was
founded 1932 under Japanese occupation.
Between 1932 and 1936, they created 26
'special companies' with the Manchukuo
Government and the South Manchurian
Railway each time contributing one-third of
the capital.
1938 EF EUR 100
59 MANCHURIAN ELECTRIC POWER CO.
JAPAN : Cert. for 50 Shares of 50 Yen. red,
yellow, black. No 6606. Another important
company founded by the Japanese in
Manchuria.
1941 EF EUR 20
60 NISSAN TITANIUM INDUSTRIES, LTD
JAPAN : Cert. for 500 Shares of Y50 (Y25.000,
fully paid). gold, olive, black, red. No 342.
Text in Japanese, but the company name is
also in English. Part of the Nissan
8
conglomerate - today one of 15 of Japan's
most powerful business groupings. Founded
1928 by Yoshisuke Aikawa. Although Nissan
is primarily known for its car manufacturing
outside of Japan, Nissan Motors is
comparatively small compared to its core
real estate and other businesses.
1955 VF EUR 30
MALAYSIA
61 MALAY PENINSULA EXPLORATION
SYNDICATE, LTD
MALAYSIA : Debenture of £100. black.
#34000. No 91. Folds. Est. 1889 in London to
build a canal between the East and West
Coasts in the Malay Peninsula (containing
the southernmost tip of Myanmar,
Peninsular Malaysia, and Southern Thailand).
20 March 1890 VF-EF EUR 50
62 ETAINS DE SELANGOR, SOC. DES
MALAYSIA : MALLACCA. PARIS. Action de
F100. blue. No 2786. Rare and beautiful
piece. Fine border of Malays and Europeans,
elephant, tiger, mining, ingots. Most
companies mining Malaya's tin were British -
this French company was most uncommon.
1 March 1904 EF EUR 100
63 PLANTATIONS BUNGE S.A.
MALAYSIA : ANVERS. Part Sociale, specimen.
green, black. Owned rubber, coffee and tea
plantations.
1928 EF EUR 20
ALGERIA
64 CAISSE HYPOTHECAIRE D'ALGER
ALGERIA : 13 BOUCHES-DU-RHONE.
MARSEILLE. Action de F4000. black, blue.
#750. No 311. Three repaired tears, folds.
Thin paper. Early date for a French Algeria
piece. Liquidated in the 1860s.
26 November 1847 VF EUR 200
65 MINIERE FRANCO-AFRICAINE S.A.
ALGERIA : PARIS. Part de Fondateur. blue,
green. No 2194. Company formed to develop
iron and zinc mines in Algeria, Tunisia and
France. Fine design by Daubourg, showing
mining- and shipping-scenes, in very
decorative border.
10 May 1904 VF-EF EUR 30
66 MINES DE FER DE ROUINA S.A.
ALGERIA : BRUXELLES. Action de F250. green.
#60000. No 56790. Large format, with fine,
large design of miners extracting the ore,
and loading a train. Also palm-trees, mining-
tools and much more. The mines were at
Miliana, near Algiers. Great detail on the
reverse of the share.
1920 EF EUR 30
67 CONSTANTINE OILFIELDS, LTD
ALGERIA : LONDON. Ordinary Shares of 2
Shillings. brown. No 1269. Folds. Originally
founded 1912 to exploit oil fields near the
city of Constantine, Algeria. Restructured in
1923 and liquidated 1931.
28 January 1926 VF EUR 50
BELGIAN CONGO
68 AFRICA S.A.
BELGIAN CONGO : ANVERS. Action de Capital
de F100. purple, buff. #5000. No 2763.
Underprint of the Congo-star. Founded 1899
to trade with the colony.
1899 EF EUR 20
except for the fact it did mining exploration 75 COMUELE, SOC. COMMERCIALE ET
in the Lufira beds (eat of the Lualaba River). MINIERE DE L'UELE
Extremely rare piece. BELGIAN CONGO : BRUXELLES/AKETI. Cert.
1911 VF EUR 300 d'Inscription Nominative de parts sociales.
70 CONGO S.A., CIE. GENERALE DU green, red, buff, black. No 47. Founded 1919
BELGIAN CONGO : BRUXELLES. Part Sociale. by Cominière and Lever. They had several
blue, buff, black. #168000. No 135070. businesses at Uélé, including oil fruits,
Somewhat tired condition but no major cotton, coffee, rice, wood and rubber
defaults. Linked to the Banque de Bruxelles plantations. In 1929, Cominière regrouped
and co-founder of the Brasserie de its industrial activities in Comuélé, as well as
Léopoldville. Later renamed Crégéco. Three a fleet of ships between Uélé and
photo-vignettes of houses and tropical Léopoldville. In 1930 the company president
landscape in Congo. was Josse Allard (of Banque Allard fame –
24 July 1922 VF EUR 20 see lot 121). A profitable company, also after
71 C.D.F. DU KATANGA SOC. CONGOLAISE WWII. The share is issued to Oliver Allard,
BELGIAN CONGO : KATANGA. ELISABETH- member of the board. Colourful vignette of
VILLE. Action de Jouissance. green, yellow, two African ladies and a plant. This
black. No 28616. Central fold. Company nominative type is new to us.
formed to build a line from the southern 13 June 1953 VF EUR 300
border of Katanga province (by Northern
Rhodesia) to the Upper Lualaba (Congo)
river. The main shareholder was the Congo
government. Merged with the Soc. de C.D.F.
Léopoldville-Katanga-Dilolo to form the Co.
de C.D.F. Katanga-Dilolo-Léopoldville (KDL) -
1952.
1930 VF EUR 30
72 ALIMENTATION DU BAS-CONGO S.A.,
CIE. COMMERCIALE ET AGRICOLE
BELGIAN CONGO : BRUXELLES. Action de
F500. red, yellow, blue. #36000. No 28027.
Cancellation hole above the title. Inc. 1910
by the Co. pour le Commerce et l'Industrie
(CCCI) to exploit hotels, open trading-posts,
breed cattle and general export/import
business.
1927 EF EUR 10
73 KABIRA SOC. CONGOLAISE, LA
BELGIAN CONGO : ELISABETHVILLE. Action
de Capital de F500. yellow, brown. #6000.
No 1668. The company owned 475 Ha of
plantations on the Kabira River, in Katanga
province. Vignette of cutting sisal plants and
underprint of the sisal-works.
1929 EF EUR 40

76 BELGIKAMINES, SOC. MINIERE DE LA

69 RECHERCHES MINIERES LUFIRA-
KATANGA S.A., SOC. DE
BELGIAN CONGO : KATANGA. BRUXELLES. 5
Actions de dividende. brown, black, buff. No
18471-75. Folds with tiny edge-tears. Large
format with beautiful vignette of the
company's factories in the Congo. Little is
known of this 1911 founded company,
74 KIVU, COMPAGNIE DU
BELGIAN CONGO : ANVERS. Part Sociale.
brown. No 11164. The company worked an
agricultural property in the eastern Congo
province of Kivu, the most scenic part of the
country. It probably produced coffee and
cattle. This type is new to us.
1932 VF EUR 50
BELGIKA
BELGIAN CONGO : STANLEYVILLE/
BRUXELLES. Part Sociale. blue, black.
#131200. No 59798. Drawn vignette at the
bottom. The company history goes back to
the 1897 founded Belgika mining company,
later renamed Belgikaor and than
Belgikamines. Became part of the Co.
Lambert pour l'Industrie et la Finance in
1967. First time we see this type.
1957 EF EUR 300
See also lot 590.

9
 EGYPT
77 DISTRIBUTION DES EAUX DE SUEZ, S.A.
EGYPTIENNE POUR LA
EGYPT : PARIS/CAIRE. 1 Action de F500.
olive, black. #2400. No 1545. In 1854 the
Khedive of Egypt signed the firman, or
decree, authorising the building of the Canal,
and the Suez Company was formed in 1856.
Construction started in 1859. As the work
developed, the various construction sites,
employing large numbers of people (around
1.500.000), needed various services,
including the provision of fresh water. The
Sweetwater Canal, bringing water from the
Nile at Zagazig to the Canal area was built in
1863 by the Egyptian Government. This, and
underground water sources discovered along
the Canal route, were distributed by pipe
and camel-drawn tanker along the Canal
construction route.
Under the terms of the firman the Egyptian
Government was to supply 70.000 cubic
metres of water per day to meet the needs
of the people settled on the Canal line,
maintenance of machinery, watering of
gardens and plantations, and supply to ships
passing through the Canal. This company
was formed under Egyptian law in Cairo in
1866 to take over this responsibility. The
Suez Canal Company must surely have had
some participation in the company, but we
have seen no evidence of that. We do know
that de Lesseps himself was interested in it
(as he was bound to be), but whether
financially or not, we do not know. Surely
one of the oldest Egyptian shares we have
ever seen. First time in our auctions. The lot
also includes a couple of letters relating to
the company, in one of which F. de Lesseps
is mentioned.
1 January 1869 EF EUR 400
78 CANAL MARITIME DE SUEZ, CIE.
UNIVERSELLE DU
EGYPT : PARIS. 1/5 Part. black, orange. No
30474. Folds and a few small edge-splits at
the top - not in the printed part of the share.
This piece was issued by the company
formed to acquire the 15% share in the
profits of the canal company, ceded by the
Egyptian Government to a French bank in
1880. Fine Egyptian design by Gustave
Fraipont, engraved by Renard, of temple
columns, sphinxes, etc., and shipping.
Underprint of the head of a pharaoh. The
company was formed by Ferdinand de
Lesseps, in 1856. The company had a
privilege for 99 years, after which the Canal
was to revert to Egyptian control. Egypt held
44% of the shares, but these were bought by
the British government in 1875. In 1956 the
Canal was nationalised by the Egyptian
government. All the Suez pieces are rare
and wanted, and this one is no exception - a
great classic. Not to be confused with the
similar looking (and less scarce) share from
1930.
15 May 1882 VF EUR 500
79 CANAL MARITIME DE SUEZ, CIE.
UNIVERSELLE DU
EGYPT : PARIS. Action de F250. green. No
82714. Very fine Egyptian design of temple
columns, sphinxes, pyramids and sphinxes,
with a line of shipping sailing down the
canal. For story, see previous lot. In excellent
condition. Few of these 1924 shares have
ever been found.
1924 EF EUR 750
10
80 C.D.F. KENEH-ASSOUAN, S.A. DU
EGYPT : LE CAIRE. 3,5% Obligation de £20.
green, black. #18250. No 11970. Folds. A
very fine pharaonic-style bond, issued 1925.
The company was formed in Cairo in 1895,
to extend the Egyptian railway to the south
from Qena to Aswan (then Keneh to
Assouan), via Luxor, on behalf of the
Egyptian Railways Administration. Most
shares were sold in Germany, and a German
company built the line, which was
completed and opened in 1898. This much-
improved access to Aswan allowed the
building of the first Aswan Dam. The
splendid border shows two temples on the
route (one the distinctive temple of Kom
Ombo), with sphinxes, seated pharaohs,
lotus, papyrus, palms and much else. First
time seen by us.
25 August 1925 VF EUR 200
81 METALLURGIE EGYPTIENNE, SOC. DE
EGYPT : LE CAIRE. 5 Actions de L.E.5,
specimen. brown, buff. Folds. Large format.
Text in French and Arabic. Border includes a
pharaonic eagle and a scarab beetle. A rare
unissued specimen.
31 December 1949 EF EUR 50
See also lot 555.
FRENCH GUINEA
82 CULTURES & BANANERAIES DU KIN-SAN
FRENCH GUINEA : LIN-SAN. Part de
Fondateur. brown, buff. #30000. No 8433.
Decorative piece with banana trees and
underprint of Africa.
10 March 1927 EF EUR 20
MADAGASCAR
83 FRANCO-ANTANKARE, SOC.
MADAGASCAR : 49 MAINE ET LOIRE.
ANGERS. Action Nominative de F500. green,
black. #800. No 41. Company for trading in
Madagascar. Attractive share of long format,
with vignettes of coastal trading ship, cow's
head, bananas and other crops. Extremely
rare.
14 December 1898 VF EUR 200
MALI
84 HAUT-NIGER S.A., CIE. FRANCAISE DU
MALI : PARIS. Action de F500. blue, yellow.
#800. No 229. Magnificent design with two
lions in a border of African themes. The
company's operations were in French
Soudan, now Mali; we believe its main
products were palm-oil and rubber. Rare &
attractive share.
27 November 1899 VF-EF EUR 150
MOROCCO
85 CONSERVES DE FEDHALA SARDINERIE P.
DE CASCADEC (2 types)
MOROCCO : FEDHALA. 1. Action de F1000,
1940, red & yellow. 2. Same, 1942, brown &
yellow. Morocco is the largest canned
sardine exporter in the world. Decorative
border. First time we see scripophily from
this company.
1940+1942 VF EUR 50
ILE DE LA REUNION
86 HYDRO-ELECTRIQUE DE LA REUNION S.A.
ILE DE LA REUNION : PARIS. Action de F250.
red, yellow. #24000. No 38854. Beautiful vignette of South African scenes, with an ox-
colonial share with a border showing us the cart, ostriches, and much more, also arms of
local tropical landscape and a large the Transvaal. Large format with text in
underprint of the Island. The hydro electric English and French. The company owned
power station was planned at the river 1805 claims on the Benoni, Kleinfontein &
Langevin. It became only operational from Rietfontein farms, west of the
1961 onwards. Modderfontein, Geduld and East Rand
1930 EF EUR 50 mines.
SOMALIA 15 December 1905 F-VF EUR 50
87 GOUVERNEMENT DE LA COTE
FRANCAISE DES SOMALIS
SOMALIA : PARIS. 5,5% Obligation de F1000.
green. #5517. No 1689. One of the rarer of
the French colonial obligations. Palm-leaves.
Today the Republic of Djibouti.
1 February 1936 VF EUR 40
SOUTH AFRICA
91 PHINLEW DIAMOND SYNDICATE, LTD
88 CAPE OF GOOD HOPE GOVERNMENT
SOUTH AFRICA : JOHANNESBURG. Shares of
SOUTH AFRICA : CAPE OF GOOD HOPE.
£1. brown. No 550. Folds with two small and
Transfer Cert. of a 4% Bond of £589.14.5.
repaired edge-tears. Printed in
black. Folds. The loan was administered by
Johannesburg. This diamond company had
Baring Brothers in London. We see very little
not been seen before by us.
government paper from South Africa, and
12 February 1907 VF EUR 50
this is the oldest one we have ever offered.
92 REX GOLD MINES LTD.
1882 VF EUR 50
SOUTH AFRICA : LYDENBURG. LONDON.
Shares of £1. brown, black. No 837. Est. 1909
to acquire 239 claims, situated in the
Pilgrim's Rest sub-district, Lydenburg, South
Africa.
25 May 1911 EF EUR 20
93 CAPE COPPER CO., LTD.
SOUTH AFRICA : LONDON. 25 Ordinary
Shares of £2. purple, green, black. No 3871.
Formed 1888 to acquire copper mines in
Namaqualand, Cape Colony. In 1890 it also
acquired the Tilt Cove copper mines, in
89 JOHANNESBURG CITY AND SUBURBAN
Newfoundland, Canada. Liquidated around
TRAMWAY CO. LTD.
1930. Text in English and French. Vignette of
SOUTH AFRICA : LONDON. 5 Shares of £1,
a miner.
specimen. blue, red, black. Never seen
25 March 1914 EF EUR 30
issued. Formed in the South African Republic
94 GENERAL MINING & FINANCE
to build and operate the horse-trams of the
CORPORATION LTD (2 types)
city. Fine views of a city street with trams,
SOUTH AFRICA : 1. 1 Share of £1, 1904, red &
and a tram (showing the route through the
black, cut to right border, pin-holes. 2. 5
city). Large format.
Shares of £1, 1929, blue & black, pin-holes
189. EF EUR 140
and central fold with tear at right border.
90 NEW KLEINFONTEIN CO. LTD.
Text in English and French. Vignette two
SOUTH AFRICA : TRANSVAAL. JOHANNES-
women with Hermes and several products at
BURG/LONDON. Warrant for 25 Shares of
the top, woman with little angel at the
£1. blue, black. No 8730. Many folds, pin-
bottom. Rare Waterlow prints.
holes and several small edge-tears. Large
1904+1929 F-VF EUR 200
11

SYRIA
95 FONCIERE DE SYRIE S.A., SOCIETE
SYRIA : PARIS. Action de F3000. green, black.
#69000. No 55056. Fine design by Leclerc, in
a lovely flowery and Islamic border. Views of
Syrian cities, with many beautiful mosques
and minarets; we see Damascus with the
famous Umayyad mosque, Aleppo with its
citadel, Lattaquia on the Mediterranean,
Hama and Homs - all the main commercial
centers of the country. Syria was a part of
the Ottoman Empire until the end of World
War I, when the League of Nations gave
France a mandate over it. Not to be
confused with the earlier (1925) similar
looking share of larger format. Although
undated, we estimate this certificate to be
from the 1950s. The company capital at that
time amounted to 207 million francs.
1950s EF EUR 200
See also lot 556.
WEST AFRICA
96 UNITED GOLD MINES OF WEST-AFRICA
WEST AFRICA: LONDON. Shares of 5 Shillings.
black. No 314. Somewhat worn paper with
many folds. Led by Sir Walter Buller, a New
Zealand lawyer and famous naturalist
(ornithology). Founded as a merger of
several small mining operations on the
African West coast - likely today's Ghana
(Gold Coast). In 1906, the company was
reorganized as the Union Consolidated Trust
Ltd.
10 July 1903 VF EUR 20
TUNISIA
97 L'OASIS S.A.
TUNISIA : EL HAMMA DU DJERID. Action de
F2500. red, yellow. #10280. No 4853. The
oasis of El Hamma du Djerid has an area of
some 700 hectares and contains 110,000
date-palms, which are supplied with water The loan was to finance additional
by 20 springs. investment by the province in the Lower
1 November 1956 EF EUR 30 Austrian Hydro-Electric Power Co.
See also lot 65. Uncancelled.
AUSTRIA 1 December 1925 VF-EF EUR 70
98 SASCHA FILMINDUSTRIE AG
AUSTRIA : WIEN. 100 Aktien jede über 200
Kr., Muster. brown, black. No 335601.
Founded by the Austrian film pioneer
Alexander Kolowrat. At first the company
made nature documentaries, later also 101 AUSTRIAN GOVERNMENT INTERNATIO-
classic movies. Worked together with the NAL LOAN 1930 (2 types)
Berlin movie-maker Oskar Messter. AUSTRIA : LONDON. 1. 7% Bond for £100,
Renamed in 1933 as the Tobis-Sascha green & black. 2. Same, £500, blue & black.
Filmindustrie AG and later on "Wien-Film". Printed by Waterlow in London.
High denomination and as such extremely Uncancelled, with coupons.
rare. 1 July 1930 EF EUR 180
28 June 1922 VF EUR 100 See also K&K Monarchy.
BELGIUM
99 GLEISDORF-WEIZ, LOCALBAHN
102 KEYSERLIJCKE INDISCHE CO. (2 pieces)
AUSTRIA : GRAZ. Stamm-Aktie von 170
BELGIUM : ANTWERPEN. black. 1. Dividend
Schilling. Serie II. green, black. No 871. One
receipt of 3600 Guldenson 12 shares, 1729.
small split at the bottom, repaired. The 15
2. Dividend receipt of 2400 Gulden on 24
km line opened in 1889. Today operated by
shares, 1730. Both of small format with coat
the Steiermärkischen Landesbahnen.
of arms of this famous 'Belgian' East India
1 January 1925 VF EUR 100
Company. As the face value of a share was
1000 Gulden, one can see that the
accumulated dividend return from 1729 to
1730 was an impressive 40% (300+100
Gulden per share).
1729+1730 VF-EF EUR 150
100 PROVINCE OF LOWER AUSTRIA
AUSTRIA : WIEN. 7,5% Secured S.F. Gold
Bond of $1000. orange, black. No 493.
Typical dollar bond, with vignette of a
beautiful woman, by a hydro-electric plant.
12
103 HORTICULTURE ET DE BOTANIQUE DE
GAND, S.A. D'
BELGIUM : OOST-VLAANDEREN. GAND.
Action de F100. black, buff. #1800. No 1009.
Folds and slightly damaged borders, outside
the printed part of the share. Attractive
classical border with flowery design. This
share was issued a few months before the
Belgian Revolution and Independence. The
Ghent garden 'industry', in particular
flowers, was very well known, not only in
Belgium but also internationally. The
company was formed in 1808 to regroup the
local botanists and to hold regular botanic
exhibitions: the 'Gentse Floraliën'. The
company still exists today. They still organize
the Floraliën and these are by far the biggest
flower exhibitions in Belgium, each time
attracting hundreds of thousands of visitors.
First time in our auctions.
1 April 1835 VF EUR 500
104 TRAVAUX DE PAVEMENT DU CHEMIN
CONDUISANT DU HAMEAU DE MEULESTEDE
A CELUI DE LANGERBRUGGE
BELGIUM : OOST-VLAANDEREN. GAND.
Obligation de F1000. black. #25. Long format
with folds and tears. The company was to
build a paved road from Meulestede to
Langerbrugge (2037m).
13 April 1838 F EUR 100
105 BANQUE DE L'INDUSTRIE S.A.
BELGIUM : ANVERS. Action de F1000. Serie
1. black. #5000. No 2041. Thin paper with
folds and small splits. Founded 1838 with a
capital of 10 million francs (5000 shares of
1000 francs) to promote the industry and
export by giving credit to both entrepreneurs
and Antwerp cargo ships. Also played a role
in the industrialization of the small Ghent
textile firms. Liquidated 1846. One of the
first Belgian banks. Not seen before by us.
1 July 1840 VF EUR 200
106 GRANDE-MONTAGE, S.A. DE LA
BELGIUM : LIEGE. PARIS/LIEGE. Action de
F1000. black, pink. #3000. No
982.Exploitation des mines de zinc, de
plomb, de fer et de houille. Some faint
staining at the top. In Flône, today a part of
Amay (province of Liège), monks from the
local Abbey mined for coal and iron from the
13th century up until the French Revolution
which caused the Abbey to close. In 1844,
Louis Bronne found Belgian and French
capital to found this company. With little
success though: the company is dissolved in
1850. Two years later, the mining
concessions and buildings are bought by the
Soc. de la Vieille Montagne. This company
stayed active in Flône until 1979. Extremely
rare.
20 May 1846 VF-EF EUR 100
107 WILLEMS-GENOOTSCHAP
BELGIUM : OOST-VLAANDEREN. GENT. Aktie
van fr.2,50 (x5). black. No 451-55. Loan of
2500 francs divided into 1000 bonds of 2,5
francs each. The certificate we offer
represents 5 bonds on one long vertical
piece of paper. They are all issued to Philipe
Blommaert, a writer and Flemish thinker. He
co-founded the Willemsfonds (Gent, 1851)
to promote the Flemish language and
culture. Extremely rare.
15 July 1854 VF EUR 100
13
108 COUSIN PRUDHOMME & FRERES POUR
LA FABRICATION DU SUCRE DE BETTERAVES
ET DU NOIR ANIMAL, SOC.
BELGIUM : HAINAUT. VILLERS ST. AMAND.
Action de F1000. black. #300. No 261. Small
format. The oldest Belgian sugar share we
have ever seen. The sugar beet producer was
located in Villers St Amand, a small village in
Hainaut, today part of the city of Ath.
Dividend stamps on the back until 1869.
Extremely rare.
1 June 1854 VF EUR 100
109 ASSOCIATION DES ACTIONNAIRES DU
CERCLE ARTISTIQUE, LITTERAIRE ET
SCIENTIFIQUE, SOC. CIVILE
BELGIUM : ANVERS. Action de F100. black.
#3000. No 808. Many splits, all repaired with
tape on the back. Est. 1852 as an association
of cultivated men to promote arts, literature
and science. In 1877, they organized a major
congress celebrating the 300st birthday of
Antwerp painter Pieter-Paul Rubens. Only
piece known to us, from an old collection.
14 September 1854 F-VF EUR 200
110 L'UNION LIMBOURGEOISE - J. OUWERX
& CIE.
BELGIUM : LIMBOURG. HASSELT. Action
Nominative de F100. olive, black. #600. No
82. Bank authorised to operate only in
Limburg; we see little Limburg material
before 1900. Folds with a long central split
(repaired). Only 600 issued.
1 June 1869 F-VF EUR 50
 112 UNION SUCRIERE ATHOISE S.A.
BELGIUM : HAINAUT. ATH. Action Primitive
de F5000. blue. #80. No 60. Only 80 issued.
'Pour la fabrication du Sucre de Betteraves et
du noir animal. Also to distill alcohol from
any 'fruits du sol'.
1 November 1873 EF EUR 70
113 HOUILLERE DES MINES DE FLORIFFOUX
BELGIUM : NAMUR. PARIS. Action de F500.
black, pink. #6000. No 5901. Floriffoux is on
the Sambre River, near Namur, and had an
important coal industry.
22 July 1875 VF-EF EUR 30

117 CHARB. DE LA GRANDE GALERIE A

AUVELAIS, S.A. DES
BELGIUM : NAMUR. AUVELAIS. 5%
Obligation de F500. green, black. #1000. No
45. One of the rarer Belgian coalmine
certificates.
1 July 1881 VF-EF EUR 90

114 AFFICHAGE DANS LES VOITURES DE

C.D.F., CIE CONTINENTALE D'
BELGIUM : BRUXELLES. Action Privilégiée
Nominative de F500. blue, buff. No 582. Thin
paper with two small splits, repaired with
old-style tape. The company sold publicity
space in railroad carriages. Extremely rare.
11 April 1877 VF-EF EUR 50

111 LA RUCHE, POUR LA FABRICATION DU

SUCRE DE BETTERAVES, S.A. 118 TRAMWAY BRUXELLES-EVERE ET
BELGIUM : OOST-VLAANDEREN. GAND. EXTENSIONS, S.A. DU
Action de F1000. yellow, grey. #1200. No BELGIUM : BRUXELLES. Action de F250. red.
280. Thin paper with several folds and left #2200. No 261. Fold. The company was
border shows coupon cutting. Vignette of a formed in 1883 to build a line between place
beehive (ruche in French). Decorative Madou, Brussels, and the new cemetery in
border. Formed 1870 to produce sugar from Evere. The line was immediately steam-
sugar beet. First time in our auctions. powered. Later absorbed by the Tramways
1870 VF EUR 100 Bruxellois. The share has a small vignette of
a tram coach.
15 June 1883 VF-EF EUR 150

115 PRODUITS CHIMIQUES DE NEDER-

OVER-HEEMBEECK, S.A. DE
BELGIUM : BRUXELLES. Action de F250. olive,
black. #4000. No 2. Folds. Founded 1879
with a capital of 1 million francs to take over
an existing manufacturer of chemical
products situated in Willebroek, along the
Canal de Bruxelles. First time we see
scripophily from this company.
29 December 1879 VF EUR 50
116 L'EUROPE S.A.
BELGIUM : BRUXELLES. Action Privilégiée de
F250. brown, buff. #1000. No 43. The
company published a newspaper - L'Europe.
15 July 1880 EF EUR 30

14
119 ROYAL CERCLE EQUESTRE DE
BRUXELLES S.A.
BELGIUM : BRUXELLES. Action de F120. blue,
buff. #250. No 209. Folds, one repaired
edge-tear and pin-holes. Logo of the Cercle -
a horse on its back legs. Only 250 issued.
Issued to Gustave Lefebvre and transferred
on the back to Victor Allard (see lot 121).
27 December 1883 VF EUR 70
120 RIZERIE ST. JOSEPH S.A.
BELGIUM : ANVERS. Action de F500. brown,
green, black. #800. No 416. Folds. A rice
peeler founded 1891 by Mr. J. Wégiment, an
Antwerp merchant.
15 October 1891 VF-EF EUR 100
121 CONCERT NOBLE SOC.
BELGIUM : BRUXELLES. Cert. d'Inscription.
green, red, black. No 266-267. Folds and one
repaired edge-tear. The Concert Noble was
an association of the Belgian nobility. It was
founded in 1785 by the Archdukes Albert of
Saxen-Teschen and Maria-Christina of
Austria. King Leopold II organised the
construction of the current banqueting
rooms for the association in the Leopold
District of Brussels. Today it is a prestigious
meeting venue that can be rented. The
subscription certificate is in the name of
Victor Allard (1840-1912). He was an
important banker, running the family bank
Allard & Cie, director at the National Bank
and catholic Senator between 1888 and
1912.
8 June 1892 VF EUR 50
122 EDISON'S KINETOSCOPE FRANCAIS S.A.
BELGIUM : BRUXELLES. Action Privilégiée de
F100. black, buff. #1500. No 920. Formed
1895 to acquire the rights (originally granted
by the Continental Commerce Co., of New
York) for France, its colonies & Monaco for
the Edison Kinetoscope. Edison invented the
kinetoscope in 1894, to allow the
photographic reconstitution of movement,
and this share was issued only one year
later.
15 March 1895 EF EUR 50
123 DEJOND FILS ET CO.
BELGIUM : VERVIERS. Cert. d'Inscription de
20 Actions (Nominative). green, buff, brown.
No 14. Small format. Pin holes. Company
founded 1897 with a capital of 260.000
francs divided into 520 shares. We don't
know in which field the company was active,
but most scripophily we see from Verviers is
textile related. First time in our auction.
28 June 1897 VF EUR 50
124 HIPPODROME DE GROENENDAEL - SOC.
GENERALE D'ENCOURAGEMENT
BELGIUM : BRUXELLES. Certficat de
liquidation. black. No 12. Folds with several
repaired tears, a little staining and a few pin
holes. The hippodrome was built in 1887 in
the forest of Soignes under the auspices of
King Leopold II. The horse-racetrack
remained in use until 2001.
4 March 1899 F-VF EUR 60
125 CHANTIERS MARITIMES DE GAND S.A.
BELGIUM : OOST-VLAANDEREN. GAND. Cert.
15
Provisoire d'action de F100. black on blue
paper. #3000. No 744. A Ghent shipping
yard. First time in our auctions.
190. EF EUR 20
126 MINIERE ANVERSOISE, SOC.
BELGIUM : ANVERS. 6% Obligation de F500.
blue-green. #1200. No 706. Central fold and
a little brown staining. Exploited a lead mine.
This bond is new to us.
1 September 1900 VF EUR 30
127 CHARB. DU PETIT-TRY, S.A. DES
BELGIUM : HAINAUT. LAMBUSART. Cert.
nominatif de 4 Actions. blue. #8000. No 27.
Folds. The concessions in this area date from
1735 when the duke d'Arenberg and the
prince-bishop of Liège authorised mining. It
was only in 1826 that a company was
founded, and that société civile became this
S.A. in 1900. In 1929 it produced nearly
200.000 tons of coal, and employed over 900
workers.
24 April 1900 VF EUR 60
128 BRIQUETERIES DE LA SAMBRE A
LOBBES, S.A. DES
BELGIUM : HAINAUT. LOBBES. Action de
Capital de F200. red, green. #5000. No 2140.
One small edge-tear (repaired). Decorative
piece with design of two brick chimneys and
decorative border. The brickworks was at
Lobbes, beside the river Sambre and the
Chemin de Fer du Nord. Difficult to find.
1900 VF-EF EUR 40
129 HUILERIES DE L'ESCAUT S.A.
BELGIUM : WEST-VLAANDEREN.
WAERMAERDE. Action de Jouissance. green,
red. #1300. No 138. Renamed N.V.
Scaldiswerken in 1934. Sold vegetable oils.
1904 EF EUR 20
130 JOINT BICONIQUE UNIVERSEL, S.A. DU
BELGIUM : BRUXELLES. Action de F100. red,
green. #1250. No 19. Folds. Manufactured
pipes and tubes.
15 February 1904 VF-EF EUR 20
131 ISOTHERMIE, S.A. L'
BELGIUM : HAINAUT. MONS. Action de F100.
brown, green. #1200. No 178. Decorative
border. Made refrigerators.
30 August 1905 EF EUR 20
132 CHARB. DE LA BASSE RANSY, S.A. DES
BELGIUM : LIEGE. TILLEUR. Action de F500.
blue, yellow, black. #2400. No 2328. Worked
a concession of 173Ha in the communes of
Angleur, Chénée and Vaux-sous-
Chèvremont.
30 September 1906 VF-EF EUR 20
 known as RESC. BELGIUM : WEST-VLAANDEREN. OSTENDE.
1 March 1909 VF EUR 100 Action de Capital de F500. blue, green.
#2000. No 1093. Damaged borders with
upper left corner missing and small tears.
First time we see scripophily from this
Ostend fishing and towing company.
Founded 1908.
1919 F-VF EUR 50
138 AMERICAN PETROLEUM CO. S.A. BELGE
BELGIUM : ANVERS. Action Nominative de
F5000, specimen. blue. #2000. Company
formed 1919 to open a chain of petrol
stations in several Belgian cities for the
growing group of car owners.
29 December 1919 VF-EF EUR 30

133 BIBLIOTHEQUE CHOISIE S.A.

BELGIUM : LOUVAIN. 3% Obligation de F100.
black. No 28. Folds and minor edge-splits.
Unusual vignette of a farmer sorting out
seeds and the (Latin) Bible saying "Ventilabis
eos & ventus tollet" meaning "winnow them,
the wind shall carry". Perhaps this refers to
the Leuven University students and the
activities of the company: printing books.
Founded 1905 and probably active until the
early 1920s. Text also in Flemish
(Keurboekerij). Not seen before by us.
1908 VF EUR 60

139 ALGEMEENE BOUW- & HOUTHANDEL-

MAATSCHAPPIJ NV.
BELGIUM : OOST-VLAANDEREN. GENT.
Kapitaal-Aandeel van F1000. brown, blue.
#400. No 403. Probably unissued as
unsigned. Unusual artistic art-déco border
for this wood & construction company.
1920 EF EUR 50
140 LA LIME LIEGEOISE SOC. COOPERATIVE
136 VELODROME DE GAND S.A. BELGIUM : LIEGE. Part Bénéficiare. dark
BELGIUM : OOST-VLAANDEREN. GAND. green, buff. No 87. Only 280 issued. Small
Action de F50. blue, yellow, black. #600. No vignette of the famous column of Liège.
388. Jugendstil/Art Nouveau border, with 1920 EF EUR 20
multiple vignette of a cyclist. A magnificent
share in excellent condition and rare too.
134 EXPANSION NATIONALE (S.A.), SOC. 30 January 1911 EF EUR 400
BELGE D'
BELGIUM : BRUXELLES. Action Nominative de
F5000. green. #200. No 173. Large format,
with folds and a few small edge-tears. Issued
to Josse Allard (see lot 121). This company
was formed to promote Belgium, its
industry, but also its culture, around the
world.
1909 VF EUR 50
135 EXCELSIOR SPORT'S CLUB S.A.
BELGIUM : BRUXELLES. Cert. d'Inscription
Nom. 7 Actions de Cap. F100. blue. No 9.
Folds and small remains of paper stained on
the certificate at the bottom border.
Vignette of the clubhouse. Founded 1904 as
a Brussels-based sports club. It had a football
team until 1935. The field hockey section of 141 COOPERATIVE DES ACHETEURS, SOC.
the club was still alive as of 2005 but today it BELGIUM : BRUXELLES. Cert. Nominatif de
137 DELTA S.A. (PECHE ET REMORQUAGE)
is basically a leading Belgian athletics club Parts + Statuts. green, black. No 10. Unusual

16
share format: a small booklet including the
company rules. So we learn the chairman
was Adolphe Max, Brussels mayor. Other
board members include politicians and
nobility. The purpose of the company was to
provide credit to people and companies who
sell daily consumer goods. Issued to Adrien
de Kerchove d'Ousselghem.
7 February 1921 VF EUR 50
142 ARMEMENT OSTENDAIS S.A.
BELGIUM : OOST-VLAANDEREN. GAND.
Action de Capital de F500. red. #4000. No
3760. Old-style tape on the right border to
keep the coupon sheet attached. Folds.
Ostend shipping company.
1921 VF EUR 10
143 AUTOBUS LIEGEOIS S.A.
BELGIUM : LIEGE. Action de Dividende.
brown, yellow. #2216. No 1951. Formed
1922 to acquire the concession for a
transport service Liège-Sprimont, for
passengers and freight.
14 June 1922 VF-EF EUR 50
144 LOCOMOTION AUTOMOBILE, SOC.
ANVERSOIDE DE - S.A.L.A.
BELGIUM : BERCHEM-ANVERS. Part de
Fondateur. green. #1000. No 355.
Underprint of a wheel. The company sold
and maintained automobiles, bicycles,
motorcycles and tractors. Not seen before by
us.
1924 EF EUR 30
145 LA LAMPE ELECTRIQUE BELGE S.A.
BELGIUM : BRUXELLES. Cert. Nom. de 625
Actions Priv. de F500. brown. No 25. Folds.
Founded 1920 to make electric bulbs. First
time we see scripophily from this company.
Worked with the Dutch multinational Philips
and was probably absorbed by it around
1937.
21 November 1924 VF EUR 30
146 USINES ALLUMETTIERES DES FLANDRES
BELGIUM : BRUXELLES. Part de Fondateur.
green, yellow. #30000. No 15590. This
founder share is hard to find.
1924 VF-EF EUR 30
147 CARTONNERIES SAINT-MICHEL (3 types)
BELGIUM : BRUXELLES. 1. Part de Fondateur,
1925. 2. Action de Capital de F500, 1927. 3.
Cert. l'inscription des actions nom. d'Actions
de F500, 1925. Each certificate has two small
vignettes of the symbol of Brussels,
St.Michael killing a dragon. The cardboard
manufacturer was active in Brussels, rue des
Drapiers 45.
1925-1927 VF EUR 100
148 CYCLOPES, S.A. ATELIERS DE
CONSTRUCTIONS MECANIQUES
BELGIUM : ANVERS. Part de Fondateur,
specimen. brown. #400. Not known issued.
1925 UNC EUR 20
149 HUBINON S.A., ETS.
BELGIUM : BRUXELLES. Cert.d'Inscrip.
Nomim. de Part de Fondateur. green. No
502. Folds with a few small edge-tears,
repaired. Manufactured parts for cars and
aviation, in particular from rubber, so
possibly tires.
26 November 1927 VF EUR 20
150 SOIE ARTIFICIELLE D'OBOURG S.A., LES
FABRIQUES DE
BELGIUM : HAINAUT. OBOURG LEZ-MONS.
Action de F250. red, black, buff. #200000. No
81715. Folds. Vignette of a lion carrying a
globe. Est. 1928 as a textile company. Later
renamed as Financière d'Obourg, a holding
company closely linked to UCB, Solvay and
the Albert Frère Empire.
1928 VF EUR 30
151 TRANSATLANTIQUE ARGENTINE
AGENCE MARITIME S.A., CIE.
BELGIUM : ANVERS. Action de Capital de
F500, specimen. blue. #500. Folds. Company
founded 1930 to organize a shipping line
between Belgium and Argentina. Only this
one piece is known to us.
1930 EF EUR 20
152 KEMPISCHE VENNOOTSCHAP TOT
BEVORDERING VAN MIJNNIJVERHEID N.V.
BELGIUM : TESSENDERLOO. Cert.
d'Inscription de Parts Sociales. brown. No 95.
Large format with folds 3 repaired tears.
Text in French and Flemish. The company,
founded in 1902, received a coalmine
17
concession for Oostham-Kwaadmechelen.
However, the company didn't mine itself. It
allowed the mine of Beringen to exploit the
concession in return for a lease fee of 1,5%
of the net value of the annual production.
1 August 1934 F-VF EUR 50
153 SCALDISWERKEN, N.V. (3 types)
BELGIUM : WEST-VLAANDEREN. RUIEN. 1. 1
Genotsaandeel, red & black. 2. 1 Aandeel op
naam van F1000, green & red. 3. 25
Aandelen op naam van F1000, red & black.
Company founded 1901 as 'Huileries de
l'Escaut' - see lot 129. The three certificates
we offer here are all issued in 1941. We
rarely see shares issued during WWII.
1941 EF EUR 40
154 HALLES DE BERCHEM (2 types)
BELGIUM : 1. Part de Fondateur, red. 2.
Action de F500, green. The Berchemsche
Hallen were founded in 1940 with a capital
of 50.000 francs. Only 100 founder shares
and 100 actions de F500 were issued.
Founded 1940 to build and operate a
covered market place in Berchem.
+1944 EF EUR 40
155 S.A.C.A. COMMERCE AUTOMOBILE S.A,
(2 types) + GENAC & LUBRICOIL S.A.
BELGIUM : ANVERS. S.A. POUR LE
COMMERCE AUTOMOBILE S.A.C.A : 1. Part
de Fondateur, green. 2. Action de F1000,
red. 3. GENAC & LUBRICOIL, Action de F500,
green. Both companies served the auto
industry.
+1944 EF EUR 30
156 N.M.V.B. GRIMBERGEN - LONDERZEEL
EN UITBREIDINGEN
BELGIUM : BRABANT. BRUXELLES. Aandeel
van F1000, Reeks 916A. blue. #5926. No
5876. A secondary railroad in Vlaams-
Brabant.
1946 EF EUR 20
157 C.D.F. VIC. WAVRE - JODOIGNE, SOC.
BELGIUM : BRUXELLES. Action de F1000,
Série 926A. blue. #2980. No 2973. A
secondary railway in Waals-Brabant.
1946 EF EUR 20
158 C.D.F. BELGES, SOCIETE NAT. - N.M.B.S.
BELGIUM : BRUXELLES. 4,75% Obligation de
F1000. red, black. No 33670. Vignette of an
electrically powered train.
1959 EF EUR 10
159 BELG. MIJ. VOOR GAS- EN ELECTRICI-
TEITSBEDRIJF IN WEST-VLAANDEREN
BELGIUM : BRUGES. Part Sociale, specimen.
green. #103400. Lovely underprint with
charcoal drawings of the belfry, cathedral
and other famous buildings of Bruges. Text
in Flemish and French.
1951 EF EUR 100
bond. Issued by the Belgian government
body responsible for telecom as part of a
$12 million loan marketed by the Bank of
America. Not seen before by us.
1 June 1958 F-VF EUR 50
printed (not necessary under Easdaq-rules).
However, this is an ADR reflecting their
Nasdaq quotation. Only the second time we
can offer an L&H share.
5 December 2000 VF-EF EUR 100

160 BRUGSCHE ZEEVAART INRICHTINGEN

BELGIUM : WEST-VLAANDEREN. BRUGGE.
Genotsaandeel. blue, black. #9000. No 1288.
The company exploiting the port of
Zeebrugge. Cancelled.
1956 EF EUR 80
164 CHAUDFONTAINE-MONOPOLE S.A.
BELGIUM : LIEGE. CHAUDFONTAINE. Action,
specimen. blue, grey. Attractive piece, with
decorative border, and vignette of a bird on
a glass of water. The logo gives the water-
temperature - +36,6°C - a chaude fontaine
167 COCKERILL S.A. (4 types)
BELGIUM : LIEGE. SERAING. 1. Obligation de
1000 Dutch Florins, 1937. 2. Action,
unissued, 1945. 3. Titre de 5 Parts Sociales,
unissued, 1970. 4. Titre de 10 Parts Sociales,
unissued, 1970. Four different certificates
from Belgium's main steel manufacturer
with a history going back to 1817. Today
known as ArcelorMittal Liege.
1937-1970 EF-UNC EUR 100
See also lots 17, 18, 20, 23, 31, 63, 66, 68,
69, 70, 71, 72, 73, 74, 75, 76, 168, 177, 219,
221, 293, 298, 299, 300, 306, 364, 365, 375,
387, 397, 409, 411, 412, 458, 459, 461, 462,
463, 464, 465, 470, 479, 486, 522, 560, 581,
590, 596.

161 BRUGSE ZEEVAARTINRICHTINGEN

indeed. Formed 1925 to acquire the BULGARIA
properties and rights to exploit the source. In 168 CONCESSION "PRINCE BORIS" (CHARB.
BELGIUM : WEST-VLAANDEREN. BRUGGE.
1939 took over S.A. Eau Minérale Thermale DES BALKANS), S.A. D'EXPLOITATION DE LA
Preferent Aandeel van F500. green. #9000.
Chaudfontaine. BULGARIA : BRUXELLES. Action de F500.
No 6850. See previous lot, but this type is
1958 UNC EUR 100 blue, grey. #4000. No 3995. Text in French
new to us. Cancelled.
165 MECHANISCHE CONSTRUCTIE and Bulgarian. Owned a coalmine concession
1969 EF EUR 100
WATTEEUW N.V. in Trevna, Bulgaria.
162 CHARB. DES QUATRE-JEAN DE RETINNE
BELGIUM : WEST-VLAANDEREN. BRUGGE 31 July 1900 VF-EF EUR 30
& QUEUE-DU-BOIS, S.A. DES
(ST.MICHIELS). Aandeel. green, black. #1250.
BELGIUM : LIEGE. QUEUE-DU-BOIS. Part.
No 725. Est. 1952. Produces machinery,
green. #24000. No 10107. Large repaired
gearwheels , etc.
tear at the top. Large vignette of miner at
1981 EF EUR 20
work. Founded 1877. The coal was originally
166 LERNOUT & HAUSPIE SPEECH
transported from Liège to Verviers, to serve
PRODUCTS N.V.
the local industry. Operations stopped in
BELGIUM : WEST-VLAANDEREN. IEPER.
1959.
Common Shares. blue, black. No 11235.
1957 VF EUR 10
Folds. Doubtless the biggest financial scandal
163 KINGDOM OF BELGIUM - TELEGRAPH
in Belgium in recent years was the implosion
AND TELEPHONE ADMINISTRATION
of Lernout & Hauspie, a high-tech company
BELGIUM : 5,5% External Loan Serial Bond of
focusing on speech technology. L&H was
$1000. blue, buff. No 3234. Folds, punch-
quoted on both Nasdaq and Easdaq. Rumor
cancelled and some edge-damage with small
was that the company shares were never
paper loss, not into the printed part of the

18
169 JUTSBOENARSKA VOLKS-BANK
BULGARIA : SOFIA. Action de 100 leva.
multicolour. No 9461. Central fold. One of
the most colourful of Bulgarian bank shares,
with splendid corner vignettes of agriculture
and industry, and large underprint of a
peasant lady.
1936 VF EUR 50
170 DRESSMAKERS COOPERATIVE IZGRAV
BULGARIA : SOFIA. Cert. of 5 Shares of 250
Leva. green, brown, yellow, blue. No 4386-
90. Central fold. Traditional ornate Balkan-
style border, showing scissors, measuring-
tape, iron, etc., used by these ladies.
1937 VF-EF EUR 50
171 ESPORTAZIONE ITALO-BULGARA, SOC.
BULGARIA : SOFIA. Share of 100.000 Leva.
multicolour. No 1230. Very colourful share
with vignettes of farm animals and fruit. The
company purpose was to export these
agrarian products to Italy.
1942 EF EUR 100
See also lot 65.
(former) CZECHOSLOVAKIA
172 AKMOS, MORAVIA-SILESIA IRON-
WORKS CO.
CZECHOSLOVAKIA : MOR. OSTRAVE. Share of
320 Korun. brown, grey. No 6005. Small
format. Operated an ironworks in Ostrava,
close to the Polish border.
1940 EF EUR 20
173 EMPRUNT EXTERIEUR DE LA
REPUBLIQUE TCHECOSLOVAQUE
CZECHOSLOVAKIA : 5% Bon de FF.1000,
specimen. green, brown, black. Folds.
Attractive bond with coat-of-arms of
Czechoslovakia, also in underprint. The loans
amounted to 600 million francs, but we
don't remember seeing one issued. Text in
French and Czech.
4 April 1932 EF EUR 200
See also lot 329 and K&K Monarchy.
ESTONIA
174 HAVANNA, TUBAKATEHAS OSA-ÜHISUS
ESTONIA : TALLINN. Cert. of 10 Shares. pink,
black. No 51-60. Folds and one small edge-
tear. Undated tobacco share, probably from
the early 1920s. The company capital
amounted to 1.000.000 Emrk. Only this one
piece is known to us.
+/-1924 VF EUR 300
175 REPUBLIC OF ESTONIA
ESTONIA : LONDON. 7% Bond for £1000.
brown-purple, black. #100. No 98. Left
border has some paper missing, but outside
the printed part of the bond. Loan raised by
Estonia on instructions from the League of
Nations, in connection with a banking and
currency reform program. Fine view of
Tallinn, and underprint of arms of Estonia. To
be repaid from duty on tobacco and alcohol.
Highest denomination, of which only 100
were issued.
1 July 1927 VF EUR 600
19
176 REPUBLIC OF ESTONIA
ESTONIA : LONDON. 7% Bond for £500.
green, black. No 70. See previous lot.
1 July 1927 VF-EF EUR 300
FRANCE – before 1800
1
77 EARLY BILL OF EXCHANGE LILLE-
ANTWERP
FRANCE : LILLE/ANVERS. Lettre de change de
500 Livres gros. black. Handwritten bill of
exchange to be exchanged for currency after
a 5 day period but in effect repaid on June
14. Signed amongst others by Jean Baptiste
Van Praet & Fils, possible an Antwerp
printing firm doing a business transaction in
Lille (where this bill of exchange was issued).
3 Juin 1704 VF EUR 100
178 BANQUE ROYALE - JOHN LAW
BANKNOTE
FRANCE : Billet de Banque de 1000 Livres.
black. No 777963. Bottom right corner cut to
cancel the note.
John Law first urged the establishment of a
national bank to issue banknotes backed by
land, gold, or silver long before his moving to
Paris. It was one of his recommendations for
Scotland in his 1705 publication entitled
"Money and Trade Consider'd with a
Proposal for Supplying the Nation with
Money". The Scots rejected Law's ideas and
it would take another decade for him to
make the same suggestions again, this time
to the French regent, Philippe d'Orléans. This
time, Law had more success.
In 1716, he established the Banque
Générale, a private bank, but 3/4 of the
capital consisted of government bills and
government-accepted notes, effectively
making it the first central bank of the nation.
In 1718, this bank, now renamed 'Banque
Royale', issues its first famous 'billets de
l'Etat' in (partial) replacement of the King's
(and thus the nation's) gigantic bond debt.
Hence their name '(bank)notes of the
nation'. They are the first official French
banknotes and a key revolution in
worldwide finance.
While officially backed by gold and silver in
the bank's safes, it didn't take very long
before the French discover this was only
partly true. The 1720 panic caused a run on
the bank and the - temporary - end of
fiduciary money, as well as the end of the
career of John Law's, who fled the country
overnight.
1 January 1720 EF EUR 300
179 2 ARRESTS DU CONSEIL D'ESTAT DU
ROY - CO. DES INDES/J. LAW
FRANCE : black. Very large format with folds.
The first law orders that the banknotes (see
previous lot) will only be accept at face value
(so excluding any speculative value) while
the second law proclaims that shares in the
Compagnie des Indes must be turned in to
the State before November 10 (Paris) or
November 20 (rest of France), all others will
become valueless. This surely explains why
so few shares of the Co. des Indes have ever
been found in the collector community.
1720 VF EUR 200
180 COMPAGNIE DES INDES ORIENTALES DE
FRANCE
FRANCE : black. Folds. Detailed overview
between 1725 and 1771 of the business of
the so-called second Co. des Indes (details
on capital, shipments left/returned, taxes,
dividends, interests,...).
1772 VF EUR 50
181 COMPAGNIE DES INDES
FRANCE : 2 Publications de vente. black. Two
separate publications re. the sale of products
from the Co. des Indes, one is dated 1749,
the other 1770. Full of info (on both sides).
1749+1770 VF EUR 80
182 COMMERCE DE L'INDE
FRANCE : 78 YVELINNES. VERSAILLES. Black.
Mémoire présenté aux Ministres du Roy par
les Députés des différentes places de
commerce du Royaume. Large 4-page
document, handwritten but easily readable.
An important memorandum written by
official deputies from all over France to be
presented to the King's ministers at
Versailles. In it, the writers demand a free
trade to the Indies and attack the privileges
granted to the Co. des Indes.
10 June 1787 VF EUR 400
183 LOI & ARREST DU CONSEIL D'ETAT DU
20
ROI CONERNANT LA COMPAGNIE DES INDES
FRANCE : PARIS. 2 Publications. black. The
1769 law allows the Co. des Indes to
organize a lottery as a way to improve the
company finances. The second law talks
about the repayment of the shares of the
former Co. des Indes (as part of the company
liquidation).
1769+1792 VF EUR 100
184 ASSURANCE, CIE. D'
FRANCE : 44 LOIRE-ATLANTIQUE. NANTES.
Acte de société. black on blue paper. Folds.
4-page document printed upon the
foundation of the Co. d'Assurance, a
shipping insurer from Nantes. It lists the
company rules and the 50 or so
shareholders. The company capital
amounted to 60.000 Livres divided into 120
shares of 500 Livres each. The day-to-day
operations were laid by René Tual and the
company rules state his powers to act on
behalf of the company board (4 other
people). We have never seen any scripophily
of this company.
1 June 1778 VF EUR 100
185 ORDONNANCE DU ROI CONCERNANT
LA COURSE & LES ARMEMENTS DES
CORSAIRES
FRANCE : 33 GIRONDE. BORDEAUX.
Publication officiele. black. Large format,
with folds. The decree wants to counter any
private initiatives of shippers claiming to be
official privateers and selling shares to the
public without the right to do so.
28 February 1780 VF EUR 100

186 TRESOR ROYAL - EMPRUNT DE
DECEMBRE 1784
FRANCE : PARIS. Billet de 1000 Livres. black.
No 10534. Slightly damaged top border.
Unusual vertical format with 20 coupons
(1790-1809) and at the bottom the actual
1000 francs bond issued early 1785 as part
of the December 1784 loan issue. The loan
amounted to 125 million Livres and
promised a 5% interest and, with an amount
of 175 million Livres clearly oversubscribed.
The loan was organized by Charles Alexandre
de Calonne (1734-1802). He was Controller-
General of Finances from 1783 onwards and
tried to remedy the fiscal crisis, creating a
vast and ambitious plan of revenue-
increasing (with an important land-tax) and
administrative centralization. His couldn't
get enough support for his plans, and was
dismissed by the King in 1787. Not seen
before by us, and, unlike most French 18th
century debt documents, not a rent viagères
but a ‘normal’ bond.
31 January 1785 VF EUR 100
very large document (4-pages) with on it 4 20 September 1842 VF-EF EUR 150
shares of the Pont de La Mulatière (2 shares
on page 1 and 2 more on page 3, the other
pages being blank). All shares are issued
(bearing numbers, and being signed by 5
company directors). However, no
shareholder name is filled in, so they could
be considered as unsold stock, or perhaps
simply (but most unusually for the time)
bearer shares. The company was formed to
build a bridge across the Rhône, just south of
its confluence with the Saône. This bridge,
now rebuilt wider and stronger of course, is
the main bridge on the autoroute south from
the city. The company had already received
two loans, one from the city of Genova, and
the other from the King of France. Dividends
on the shares were to be paid from the tolls
collected on the bridge. A most unusual lot. 190 LE SAUVEUR, CIE. D'ASSURANCES
1 January 1790 VF-EF EUR 1.000 GENERALES CONTRE L'INCENDIE
FRANCE : PARIS. Action de F2500. black. No
318. Folds. Early fire insurance company est.
1842 in Paris. High denomination. Not seen
before by us.
1842 VF EUR 80
188 CAISSE D'EPARGNES ET DE 191 CAISSE D'ENCOURAGEMENT, VEUVE
BIENFAISANCE (SECONDE SOCIETE) CLAVIER & CIE.
FRANCE : PARIS. Action de 90 livres. black. FRANCE : 33 GIRONDE. BORDEAUX. Action
No 131510. Folds, some edge-damage and de F1000. black. #900. No 678. Small brown
small hole in the center. Vignette at the stains and missing lower left corner (outside
bottom of two men with a cornucopia. the printed part of the share). Founded 1854
Signed by Lafarge. In effect this was a lottery to facilitate good works, and to aid public
loan, with prizes of tontine rentes to the utilities. Still existing in the 1930s as Guédon,
winning 'actions'. Neau & Cie.
30 September 1793 F-VF EUR 200 7 January 1857 VF EUR 70
FRANCE - finance

189 LA CONCORDE, S.A. POUR LA

187 PONT DE LA MULATIERE
FRANCE : 69 RHONE. LYON. 4 Actions de 500
livres. black. No 373-4, 391-2. Most unusual
FORMATION ET LA GESTION D'ASSURANCES
MUTUELLES SUR LA VIE
FRANCE : PARIS. Action Nominative de
F1000. black. #1000. No 609. Central fold
and one small stain. One of the earliest life
insurers from France we have ever
encountered. The company was founded in
1842 with a capital of 1 million francs. First
time in our auction.
192 CAISSE D'ESCOMPTE DE GRENOBLE
FRANCE : 38 ISERE. GRENOBLE. Action
Nominative de F500. black, buff. No 3090.
Central fold with piece of paper missing at
the central top - but outside the printed part
of the certificate. Bank formed 1857 in
Grenoble, the "Capital of the Alps".
Decorative border.
11 February 1865 VF EUR 60

21
 "Compagnie des Canaux de Bretagne" (1822)
and later by the "Compagnie des 4 Canaux",
of which we offer here a share. It is this
company which finalizes the work and
remains in operations until 1882, as
indicated by dividend stamps on the back of
the certificate. Only two pieces known to us.
1 October 1823 VF EUR 200

193 BANQUE INTERNATIONALE DE CREDIT

"UNION FRANCAISE"
FRANCE : PARIS. Obligation de F1000. green,
black. No 11389. Large format with many
folds and a few small splits. Interesting
certificate, giving the right to participate in
several lottery bond issues: Panama 1889,
Congo 1888, Exposition 1889 and
Associations de la Presse 1887 combined
196 BATEAUX A VAPEUR DE L'OISE ET DE
with a repayment of the 1000 Fr face value
L'AISNE, CIE. GEN. DES
in case of lethal accident.
FRANCE : PARIS. Action de F500. black on
1888 VF EUR 60
yellow paper. No 115. Both the river Oise
and the Aisne are navigable to small vessels,
and have been used for transport in the past.
Also, there is a canal linking them. Early
date.
6 July 1838 VF-EF EUR 100

199 HELICE MOBILE, CIE. GEN. DE

194 FRANCOIS CASATI & CIE.
FRANCE : 13 BOUCHES-DU-RHONE.
MARSEILLE. Par Bénéficiaire. purple. No
1108. Fold. Rarely seen in issued form.
Decorative piece, with fine underprint of
shipping in port, the arms of Marseille,
company offices, Mercury and a lady
blacksmith. This was a bank from Marseille,
later part of Crédit Marseillais.
30 June 1923 VF EUR 100
FRANCE - transport
195 QUATRE CANAUX, CIE. DES
FRANCE : PARIS. Action de Jouissance. black.
No 2277. Central fold with small splits and
pin-holes.
Canaux de Bretagne, du Avernois, du Duc de
Berry et Canal Latéral à la Loire. Already in
1746, Count François Joseph de Kersauson
wanted to stimulate the economy in Brittany
by constructing a channel between Nantes
and Brest (360 km). Having the plans but not
the necessary means, he soon had to
abandon his project. The idea was resumed
in 1803 by the engineer Guy Bouessel who
wanted to connect the arsenals of Brest and
Lorient with Nantes and Saint-Malo in times
of war and sea-blockades. From 1812 till
1814, Spanish prisoners worked on the
Channel on the Loire inférieure. Due to bad
working conditions and many revolts, the
work did not progress fast.
From 1822, the work was resumed by the
197 RECTIFICATION DES RAMPES DE JOUHE
ET DE MENOTEY ROUTE DEPARTEMENTALE
DE DOLE A GRAY
FRANCE : 39 JURA. PARIS. Action de F1000.
black. No 2. Central fold and several tiny
edge-splits (repaired). Thin paper. A royal
concession was granted in 1844 to a Paris
engineer to build and manage 'rampes',
serving the Jura villages of Jouhe and
Menotay, on the RD13 between Dôle and
Gray. He formed this company in Paris to
operate his concession, and receive the tolls
for use of the 'rampes'. We are not sure
what the rampes were, but suppose they
gave access between the road and the
villages. Not seen before by us.
1844 VF EUR 200
198 CANAL DE SECLIN, SOC. DU
FRANCE : 59 NORD. SECLIN. Action de F500.
black. No 341. Formed 1855 in Seclin, to link
the coal-mines, textile mills, etc. of the Seclin
area, south of Lille, to the Canal de la Haute-
Deule, at Houplin-Ancoisne. Length 4km. The
Haute-Deule then led to Comines, on the
river Lys and the Belgian border. The canal
also served to drain the marshes in the area.
First time we see scripophily from this
company.
9 January 1858 VF EUR 200
NAVIGATION A VAPEUR SUR LES CANAUX
FRANCE : PARIS. Action de Jouissance. Serie
2. blue, pink. No 4078. Large format, with a
pretty and delicate border, showing canal
shipping scenes, Mulhouse and Le Havre,
water plants, etc. Design by Pierre-Eugène
Grandsire, painter, born at Orléans in 1825,
died Paris 1905. The company owned two
steamboats on its formation, as well as
patents and rights for a propeller propulsion
system.
12 February 1864 VF-EF EUR 100
200 HELICE MOBILE, CIE. GEN. DE
NAVIGATION A VAPEUR SUR LES CANAUX
FRANCE : PARIS. Action de Jouissance. Serie
1. blue. No 1295. See previous lot.
12 February 1864 VF-EF EUR 100
201 C.D.F. SOUS-MARIN ENTRE LA FRANCE
ET L'ANGLETERRE ASS.
FRANCE : PARIS. Cert. de Propriété de Part
d'intérêt F5000. black. #400. No 67.
Generally somewhat worn condition with
folds and old-style tape to repair tears, but
no paper missing.
The idea of linking France to England by rail
is not new. In 1802 the French engineer

22
Mathieu proposed a road route under the
Channel. This was proposed during a brief
peace in the war between Napoleon's France
and England. However, war soon broke out
again, and the idea was rejected out of hand.
Cartoons showed French troops walking
under the sea in a road tunnel! The scheme
existed only on paper. Engineers lacked the
necessary technology and geological
knowledge.
It was only in 1867, after the Universal
Exhibition, that a serious design was put
forward, and a French-English committee
was formed to submit definite proposals to
the two Governments. Two years later, the
examination of it was entrusted to a
Commission. 1874 brought a formal demand
for a concession, and, by the law of 2 August
1875, the French Assemblée Nationale
declared the idea to be in the national
interest, and gave a concession to a
company, of which the President was a very
prominent politician and economist Michel
Chevalier, the French portion of a railway
under the channel between France and
England. Negotiations opened for a treaty
between the two countries; the protocol was
signed on the 30 May 1876.
This French company and its English
counterpart started digging seriously in 1881
from the cliffs between Dover and
Folkestone and Sangatte, west of Calais.
Technically, it was a success -driven by
compressed air, the boring-machines worked
well, and there was so little flooding that
they switched on the pumps for only 1/2 day
every two weeks! Within the first year each
side had bored almost 2km of tunnel, and
expected to complete a 7-foot pilot tunnel
across the Channel within 5 years.
However, in 1882 the English company faced
political opposition - the two Governments
had quarreled over the Suez Canal and
colonies in Africa. The British military did not
trust the French, and in 1883 further building
of the tunnel was banned. The French gave
up, believing the British would always want
to remain an "island fortress". Michel
Chevalier died at this time. The experience of
the Great War showed the economy in
human lives, the vast expense, the sacrifices
and suffering of all sorts which would
doubtless have been saved if the British had
earlier realised the enormous advantages of
having a fast and safe route of
communication between the two countries.
It was estimated that a tunnel could have
shortened the War by two years.
After WWI there were further trial borings
but the idea still foundered on lack of mutual
trust. It was only in 1973, when Britain finally
joined France in the Common Market that
the idea was seriously resurrected, but then
rising oil prices brought financial constraints.
In the 1980s the project finally went ahead,
and work started on both sides in 1987, with
final opening in 1994.
Hand-signed by Michel Chevalier, as
president. Only 400 pieces issued, and only
once before seen by us.
30 March 1875 F-VF EUR 500
202 GRAND CANAL MARITIME FRANCAIS,
SOC. CIVILE d'ETUDES
FRANCE : PARIS. Titre Provisoire, unissued.
black. Large format, with fold and a few tiny
edge-splits (repaired). Founded 1890 with a
most ambitious plan: the construction of a
major canal which would like the North Sea
with the Mediterranean Sea, from Le Havre
to Marseille. It would imply the (partial)
canalization of the Seine, Loire and Rhône
rivers. According to the project (of which
detailed info can be found on the internet),
such a voyage would take 5 days. The lot
includes the company rules, full of info, in a
separate publication (16 pages). Not seen
before by us.
189. VF EUR 200
203 MARITIME "L'UNION BELLILOISE", CIE.
FRANCE : 56 MORBIHAN. LE PALAIS, BELLE-
ILE. Action Nominative de F50. Serie 3. blue,
red, buff. Central folds, small edge-damage
and some staining. The island of Belle Ile
(some 80 sq.km.), off the south coast of
Brittany, has a long fishing tradition,
especially for sardine and anchovy, and of
course needed contact with the mainland.
These were the work for the company. Small
vignette of a sailing-ship. Dividends paid up
to 1952.
1900/1901 VF EUR 50
23
204 BATEAUX DE LA COTE D'EMERAUDE SA
FRANCE : 35 ILLE ET VILAINE. DINARD. Action
nominative de F100. black. #2250. No 2169.
Folds. Formed 1904 to offer a shipping
service for passengers and cargo around the
Emerald Coast in north Brittany. Today is
called Emeraude Ferries, and carries
vehicles, passengers and freight on high-
speed car-ferries between the Channel
Islands and St.Malo.
1 June 1906 VF EUR 30
205 TRAMWAYS DE CANNES, CIE. DES
FRANCE : 06 ALPES-MARITIMES. LYON.
Action de F100. blue, buff. #26500. No 345.
Formed 1898 to electrify, expand and
operate the tramway system in Cannes and
suburban towns, carrying passengers and
freight. In financial trouble from 1925 on,
and acquired by the town.
1 May 1908 VF-EF EUR 20
206 C.D.F. DE BERCK PLAGE A PARIS PLAGE
FRANCE : 62 PAS-DE-CALAIS. PARIS. Action
de F100. purple, buff. #6600. No 570. This
local railway linked the 2 sea resorts of
Berck-Plage and Paris-Plage (the latter
known today as Le Touquet-Paris-Plage). The
17km line gradually opened between 1909
and 1912 and closed in 1929.
15 May 1911 VF-EF EUR 30
207 AUTOMOBILES DELAHAYE (4 types)
FRANCE : PARIS. 1. Action Ordinaire de F115,
unissued. 2. Action Privilégiée de F115,
unissued. 3. Cert. Nom. Mixte d'Action
Privilégiée, unissued. 4. Action de F4000.
Delahaye is one of the great names in French
automobile history. Established in 1845, it
initially produced brick-making machinery,
later turning to stationary engines. It built
cars at Tours and Paris from 1894 to 1906,
then under this name in Paris until 1954.
The first Delahayes were very much on Benz
lines, with slow-running, rear-mounted
horizontal engines and belt transmission.
Delahaye took 6th place in the Paris-
Marseille-Paris race of 1896, but the firm
took little interest in competitions. They
were very interested in commercial vehicles,
which made their début in 1898, and
became steadily more important in later
years. In 1898 a range of car models was on
offer, and this widened with the introduction
of larger models. The company concentrated
on large, upmarket models, and by 1914
offered a range from 1,6 to 5,7 litre types, all
with conventional 4-cylinder engines.
After World War I the company produced
reliable but uninteresting cars until the early
1930s, when more modern techniques were
introduced. Exciting modern 6-cylinder
sports models appeared, and these scored
notable victories in the top European races
and rallies. Production finally ceased in 1954.
Exceptional set of Delahaye shares.
Various dates EF EUR 150
208 AUTOMOBILES ET D'AVIATION, SOC. FR.
FRANCE : 45 LOIRET. ORLEANS. Part
Bénéficiaire. green. No 1007. A marvelous
design of many different types of primitive
aircraft, at the top, and cars, at the bottom.
Also headlamps, drivers, etc. It appears that
by 1910 France had not decided on which
side of the road to drive! A most decorative
piece.
30 October 1910 EF EUR 50
209 ENGRENAGES CITROEN, S.A. DES
FRANCE : PARIS. Action Ordinaire de F100.
blue, buff. #15000. No 20679. Attractive
piece, with corner vignettes of different sets
of gears - the company products. Difficult to
find.
1 March 1913 VF EUR 100
210 ANDRE CITROEN S.A. (8 types)
FRANCE : PARIS. 1. Action B de F500, 1927. 2.
Dixième d'Obligation de F1000, 1936. 3. Bon
de Rompu, 1936. 4. Action de F70, 1975. 5.
Action de F75. 6. Action de F3500, cap.
4.270.000.000. 7. Same, cap. 6.405.000.000.
8. Action de 75 NF. A good Citroën
collection.
1927-1980s VF-EF EUR 200
211 LOUIS TRABET, S.A. DES ETS.
FRANCE : MONTREUIL-SOUS-BOIS. Action de
F100. brown, buff. #10000. No 6286. The
logo of a racing-car and steering-wheel is in
the border and the underprint.
1929 EF EUR 50
212 CHALUTIERS FECAMPOIS S.A., LES
FRANCE : PARIS. Action de F500. blue, green.
#4000. No 964. Underprint of a fishing
trawler.
15 June 1926 EF EUR 20
FRANCE – mining & oil
213 FIENNES, SOC. DE
FRANCE : 62 PAS-DE-CALAIS. BOULOGNE-
SUR-MER. Coupon de F1000 de l'Action de
F3000. black, buff. No 1510. Large central
tear, repaired with tape and some other
folds. Very early coal mine, founded 1837
with a capital of 1,8 million francs divided
into 600 shares of 3000 francs. Each share
was divided into 3 "coupons" of 1000 francs
each. Exploited mining concessions in Réty,
Hardinghen and Laborde (Boulonnais, Nord-
Pas-de-Calais). Taken over 1870 by the Co.
des Charb. de Réty, Ferques et Hardinghen.
Not seen before by us.
1838 F-VF EUR 200
214 MINES DE HOUILLE D'ENQUIN &
D'ENGUINEGATTE, CIE. DE LA MORINIE DES
FRANCE : 62 PAS-DE-CALAIS. ST. OMER.
Action Nominative de F1000. black. #3000.
No 659. Folds with stains. Formed St. Omer
(Nord) to mine coal at Enquin (today Enquin-
24
les-Mines) and Enguinette, in the Pas-de-
Calais, 12 miles southwest of St.Omer. Date
unknown, but paid a dividend in 1870. We
suppose the company worked the mine of
Fléchinelle, the only one in the Enquin area.
Although worked from 1858 to 1928, it was
never very profitable. Very decorative share,
with a fine border of flowers, and vignettes
of a mine, miners at work, and mining-tools.
1858? F-VF EUR 200
215 LA PENSYLVANIENNE - GABRIEL SALAVY
& CIE.
FRANCE : 13 BOUCHES-DU-RHONE.
MARSEILLE. Action de F500. black, pink. No
2325. Folds and some pin-holes. Formed
1864, in Marseille, for the import of the
newly-discovered oil from Pennsylvania.
The first U.S. oil arrived in Europe in 1861 in
London, and then the following year in
Marseille. At least 4 companies were formed
in MRS at this time for the new trade. This
was one of them, named after a song from
the American War of Independence, and
enjoyed by the French troops. The song
spelled the name with just one 'n', so this is
not a spelling error.
The company built a refinery on the chemin
de Ste-Marthe, quartier du Canet.
Unfortunate for the company, 1864 saw the
explosion of four storage tanks, caused by a
plumber's mistake, and the financial loss
seriously damaged the company. However, it
continued until 1867, when it was liquidated.
By this time the whole European oil import
trade, initially flourishing, was in difficulties.
Too much competition, from various
countries in the Mediterranean, and the
slowness of industry to adapt to the new
fuel, brought an end to many such
companies. Shows the coat-of-arms of
Marseille. Decorative border with oil pipes.
Certainly the oldest French (European?) oil
share we know of.
15 July 1864 VF EUR 100
216 MINES DE LA BASSE LOIRE, S.A. DES
FRANCE : 49 MAINE-ET-LOIRE.
MONTJEAN/PARIS. Obligation de F300.
black, buff. #6000. No 1982. Folds and a few
edge-splits. Coal concessions in Saint-
German-des-Prés and Saint-Georges-sur-
Loire. The company also manufactured lime
using coal as the fuel. The mine probably
closed in the early 1960s.
18 March 1874 VF EUR 50
217 HOUILLERES DE LA FERRIERE ET DES
ESSARTS, SOC. CIVILE DES
FRANCE : 85 VENDEE. PARIS. Part au Porteur.
black, olive. #2000. No 1754. Folds. Mines in
the Vendée, west France.
1877 VF-EF EUR 50
218 CARRIERES DE BARJAC ET DE SAINT-
PRIVAT, SOC. DES
FRANCE : 69 RHONE. LYON. Action de F500.
black. #1600. No 1600. Folds and a few edge-
splits (repaired). Stone quarries near Orange.
Not seen before by us.
9 February 1882 VF EUR 50
219 ARKOSES DE HAYBES, S.A. DES
FRANCE : 08 ARDENNES. BRUXELLES. Action
Ordinaire. blue. #2700. No 2362. Folds.
Company founded in Belgium but working a
slate quarry in Haybes, just across the border
in France in the department des Ardennes.
31 March 1882 EF EUR 30
220 HOUILLERES DE LA DORDOGNE, MINES
DE CHARBON DU LARDIN (2 types)
FRANCE : 24 DORDOGNE. GUERNSEY. 1. 5
Shares of 5/- Sterling, red & brown. 2. 20
Shares of 5/- Sterling, green & brown. The
mines were at Condat-Beauregard. Text in
English and French. Jugendstil/Art Nouveau
border of leaves. Company registered in
Guernsey - a very unusual feature. Was it an de Flandre is a suburb of Paris in the 19th
early tax-haven? arrondissement. Manufactured not only
6 March 1906 VF-EF EUR 100 paper, but also starch.
221 CARRIERES A PAVES & MACADAM DU 1845 VF EUR 50
PAS-DE-CALAIS S.A.
FRANCE : 62 PAS-DE-CALAIS. BRUXELLES.
Obligation de F500 4,5%, specimen. red,
buff. #475. Hole-cancelled. Folds. Est. 1899
in Brussels to operate a stone quarry in the
Pas-de-Calais for road construction.
Macadam (tarmac) is a type of road surface
invented by Scottish engineer John L.
McAdam around 1820.
1900 VF-EF EUR 10
222 MINES DE FER DE ST-REMY-SUR-ORNE
FRANCE : 14 CALVADOS. PARIS. Cert. de 8
Actions Nominatives. black. No 546. Folds.
Company founded 1877 and became a 225 CONSTRUCTION ET EXPLOITATION DE
limited company in 1923. Iron mine approx. MACHINES A DOUBLE MOTEUR
30km south of Caen. FRANCE : PARIS. Cert. prov. de 10 Actions de
17 June 1955 VF EUR 30 F500. black. No 6461-70. Thin paper, with
FRANCE - industry some edge damage, outside the printed part
of the share, and staining at several places.
Company founded to exploit the patents of
Mr. H. Gillard. It concerns a 'machine with
double engines'. We read in a contemporary
newspaper that this engine combines a
classic steam engine with the re-utilization of
the "expanded air", leading to a 40% power
increase. The first practical application for
such an engine was to be in locomotives. We
couldn't find any news on the success, or
failure, of the company and its innovative
engine. First time seen by us.
24 May 1846 F-VF EUR 100
223 PONT-REMY, SOC. POUR
L'EXPLOITATION D'UNE MANUFACTURE DE
TOILES A VOILES EN PHORMIUM TENAX, OU
LIN DE LA NOUVELLE ZELANDE
FRANCE : 80 SOMME. PARIS. Action de
F1000. black, buff. #1500. No 1275. Folds
with a few edge-splits (repaired). The
company, founded in 1838, manufactured
sails for ships, using phormium tenar, or
New Zealand linen. Also weaving by machine
of indigenous and foreign linen. Perhaps the 226 ECLAIRAGE PAR LE GAZ DES VILLES DE
earliest machine textile share we have MEAUX ET FONTAINEBLEAU, CIE. D'
seen. FRANCE : PARIS. Action de F300. black.
17 March 1838 VF EUR 200 #1325. No 709. Some staining at the right
half of the share. The company provided gas
light to the cities of Meaux (40km east of
Paris) and Fontainebleau (more to the
southeast of Paris). This company was part
of a larger scheme to provide gas light to
different French cities, organized by the
"administration centrale d'éclairage par le
gaz dans les départements". Not seen before
by us.
12 March 1846 VF EUR 150
227 GAZ GENERAL DE PARIS, SOC. DU
FRANCE : PARIS. Obligation de F300,
unissued. yellow, black. Large format, with
224 PAPETERIE ET FECULERIE DU PONT DE folds. Probably a printer proof. Company
FLANDRE SOC. formed 1855 to light the streets of Paris. The
FRANCE : PARIS. Action de F500. black. No company also sold "portable gas" to
270. Repaired lower right corner. The Pont households. We know of the 1886 shares of
25
this company, but the bond we offer is by far
the oldest scripophily of this firm we know
of. The lot comes with the names of all
investors in this bond issue.
1 July 1868 VF EUR 100
printing press (1882). Both names are
generally seen as among the most important
pioneers in solar energy worldwide.
The certificate we offer is signed as director
by Abel Pifre. It was issued at a time the
French government refused to further
sponsor the research by Mouchot and Pifre
as coal prices were dropping and hence
making solar energy an alternative they did
not need to examine any further. The two
men were clearly a century ahead of their
time. Issued to the Dreyfus brothers. Only
two pieces known to us.
25 January 1881 VF EUR 100
plant, at le Bourget (Seine). The shares were
sold mainly in Brittany. By the mid-1920s the
company was producing 15.000 tonnes of
iron and steel goods per year (primarily for
the local agricultural market - wheels for
carts and agricultural machinery,
horseshoes, etc.). The company's prosperity
is shown by the steadily increasing capital
and nominal value of the shares, as shown
by stamps on the share. An attractive share,
showing a beautiful lady blacksmith with her
tools, the company's works, arms of St.
Brieuc, etc. First time in our auctions.
1937 VF EUR 90
233 BUISINE S.A., ETS.
FRANCE : 59 NORD. LILLE. Action de F500.
blue, yellow, red. #800. No 949. Most
colourful share for this printing company,
whose original business was founded in
1676. Signed by Buisine, but presumably not
the original founder. Border of roses and the
arms of Lille.
1920 EF EUR 20

230 MACHINE "CALENDOLI", SA FRANCAISE

228 EMBRAYAGE ELECTRIQUE SOC.
FRANCE : PARIS. Action Nominative de F500.
black. #1000. No 157. Folds. The company
developed an electric coupling mechanism.
Early date for any electro-mechanical
equipment.
30 September 1865 VF EUR 50
229 UTILISATION DE LA CHALEUR SOLAIRE,
SOC. CENTRALE D'
FRANCE : PARIS. Cert. d'Inscription d'Actions
Nominatives F500. black. No 41. Folds. This
must be the earliest company we have seen
in the business of solar energy. Est. 1881.
The company used the patents of Abel Pifre
and Augustin Mouchot (1825-1912). The
latter was a French engineer known for his
work on solar energy. He started
experimenting with solar cooking in 1860. By
1866, Mouchot had developed the first
parabolic trough solar collector, which was
presented to emperor Napoleon III. He build
solar steam engines and in 1871, a solar
generator for the Tours library. During the
1878 World Exhibition he demonstrated,
together with his pupil, Abel Pifre, an engine
producing ice using concentrated solar heat.
Pifre (1852-1928) from his side went on to
develop, for instance, the first solar power
FRANCE : PARIS. Action de F500. green, red.
#4000. No 2504. Elegant Jugendstil/Art
nouveau border, and large vignette of the
Calendoli typesetting machine. Père
Calendoli, a Sicilian Dominican, invented a
machine far in advance of others in
existence. Although printing had made great
advances, type-setting was still done by
methods not far ahead of those of
234 BOIS IMPREGNES - UNION DE
Gutenberg. The new machine allowed the
PRODUCTEURS DU SUD-OUEST
composer to use all ten fingers at a time,
FRANCE : 40 LANDES. MEES/DAX. Part
instead of setting the characters one at a
Bénéficiaire. black, buff. No 68. Three
time. It was claimed that an operator could
different vignettes of wood processing.
set 50.000 characters in an hour, as
Mées is a village in the south-west of France.
compared with 3.000 for a skilled hand-
1 June 1922 EF EUR 50
setter, and 8.000 for the best existing
machine.
1 July 1902 VF-EF EUR 100
231 FORGES ET ACIERIES DES ARDENNES SA
FRANCE : 08 ARDENNES. CAMBRAI. Action de
Priorité de F100. blue, buff. No 1732.
Attractive share with coat-of-arms of the
double eagle and corner vignettes
representing the iron- and steelworks. Not
seen before by us.
11 December 1912 VF-EF EUR 30
235 PRODUITS CHIMIQUES DU MIDI, CIE.
FRANCE : 13 BOUCHES-DU-RHONE.
MARSEILLE. Cert. d'Actions Nominatives
d'Actions de F500. black on blue paper. No
252. Folds and a little edge-damage.
Company founded 1872 to make ammoniac
232 FORGES & LAMINOIRS DU BOURGET &
soda. The company remained active until at
DE BRETAGNE, SOC. DES
least 1916.
FRANCE : 22 COTES-DU-NORD. ST-BRIEUC.
1 June 1923 VF EUR 50
Action de F250. brown, green. #16000. No
236 LES CHARPENTIERS DE PARIS S.A.
11235. Pin-holes in the upper left corner,
FRANCE : PARIS. Cert. Nom. de Parts
folds and trimmed right border. Formed
d'Intérêt de F250, unissued. green. Probably
1908, in the Eure dept., to renovate a closed
a printer proof. Artistic vignettes of wood
steel-works, behind the station, at St. Brieuc,
workers (left) and metal workers (right).
by the owner of a similar works at Breteuil
19.. UNC EUR 30
(Eure). Later he brought in another similar

26
237 LAMPYRIS, S.A. DES
FRANCE : 06 ALPES-MARITIMES. NICE. Action
de F100. blue, black, red. #5000. No 3447.
Underprint of photo vignette of a machine-
tool. Stylized coat-of-arms of Nice.
1 July 1943 EF EUR 40
238 NOBEL FRANCAISE, SOC.
FRANCE : PARIS. Action de F2500, specimen.
green. #130000. Founded in Paris by Alfred
Nobel in 1875 as Société Générale pour la
fabrication des dynamites Nobel. After
acquiring the Société Générale de Dynamite,
the company was renamed as Soc. Nobel
française in 1927. Merged with Bozel-
Malétra in 1957 to form Nobel-Bozel. In
1886 this French Nobel company began
supplying explosives to Ferdinand de
Lesseps' Panama Canal Co.
Undated UNC EUR 50
FRANCE – food & drinks
239 CAFE TORTONI, A BORDEAUX
FRANCE : 33 GIRONDE. BORDEAUX. Action
de F1000. black. No 41. Folds with repaired
edge-tears. The café Tortoni in Paris was
founded at the beginning of the 19th century
by a Neapolitan named Velloni, who was
succeeded by Tortoni, another Italian,
renowned for his cooking. The café was at
the corner of the blvd des Italiens and the
rue Taitbout, and was greatly used by the
leading political and literary figures of the
day. The café disappeared about 1887.
However, it had opened branches in
Bordeaux, in 1827, and in 1858 in Buenos
Aires. The Bordeaux café was at the baths of
Quinconces, beside the bourse. We know
that the Buenos Aires café still exists, as a
famous tango club. This very rare share is of
the Bordeaux café. Probably unique.
6 August 1827 F-VF EUR 150
240 MINOTERIES REUNIES DU MIDI S.A.
FRANCE : 34 HERAULT. AGDE. Action de
F500. black, olive. #2400. No 1008. Folds.
Long format, with a fine border showing the
two grain mills owned by the company, both
in beautiful gardens. We see ploughing and
harvesting the wheat, an altar to the harvest
goddess Ceres, and a tower well-known in
Agde. Lovely share.
28 November 1881 VF EUR 200
241 AGRICOLE & SUCRIERE DE LESDINS &
OMISSY, S.A.
FRANCE : 02 AISNE. LESDINS. Action
Nominative d'une Action de 562Fr.948M.
blue, black. #1599. No 1940. Central fold.
The sugar company was founded in 1870
under Prussian occupation by the Lesdins
mayor, Charles Lemaire. Closed in 1923 due
to a regrouping of 14 sugar firms in the
region. Not seen before by us.
1889 VF-EF EUR 100
242 EAUX MINERALES DE PARDINA, SOC.
FRANCE : 13 BOUCHES-DU-RHONE.
MARSEILLE. 1 Part de Propriété & d'Intérêts
de F500. brown, buff, black. #1000. No 128.
A lovely piece, for a source of mineral water
near Corte, Corsica. The water was bottled,
and also served in a pavilion to visitors. We
see a beautiful girl pouring water. By her are
the arms of Corsica.
30 September 1889 EF EUR 60
243 LA BOULANGERE S.A.
FRANCE : PARIS. Action de F100. brown,
orange. #6000. No 2799. Fold. Formed Paris,
1908. Beautiful design in art
nouveau/Jugendstil, showing three lovely
topless ladies harvesting the wheat (not
normal, even in France!), and a mother with
her daughter, taking home the family bread.
Also Ceres (the Roman goddess of
agriculture) and Mercury, and a fine varied
border. We do not find any info on the
company, but it surely operated a chain of
bakeries (and doubtless patisseries) in Paris.
27
First time seen by us.
31 August 1906 EF EUR 300
244 GRANDE BRASSERIE COOP. DE LILLE S.A.
FRANCE : 59 NORD. LILLE. Certificat
d'Inscript.de 150 Actions Nom.F100. black.
#20000. No 41. Plain certificate, not seen
before by us. The brewery was founded in
1907 by Henri Jooris. Modernized in 1919
and renamed BCNF - Brasserie Centrale du
Nord de la France in the 1920s. The
cooperative became a limited company in
1945 and by 1957, the company produces
40% of all French beer. Became part of
Kronenbourg in 1983.
24 March 1923 EF EUR 30
245 PRODUITS ALIMENTAIRES DE
KEROMAN, SOC. DES
FRANCE : 56 MORBIHAN. LORIENT. Cert.
Définitif de 1000 Actions de F100. blue. No
96. Folds and a small edge-split. First time
we see scripophily from this company in
Brittany. As located in Keroman, with its
large fishing port, the company might be
part of the local fish industry.
9 April 1927 VF EUR 60
246 GRAPPERIES DE VALENCIENNES, S.A.
FRANCE : 59 NORD. VALENCIENNES. Cert. de
30 Actions Nominatives de F100. black on
pink paper. No 62. Several folds and slight
edge-damage. Company founded 1900. First
time we see scripophily from this wine
house.
2 May 1928 VF EUR 100
247 CHARCUTIERS DE FRANCE, SOC. COOP.
D'APPROVISIONNEMENT GENERAL
FRANCE : PARIS. Action de F500 Nominative.
pink, black. No 861. Many folds with several
splits (repaired). The border vignettes show
2 birds and a large piece of meat. A MARSEILLE. Action de F500. green, black. No brothers, famous inventors of the first
cooperative supplying butchers, est. 1893. 173232. The company's history goes back to successful balloon, continued to run the
Extremely rare. 1831 when a sugar company was founded in paper business after his father's death, and
2 January 1926 F-VF EUR 150 Roye. Taken over by Südzucker, Germany in his descendants in turn continued the
2001. Oldest share we have ever seen of this business. The share has a very fine large
company. engraving of the paper-mill in the mountains
30 June 1940 EF EUR 50 of the Massif Central. The nominal value of
5000 francs is unusually high. Hand-signed
by a Montgolfier family member.
5 January 1828 VF-EF EUR 250

255 MANEGE DUPHOT, SOC. DU

248 CAVE COOPERATIVE DE GAILLAC-SUR-
TARN
FRANCE : 81 TARN. CAHUZAC-SUR-VERE.
5,25% Obligation de F500. red, black. No 76.
Small edge-damage. Unusual vignette of a
mediaeval seal. Gaillac is near Toulouse. Not
seen before by us.
1 May 1932 VF EUR 70
249 INDUSTRIES AGRICOLES, CIE. NOUVELLE
FRANCE : PARIS. 6% Obligation de F500.
yellow, blue. #4000. No 3541. Large
underprint of a grain field being worked.
1934 EF EUR 20
250 RAFFINERIES DE SUCRE DE SAINT-
LOUIS, SOC. DES
FRANCE : 13 BOUCHES-DE-RHONE.
251 DISTILLERIE COOP. "LA MILLAVOISE"
FRANCE : 12 AVEYRON. MILLAU. Cert.
Nominatif d'une Part sociale de F20. brown,
pink. No 1204. Underprint of grapes.
15 May 1943 EF EUR 60
252 COOP. AGRICOLE D'APPROVISIONNE-
MENT DES BOUCHES-DU-RHONE
FRANCE : 13 BOUCHES-DU-RHONE.
MARSEILLE. Titre de 10 Parts Nominatives de
F100. brown, green. No 2408. Large
underprint of a map showing different farms
buildings, fields, etc.
12 July 1955 EF EUR 20
253 CO.FI.PAR - CIE. FINANCIERE DE
PARTICIPATIONS SUCRIERES
FRANCE : 13 BOUCHES-DU-RHONE.
MARSEILLE. Action de F150. green, buff.
#205142. No 155469. Modern share of a
well-known French sugar holding.
Undated EF EUR 30
FRANCE – various
254 MONTGOLFIER, BECHETOILLE, DURET &
CIE. - MANUFACTURE DE PAPIERS A TEILLY
FRANCE : 42 LOIRE. TEILLY. 6% Action
nominative de F5000. black on yellow paper.
No 106. The business was founded in Lyon in
1827 as a reorganisation of the Montgolfier
family paper-manufacture in the St. Etienne
region. That business was originally founded
in 1541. One of the two Montgolfier
FRANCE : PARIS. Action de F1000. black.
#100. No 89. Generally somewhat worn
condition with folds and pin-holes. A famous
Paris horse racing school, located at 12, rue
Duphot (Arr.1) between place Vendôme and
the Madeleine church. Est. by the Comte
Antoine d'Aure - a famous equestrian whose
ideas innovated horse-riding in the 19th
century. The manège hosted 24 horses and
had as main clients the aristocracy living in
the nearby Faubourg Saint-Martin. The riding
school closed out the outbreak of World War
I. Only 100 shares issued and never seen
before by us.
12 September 1835 F-VF EUR 200
256 BARON ET COMP.
FRANCE : PARIS. Coupon d'Action F250,
unissued. black. A little edge-damage with
some paper loss. Company formed 1836 in
Paris, to make daily deliveries of printed
matter in Paris (within the walls). The share
was to earn 5% interest per year, as well as
dividends. Small vignettes of a man making
the deliveries, and two naked ladies with
trumpets
1836 F-VF EUR 50
257 THERMES D'ENGHIEN, S.A. DES
FRANCE : 95 VAL-D'OISE. PARIS. Action de
F500. red, black, buff. #6000. No 1615. Folds
and minor edge-damage at the bottom
(outside the printed part of the shares).
Most attractive large format piece, with
eight vignettes of the town of Enghien and
its 'thermes'. Decorative border, and
underprint of arms of Enghien. Printer Chaix.
Enghien, north of Paris, has been a thermal
resort since 1776. There were 13 sources, of
which 9 were used to treat illnesses. The
water is cold, and with a heavy sulphur
content. It is used for baths and for drinking.

28
Benefits are for the respiratory, digestive
and blood-circulation systems. The company
operated a casino, theatre and opera-house.
Many of the 'thermes' pieces are very
attractive; this is surely one of the prettiest
of them.
10 July 1870 VF EUR 90
258 MARCHES AUX CHEVAUX ET AUX
FOURRAGES DE PARIS, S.A. DES
FRANCE : PARIS. Titre Provisoire d'une Action
de F500. black on blue paper. No 2677.
Formed to acquire the concession to build a
horse- and forage-market for Paris. The
market was in Paris XIXème, between blds
Serrurier and de Mexico, and rues
d'Hautpoul, Compans and de Bellevue. This
provisional share is new to us.
15 April 1875 EF EUR 100
259 THEATRE DES FOLIES-BERGERE, SOC. DU
- LEON SARI & CIE.
FRANCE : PARIS. Part de Capital de F500.
green, black. #3000. No 870. Pin-holes at the
left. Famous Paris cabaret music hall, est.
1869. The house was at the height of its
fame from the 1890s' Belle Époque through
the 1920s Années follies. Performers
included Josephine Baker, Charlie Chaplin,
Ella Fitzgerald, Edith Piaf, Frank Sinatra, Elton
John, Charles Trenet and many more. Still a
strong symbol of French and Parisian life
today. Very few Folies-Bergère pieces have
ever been seen and this issue, from the
company operating the venue from 1877
onwards is new to us. Sorry, gentlemen, but
not illustrated.
1877 VF EUR 500
260 PANORAMAS NATIONAUX, CIE. GEN.
FRANCE : PARIS. Bon de F100. black on blue
paper. #7500. No 2068. Folds. Alternative
name as indicated on the certificate is
Panoramas Marigny. The building, situated
near the junction of the Champs Elysées and
the Avenue Marigny, was originally built for
the display of a panorama, which opened in
1883. The panorama was converted to the
Théâtre Marigny in 1894 and become a
home to operetta and other musical theatre.
The panorama on display was built by
Charles Garnier. In 1885, it was replaced by
dioramas on Paris through the ages and on
Jerusalem on the day of the death of Christ.
The theatre is still operating today, and is
owned by François Pinault (Artemis Group).
27 October 1882 VF EUR 100
261 PANORAMA MARIGNY, S.A. DU
FRANCE : PARIS. Action de F500. black, buff.
#2600. No 265. Large water stain at the
center part of the share. Folds. See previous
lot. Successor company. Not seen before by
us.
15 July 1884 F-VF EUR 100
29
262 PALAIS DE CRISTAL FRANCAIS
FRANCE : PARIS. Part de Fondateur de
F2000. black. No 156. Central fold and
remains of old-style tape stuck on the front
left border (top and bottom, outside the
printed text).
This company had the ambition to build a
gigantic crystal palace in the park of St.
Cloud (following the 1851 London Crystal
Palace). Although we have seen sketches,
gravures and plans of the French Crystal
Palace, it seems there were insufficient
means to actually get beyond the planning
stage.
On the site, Saint Cloud, 10 km west of Paris,
stood until 1870 a Royal Palace (inhabited by
e.g. Marie Antoinette, Napoleon Bonaparte
and Napoleon III). During the French-
Prussian war, the German army occupied the
castle and used its high position to bombard
Paris. The Royal Castle was destroyed by
French counter fire. After that, the site
became a park (Domaine nationale de Saint-
Cloud), which it still is today. First time we
see an issued share of this company. The lot
includes several letters regarding the share
issue.
27 October 1882 VF EUR 200
263 JEU DE PAUME, SOC. CIVILE DU
FRANCE : 64 PYR.-ATLANTIQUES. PAU. 1
Action de F250 Nominative. buff, black. No
40. Folds and a few small stains. The game
"Paume" has been played for 1000 years,
initially bare-handed or with a leather glove,
but later with rackets, and is the ancestor of
tennis, fistball, pelota, etc. It was very
popular in Paris; it 1397 play was forbidden
except for Sundays, as workers abandoned
their work and families to play. Being French,
the ban was ignored. By 1657, 114 salles
were counted in Paris alone. The château of
Versailles had one, which, in 1789, was the
scene of a very important event in the
French Revolution, when the various estates
agreed to unite for a constitution. It was an
Olympic Sport in 1908, London. Today the
game is played in 35 countries and it has the
oldest ongoing annual world championship
in sport, first established over 250 years ago.
We offer a previously unseen share form a
Paume club located in Pau, capital of the
Pyrénées-Atlantiques département.
1 March 1888 VF EUR 200

264 TROTTING-CLUB DE PARIS S.A.
FRANCE : PARIS. Part de F1000 Nominative.
brown. No 27. Several folds and a little edge-
damage on the left border (not in the
printed part of the share). Formed 1889.
Trotting is a popular form of racing in France,
and one vignette shows a trotting-horse. The
others show the horses being led. Rare
theme for a French piece. Only 30 shares
issued and this share has not been seen
before by us.
9 March 1889 VF EUR 200
265 BAINS LILLOIS, S.A. DES - ECOLE DE
NATATION A EAU CHAUDE D'HIVER & D'ETE
FRANCE : 59 NORD. LILLE. Action de F500.
brown, green. #300. No 79. Decorative
border, with the arms of Lille. The baths
were probably on the Blvd de la Liberté,
no.219.
June 1890 VF EUR 40
266 PARIS-FRANCE S.A.
FRANCE : PARIS. Action "A" de F500, printer
proof. brown, yellow. #240000. One fold.
Company formed in 1898 to establish a shop
in Paris to sell clothing and novelties for
ladies, gentlemen and children, luxury and
fantasy goods, specialties of Paris, travel
goods, furnishings, food products, etc. all in
a high-quality range. It also sold similar
goods wholesale. Later it established many
branches in provincial cities throughout
France, under different names (e.g. Trois
Quartiers, Dames de France), and had an
interest in other shops of a similar quality.
The company finally closed down in the late
1980s.
The design of this shares is by Alphonse
Mucha (1860-1939), the well-known Czech
artist. His career is closely linked with that of Unusual, extremely rare and pretty piece.
Sarah Bernkardt, the great French actress. 31 January 1905 VF-EF EUR 200
Bernhardt gave Mucha contracts for posters,
costumes, calendars and menus, and his
fame spread. He became a leader of the
sinuous flowery style, known as Art
Nouveau, or Jugendstil, using fine and
delicate colours. He showed a great variety
of ideas and a vivid imagination, and could
adapt these to a very wide range of
commercial work, including a small number
of share certificates. This share design shows
5 women symbolizing commerce, industry,
farming and science.
Unlike the more common issued bonds of
this company, we offer here a scarce printer
proof share in excellent condition and
without any stamps spoiling the beauty of
the piece.
1924 EF EUR 500
270 ACADEMIE DE BILLARD LYONNAISE, S.A.
267 IMMOBILIERE SALONAISE, SOC.
FRANCE : 69 RHONE. LYON. Action de F100.
FRANCE : SALON. Action de F250. brown,
black. #440. No 56. Central fold. Long format brown, green. #1000. No 826. Decorative
pretty piece, with fine houses in Salon, and border of rosettes, and underprint of 4
very amusing little angels at various pictures of people playing billiards. Unusual
activities. Was it Salon (Aube) or Salon theme, and rare piece.
(Dordogne)? 1 December 1902 EF EUR 200
24 May 1894 VF EUR 60
271 J. JOUCLA, PLAQUES, PELLICULES &
PAPIERS PHOTOGRAPHIQUES
FRANCE : PARIS. Action de F100. olive, black.
#15000. No 5148. Central fold. Cut to
bottom border. Very attractive piece with
Jugendstil-elements and vignettes of
photographical material, two ladies and the
268 PALAIS-SPORT S.A.
portrait of Daguerre. Louis Daguerre (1789-
FRANCE : PARIS. 1 Part de Fondateur. pink,
1851) invented the diorama in 1822.
black. #5000. No 4554. Decorative border.
Together with Nicéphore Niepce, he was one
The company operated a cycling track on the
of the big photo-pioneers. This company
Rue de Berri. Also sold bicycles and
produced amongst others photo plates and
organized horse races. According to a
photographic paper.
contemporary poster, cycling was the main
10 January 1902 VF EUR 100
activity.
2 January 1895 EF EUR 120
269 CIMETIERE POUR CHIENS ET AUTRES
ANIMAUX DOMESTIQUES, SOC. FR.
FRANCE : PARIS. Part de Fondateur. green,
black. No 213. Folds. The only pets' cemetery
share we have ever seen! Vignettes of dogs
looking unhappy (as they would do in the
circumstances), and the cemetery gates.
30
272 VELO-CLUB-MACONNAIS
FRANCE : 71 SAONE-ET-LOIRE. MACON. Part
de Fondateur. black. No 52. Small format,
with folds. A cycling club founded 1889 but
issuing this founder share in 1907. Mâcon is
a city in central France, in the region of
Bourgogne.
1 February 1907 VF EUR 50
273 GALERIES DES MARTYRS S.A., SOC.
NOUVELLE DES
FRANCE : PARIS. Action de F100, specimen.
purple, yellow. #5000. Folds. Fine
Jugendstil/Art Nouveau border of leaves,
but, much better, a view of the company's
shop, on the rue des Martyrs, selling ladies'
clothing, dress materials, perfume, and
everything else to delight a lady.
19.. VF EUR 300
274 LE CYGNE DES LYS, ASSOCATION EN
PARTICIPATION POUR L'EXPLOITATION DES
PRODUITS
FRANCE : PARIS. Part Bénéficiaire. red. #250.
No 16. Folds and one small edge-tear outside
the printed part of the share. Formed Paris,
probably about 1910, with a most attractive
art nouveau/Jugendstil design, of swans,
swimming on lily-ponds, with Mercury and a
beautiful and elegant lady, with an elaborate
border of stylized flowers, typical of the
period. The name is not directly connected
with the ballet, which was created in the
1870s, but is clearly intended to give an
image of beauty and elegance. This suggests
to us that the company sold perfume or
similar, from its Paris shop, in an elegant
quarter, near the Bourse.
31 May 1911 VF EUR 100
275 PALACE-HOTEL ET DE L'EDEN-CASINO
DE MIERS-ALVIGNAC, S.A. DU
FRANCE : 46 LOT. PARIS. Action de F100.
brown, orange. #3000. No 70. This area has
been very popular with tourists for its
limestone caves, especially the famous
Gouffre de Padirac or Padirac Cave.
31 January 1913 EF EUR 50
276 ETUDES DE LA VALLEE DE
CHAUDEFOUR, SOC. D' - MONTS
D'AUVERGNE MASSIF DU SANCY
FRANCE : 63 PUY DE DOME. PARIS. Action de
F100. blue, green. No 1264. The valley is at
1.200 metres in the Puy-de-Dome, Massif
Central, and is very attractive for hikers and
lovers of unspoiled nature. This company
was formed to commercialize the two
mineral springs, one hot (a volcanic region)
and one cold. The piece has 8 photo-
vignettes of scenes in the valley, set in a
border of mountains and pine-trees. Lovely
piece, not seen before by us.
1907 VF EUR 200
277 ATTRACTIONS DE LA RUE EDOUARD-VII
FRANCE : PARIS. Action de F1000. blue. #150.
No 27. This theatre was constructed in 1913
and is still operational today.
16 March 1916 EF EUR 30
278 COLLEGE DE NORMANDIE, S.A. DU
FRANCE : 76 SEINE-MARITIME. MONT-
CAUVAIRE. Action de Priorité de F1000.
brown, green, black. #185. No 7. School
located near Rouen.
November 1921 VF-EF EUR 50
279 TOULOUSE VIGIE-PUBLICITE S.A.
FRANCE : 31 HAUTE-GARONNE. TOULOUSE.
31
Action de F500. orange, black. #260. No 12.
Vignette of coat-of-arms of Toulouse and of
an advertising kiosk. Small issue.
6 August 1922 EF EUR 50
280 LA RUCHE MERIDIONALE S.A.
D'ALIMENTATION
FRANCE : 47 LOT-ET-GARONNE. AGEN.
Action de F100. green, olive. #80000. No
76733. Folds. A regional distribution group,
founded in 1907 in, and based in, Agen (Lot-
et-Garonne). Quoted on the bourse from
1918. The group was bought in 1989 by the
Compagnie française de l'Afrique occidentale
(CFAO), One year later François Pinault
bought CFAO, and sold La Ruche méridionale
to the Casino group, for 3 billion francs. At
that time, La Ruche méridionale had 15
hypermarkets L'Univers, over 100
supermarkets Sodim et several hundred
superettes La Ruche. The last hypermarket
L'Univers disappeared in 1997 at Agen, to
take the name Casino. An attractive piece,
with vignettes and borders of bees, bee-
hives, a lady with grain giving pollen, grapes
and more, and a view of what we suppose
was the company's distribution centre in
Agen.
2 May 1932 VF-EF EUR 120
See also lots 5, 12, 13, 25, 26, 38, 39, 40, 41,
42, 43, 44, 45, 48, 50, 51, 53, 62, 64, 65, 77,
78, 79, 82, 83, 84, 86, 87, 95, 106, 113, 122,
130, 173, 174, 329, 330, 344, 349, 363, 365,
416, 475, 476, 479, 496, 515, 566, 567, 573,
578, 579, 591, 598, 599, 600, 611, 612, 621,
622, 638, 651.
GERMANY
281 SUCRERIE DE MEINAU S.A.
GERMANY/FRANCE : 67 BAS-RHIN.
STRASBOURG. Action Nominative de F5000.
black, buff. No 84. Folds with two small,
repaired, splits. Large format share with a
very large vignette of the sugar-factory,
surrounded by gardens. Pretty border,
showing sugar-beet plants, farm-tools,
ploughing and sugar-manufacture.
The sucrerie was at Meinau, now part of the
city of Strasbourg (a little south of the
centre), but at that time was well outside the
city. The share was for F5.000, a very high
value in 1839, and it is likely that very few
shares were issued.
In the 17th and 18th centuries the European
powers met the demand for sugar from their
vast sugar-cane plantations in their tropical
colonies. The Napoleonic wars made it
difficult to import sugar into France, and it
became very expensive. The French looked
for another source of sugar - something that
grew easily in France. The white beet was
the answer to the problem, and was grown
extensively during the war, not only in
France but elsewhere in Europe. After 1815
there were attempts to give the trade back
to the tropical countries, but beet-
production was such a fine source of supply
that it continued to expand, and became a
permanent feature of the agriculture of the
northern half of Europe. At the date of this
share, beet-sugar was produced by crushing
the beets and boiling them in water. The
juice mixed with the water, was drained off,
and the beet residue used as fuel, animal-
food or fertilizer. The juice was refined and
purified by adding dissolved chalk, blood and
egg-white; the mixture was boiled, the
impurities came to the surface, and were
scraped off. Finally the boiling liquid
crystallized out as pure sugar.
The company remained active until at least
1843. Extremely early and rare sugar share
(we know of 3 pieces ever been found).
1839 VF EUR 2.000
282 LÖWENBRAUEREI VORM. PETER
OVERBEECK, A.-G.
GERMANY : DORTMUND. Actie über 1000
Mark. brown, olive. No 21. Folds. Decorative
border and a lion in underprint. Originally
founded in 1845 in Dortmund. Taken over by
the Dortmunder Unionsbrauerei in 1920.
8 January 1887 VF EUR 90
283 BURBACH, GEWERKSCHAFT
GERMANY : SACHSEN-ANHALT.
MAGDEBURG. Kuxschein. green. #1000. No
596. Large format, central fold, one small
edge-tear (repaired). Owned the potassium
mines in the villages Walbeck, Schwanefeld,
Behndorf and Bartelsleben, near Magdeburg.
20 July 1896 VF EUR 50
284 AG FÜR TREBERTROCKNUNG IN CASSEL
GERMANY : HESSEN. CASSEL. Actie von 1000
Mark. green, brown, black. No 9072. Folds
and small piece of paper missing of the
lower right corner (outside the printed part
of the certificate). Formed 1889. Had various
patents and machinery for processing the
residue left for brewing beer, which became
cattle-food. The company paid out very high
dividends, but was inefficiently managed and
this led to its collapse in 1901. Its main
creditor, the Leipziger Bank, was brought
down with the Trebertrocknung Company.
8 February 1898 VF EUR 150
285 VERSICHERUNGSGES. THURINGIA IN
ERFURT
GERMANY : STUTTGART. Versicherungs-
schein. black. No. 207444. Central fold. 6-
page fire insurance policy with vignette of an
eagle.
13 January 1920 VF EUR 10
286 SCHIFFSWERFTE UND MASCHINEN-
FABRIK (vorm. Janssen & Schmilinsky) AG
GERMANY : HAMBURG. Aktie über 1000
32
Mark. brown, green, black. No 23438. Folds.
Est. 1888 to take over the 1858 founded
Firm Janssen & Schmilinsky. This was a
Hamburg-based shipbuilding company.
Taken over by the Howaldtswerken in 1929.
November 1921 VF EUR 20
287 WILHELM KATHE A.-G.
GERMANY : SACHSEN-ANHALT. HALLE
A.D.SAALE. Aktie über 1000 Mark.
multicolour. No 18460. Repaired bottom left
corner with the original paper being replaced
- all outside the printed part of the share.
The business started in 1921, with the
objective of creation and manufacture of
pharmaceuticals, and related products. In
1922 it amalgamated with another company,
Th. Franz & Co., in the pharmaceuticals and
food-products trade, and formed this
company. 1923 brought Käthe participation
in the formation of 'Chemischen Fabrik
Passendorf A.G.' in Halle, and other similar
investments followed. However, by 1925 the
company had serious financial difficulties,
and went into liquidation. The factory was
sold to a Netherlands company. One of the
most colourful and attractive of all German
shares, with a great red arch surrounded by
surrealist shapes in yellow and green.
22 December 1922 VF EUR 100
288 FREISTAAT BAYERN
GERMANY : BAYERN. MÜNCHEN. 3,50%
Schuldverschreibung über 5.000M. Serie E.
orange, green, black. No 8504. Folds and one
small edge-tear. Ornate border and
underprint.
1 December 1922 VF EUR 20
289 GERMAN PROVINCIAL & COMMUNAL
BANKS CONS. AGRICULTURAL LOAN
GERMANY : MASSACHUSETTS. BOSTON.
6,5% Sec. Sink. Fund Gold Bond of $1000.
Serie A. brown, black. No 5996. Vignette of a
lovely lady, with wheat, fruit, beehive. Loan
raised in Boston, instead of the usual New
York. The loan of $25 million was raised
jointly by 14 regional banks, for varying
amounts; Ostpreussen had the largest share.
Facsimile signature for each bank, and seal
of each. Coupons 33-60 attached.
1 June 1928 VF EUR 100

290 GERMAN GOV. INTERN. LOAN (2 types)
GERMANY : BERLIN. brown, buff, black. 1.
Bond for 100 Belgas. 2. Bond for 1000
Belgas. Text in German, English, French.
Bonds (5,5%) issued 1930 as part of the
'Young Plan' for settlement of German loans
in arrears, being issued at 90% of the face
value of the bonds they replaced. By the
1953 agreement, the German Government
agreed to repay all Young bonds (and the
earlier Dawes bonds), other than those
stolen by the Soviets at the end of WW2.
15 August 1930 VF EUR 60
291 HAMBURG-AMERIKANISCHE PACKET-
FAHRT-AG (HAPAG)
GERMANY : HAMBURG. Aktie über 100 RM.
blue, buff, black. No 422580. A few pin-
holes. Founded in 1847, as the Hamburg-
Amerikanische Packetfahrt-AG. In the early
part of the century the company had 74
regular routes, spanning the whole world.
World War I brought the company enormous
losses. In the 1920s took over the
Woermann, Deutsch-Ost-Afrika, Austral-
Kosmos, and the Deutsch-Levant lines. After
working together since 1930, amalgamation
in 1970 with Norddeutsche Lloyd (founded
1857), to give today's Hapag-Lloyd AG. The
Hamburg-Amerika line was one of the prime
operators of luxury liners across the North
Atlantic before 1939.
July 1932 VF EUR 100
292 REICHSSTAND DES DEUTSCHEN
HANDWERKS
GERMANY : BERLIN. Obligation 200 RM.
green, black. Large format, folds with a few
tiny edge-splits. To increase his grip on the
German population, Hitler successfully tried
to make as many as possible citizens
member of one of the many Nazi-inspired
organizations. One of these was the
"Reichsstand des Deutschen Handwerks",
founded 1 October 1933 as the successor of
the "Reichsverbandes des Deutschen
Handwerks".
This organisation united the German
handworkers so that they could be better
controlled and directed towards the
production targets set by Hitler. With this
bond, the Reichsstand raised money from its
members to finance the purchase of shares
worth 10 Million Reichsmark in the A.G.
Hermann Göring. This A.G. was in effect a
Nazi-controlled conglomerate of iron ore
mining and metallurgical plants founded on
15 July 1937. The result of the share
purchase would of course be that a) the
handworkers would be more motivated to
work hard, not only because they surely
wanted the bonds to be repaid, but also
because "their" organisation would own (a
lot of) shares in the factories they work in,
and b) the Nazi regime has extra money
coming in…
1 September 1938 VF EUR 50
See also lots 16, 317, 318, 328, 329, 382,
402, 570.
33
G.D. LUXEMBOURG
293 SOCIETE DU LUXEMBOURG
G.D.LUXEMBOURG : BRUXELLES. Quittance
Provisoire de Fl.1000 d'une action. black. No
537.
Co. founded 1828 with a capital of 10 million
florins (2000 shares of 5000 florins each).
We offer here a payment receipt of 1000
florins as third (of five) instalment for a
nominative share. Issued to Mr Charles Félix
Schouten from Leuven/Louvain.
According to the company rules (as printed
on the certificate), the purpose of the
company was to explore mines, quarries in
the G.D. de Luxembourg and Namur
(Belgium), but also to construct blast
furnaces, forges, etc. Finally, the company
was also to build roads, bridges and canals to
transport its products.
In practice, the company started the
construction of a 300 km canal between the
rivers Meuse and Mosel, crossing much of
the Grand Duché. This was a project heavily
supported by the Dutch King Willem I (at
that time also King in Belgium and
Luxembourg), hence the King, with 400
shares (and the Belgian Société Générale)
was a major shareholders in this company.
The uncertain political situation following
the Belgian Revolution (1830) led to the
works being halted (August 1831). The
company closed all activities in 1839. Before
that, the company prospectors had
discovered several interesting mining
deposits in the area: coal, salt, manganese,
lead, antimony and copper ore, perhaps
even silver.
Extremely early & important piece of
history for the collector of scripophily from
Luxembourg as this company can be
considered as the starting point of the
country's industrialization.
22 September 1829 EF EUR 300
294 C.D.F. GUILLAUME-LUXEMBOURG, S.A.
ROYALE GRAND'DUCALE DES
G.D.LUXEMBOURG : Action de F500. black,
buff. #50000. No 37261. Company formed in
1857 (as Luxembourg's first railway) to build
4 concessions granted by the government of
the Grand-Duchy. The lines each started
from Luxembourg City and went to the
French border (Thionville), the Belgian
border (Arlon), the Prussian border (Trier)
and to Diekirch, all in all 159 km. Once built,
the company made a deal with the French
Co. des chemins de fer de l'Est for the latter
to operate the lines. In 1902, the company
sold its ownership of the lines to the
Kaiserliche Generaldirektion der
Eisenbahnen in Elsaß-Lothringen. Very rare.
1859 EF EUR 150
295 C.D.F. GUILLAUME-LUXEMBOURG, S.A.
ROYALE GRAND'DUCALE DES
G.D.LUXEMBOURG : LUXEMBOURG. Action
de F500. black, buff. #70000. No 19959. See
previous lot, but this is a second issue during
the same year, bringing the capital from 25
to 50 million francs. The 50 million consists
of 35 million of shares (of 500 francs each)
and of 15 million in bonds.
1856 EF EUR 100
296 C.D.F. GUILLAUME-LUXEMBOURG, S.A.
ROYALE GRAND'DUCALE DES
G.D.LUXEMBOURG : Obligation de F500.
brown, olive. #11600. No 71341. See 2
previous lots, but this a later bond issue.
Central fold and some edge-tears (repaired).
1865 VF EUR 100
297 C.D.F. GUILLAUME-LUXEMBOURG, S.A.
ROYALE GRAND'DUCALE DES
G.D.LUXEMBOURG : Action de Jouissance,
unissued. red. Probably a printer proof. We
have never seen this profit share issued.
Generally somewhat worn condition.
1903 VF EUR 100
298 C.D.F. PRINCE HENRI, CO. ROYALE
GRAND-DUCALE
G.D.LUXEMBOURG : LUXEMBOURG. Action
de Capital de F250. black, buff. #50000. No
8831. Very decorative border, with several
small views of Luxembourg, and arms. The 300 C.D.F. PRINCE HENRI, CO. ROYALE
company was controlled by the Société des GRAND-DUCALE
Chemins de Fer des Bassins Houilliers du G.D.LUXEMBOURG : LUXEMBOURG. Action
Hainaut. The company operated 5 secondary de Jouissance, unissued. brown, olive.
railway lines: Ettelbruck-Wasserbillig, Serious damage at right border with fold,
Ettelbruck-Pétange-Lamadelaine-French splits and paper missing.
border, Bettembourg-Athus, Bettembourg- 1873 F EUR 50
Remich, and Remich-Oetrange. After WWII,
these lines were integrated in the Société
nationale des chemins de fer
luxembourgeois. The 'Soc. Prince Henri' was
liquidated in 1948.
10 November 1873 EF EUR 70
301 LUXEMBURGER SEKUNDÄRBAHNEN AG
G.D.LUXEMBOURG : LUXEMBURG. Actie von
F500. brown, green, black. #4000. No 1621.
Formed in 1882 to build and operate lines
Luxembourg-Mondorf-Remich and Cruchten-
Larochette (total 41km). Text in German &
French. The concession was originally, in
1880, given to the Schweizerische Locomotif-
und Maschinenfabrik, of Winterthur, and
included rights to exploit iron-ore deposits in
the area. Signed by E. Lengsdorf and J.J.
Schaeppi, directors of the Locomotif
company. Extremely rare. Folds and a few
tiny edge-tears.
17 February 1882 VF EUR 200
302 C.D.F. & MINIERES PRINCE-HENRI, S.A.
LUXEMBOURGEOISE DES
G.D.LUXEMBOURG : LUXEMBOURG. Action
de F500. brown, yellow. #75000. No 33349.
299 C.D.F. PRINCE HENRI, CO. ROYALE Central fold. Arms of the Grand-Duchy, also
GRAND-DUCALE Echternach, Esch-sur-Alzette, Diekirch and
G.D.LUXEMBOURG : LUXEMBOURG. Action Wiltz, and mining equipment. Formed in
de Capital de F250, unissued. black. #50000. 1877 to exploit the concession of the Société
Some foxing. Royale Grand-Ducale des Chemins de fer du
10 November 1873 VF EUR 50 Prince-Henri (controlled by Sté des Chemins
de fer des Bassins Houillers d'Hainaut). Rail
network, connecting the coal and iron-ore
mines - 193km long.
1 February 1913 VF EUR 100
303 HAUTS-FOURNEAUX DE DIFFERDANGE
G.D.LUXEMBOURG : DIFFERDANGE. Action
de F500. red, green. #18000. No 12257.
Baron Alexandre de Gerlache, who owned a
château and mining concessions at
Differdange, south of Luxembourg, formed
this company. The first blast-furnace started
producing in 1897. In 1898 the state granted
two mining concessions to the company, at
Rumelange and Differdange. Acquired by
ARBED in 1967. Signed facsimile by Baron de
Gerlache. Rare piece.
20 September 1898 VF EUR 150
34
 308 HAUTS FOURNEAUX ET ACIERIES DE
RUMELANGE-SAINT INGBERT, S.A. DES
G.D.LUXEMBOURG : RUMELANGE. Action de
F500, unissued. olive, orange. #15000. See
previous lot, but this is scarce unissued
share, perhaps a printer proof.
15 June 1906 VF EUR 150

306 UNION DES ACIERIES S.A. - ACIERIES DE

CHARLEROI ET LUXEMBOURG
G.D.LUXEMBOURG : HAINAUT. MARCINELLE.
Action de F500. green, buff. #6000. No 5157.
Folds. Est. 1887 as the Aciéries de Charleroi.
Co-founder in 1898 of the Aciéries et Ateliers
de Luxembourg. Extremely rare share with
underprint of a lion.
18 January 1906 VF EUR 100

309 ACIERIES REUNIES DE BURBACH-EICH-

DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : DUDELANGE. Part
Sociale. yellow, black. No 8211. Folds and
slight edge-damage. Several vignettes of the
Arbed works in the south of Luxembourg,
and views of the pouring and rolling
processes. Arbed was formed in 1882, under
304 USINES ET FONDERIES DE RODANGE the name Hauts-Fourneaux et Forges de
S.A. (2 types) Dudelange, and in 1911 took this name, after
G.D.LUXEMBOURG : RODANGE. 1. Part de fusion with S.A. des Mines du Luxembourg et
Fondateur, red. 2. Action de Capital de F100, Forges de Sarrebruck, and the Soc. des
307 HAUTS FOURNEAUX ET ACIERIES DE Forges d'Eich. After fusion, the capital was
green. Founded 1899 by, amongst others,
RUMELANGE-SAINT INGBERT, S.A. DES reorganised into 89.300 parts sociales. Very
the S.A. des Hauts-Fourneaux de Rodange
G.D.LUXEMBOURG : RUMELANGE. Action de few of these first-issue shares have survived
with a capital of 2 million francs. Taken over
F500. olive, orange. #15000. No 6545. The so this piece is rare and of historical
in 1908 by the Usine de Rodange. Closed
company owned blast-furnaces and steel- importance.
1978.
works, which later became part of the giant 1 March 1912 VF EUR 200
1899 EF EUR 60
Arbed combine. Stamps on the face. Like all
of the pre-Arbed companies, this has
become difficult to find. Formed 1905 to
amalgamate the blast-furnaces of
Rumelange, property of S.A. des Mines et
Hauts Fourneaux de Differdange, with those
of St.Ingbert, belonging to the Sté Eisenwerk
Kraemer. Liquidated 1921. Coupons taped
on the right border of the share.
15 June 1906 VF EUR 100

305 ACIERIES ET ATELIERS DE LUXEMBOURG

G.D.LUXEMBOURG : LUXEMBOURG. Action 310 ACIERIES REUNIES DE BURBACH-EICH-
de F500. pink, green. #3000. No 68. Formed DUDELANGE S.A. (ARBED)
1898. Owned factories at Hollerich, G.D.LUXEMBOURG : LUXEMBOURG. Part
Luxembourg. Liquidated 1904; the assets, Sociale. yellow, black. #100000. No 97124.
with the Marcinelle plant of the Société des See previous lot. This piece is from the 1919
Aciéries de Charleroi, formed the Union des capital increase. Heavy folds and a few pin-
Aciéries à Marcinelle, in 1905. Closed 1978. holes.
1 February 1899 EF EUR 50 1 December 1919 VF EUR 150

35
 313 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. brown, black, yellow. #250000. No
44725. Large vignette of a steelworks. High-
quality printing by Waterlow, London. See
previous lots. Arbed is today part of the
ArcelorMittal, currently the world's biggest
steel manufacturer. Not to be confused with
the similar looking, but of much smaller
format, later issues.
1946 VF EUR 400
311 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. yellow, black. #156000. No 137470.
See previous lots. This piece is from the
capital increase of 1922. Several edge-tears
(repaired).
1 August 1922 VF EUR 150
314 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale, specimen. brown, yellow, black.
#250000. A Waterlow specimen, in excellent
condition.
1952 EF EUR 200
312 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. yellow, black. #200000. No 179575.
See previous lots. This piece is from the
following capital increase.
1 August 1924 VF-EF EUR 150
315 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. brown, black, yellow. #1500000. No
532883. Same design as previous two lots,
but of later date and much smaller format.
The company capital at this point, 1963,
amounted to 5 billion francs. Printed by
Oldenburg in Munich.
1963 EF EUR 50
316 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. brown, black, yellow. #1800000. No
1646163. See previous lot, but a new issue,
bringing the capital to 6 billion francs.
1966 EF EUR 50
36
317 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. brown, buff, black. No 1128562. See
previous 2 lots, but by now, the company
capital has risen to 18,2 billion francs.
1984 EF EUR 50
318 ACIERIES REUNIES DE BURBACH-EICH-
DUDELANGE S.A. (ARBED)
G.D.LUXEMBOURG : LUXEMBOURG. 10 Parts
Sociales. brown, buff, black. No 12227081-
90. See previous 3 lots, but this is a 10-share
certificate. The company capital in 1994 was
+21 billion francs.
1994 VF-EF EUR 70
319 LUXEMBURGER PULFERFABRIKEN AG
G.D.LUXEMBOURG : KOCKELSCHEUER. Part
Sociale. brown, buff. #6000. No 4739.
Formed in 1906 to manufacture all types of
powder and explosives. The main clients
were doubtless the mining companies. The
works was at Kockelscheuer-lez-
Luxembourg, and was one of the first
industrial undertakings in the country to
become a S.A. Border of flowers. Extremely
rare.
1 September 1913 VF EUR 200
320 HAUTS-FOURNEAUX ET ACIERIES DE
STEINFORT, S.A. DES
G.D.LUXEMBOURG : STEINFORT. Action de
F500, specimen. blue, green. #20000. Folds.
The company, with steelworks on the
Luxembourg/Belgian border, was formed
originally in 1912, to take over the forge
business of J.Collart & Cie.
The Collart family operated forges at
Steinfort since the beginning of the 19th
century, or even earlier. The Collarts, of the
Château de Dommeldange, stayed on the
board of directors. This company came
under the control of the Sté Metallurgique
de la Loire, in 1919. In 1921 the shares were
passed to the S.A. d'Athus-Guvignés. This
merged with the S.A. des Acieries d'Angleur
et des Charbonnages Belges to form the S.A.
d'Angleur Athus. In this way it became part
of Cockerill until it Steinfort operations
closed in 1964.
18 July 1916 VF EUR 100
321 METALLURGIQUE DES TERRES ROUGES
G.D.LUXEMBOURG : LUXEMBOURG. 5%
Obligation de F500, specimen. brown, buff,
black. #200000. Folds and punch-holes.
Founded 1919 with Luxemburg, Belgian and
French capital to take over the Luxemburg-
and Aachen-based factories and mines of the
Rhein-Elbe-Gelsenkirchener Bergwerks A.G.
The first President was Eugène Schneider of
the French Schneider conglomerate, but also
ARBED was an important shareholder and
merged into the latter in 1937.
4 December 1919 VF EUR 200
322 HAUTS-FOURNEAUX ET ACIERIES DE
DIFFERDANGE ST.INGBERT-RUMELANGE
G.D.LUXEMBOURG : LUXEMBOURG. Action
de F1000. purple, black. #110000. No 73362.
Generally somewhat worn condition.
Company formed in 1920 to take over the
assets in Luxembourg, Lorraine & Saarland of
the Deutsch-Luxemburgische Bergwerks-
und Hütten-A.G. and the Société de
Rumelange-St.Ingbert. Became part of Arbed
in 1967.
16 February 1920 F-VF EUR 20
323 HAUTS-FOURNEAUX ET ACIERIES DE
DIFFERDANGE ST.INGBERT-RUMELANGE
G.D.LUXEMBOURG : LUXEMBOURG. 5%
Obligation de F500. green, orange, black.
#160000. No 56973. See previous lot, but
this is a bond, part of an 80 million francs
loan.
2 July 1920 VF-EF EUR 100
324 HAUTS-FOURNEAUX ET ACIERIES DE
DIFFERDANGE ST.INGBERT RUMELANGE
G.D.LUXEMBOURG : LUXEMBOURG. Action.
purple, black. #220000. No 111422. See
previous lots. This is a later share issue, with
a capital of 1,1 billion francs (in 1920: 110
million francs).
3 June 1957 VF EUR 100
325 FONDERIE NILLES S.A.
G.D.LUXEMBOURG : LINTGEN. Obligation
Nominative de F500. brown, olive. #155. No
109. Only 155 issued. This company
manufactured cookers, stoves and other
37
enameled goods. Border vignettes of
hammers and other metal-working tools.
The factory was at Lintgen, route de Mersch.
Issued to Aug. Nilles, one of the founders of
the firm and signed by him.
16 May 1923 EF EUR 50
326 FONDERIE DE LUXEMBOURG S.A.
G.D.LUXEMBOURG : WEIMERSKIRCH. Action
de F500. blue, orange. #642. No 207. Formed
1925 to acquire an existing smelter at Eich-
lès-Luxembourg. Company liquidated in
1999. Faintly stained but otherwise in good
condition.
26 April 1926 VF EUR 50
327 EMAILUX S.A.
G.D.LUXEMBOURG : LINTGEN. Action de
F1000. orange, yellow. #1250. No 829. Pretty
piece, with vignettes of tools. This company
was the successor to Fonderie Nilles and
manufactured cookers, stoves and other
enameled goods. With border vignettes of
hammers and other metal-working tools.
The factory was at Lintgen, route de Mersch
and the Co. had a shop in Luxembourg City.
19 February 1924 EF EUR 50
328 RHEINELBE UNION DEUTSCH-LUXEMB.
BERGWERKS-UND HÜTTEN A.G.
G.D.LUXEMBOURG : GELSENKIRCHEN. 7%
Mortgage Gold Bond of $1000. orange,
black. No 4914. The Rheinelbe Union
regrouped the Gelsenkirchener Bergwerks-
A.G., the Deutsch-Luxemburgische
Bergwerks-und-Hütten-A.G. and the
Bochumer Verein für Bergbau und
Gußstahlfabrikation. In 1926, it issued this
$25 Mio. loan in New York. The Deutsch-
Luxemburgischen A.G. was founded in 1901
to take over the Differdinger Hochofen
A.G./S.A. des Hauts Fourneaux de
Differdange and the Bochumer Zeche
Dannenbaum AG. Allegorical vignette of 3
miners. Printed by American Bank Note Co.
Uncancelled.
1 January 1926 VF-EF EUR 200
329 INTERMINES S.A., SOC. D'INTERETS
MINIERS EN EUROPE CENTRALE
G.D.LUXEMBOURG : LUXEMBOURG. Action
de Capital de F100. blue, green. No 6598.
The company owned the entire share capital
of the Sächsisch-Böhmische Zinnbergbau AG,
of Bad Elster (Sachsen). Share expressed in
French francs.
15 April 1931 EF EUR 20
330 MINIERE ET METALLURGIQUE DE
RODANGE S.A.
G.D.LUXEMBOURG : RODANGE. Action
Privilégiée de F1000. red, yellow, black.
#100000. No 5877. The company owned 7
coal-mines, not only in Luxembourg but in
Saulnes and Hussigny (France), and Athus
and Aubange (Belgium), and also blast-
furnaces, steelworks and rolling-mills in the
Rodange area.
1 October 1936 VF EUR 50
331 SOFIMINES, SOCIETE FINANIERE DES
MINES S.A. HOLDING
G.D.LUXEMBOURG : LUXEMBOURG. Part
Sociale. red, black. #32000. No 6850.
Holdings in various mining companies,
especially Portuguese.
1952 EF EUR 20
332 HAUTS-FOURNEAUX ET ACIERIES DE
STEINFORT, S.A. DES (3 types)
G.D.LUXEMBOURG : STEINFORT. 1. 4,75%
Obligation de F1000, 1950, brown-red. 2.
Action, 1955. 3. 4,75% Obligation de F1000,
1956, blue. See lot 320. The capital and
interest on these bonds were guaranteed by
S.A. John Cockerill.
1950-1956 EF EUR 300
333 COMICHIM S.A., CIE. POUR L'INDUSTRIE
MINIERE ET CHIMIQUE
G.D.LUXEMBOURG : LUXEMBOURG. Action
de F1000. green, yellow, black. #60000. No
54438. Formed to participate in companies
in the fields of metals, minerals, mineral and
chemical products. Printed in Brussels.
1960 EF EUR 20
334 SOFICOMIN S.A. HOLDING
G.D.LUXEMBOURG : LUXEMBOURG. Action
de F1000. red. #30000. No 1898. Founded
1968 as Société financière pour le commerce
et l'industrie.
28 February 1969 VF-EF EUR 20
335 METALLURGIQUE ET MINIERE DE
RODANGE-ATHUS S.A. (2 types)
G.D.LUXEMBOURG : RODANGE. 1. 10 Actions
Ordinaires, 1973. 2. Action, 1975. 1945 saw a
fusion of the S.A. Angleur-Athus with S.A.
John Cockerill. In 1973 Cockerill ceded its
Athus division to Métallurgique et Minière
de Rodange and the name was changed to
Métallurgique et Minière de Rodange-Athus.
In 1978 Arbed becomes a major shareholder.
1973, 1975 UNC EUR 30
See also lot 166.
GREAT BRITAIN
336 EXCHEQUER LOAN
GREAT BRITAIN : 8% Bearer Bond for £5.
black. No 91199. Two small pin-holes and
folds. Embossed seal.
Loan issued by Act of Parliament in the VIII
year of Reign of King William III (in the
Netherlands known as King William of
Orange), being 1697. This was at the end of
the Nine Years' War, also known as the War
of the League of Augsburg between France
and a European-wide coalition led by William
III. The Treaty of Ryswick (20 September
1697) ended the War. The bond specifies the
38
proceeds of the loan were for "the service of
the war".
Hand signed by Sir Robert Howard (1626-
1698) as Secretary to the Treasury and
auditor of the Exchequer. He helped to bring
William of Orange to the throne and as
instrumental in establishing the newly
founded Bank of England while continuing
his work on currency reform which led to the
great re-coinage of 1696 "giving England the
strongest currency in Europe as quoted on
the financial market in Antwerp". On reverse
also signed by Josiah Diston (1667-1737),
director of the Bank of England and its
deputy governor (1721-3). He was also
director of the East India Co. Also signed by
Joseph Morewood, a noted merchant in
London. A very early, scarce and interesting
English government bond.
25 June 1697 VF EUR 1.500
337 GRAND SURREY CANAL
GREAT BRITAIN : LONDON. Transfer of 4
Shares - a transaction of £460. black on
vellum. No 518. Folds. Est. by an Act of
Parliament on 21 May 1801 with the power
to raise £60,000 by issuing shares, and an
additional £30,000 if required. The Grand
Surrey canal was constructed in south
London between 1801 and 1826, starting at
the Thames. Its main purpose was to bring
transport cargo, primarily timber to the
Surrey Commercial Docks. It closed
progressively from the 1940s to the 1970s.
First time we see scripophily from this canal
company.
31 October 1812 VF-EF EUR 200
338 LONDON AND MANCHESTER
EQUITABLE LOAN CO.
GREAT BRITAIN : Cert. of 5 Shares. black. No
391-95. This bank was founded with a capital
of £500,000 and was considered one of
many bubble companies founded just before
the Panic of 1825 - leading amongst others
to the closing of 6 London banks and 60
country banks in England.
12 February 1825 EF EUR 200

339 ALLIANCE BRITISH & FOREIGN LIFE &
FIRE ASSURANCE CO.
GREAT BRITAIN : LONDON. Transfer
indenture of 40 Shares. black. Folds and one
repaired tear. With this certificate, Lionel
Rothschild purchases from Richard Holbert
Smales 40 shares of the Alliance British and
Foreign Life and Fire Assurance Co. It cost
him £300. Both buyer and seller signed, but
in case of the purchaser, another member of
the Rothschild family signed for Lionel
Rothschild. The company was formed in
London in 1824 by Nathan Rothschild and
Moses Montefiore. The company is now part
of the Royal & Sun Alliance Insurance Group.
11 January 1832 VF EUR 200
340 WEY & ARUN JUNCTION CANAL CO.
GREAT BRITAIN : SURREY. GUILDFORD. 1
Share. black. No 897. Formed in 1813 to
build a canal linking the river Wey (a
tributary of the Thames) to the river Arun
(which flows into the English Channel), giving
a short route from the Thames to the
Channel. The canal exists today, for pleasure
use only. Fine large printed seal of the
company, with coats-of-arms, and red wax
wafer seal, in good condition. One of the
most attractive of English canal pieces.
17 December 1831 EF EUR 100
341 HULL AND SELBY RAILWAY CO. (2 types)
GREAT BRITAIN : 1. Cert. of £12.10 Share,
black. 2. Cert. of £25 or half Share, blue.
Arms of the two towns. Left side trimmed
into print, as usual for these certs. The line
opened in 1840, connecting Hull with the
Leeds and Selby Railway. Leased to George
Hudson's York and North Midland Railway in
1845 and taken over by the North Eastern
Railway in 1854.
1845 VF EUR 80
342 STOCKTON & DARLINGTON RAILWAY
GREAT BRITAIN : Debenture, unissued. black.
Fold. Famous pioneer railway company. This
bond was previously unknown to us, issued
or unissued. The proceeds were to be used
to alter the railway line in the parishes of
Egglescliffe and Stockton-on-Tees and to
increase the capital, and to invest in the
Middleborough Dock.
1852 VF-EF EUR 200
343 PONTYPRIDD GAS LIGHT AND COKE CO.
GREAT BRITAIN : WALES. PONTYPRIDD.
Share of £10. black on blue paper. No 408.
39
Lovely vignette of company seal showing the
factory and the landscape of South Wales.
Founded 1850 and taken over by the
Pontypridd Gas Co. in 1893.
12 April 1852 VF-EF EUR 50
344 OMNIBUS DE LONDRES, CIE. GENERALE
GREAT BRITAIN : PARIS. Action de F100=£4,
unissued. Serie 1. blue, black. #200000. The
company was formed in Paris in 1851, but
became an English company in 1856. It
bought out most of the other London bus
businesses, and drove another competitor
off the road. The share is splendid, with a
wide border of the best-known sights of
London, all named, and the British arms in
the underprint. The border showing the
sights reminds us of the paper of Omnibus
de Paris, formed at the same time. The less
decorative shares of the English company
are better-known. At its height the English
company owned 1300 vehicles and 17,000
horses, and carried 96.000.000 passengers
per year. A magnificent piece important to
the history of London public transport.
Scarce printer proof (no issued pieces are
known to us).
1855 VF-EF EUR 500
345 LONDON BRIDGE RAILWAYS TERMINUS
HOTEL CO. LTD
GREAT BRITAIN : LONDON. Share of £5.
black. #20000. No 5811. Fine vignette of the
hotel and street-scene. The hotel is no
longer there.
1 February 1860 VF-EF EUR 50

346 YNISARWED RESOLVEN COLLIERY CO.
GREAT BRITAIN : Share of £25. black. #2000.
No 1505. Folds. Vignette of a coal cart. This
Welsh coalmine was already working in the
1840s. This company was founded in 1867
and remained in business until 1875.
Reopened by Ynysarwed Colliery Co. in 1906
and final closure in 1955.
1 May 1873 VF-EF EUR 50
347 BEACONSFIELD CLUB
GREAT BRITAIN : LONDON. Debenture of
£100. black. #300. No 4. A London
gentlemen's club, est. 1880 and disbanded
circa 1887-8. The club was formally linked to
the Conservative party. Named in honour of
Benjamin Disraeli, 1st Earl of Beaconsfield.
April 1883 EF EUR 40
348 LEGAL & COMMERCIAL INSURANCE
CO., LTD.
GREAT BRITAIN : LEEDS. Cert. of 10 Shares of
£1. black. No 41. Folds. First time we see
scripophily from this insurance company.
The company capital amounted to £250,000.
Located in Park Row, Leeds.
29 April 1908 VF EUR 20
349 CONTINENTAL AND COLONIAL
EXPLOSIVES LTD
GREAT BRITAIN : LONDON. 5 Shares of £1.
brown, black. No 6331. Large format with
fold. Text in English and French. Printed in
Paris. Production facilities for explosives in
the London area, but also in Lisbon, Portugal.
First time we offer scripophily from this
company.
27 March 1912 EF EUR 100
350 SNOWDOWN COLLIERY, LTD
GREAT BRITAIN : Founders' Share of 1
Shilling. green. No 697. Folds. Attractive
vignette of a coal mine (above ground). Est.
1908 with a capital of £251,250 and
liquidated 1925. The mine was in Kent, 9
miles from Dover. After approx. 10 years,
about half a million ton of coal had been
won.
3 July 1913 VF EUR 30
351 YORKSHIRE INSURANCE CO. LTD.
GREAT BRITAIN : Fire Policy. black, green. No
2649450. Large underprint (in green) of the
magnificent York cathedral.
15 February 1922 EF EUR 10
352 NORTHOLT PARK RACECOURSE LTD.
GREAT BRITAIN : Cert. of 50 Ordinary Shares
of £1. red. No 54. The racecourse opened in
1929 as the national centre for a new type of
horse racing - pony racing, or trotting. The
1,5 mile racecourse, located on the west side
of London, was the brainchild of Sir William
Bass and Viscount Lascelles. The Empire Cup
was run here each year and was televised
from 1938 onwards. The racecourse was
requisitioned for military use during World
War II. Soon afterwards, the complex was
demolished to make way for housing. Its
seating was re-erected at Brands Hatch
motor racing circuit in 1955. First time in our
auctions.
16 November 1927 EF EUR 20
353 DAILY MAIL TRUST, LTD
GREAT BRITAIN : Cert. of 6 Ordinary Shares
of £1. blue, green. No 27443. The Daily Mail
newspaper was launched in 1896 by Harold
and Alfred Harmsworth as a mid-market
national newspaper. It was incorporated in
1922 and became first listed on the London
Stock exchange in 1932 - the year this
certificate is issued. Today, the Daily Mail
and General Trust plc. is one of Europe's
largest media conglomerates with interests
in national and regional newspapers,
television and radio. The company also has
extensive activities outside the UK. Its
flagship product, the Daily Mail newspaper,
sells more than 2 million copies per issue,
giving it the 12th highest circulation of any
newspaper in the world. First time we see
scripophily of this company.
25 November 1932 VF EUR 200
40
354 WAR LOAN
GREAT BRITAIN : LONDON. 3,5% Bond of
£100. Serie B. brown, black. No 286252.
Printed seal of "The Lords Commissioners of
his Majesty's Treasury' and printed signature
of N.V. Warren Fisher who signed the Bank
of England Banknotes at that time.
In 1917, to finance the cost of WWI, the
British government floated a huge bond
issue, the so-called 5% War Loan. It was
scheduled for repayment in 1947, although it
could be prepaid any time after June 1, 1929.
By 1932, due to the Depression, government
revenues were low. Just the interest on this
single bond issue absorbed 40% of all the
money collected from income tax. In late
1931 there was a run on the pound. Soon
after, the Bank of England injected immense
amounts of liquidity into the banking system.
As a result, interest rates for loans fell to 2%.
In June 1932 Chancellor of the Exchequer
Neville Chamberlain announced a conversion
offer for the entire 5% Loan into this new
issue without any specific maturity (so in
effect a perpetual bond) - it was announced
as a matter of patriotic duty. In the end 98%
of the War Loan holders accepted the
conversion. The bond we offer is cancelled.
1 December 1932 EF EUR 150
355 STROUDWATER NAVIGATION
GREAT BRITAIN : Share. black on blue paper.
No 22. Folds. Pen-cancelled. The
Stroudwater Navigation is a canal linking
Stroud to the Severn Estuary in England and
Wales. It was authorised in 1776 and opened
in 1779. The company continued to pay
dividends until 1922, and was not finally
abandoned until 1954. The Company of
Proprietors however, was not disbanded,
and the canal company continued to
generate income for many years through the
sale of water and some monies produced by
property holdings. In 2001, the Cotswold
Canals Partnership was established, amongst
others representing the shareholders in the
original company.
16 March 1949 VF EUR 50
356 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO.
GREAT BRITAIN : LONDON. £11 of Deferred
Stock. black. No 77606. Best known as P&O.
Its routes go back to 1822 when Brodie
McGhie Willcox, a London ship broker, set up
a shipping line between England and Spain
and Portugal. In 1837, the then-called
Peninsular Steam Navigation Co. won a
contract to deliver mail to the Iberian
Peninsula, and in 1840 they acquired a
contract to deliver mail to Alexandria, Egypt.
The present company, Peninsular and
Oriental Steam Navigation Co. was
incorporated in that year by Royal Charter.
Mail contracts were the basis of P&O's
prosperity until WWII. The company also
became a major commercial shipping line
and passenger liner operator. Through
several acquisitions, its fleet reached a peak
of almost 500 ships in the mid 1920s. After
1945, the passenger market declined to India
but boomed to Australia. In 1972 P&O
absorbed the British-India Steam Navigation
Co. In 1987 they took over the European
Ferries Group Plc and renamed the company
P&O European Ferries. In 2006, P&O was
taken over by Dubai Ports World for £3.9
billion, however, the P&O brand has been
retained. Scripophily of P&O is extremely
rare.
27 November 1951 VF EUR 100
records that in his time the tailings were
being worked over, and Pausanias speaks of
the mines as a thing of the past. The ancient
workings, consisting of shafts and galleries
for excavating the ore, and washing tables
for concentrating the ore, may still be seen
at many locations. There were well
engineered tanks and reservoirs to collect
rainwater for washing the ore since
abundant supplies from streams or rivers
was impossible at the site. The mines were
reworked in the 19th and early 20th century
by two French and Greek companies, but
mainly for lead, manganese and cadmium.
Extremely rare share of a truly important
mine.
22 March 1898 VF-EF EUR 350
361 BUDAPEST-NEUPEST-RAKOSPALOTAER
ELEKTRISCHE STRASSENBAHN AG (2 types)
HUNGARY : BUDAPEST. 1. Actie über 200
Kronen, 1917. 2. Genuss-Schein, 1929.
Founded 1894 to operate a 42km tramway
network.
1917+1929 VF EUR 50
362 DR. JUST GLÜHLAMPEN UND
ELECTRICITAETS FABRIK AG
HUNGARY : BUDAPEST. 25 Aktien zu je 200
Kronen. yellow, black. No 1493401-25. Left
border shows some small edge-tears. Est.
1921 to manufacture light bulbs. Text in
Hungarian, French, German and English.
October 1923 VF EUR 20
See also lots 98, 99 and K&K Monarchy.
ITALY

359 ROYAUME DE GRECE - EMPRUNT 1920 363 CEDOLA DI CREDITO

GREECE : 5% Obligation de 5 Drachmes. Serie
B. brown. No 61077. Folds. Text in Greek
only. The total loan amounted to 1,5 million
Drachmes. Coat-of-arms of Greece.
1920 VF EUR 10
ITALY : black on blue paper. Per ducati 50.
Issued in accordance with the Royal Edict of
24 August 1806 (Kingdom of Naples under
Napoleonic occupation). Signed by the
Minister of Finance. Pen-cancelled.
1807 VF EUR 50

357 BARROW-IN-FURNESS ASSOCIATION

FOOTBALL CLUB
GREAT BRITAIN : BARROW-IN-FURNESS. 1
Share of 10 Shilling. black. #16000. No 2027.
The club was founded in 1901, and has in the
past been in the top leagues on English
football. These days it plays at a lower level.
Barrow is an industrial town in the north of 360 TITAN, S.A. DE CIMENTS
Lancashire, northwest England. GREECE : ATHENES. 10 Actions de Drs.100,
9 September 1965 EF EUR 50 unissued. brown, black. Folds. Text in Greek
See also lots 16, 22, 27, 67, 88, 89, 90, 92, and French. Lovely share with 5 different
93, 94, 96, 101, 175, 176, 201, 220, 395, 402, vignettes of industrial buildings. This cement
469, 555, 556, 565, 568, 571, 581, 582, 584, factory was est. 1902 in Elefsina and became
595, 597, 601, 609, 622, 624, 660. a limited company in 1911. Today, Titan
GREECE Cement Company is active in 13 countries
358 MINES DU LAURIUM, CIE. FRANCAISE and employs over 5000 people. Not seen
GREECE : PARIS. Cert. d'Inscription de Part de before by us.
Fondateur. pink, black. No 18624. Large 7 December 1935 VF-EF EUR 50
format, folds. HUNGARY
Laurion lies on the coast, east of Athens.
After the battle of Marathon, Themistocles
persuaded the Athenians to devote the
anticipated revenue derived from a major
silver vein strike in the mines of Laurion circa
483 BC to expanding the Athenian fleet to
200 triremes, and thus laid the foundation of
the Athenian naval power. Towards the end
of the 5th century, the output fell, but the
mines continued to be worked ; Strabo

41
364 BANQUE DU TAVOLIERE DE FOGGIA
ITALY : NAPLES. 3,5% Obligation de 500
Ducats=F2200. black. #6000. No 1247. Folds
and a little staining. Text in French. Long
format, thin paper. The bank was formed in
1834 with 2 series of shares. The first series
was reserved for citizens of the Kingdom of
the Two Sicilies, but the second series was
converted to obligations for sale to
foreigners. The bank was formed, apparently
with a loan from François van Aken of
Brussels (probably connected with the Gent
textile family of this name), to supply funds
for the 'censitaires' of Naples to pay their
'cens' to the state. These were apparently
landowners, with a tax to pay. Interest on
the bond was payable in Naples, Paris or
Antwerp (from Joseph Le Grelle). Early date.
25 April 1835 VF EUR 100
365 MINIERE DE BORGO-FRANCO, CIE.
ITALY : BRUXELLES. Action de F100. blue,
olive. #10000. No 1068. Folds, one small
edge-tear (repaired) and a little wear.
Attractive border with vignette of the mine
buildings and the surroundings. Co. founded
1901 in Belgium with a capital of 1 million
francs. Mined for silver-lead, copper,
bismuth and arsenic in Borgofranco d'Ivrea,
Province of Turin. Not seen before by us.
1901 VF EUR 100
366 MINES DE GROTTACALDA S.A.
ITALY : PARIS. Part Bénéficiaire. green, black.
No 3082. Vignette of 4 miners at work. A
sulphur mine in Sicilia (province of Enna)
with a history going back to the 17th
century. Production ended in the 1970s.
18 November 1912 VF EUR 20
367 COMMERCIO DELL'INDICATORE
STRADALE ED AFFINI, SOC. PER IL
ITALY : TORINO. 1 Azione da L.100. pink,
black. #1000. No 109. Folds with two
repaired splits. Vignette of piece of
equipment as manufactured by the
company, probably for the car industry. We
believe they made street signs, and perhaps
also street lights (the first electric traffic light
was developed in 1912 in the U.S.). Founded
1913 with a capital of 100.000 Lire (so only
1000 shares, including certificates of 5
shares - see next lot). Not seen before by us.
30 June 1913 VF EUR 60
368 COMMERCIO DELL'INDICATORE
STRADALE ED AFFINI, SOC. PER IL
ITALY : TORINO. 5 Azioni da L.100. green,
black. No 731-35. See previous lot, similar
condition.
30 June 1913 VF EUR 80
369 DEBITO PUBBLICO DEL REGNO D'ITALIA
ITALY : ROMA. Bond of 1000 Lire 5%. blue,
green. No 260853. Portrait of King Vittorio
Emanuele I.
20 September 1935 EF EUR 20
370 REPUBBLICA ITALIANA DIREZIONE
GENERALE DEL DEBITO PUBBLICO
ITALY : ROMA. Titolo de 5000 Lire. green. No
34341. Vignette of the Italian Parliament
building.
1977 EF EUR 10
See also lot 171.
AUSTRO-HUNGARIAN
MONARCHY
371 PESTER ZUCKERFABRIKS VEREIN
k.k.MONARCHIE : PEST. Ganze Actie über
Gulden 1000. grey, black. No 31. Folds. Large
format, with text in Hungarian and German.
Separate coupon sheet with one coupon cut.
Very early date - according to our records no
earlier sugar share has ever been seen from
the Austro-Hungarian Empire. The company
was formed in Budapest on 1 August 1844
with a capital of 300.000 Gulden. It was set
up by major Hungarian landowners, often
nobility. Through the company’s refinery,
they could process their sugar beet
production into sugar. Not seen before by
us.
1 July 1845 VF-EF EUR 1.500
372 BUDA STRASSEN-EISENBAHN-GES.
k.k.MONARCHIE : BUDAN. Actie über 200
Gulden O.W. green, grey. No 882. Budai
42
közuti-vaspalya-tarsasag (=Public Railway
Society of Buda). Text in Hungarian and
German. Fold and four cancellation holes.
Decorative border. 4-page document plus
coupon sheet (first 2 coupons cut). Operated
a very early horse-drawn tramway line in
Buda (the western part of Budapest): from
Lanchid to Zugliget. Merged in 1878 with its
Pest counterpart to form the Budapestei
Közuti Vaspalya Tarsasag (Royal Budapest
Iron Road Co.). Not seen before by us.
11 December 1868 VF-EF EUR 900
373 GROSS-PRIESEN-WERNSTADT-AUSCHA,
LOCALBAHN
k.k.MONARCHIE : WIEN. Stamm-Actie über
200 Gulden OE.W. green, black. #2500. No
542. Central fold. Founded 1889 and active
until at least 1917.
21 February 1890 EF EUR 110
374 LAIBACH-STEIN, LOCALBAHN
k.k.MONARCHIE : WIEN. 4% Schuldver-
schreibung über 200 Gulden Ö.W. green,
black. #2500. No 3. Serie 574.Line opened in
1890.
12 July 1893 EF EUR 120
375 HAUTS-FOURNEAUX, MINES ET FORETS
EN CROATIE, S.A. DE
k.k.MONARCHIE : BRUXELLES. Action de
F500. green, pink, black. #5000. No 1501.
Central fold and small stain. Large format.
Owned mines (iron, copper), forests and
blast furnaces in Beslinac (Croatia) and the
surrounding villages.
22 March 1900 VF EUR 20
376 FREISTÄDTER STAHL- UND EISENWERKE
k.k.MONARCHIE : FREISTADT I. SCHL. Aktie
über 200 Kronen. purple, black. No 14867.
Central fold. Successor company of the
Robert Pollak firm in Teschen/Cieszyn at the
Polish/Czech border. Built parts for the car
industry. Taken over by
Mannesmannröhren-Werke in 1921 and
liquidated 1924.
1 December 1907 VF-EF EUR 80
 379 LA COMPAGNIE HOLLANDAISE DES
INDES OCCIDENTALES - VOC
NETHERLANDS : Etat des Fonds. black. Dutch
East India Co. (VOC). Table printed in Paris
indicating the VOC company capital, annual
dividends/share price evolution from
1679/1723 until 1774.
1774 VF EUR 50
uitgestelde Schuld van Fl.500. olive, black.
No 1926. Folds with repaired edge-tears.
Formed in 1869 to build a line Boxtel-
Gennep-frontier at Goch-Büderich. Taken
over by Staatspoorwegen in 1919, and by
the Deutsche Reichsbahn in 1925. Rare type.
16 June 1891 VF EUR 70

377 ÖSTERREICHISCHE AG DER HOTELS UND

KURANSTALTEN ABBAZIA
k.k.MONARCHIE : AUSTRIA. WIEN.
Stammaktie 400 Kr. Serie B. blue, black. No
17555. Operated an elegant Adriatic Sea 380 GROOT-BOEK DER NATIONALE SCHULD
resort in Abbazia, popular with wealthy NETHERLANDS : AMSTERDAM. 2,5%
Austrian visitors. It was known as the Certificaat van 800 Gulden. black. No 1676.
Austrian Riviera. Abbazia is now Opatija, Folds. Certificate representing 800 florins of
Croatia. Dutch Government debt. Issued by a
1 November 1910 EF EUR 70 consortium of banks led by Ketwich en
See also Austria, Czechoslovakia, Hungary, Voombergh en Wed. Willem Borski.
Poland,… 383 NEDERLANDSCHE CENTRAAL-SPOOR-
1 January 1827 VF EUR 100
WEG MAATSCHAPPIJ
MONACO
NETHERLANDS : UTRECHT. Schuldbekentenis
groot Fl.250. Serie 4. yellow, black. No 6997.
Folds and one small edge-tear, repaired.
Unusually attractive Dutch railroad share
printed in Utrecht. Shows the cities of
Utrecht and Zwolle, shipping scenes, train, a
windmill and much more. Bond issued by the
Ned. Centraal-Spoorweg Mij. This company
was founded in 1860 to build and exploit the
Utrecht-Amersfoort-Zwolle-Kampen line as
well as some secondary connections. Since
1885, the Nede. Rhijnspoorweg-Mij. controls
the company. Nationalised in 1919. The
prettiest Dutch railroad certificate we have
378 GRAND HOTEL MONTE CARLO, LTD. ever seen. First time in our auctions.
MONACO : MONTE CARLO. Cert. of 50 shares 1 July 1894 VF EUR 80
of £1. red, black. No 310. Generally worn 384 ZUID-AMERIKA LIJN
certificate with many folds and slight edge- NETHERLANDS : AMSTERDAM. Oprichters-
damage. The Monte Carlo Grand Hotel is still Aandeel. black. No 18. Founders’ share of a
today a splendid hotel located between the shipping company established to connect
Grand Casino and the Mediterranean Sea. 381 VEREENIGDE RHEDERIJ the Netherlands with the South American
Not seen before by us. NETHERLANDS : AMSTERDAM. Aandeel east coast. Taken over by the Kon.
19 April 1898 F-VF EUR 50 Fl.1000 Nederl. Cour. black. #300. No 206. Hollandsche Lloyd in 1908 which in 1981
See also lot 122. became part of Nedlloyd.
Generally worn condition. An 8 page (partly
THE NETHERLANDS bounded) share certificate of a company that 13 July 1899 EF EUR 20
owned 3 sea-going ships (Henriette & Henri,
Edams Welvaren and de Nederlanden). The
main destination was the Dutch colony of
Suriname. Dividend notes on the last page
until 1866. A very early Dutch shipping
share. Only 300 shares issued.
27 February 1830 F-VF EUR 400
382 NOORDBRABANTSCH-DUITSCHE
SPOORWEG-MAATSCHAPPIJ
NETHERLANDS : ROTTERDAM. Bewijs van

43
385 NEDERLANDSCHE TRUST-MIJ. VOOR
GOUD- EN ANDERE MIJNWAARDEN
"WILHELMINA"
NETHERLANDS : AMSTERDAM. Cert. Prov.
d'Action de F12=Frs25=M.20=£1. black. No
3155. Text in French, but company name
also in Dutch. The company was formed to
invest in gold-mining and other mining
securities. While the share has been seen
before, this provisional certificate is new to
us.
2 November 1902 VF-EF EUR 50
386 ZEEVISSCHERIJ MIJ. "HORIZON"
NETHERLANDS : 's-GRAVENHAGE. Aandeel
Fl.500. green, buff, yellow. No 23. Folds.
Attractive vignette of a sail ship at sea, also
company flag. A beautiful Dutch fishing
share.
1 October 1918 VF-EF EUR 90
387 ZEEUWSCH-VLAAMSCHE TRAMWEGMIJ
NETHERLANDS : TERNEUZEN. Aandeel van
500 Gulden, unissued. green, buff, red.
#3000. No 2421. Founded 1911 and survived
until 1978 as a provider of public transport in
central and eastern Zeeuws-Vlaanderen. The
company operated several tramlines until
1949 after which it made the switch to
buses. Crossed the border to Zelzate and
Moerbeke.
2 March 1921 UNC EUR 20
388 VEREENIGDE NEDERLANDSCHE
ZWITSERSCHE CHOCOLADEFABRIEKEN N.V.
NETHERLANDS : WEESP. Aandeel Fl.1000.
Serie A. brown. #970. No 242. Text also
partly in German. The chocolate producer
operated in Weesp (Noord-Holland). The city
still holds an annual 'Chocolate Festival' in
November. The company, then known as
'Van Houten' has a history going back to
1770 in Amsterdam. Production moved to
Weesp in 1850. The factory closed in 1971
but the brand name 'Van Houten' is still used
today by the Swiss chocolate company Barry
Callebaut.
January 1922 VF EUR 60
389 GEMEENTE AMSTERDAM PREMIE-
LEENING (CONCERTGEBOUW - ARTIS)
NETHERLANDS : AMSTERDAM. 3% Obligatie
groot Fl.100. grey, black. No 3. Striking art-
déco design, with abstract underprint and
arms of the city. The Fl.300.000 proceeds of
the loan were to be divided between the
Concertgebouw concert-hall and orchestra
(Fl.200.000) and the Artis zoo (Fl.100.000).
Hole-cancelled. Extremely rare.
1 May 1933 VF EUR 90
392 LEVER BROTHERS & UNILEVER N.V.
NETHERLANDS : AMSTERDAM/ROTTERDAM.
Cert. van gewone Aandelen Fl.1000. blue,
yellow, green, black. No 109303. Folds.
Formed 1894 as Lever Brothers Ltd; name
changed to the above in 1934. Owned large
interests in soap, margarine, edible oils, food
products and allied industries in many
countries. In 1937 the company merged with
Unilever, and all activities of both companies
within the British Empire were allocated to
the British company, and the rest of the
world to a Dutch company of similar name.
Factories and processing plants worldwide.
390 LUTINE, BERGING GOUD- EN
The company still exists, but in a different
ZILVERLADING
form. Extremely rare.
NETHERLANDS : AMSTERDAM. Bewijs van
1 September 1942 VF EUR 50
Ontvangst. blue, red, buff, black. No 72.
Folds. The English frigate 'Lutine', loaded
with gold and silver, sailing to Hamburg, sank
off the Dutch island of Vlieland in 1797.
Since that date, many attempts have been
made to salvage treasure from the wreck,
and a great amount has been recovered. This
colourful share was from an attempt to
discover further treasure, using two local
shipping companies.
23 August 1933 VF EUR 140
391 VEREENIGING "ROTTERDAMSCHE
GOLFCLUB"
NETHERLANDS : ROTTERDAM. Obligatie
Fl.500. green, black. No 31. Folds. Opened in
1933 with 9 holes, today known as Golf club
Kralingen.
1 April 1933 VF EUR 150
44
393 BOUVY ZOUT N.V. We know of its shares from the 1930s, but
NETHERLANDS : AMSTERDAM. Bewijs van this earlier type seems rarer. Renamed
600 Aandelen elk groot Fl.1000. purple. Cement Szczakowa in 1952. Today,
#600. No 1 t/m 600. Central fold with one Szczakowa is a district of the city of
small repaired tear. This one certificate Jaworzno, Upper Silesia.
regroups the entire company capital of 1923 VF EUR 60
600.000 NLG (600 shares of 1000 NLG each).
It is issued to the investment company
Bouvy. The salt company became part of the
Akzo Nobel concern.
31 December 1968 VF EUR 150
394 STICHTING VRIENDEN PSV
NETHERLANDS : EINDHOVEN. Cert. van een
obligatie op naam, specimen. red, olive,
black. Small format. Unissued (specimen
stamped) bond from one of the legal entities
of the PSV Eindhoven football club. The club
was founded 1913 as Philips Sport
Vereniging and is since many years the
leading Dutch football team, together with
Ajax Amsterdam.
4 September 1995 EF EUR 30
See also lots 2, 3, 432, 433.
NORWAY
395 NORWEGIAN STATE AND MUNICIPAL
POWER CONSORTIUM 398 PIERWSZA FABRYKA LOKOMOTYW W
NORWAY : LONDON. Scrip Certificate for POLSCE S.A.
U.S.$1000, specimen. blue, black. Temporary POLAND : VARSOVIE. Action de 50 Zl. brown,
certificate of a $1000 bond issued by the green, yellow, black. No 3984577. Folds.
Sira-Kvina Kraftselskap in London (marketed Design shows a locomotive, Mercury and a
by the Hambros Bank). Sira-Kvina dove. The factory was in Chryzanowa, near
Kraftselskap is an electric power producer Jankovica, Silesia. It was founded in 1919,
active in Kvinesdal and Sirdal, Norway. and produced 150 locomotives a year. The
20 January 1965 UNC EUR 30 artistic share is designed by Jozef Mehoffer,
402 MUNICIPALITY OF DANZIG
POLAND one of Poland's most influential painters in
POLAND : DANZIG/LONDON. 7% Mortgage
the early 20th century. A rare & wanted
Loan of £100. orange, black. No B3457.
share.
Folds. Very large format bond, printed by
1923 EF EUR 400
Bradbury, Wilkinson. Decorated with a fine
vignette of the Danzig waterfront, with the
famous mediaeval crane. The crane was
operated by men in a treadmill on each side.
1 September 1925 EF EUR 350

396 VESTA, LEBENSVERSICHERUNGS-BANK

AUF GEGENSEITIGKEIT
POLAND : POSEN. Antheil-Certifikat über 100
Thaler. black, buff. No 436. Generally
somewhat worn condition, with folds,
repaired tears and small piece of top border
399 FIRLEY, FABRIQUE DE PORTLAND-
missing (outside printed part of the
CIMENT DE LUBLIN (2 types)
certificate). Text in German and Polish. Arms
POLAND : VARSOVIE. 1. 10 Actions de 500
of the Polish King. 403 MANUFACTURE DE CHAPEAUX A LODZ
Marcs Polonais, 1921, purple, green & black.
Formed Posen/Poznan 1873. The city was ANC. HERMANN SCHLEE S.A.
2. 1 Action de 500 Marcs Polonais, 1923 (8th
part of Prussia (and later Germany) from POLAND : LODZ. Action de Zl.1000. olive,
issue), green & yellow. Both have a central
1815 until 1918, later Polish. The life black. #2400. No 2310. A hat manufacturer
fold and some minor edge-damage. Of
insurance company is named after Vesta, the from Lodz, Poland's textile capital. 3rd series,
similar design. Vignette of a beer keg at the
Roman Goddess of the hearth fire, or, in the bringing the number of shares issued from
top.
broader sense, the private households. One 1800 to 2400 and hence the company capital
1921+1923 VF EUR 60
of very few early Polish shares and extremely to 2,4 million Zloty.
400 TEPEGE, TOWARZYSTWO DLA
rare. 1929 EF EUR 50
PRZEDSIEBIORSTW GORNICZYCH
1 October 1873 F-VF EUR 700 404 PREMIOWA POZYCZKA ODBUDOWY
POLAND : KRAKOW. 20 Shares of 1000 Mk.
397 PETROLES DE VOLANKA-BORYSLAW KRAJU
red, black. No 15621. A mining company.
POLAND : ANVERS. Action Privilégiée de POLAND : WARSZAWA. Obligacja ZT.2000.
1923 EF EUR 20
F100. green. #4200. No 4139. Fold. Founded Serie 1. pink, black. No 16. Heavy central
401 SZCZAKOWA, SPOLKA AKCYJNA
1898. Active in Galicia, today Poland. Only folds. Polish government bond issued soon
FABRYKI PORTLAND CEMENTU
once before in our auctions. after WWII to reconstruct the country.
POLAND : KRAKAU. Actie von Mp.1000. pink,
23 July 1898 VF-EF EUR 50 1946 VF EUR 20
black. No 52248. Portland cement factory.

45
See also lots 376, 431, 474 and K&K
Monarchy.
PORTUGAL
405 MERCADO DA PRACA DA FIGUEIRA S.A.
PORTUGAL : LISBOA. Acçao de Rs.45$000.
red. #5000. No 4855. Central fold. The
company was formed 1882 to operate the
market in the main square of the city of
Figueira do Foz, near Oporto. Vignette of
ladies selling market produce, and a border
of arabesques, but dividend and
amortization stamps up to 1927 do cover
much of the face as well as the reverse.
9 May 1883 VF EUR 50
406 JARDIN ZOOLOGICO E D'ACCLIMACAO
EM PORTUGAL S.A.
PORTUGAL : LISBOA. 1 Acçao de Rs 20$000.
Serie 1. black, olive. No 2347. Folds with a
little discolouration, as usual. One of the
most attractive and popular of all zoo pieces,
and always in demand. Marvelous border of
'action shots' of various wild animals,
reptiles and birds. Very large format, design
by Carvalho. This 1884 share is much rarer
than the later - similar looking - 1904 share.
15 May 1884 VF EUR 200
407 GIDADE DE LISBOA
PORTUGAL : CAMARA MUNICIPAL.
Obrigaçao de Reis 10$000. black. No 7970.
Folds and some faint staining at the right.
Small format. A Lisbon city bond. Arms of the
city.
1 June 1887 VF EUR 40
408 HOTEL CLUB CALDAS DAS FELGUEIRA
PORTUGAL : LISBOA. Acçao de Rs.100$000.
Serie 2. black. #600. No 318. Folds and slight
edge-damage at the bottom. Very large
format, with vignette of the hotel, roses,
leaves, etc. The hotel also operated a casino.
Extremely rare - only once before offered by
us, in 1992.
23 November 1888 VF EUR 200
409 PLUMBARIA S.A.
PORTUGAL : ANVERS. Action de Jouissance.
brown, buff. #1300. No 639. Central fold and
some faint brown spots. Co. founded 1900 to
take over the assets of the Co. Mineira e
Metallurgica do Braçal (Portugal) – land
inwards from Leiria. Flowery border.
12 December 1900 VF EUR 30
410 BANCO DO FAYAL
PORTUGAL : HORTA. 5 Acçoes de
Esc.100$00. green, blue. No 22306-10. Folds,
a few small holes and a little staining. Rare
certificate of a bank on Faial Island, Azores.
Horta is the island's capital. Attractive and
complex border with vignette of tools but
also of two birds of prey.
31 May 1924 VF EUR 150
411 MINIERE DE LA VOUGA S.A., SOC.
PORTUGAL : BRUXELLES. Action de Capital de
F500. blue, yellow. #4000. No 733. Tear at
the bottom right, repaired. Owned
concessions in Cabeca de St. Gonçalo Joao
(Vizeu) and Conto Mineiro do Castelo
46
(Vouzela).
9 April 1927 VF EUR 20
412 COMETAIN S.A., CIE. MINIERE DES
ETAINS
PORTUGAL : BRUXELLES. Part Sociale. blue.
#40000. No 2594. Old-style tape on the right
border to hold the coupons attached.
Founded 1927 with mining concessions
called Cabeça de S. Goncalo Joao (Vizeu) and
Conto Miniero de Castelo, both in Portugal.
See previous lot - this firm surely succeeded
the Soc. Minière de la Vouga.
1929 VF EUR 10
413 PORTUGAL, CIA DE SEGUROS S.A.
PORTUGAL : LISBOA. 5 Acçoes de Esc.
100$00, unissued. blue. Founded 1884.
1929 EF EUR 20
414 CAMINHOS DE FERRO PORTUGUESES
PORTUGAL : LISBOA. 6% 5 Obrigaçoes F500.
Cat. 240 E2. brown, yellow. No 440379-83.
Trimmed bottom border. Central fold.
Owned or leased almost all railways in
Portugal, prior to nationalization in 1975.
Fine border design, showing amongst others
the central station in Lisbon. Text in
Portuguese and French.
1 July 1932 VF EUR 50
415 SEGUROS NAUTICUS, CIA DE
PORTUGAL : LAURENCO MARQUES. 1 Acçao
de Esc.100$00. brown, yellow. No 163936.
Beautiful insurance share showing an old
Portuguese caravel. The company provided
marine insurance and was founded in 1943.
21 May 1958 EF EUR 30
See also lot 349.
ROMANIA
416 SUCRIERE DE ROUMANIE, SOC.
ROMANIA : PARIS. Obligation de F500.
green, black. #750. No 174. French-owned
but growing sugar-beet in Romania. Early
date for Romanian scripophily.
29 September 1876 EF EUR 90
417 INSTITUTULUI DE CREDIT SI ECONOMII
TIMISIANA
ROMANIA : TIMISOARA. Nominative share
for 200 Cor. brown, black. No 5811. One
small edge-tear (repaired). Large format.
Striking design with large vignettes of
peasant man and woman, cherubs, classical 423 VILLE DE MINSK
figures with train, vines, machinery, RUSSIA : BELARUS. MINSK. 4,5% Obligation
cornucopia, etc. Issued to Ionel de de 500 Rbls. Serie 3. brown, black. No 57.
Mocsonyi, of the illustrious Mocioni family. See previous lot, also of the third series. One
1 October 1910 VF EUR 100 small edge-tear and central fold.
1912 VF-EF EUR 1.600

418 UZINELE DE FIER SI DOMENIILE DIN

RESITA S.A.
ROMANIA : BUCURESTI. 5 Actions
Nominatives de Lei 500. brown, black. No
1450756-60. Large format piece with text in
Rumanian and French. Striking border of a
heavy chain - probably one of the company's
main products. Wide and detailed view of
the steel-works. A minimum of 60% of the
424 VILLE DE MINSK
shares must be held by Rumanian citizens.
RUSSIA : BELARUS. MINSK. 4,5% Obligation
June 1926 VF-EF EUR 20
de 100 Rbls. Serie 3. red, brown, black. No
240. Central fold. Also third series.
1912 VF-EF EUR 1.400

422 VILLE DE MINSK

RUSSIA : BELARUS. MINSK. 4,5% Obligation
de 1000 Rbls. Serie 3. green, black. No 155.
Central fold and a little edge-damage at the
left border (outside the printed part of the
bond). Third series of the 1899 loan (which
419 KEREN - HAYESSOD (2 types)
amounted to 1.493.000 roubles – see
ROMANIA : BUCURESTI. 1. Cert. de Lei 1000,
previous lot). Printed date of the bond (to be
blue & yellow, 1923. 2. Cert. de Lei 6000,
seen on the back) is 1912. The loan was
green, 1926. Both have different design but
issued in 3 series, with the first and the 425 VILLE DE MOSCOU 1896 XV
same purpose: to collect money to fund the
second series each for an amount of 500.000 RUSSIA : MOSCOU. 4,5% Obligation de 500
rebuilding of (Jewish) Palestine.
roubles and the third one for the remaining Rbls. Cat. D/H 2059c – rarity 10. blue, brown,
1923+1926 VF EUR 100
493.000 roubles. For each series, three black. #200. No 10. Part of a 1 million
420 DATORIA PUBLICA A ROMANIEI
denominations were issued: 100, 500 and roubles loan to finance city water works.
ROMANIA : BUCURESTI. 5% Titlu de 5000
1000 roubles. First time we offer this type. Only 200 bonds of 500 roubles were ever
F.Aur, 10 Obl. de F500. pink, black. No 2782.
1912 VF EUR 2.000 issued.
Large format, with one repaired tear.
Decorative Romanian government bond with 1896 VF EUR 100
2 women: a peasant lady and a woman with
shield and sword.
January 1929 VF EUR 10
RUSSIA – city & state
421 VILLE DE MINSK
RUSSIA : BELARUS. MINSK. 4,5% Obligation
de 1000 Rbls. Serie I. red, black. No 280.
Folds and a few pin-holes. First Series. Not in
D&H. Arms of Minsk. The capital of Belarus.
At this time the city had 91.000 inhabitants,
of which more than half were Jews. Part of a
loan of 1.493.000 roubles. Loan issued in
1899 but the bond was printed in 1900. This
type & denomination (Serie I, 1000 roubles)
has only once before been seen by us.
1899 VF EUR 2.000

47
426 VILLE DE MOSCOU 1892 (1896) XVII
RUSSIA : MOSCOU. 4,5% Obligation de 1000
Rbls. Cat. D/H2061c. red, black. No 77. Part
of a 7 million roubles loan to finance city
water works.
1896 VF EUR 100
427 VILLE DE MOSCOU 1896 XX
RUSSIA : MOSCOU. 4,5% Obligation de 1000
Rbls. Cat. D/H2064c. red, black. No 375.
Large but repaired tears (old-style tape) in
the bottom half of the certificate. Part of a 2
million roubles loan to finance the
construction of schools and a cemetery.
1896 F-VF EUR 100
428 VILLE D'ODESSA 1902
RUSSIA : ODESSA. 4,5% Obligation de 500
Rbls. Cat. 2105 B – rarity 10. blue, black. No
54266-70. Pin-holes at the top. Odessa, in
the Ukraine, was the main Soviet port on the
Black Sea.
1903 VF EUR 40
429 STADT POLTAVA
RUSSIA : POLTAVA. 5% Bond of 1000
Roubles, specimen. Serie 1. Cat. D/H 2130c.
red, black. Issued to finance street lightening
and construction of buildings. Poltava is a
city in central Ukraine today. It probably is
best known as the place where Tsar Peter
the First defeated the Swedish army in 1709,
marking the end of Sweden as a great power
and the rise of Russia as one. The issued
bond is extremely rare (D/H rarity 10) but
this specimen is even more as this is the first
one we have ever seen.
1898 VF-EF EUR 2.000
430 VILLE DE ST-PETERSBOURG
RUSSIA : ST-PETERSBOURG. 5% Obligation de
100 Rbls. Cat. 2115a – rarity 10. brown,
black. #12000. No 5116. Generally
somewhat worn condition with many
creases and pin-holes. Enforced right border.
Oldest known city loan of St. Petersburg,
good for 2,9 million roubles. Issued to
finance the construction of the Alexander
Bridge across the river Neva.
1875 F-VF EUR 500
431 VILLE DE VARSOVIE
RUSSIA : WARSZAWA. 4,5% Obligation de
500 Rbl. Cat. D/H 2194b – rarity 10. blue,
black. #600. No 37440. Trimmed left and
right borders and some old-style tape on the
back. 6th city loan. The fine view of the new
market, with customers shopping there, and
the meat, fish, fruit and vegetables, show
the purpose of this loan. Text in Russian &
Polish.
1899 F-VF EUR 250
48
432 RUSSISCHE FONDSEN IN BANK-
ASSIGNATIEN
RUSSIA : ST-PETERSBOURG. AMSTERDAM.
6% Certificaat 1000 Rbls. black. No 2283.
Fold and a few repaired edge-splits. Long
format, with text in Dutch and French. Loan
raised by a group of Amsterdam banks for
the Russian public debt.
24 January 1825 VF EUR 50
433 GRAND LIVRE DE LA DETTE PUBLIQUE
DE RUSSIE
RUSSIA : AMSTERDAM. 6% Rente Perpetuelle
for 1000 rbls. Serie 4. black. No
118827/69694. Trimmed borders. As almost
always with these type of bonds, both the
face and the reverse are mostly covered by
interest stamps up to 1916. Very early date.
9 June 1829 VF EUR 300
434 GRAND LIVRE DE LA DETTE PUBLIQUE
DE RUSSIE
RUSSIA : 6% Rente Perpetuelle 500 Rbls.
Serie 3. black. No 152341/32581. In excellent
condition, without the usual stamps.
1846 EF EUR 150
435 GRAND LIVRE DE LA DETTE PUBLIQUE
DE RUSSIE
RUSSIA : 6% Rente Perpetuelle 500 Rbls.
Serie 3. black. No 167512/37767. Subscribed
by Hope & Co., Ketwich & Vroombergh &
Veuve Borski. Text in French on one side and
Russian on the reverse. The Russian side
shows the imperial eagle. Wider border than
unusual, and only one stamp! In above
average condition.
1878 VF-EF EUR 150

436 RUSSIAN STATE LOAN (“CHINESE
LOAN”)
RUSSIA : 4% Bond of 5000 RM=2315 Rbls.
blue, pink, buff, black. No 5337. At the end
of the 19th century, Chinese resentment of
foreign grew into the 'Boxer Rebellion'.
When this was put down by European
armies, China was compelled to pay
compensation to the countries whose assets
in China had been destroyed. Russia was one
of those countries and was to receive some
£19.000.000 over 20 years. The Russian
government issued a loan, to be serviced
from those Chinese payments. This bond is
part of that loan. Colourful piece.
1902 VF EUR 50
437 GOUVERNEMENT IMPERIAL DE RUSSIE
RUSSIA : ST.-PETERSBOURG. Cert.
d'Inscription Nom. d'obligations. black. No
1644. Vertical fold with some staining,
pinholes and somewhat tired condition. This
sort of certificate was issued by the Russian
government to holders of bonds who wished
to have the bearer bonds in the security of
their own name. The certificate has coupons
which were redeemed in the same way as
those on the original bond. Arms of Russia.
This piece was issued in respect of 2 bonds
of the 4% Russian Consolidated Railway
Loan. Printed for issue in St. Petersburg,
manually altered to Petrograd. Text in
French. Coupons paid until 1918.
15 September 1916 F-VF EUR 200
438 LOT OF 84 RUSSIAN CITY, RAILROAD
AND GOVERNMENT LOANS
RUSSIA : 1-8. Emprunt 5% de la Ville de
BAKOU, 1910, Obligation de 189 Rbls. 9-11.
XI et XVII Emprunts réunis de la ville de KIEW
1909, Obligation 5% de 187,50 Rbls. 12.
Emprunt de la ville de MOSCOU de 1910,
Obligation de 100 Rbls. 13. Same, Obligation
de 500 Rbls. 14. Emprunt de la ville de
YALTA, 1911, Obligation de Rbls 187,50 = Frs
500 = £19.16.10. Plus 16 railroad bonds and
54 Imperial Government bonds. Full detail
on request.
Various dates VF EUR 200
RUSSIA - finance
439 WILNAER HYPOTHEKEN BANK
RUSSIA : LITHUANIA. Lettre de Gage 4,5%
1000 Rbls. Serie 8. red, black. No 42245.
Decorated with the arms of the city - a
knight on horseback. The city, as Vilnius, is
now in Lithuania, which uses the same arms.
1908 EF EUR 50
49
440 BANQUE FONCIERE DU
GOUVERNEMENT DE KHERSON
RUSSIA : UKRAINE. ODESSA. 4,5% Lettre de
Gage de 5000 Rbls. Serie 5. black, grey. No
10847. With pretty vignette of harvesting,
also coat-of-arms. Kherson is an important
city in southern Ukraine, and a major port on
the Black Sea and Dnepr River (although
blocked by ice in winter). It exports much of
Ukraine's wheat production.
1898 VF-EF EUR 50
441 BANQUE FONCIERE DE KHARKOV
RUSSIA : UKRAINE. KHARKOV. Action de 200
Rbls. green, black. No 44353. Founded 1871.
Name in Russian, French and German.
Stamps on the face.
1902 VF-EF EUR 30
442 ESTLÄNDISCHE ADELIGEN GÜTER-
CREDIT-VEREINS
RUSSIA : REVAL. 4% Lettre de Gage de 500
Rbls. purple, blue, black. No 32294. Text in
Russian, Estonian and German. First time we
see an issue from 1902.
1902 VF EUR 200
443 BANQUE DE COMMERCE DE SIBERIE
RUSSIA : ST-PETERSBOURG. 10 Actions de
250 Rbls. red, black. No 7581-90. Some edge-
damage at the left, and pin-holes. Attractive
design, showing Siberian hunters, miners,
silk-merchants and Chinese traders. Text in
Russian and French. Founded in 1872 but
apparently very successful in the early years
of the 20th century, as it increased its capital
in 1905, 1906, 1907, 1909, 1910 and 1912.
This year (1905) and high denomination is
uncommon.
1905 F-VF EUR 70

444 BANQUE RUSSE DU COMMERCE ET DE
L'INDUSTRIE
RUSSIA : ST.PETERSBURG. 1 Action de 250
Rbls. brown, black. #20000. No 4275. Large
vignettes of Mercury, and a goddess with a
gear-wheel. Text in Russian and French.
1910 VF EUR 100
445 BANQUE FONCIERE DE BESSARABIE-
TAURIDE
RUSSIA : ODESSA. 4,5% Pfandbrief über 1000
Rbls. Serie 35. red, black. No 78131. Upper
left corner missing (outside the printed part
of the certificate). Decorative border of
grapes, hops, maize, etc. Text in Russian,
some German & French, name only in
English & Italian.
1913 VF EUR 30
446 CREDIT IMMOBILIER DE LA VILLE DE
KHARKOFF, SOC. DE
RUSSIA : UKRAINE. KHARKOV. 5% Lettre de
Gage de 1500 Rbls, specimen. Serie 3.
brown, black, red. Text in Russian and
French. Rare piece and in excellent
condition.
1914 EF EUR 500
447 CREDIT DU GOUVERNEMENT DE
PETROGRADE, SOC. DE
RUSSIA : PETROGRADE. 5% Obligation de
1000 Rbls. red, black. No 29257. Text in
Russian, French and English. Founded 1906.
First Series, 19th issue. First time we offer
scripophily from this local government credit
bank.
1916 EF EUR 350
448 NIZHVOLSEL AGRARIAN CREDIT BANK
SOCIETY
RUSSIA : SARATOV. Founder Share of 100
Roubles. green, black. No 8421. Folds, a little
staining at the top and some paper missing
at bottom left and right, between the share
and the coupons. Tape at the back to
reinforce the folds. Very decorative, though
relatively small, share with agrarian themes.
Co. capital 1,5 million roubles. Established
after the Revolution and famine to stimulate
the agrarian produce by providing credit to
the farmers around Saratov, Astrakhan,
Kalmykien and Stalingrad/Volgograd. First
time seen by us.
1923 F-VF EUR 250
RUSSIA - railroads
449 GRAND RUSSIAN RAILWAY CO.
RUSSIA : ST-PETERSBOURG. 1 Obligation
4,5% of 500 Silver Rbls, specimen. Serie 1.
Cat. D/H 4/1016ab. green, brown, black.
50
#30000. Left borders shows a lot of small
holes and lower left corner is missing. A
separate new/replacement coupon sheet for
the years 1907-1918 is attached - also
specimen.
One of the great Russian railway companies.
Founded by the Paris bank Crédit Mobilier
(bank of the famous Pereire brothers).
Formed to build lines St. Petersburg-
Warsaw, Moscow-Nizhny Novgorod,
Moscow-Feodosia and Orel-Libava, a total of
4300km. By 1863 the first two lines were
completed. In 1868 the company took over
the management of the Nicolai Railway
(Moscow-St.Petersburg). Specimen from
Imprimerie Dupont with design by Catenacci,
with marvelous classical-style detail, of
(glamourized) views of St.Petersburg and
Moscow, forests, industry, and little angels
hard at work in fields and factories, and a
fine underprint too. Text in Russian on the
front, and French and English on the back.
This is the 1859 I, 1st issue.
1 April 1859 F-VF EUR 1.500
450 CONSOLIDATED 3RD.
RUSSIA : ST-PETERSBOURG. Bond of 1250
Rbls 4%. Serie 3. Cat. D/H 1010C. red. #7149.
No 379501-600. Slight edge damage at the
bottom and right border. Text in Russian,
French, German and English.
1890 VF EUR 20
451 GRAND RUSSIAN RAILROAD CO.
RUSSIA : ST-PETERSBOURG. 4% Bond of 625
Rbl.Mét.= 100£ = 1200 Fl. Cat. D/H 1023.
green, black. No 23271. Text in Russian and
on the back in English and French. The total
loan amounted to 15.625.000roubles.
1890 VF-EF EUR 30
452 C.D.F. DU SUD-EST, CIE. DES
RUSSIA : ST-PETERSBOURG. 5 Actions de
Jouissance de 125 Rbls. blue, black. No
100411-15. Formed 1893 as a merger of the
Gryazy-Tsaritsin and Kozlof-Voronezh-Rostov
companies. Text in Russian, French, German.
First time we offer this particular type.
1897 VF EUR 100
453 LIBAU-HASENPOT NARROW GAUGE
RAILWAY
RUSSIA : LATVIA. LIBAU. 5% Bond of 1000
Rbls. red, black. No 75. Two large stains at
the lower left, otherwise in very fine
condition. Est. 1896 to build a 46 km line
between Libau (today Liepaja in western
Latvia) to Hasenpot (Aizpute). The total loan
amounted to 880.800 roubles and bonds of
100, 500 and 1000 roubles were issued. This
is the first time we see this top
denomination. Not in D/H.
1898 F-VF EUR 2.000

454 C.D.F. SECONDAIRE DE NOVOZYBKOF
RUSSIA : ST-PETERSBOURG. Action de 100
Rbls. brown, black. #10000. No 2927.
Company formed 1898 to build a branch line
from Novozybkov to Novgorod-Seversk, in
Chernigov district, in the far north of
Ukraine. Text in Russian, French, German.
1900 VF EUR 1.200
455 MOSKAU-KASAN EISENBAHN-GES.
RUSSIA : MOSKAU. Bond of 2000 RM 4%.
Cat. D/H 1054C. red, black. #8000. No 6790.
Trimmed bottom. Text in Russian, German
and Dutch.
1901 VF EUR 20
456 WLADIKAWKAS EISENBAHN-GES.
RUSSIA : ST.-PETERSBURG. 4% Bond of 500
Rbls., specimen. Serie 2. Cat. D/H 1171b.
green, black. No 0000. Central fold. No
issued pieces of this issue are known to us.
No details or photo in Drumm. Text in
Russian, French, German. Highest rarity. The
company was founded in 1885 to link Rostov
with Vladikavkaz ; expansion followed in
later years.
1911 VF-EF EUR 1.500
457 C.D.F. DE FERGHANA, CIE. DU
RUSSIA : PETROGADE. 4,5% Bond of 187,50
Rbl. Cat. D/H 1015. purple, black. #54000. No
263670. Text in Russian and French.
1914 EF EUR 10
RUSSIA - mining
458 CHARB. DE BIELAIA (DONETZ) S.A.
RUSSIA : UKRAINE. BRUXELLES. 5 Actions de
F100. red, green. No 8956-60. Folds.
Founded 1895 to mine for coal in the Donetz
region. This 5-share certificate is very rare.
1895 VF EUR 50
459 CHARB. REUNIS DU MIDI DE LA RUSSIE
RUSSIA : BRUXELLES. Action de F500. purple,
black. #17000. No 7408. Folds. Large format.
Owned coal mining concessions in
Slavkanoserbsk (near Mikhailovka). Its assets
were taken over by the S.A. des
Charbonnages de Mikhaïlovka (see lot 463).
1899 VF EUR 20
460 INDUSTRIE MINIERE DU TEREK, S.A. D'
RUSSIA : TEREK. Action de 187,5 Rbls. blue,
black. #21332. No 10948. In near perfect
condition. Text in Russian and French. Terek
is a river in Georgia and Russia starting in the
Caucasus and flowing into the Caspian Sea.
1899 EF EUR 20
461 MINES D'OR DU KATCHKAR S.A. DES
RUSSIA : BRUXELLES. 10 Actions Privilégiées
de F100. green. No 115831-40. Formed to
acquire 88 concessions for coal in the
Chelyabinsk area, in the Ural Mountains. The
design shows two Russian miners. First time
we see this type.
1897 VF EUR 100
462 MINES D'OR DU KATCHKAR S.A. DES
RUSSIA : BRUXELLES. Action de Capital de
F100. red, buff. #75125. No 1312. See
previous lot, but this is a later, undecorated
issue.
1 April 1923 VF EUR 20
51
463 CHARB. DE MIKHAILOVKA, S.A. DES
RUSSIA : BRUXELLES. 5 Actions de F100.
brown, red. No 32866-70. Fine large vignette
of the mines, deep-mine and open-cast, with
railway, factories and more. Very decorative
piece, with attractive border, too.
Mikhailovka, northwest of Kharkov was, and
still is, a rich mining area, with coal and
copper in particular. This new company
(founded 1900) took over the assets of the
S.A. des Charbonnages réunis du Midi de la
Russie, consisting of 1602 deciatines (1
deciatine = 270 acres) of land in
Slavkanoserbsk (near Mikhailovka) which the
Charb. réunis had bought from Princess
Maria-Alexandrowna Dolgorouki in 1876.
The Prince, Alexis Sergewitch Dolgorouki,
was involved in this company and brought in
the mining concession for the land which the
Russian authorities had granted to him. First
time we see this '5-share' type.
1900 VF-EF EUR 1.000
464 CHARB. DE VARVAROPOL (DONETZ) SA
RUSSIA : HAINAUT. CHARLEROI. Titre de
participation bénéficiaire. red, green. #2000.
No 292. Trimmed right border. Operated a
coal mining concession in Alexandrovka,
Slovianoserbsk (south-eastern Ukraine).
1902 VF EUR 30
465 CHARB. REUNIS DU NORD-DONETZ A
MARIEVKA, S.A. DES
RUSSIA : BRUXELLES. 5% Obligation de F500.
blue. #9000. No 3164. Part of a 4,5 million
francs loan. Founded 1896 to mine for coal
in the Marievka region today known as
Mykhailo-Laryne, Ukraine.
1905 EF EUR 50
466 MINIERE NOUVELLE DE KRIVOI-ROG
RUSSIA : PARIS. Action Privilégiée de F100.
blue. #20000. No 525. Probably the
successor company of the Minière Joltaia-
Rieka with various properties in the
Ekaterinoslav district of the eastern Ukraine.
Krivoi Rog is a major industrial centre, with
very rich iron ores, also copper ore and
brown coal. Iron foundries and related
factories have grown up on the ore deposits.
8 January 1905 EF EUR 40
467 INDUSTRIE HOUILLERE DE LA RUSSIE
MERIDIONALE, SOC. D'
RUSSIA : GORLOVKA. Action Priv. de 100 Rbl.
blue, black. #12500. No 4591. Formed 1872.
Text in Russian and French.
1907 VF EUR 20
468 INDUSTRIE HOUILLERE DE LA RUSSIE
MERIDIONALE, SOC. D'
RUSSIA : GORLOVKA. Action Priv. de 100
Rbls. blue, black. #25000. No 14446. See also
previous lot. Share issued as part of a capital
increase from 2,5 million roubles to 3,75
million roubles.
1909 VF EUR 20
469 NERCHINSK GOLD CO.LTD
RUSSIA : Cert. of 25 shares of £1. purple. No
4175. Folds. The Nerchinsky mine was the
first silver and gold mine discovered in
Russia, it was under the rule of Tsar Peter
The Great (1702). This company was formed
1901 to acquire mining rights over 6000
square miles in eastern Siberia. Liquidated
1911. Text in English, some Russian.
11 February 1907 VF EUR 150
470 MINIERE ET METALLURGIQUE DU
TAMBOV S.A., SOC.
RUSSIA : BRUXELLES. Action Privilégiée de
F250. red, green. #22000. No 21873. Owned
a concession of approx. 175 hectares of land
in the village of Sokolsk, near the city of
Lipetsk in the Don basin.
16 October 1911 EF EUR 10
RUSSIA - various
471 CREDIT FONCIER DE LA VILLE DE ST.
PETERSBOURG (3 types)
RUSSIA : ST. PETERSBOURG. 1. 4,5%
Obligation de 5000 Rbls, 1908, blue & black.
2. 4,5% Obligation de 1000 Rbls, 1907,
brown & black. 3. 4,5% Obligation de 500
Rbls, 1908, green & black. The bank was
founded as early as 1861. The 5000 roubles
issue is extremely rare.
1907+1908 VF-EF EUR 200
472 RJASAN-URALSK EISENBAHN-GES.
RUSSIA : ST-PETERSBOURG. 4,5% Bond of
500 Rbls. Cat. D/H 1186b. blue, black. No
125636. Central fold. The line was built to
link Moscow to the steppes region of Central
Asia, and was doubtless of military, as well
as commercial, importance. This was a
purely internal loan and as such much rarer
than the foreign bonds issued by this
railroad in earlier years. Drumm/Henseler
mentions the loan (for an amount of 10
million roubles) but had not seen any bond.
For us as well, it is the first time we can offer
a bond from this loan. In excellent condition.
1916 EF EUR 1.000
473 CHANTIERS NAVALS ET CONSTRUCT-
IONS MECANIQUES, SOC. RUSSO-BALTIQUE
RUSSIA : ST-PETERSBOURG. Cert. Provisoire
pour 1 Action de 100 Rbls. Blue, black. No
634. Large format with fold and a few splits,
outside the printed part of the certificate.
Text in Russian and French. Company
founded in 1912. In 1913, the company
capital amounted to 10 million roubles. It
had its premises in Riga and was the
successor company of the Russian Company
for the Manufacture of Shells and Munitions
of War.
1913 VF EUR 30
474 METALLURGIQUE DE KRAMATORSKAIA
RUSSIA : UKRAINE. WARSCHAU. Action
Privilégiée de 250 Rbls. red, black. No 12713.
Text in Russian, Polish, French, German.
Founded 1899 by August Paul Ernst von
Borsig (1869-1933) who has also signed this
share. He was a leading German industrialist,
52
chairman of Borsigwerke in Berlin - the
world's second largest producer of
locomotives. He founded this Russian
metallurgical plant close to Donetz, in the
heart of the local mining industry. The
company was fully vertically organized with
blast furnaces, iron and steel foundry, rolling
mills and engineering works. As such, the
company provided the mining companies in
the region with all technical equipment they
needed (steam engines, steel constructions,
pumps, mining tools,...). Nationalized by the
Soviets in 1917. Rare type.
1906 VF-EF EUR 100
475 DOCKS DE LA BALTIQUE S.A.
RUSSIA : LILLE. Action de Jouissance. red,
green, black. #1200. No 593. Colourful piece
of this company, formed to develop docks
and warehousing in Russian ports, not only
on the Baltic Sea but on the White and Black
Seas also. The ports are listed in the border
of the shares: Reval (=Tallinn, Estonia),
St.Petersburg, Riga (Latvia), Rostoff,
Taganrog, Odessa and Nicolaieff (both
Ukraine), etc.
1880 VF-EF EUR 50
476 PANORAMAS & DIORAMAS
HISTORIQUES DE RUSSIE S.A.
RUSSIA : PARIS. Obligation de F500. brown,
yellow. #1000. No 454. A most unusual
panorama piece, with text in French and
Russian. Scenes of Russian military life, in
victory and defeat, with cannon, cavalry,
flags, drums, etc. The panorama was at rue
Neuve des Capucines, Paris. As the statutes
on the back of the certificate explain, the
company also had an office in St. Petersburg.
1 August 1881 EF EUR 300

477 CONSTRUCTIONS DE LOCOMOTIVES ET
MECANIQUES, SOC. RUSSE DE
RUSSIA : ST-PETERSBOURG. Cert. Provisoire 5
Actions de 125 Rbls, specimen. blue, black.
Repaired edge-splits and one larger tear
(also repaired). Large format, with text in
Russian and French.
Company founded 1895 with a capital of 3,5
million roubles. It is the oldest certificate of
one of Russia's biggest locomotive factories.
The founders were the French brothers
Stephan and Philippe Bouche who had
received an order from the Russian State
Railroads to deliver 480 locomotives. These
were to be build in Russian by this company.
While the management was seated in St.
Petersburg, the factory itself was built in
Kharkov and became operational in 1897. By
1908, the company employed 2200 people
and had a turnover of 4,5 million roubles.
Between 1900 and 1917, 15% of all Russian
locomotives were built by this company:
2300 locos. Its major competitors were
"Kolomna", "Brjansk", "Sormovo", "Putilov"
and "Hartmann". The company still exists
today as Kharkov Works for Transport
Machines V.A. Mayschev. Only piece known
to us.
1895 VF EUR 2.500
478 USINES METALLURGIQUES ET
MECANIQUES D'ISTIA, SOC. DES
RUSSIA : ST-PETERSBOURG. 10 Actions de
250 Rbls. red, black. No 6681-90. Right
borders shows several splits, partly repaired
and some discolouration. Folds and a few
pin-holes. Text in Russian (front), English and
German (back). Company founded 1872 and
by 1897 the company capital amounted to 2
million roubles. Operated blast furnaces and
forges in Istia (Pronsky District, Ryazan) and
produced pig iron as well as metal objects
and machinery. First time we see scripophily
of this company. Only this one piece was
recently found.
1897 F-VF EUR 1.000
481 USINES DE CONSTRUCTION DE
MACHINES HARTMANN, SOC. RUSSE DES
RUSSIA : ST-PETERSBOURG. Action de 150
Rbls. brown, buff, black. #60000. No 42838.
Central fold. The vignette of a locomotive
evidences the company built locos. Text in
Russian and French. Signed by Hartmann.
This is a piece from the 1899 capital increase
(to 9 million roubles).
1899 VF EUR 70
479 ALLUMETTES EN RUSSIE, S.A.
INDUSTRIELLE & COMMERCIALE DES
RUSSIA : ANVERS. Action Privilégiée de F100.
blue, green. #3500. No 129. A match maker,
financed with Belgian capital.
1898 EF EUR 50
482 USINES DE CONSTRUCTION DE
MACHINES HARTMANN, SOC. RUSSE DES
RUSSIA : ST-PETERSBOURG. 5 Actions de 150
Roubles Or. blue, black. No 52506-10. Pin
holes. See previous lot. We can add that the
company produced not only locomotives,
but also textile machinery. Linked with the
German company 'Hartmann' from
Chemnitz.
1899 VF EUR 80
480 CONDUIT D'EAU CASPIEN, SOC.
RUSSIA : AZERBAIJAN. BAKU. Action de 250
Rbls. green, black. #4000. No 3073. Company
name only in French and German, otherwise
all in Russian. Company formed to acquire
and exploit the pipelines taking water from
the Caspian Sea to the Caucasus, supplying
the oilfields of Sabunchakh, Romanakh and
Balakhanakh.
1899 VF-EF EUR 500
53
483 USINES DE CONSTRUCTION DE
MACHINES HARTMANN, SOC. RUSSE DES
RUSSIA : ST-PETERSBOURG. 10 Actions de
150 Roubles Or. red, black. No 55361-70. See
previous lots. A little staining and creases.
Top denomination.
1899 VF EUR 150
484 ACIERIES D'ALEXANDROVSK, SOC. DES
RUSSIA : ST.-PETERSBOURG. 10 Actions de
250 Rbls. Serie 3. red, black. No 19241-50.
Folds and some small edge-splits at the left.
Text in Russian and French. Originally
founded in 1825 by the Russian State as a
ship wharf at the Neva River in northwestern
Russia. The company was named after
Alexander Nevsky (1220-1263, proclaimed
Sinat of the Russian Orthodox Church, Prince
of Novgorod and regarded as the key figure
of medieval Russia). The company made the
first Russian-built steamships (1827) and
submarines (1838). From 1843, the company
shifted towards the production of railroad
material, from rails to rolling stock. So did it
play an important role in the construction of
the Nikolai Railroad. Turned into a share-
based limited company in 1879. The
certificate we offer - a type we had not seen
before - is part of the 2nd capital increase,
doubling the capital to 5 million. High
denomination.
1899 VF EUR 800
485 RIGAER EISENGIESSEREI UND
MASCHINENFABRIK, VORMALS FELSER & CO
RUSSIA : RIGA. Aktie 500 Rubel. Serie 4. blue,
black. No 2729. Folds. Text in Russian and
German. Company capital: 1,6 million
roubles. Est. 1874 by German engineers Karl
Felser, William Weer and Prof. Karl D. Lowis.
Became a limited company in 1891. Built
steam engines, pumps, boilers, tubes, etc.
This Riga-based factory was one of the very
first in imperial Russia to use the Rudolf
Diesel patent. By 1908 the company
turnover amounted to 1,5 billion roubles and
counted a workforce of 860 men. During
WWII the company made the T34 Tank.
Today the company is known as OAO RUMO.
1899 EF EUR 900
486 CIMENTS & GRANDES BRIQUETERIES DE
MOSCOU S.A., SOC. DES
RUSSIA : BRUXELLES. Obligation de F500.
black, buff, pink. #4000. No 769. Central fold
and trimmed left border. Cement and brick
company, successor of the V.K.
Chapochnikoff & V. Tchelnokoff & Co. Rare
bond.
15 November 1901 VF EUR 50
487 USINE MECANIQUE DE DEBALTZEVO
RUSSIA : EKATERINOSLAW. Action de 250
Rbls. green, black. No 812. A little staining at
the bottom. Text in Russian and French.
Debaltsevo is in the Donetsk region, of
eastern Ukraine, and is still today a very
important centre of engineering and metal-
working.
1905 VF EUR 50
54
488 NAPHTE DE BAKOU, SOC. DU
RUSSIA : PETROGRAD. Action de 100 Rbls.
brown, buff, black. No 12736. Text in
Russian, French and German. Company
founded 1874 but this is the oldest type we
remember seeing (the shares of later capital
increases are more common).
1906 VF EUR 100
489 LAMINOIRS DE CUIVRE ET DES
CARTOUCHERIES DE TOULA, SOC. DES
RUSSIA : ST-PETERSBOURG. 10 Actions de
Rbls.187,50=F500=M405=£19.16.4. brown,
red, black. No 29021-30. Generally
somewhat worn condition. The company
was formed 1898 to roll copper sheets and
produce cartridges for guns. Text in Russian
and French. Scarce high denomination.
1906 F-VF EUR 500
490 LAMINOIRS DE CUIVRE ET DES
CARTOUCHERIES DE TOULA, SOC. DES
RUSSIA : ST-PETERSBOURG. 5 Actions de
Rbls.187,50=F500=M405=£19.16.4. brown,
blue, black. No 27441-45. See previous lot, in
somewhat better condition.
1906 VF EUR 500
491 LAMINOIRS DE CUIVRE ET DES
CARTOUCHERIES DE TOULA, SOC. DES
RUSSIA : ST-PETERSBOURG. Action de
Rbls.187,50=F500=M405=£19.16.4. brown,
green, black. No 38389. See previous lots,
but this is a later issue.
1912 VF-EF EUR 20

492 CONDUITS D'EAU A KIEW, SOC. DES
RUSSIA : UKRAINE. KIEV. Action de 100 Rbls.
green, black. No 15892. Bottom right suffers
from water staining with brown spots and
weakened paper. Text in Russian & French.
Founded in 1872 to install water-pipes in
Kiev, to bring water from the river Dnepr.
This share is part of a 1896 capital increase
bringing the company funds to 1,8 million
roubles. Certificate printed in 1907.
1907 F-VF EUR 100
493 USINES DE CONSTRUCTION DE
MACHINES A KOLOMNA, SOC. DES
RUSSIA : KOLOMNA. Action de 125 Rbls.
brown, black. #80000. No 16861. Formed to
acquire and enlarge an existing Russian-
owned machine-building business near
Moscow. The underprint of a locomotive
suggests one of the types of work. Text in
Russian and French.
1907 VF EUR 20
494 ALLGEMEINE ELEKTRICITÄTS-
GESELLSCHAFT, RUSSISCHE GES.
RUSSIA : ST-PETERSBURG. 5% Obligation von
1500 Rubel. purple, black. No 73. Text in
Russian and German. Small hole in upper left
corner. The Russian subsidiary of the giant
AEG was founded in 1901 to build a tramway
in Kiev. The German parent dates from 1887;
it was formerly the 'Deutsche Edison-
Gesellschaft für angewandte Elektrizität'. In
1905 the Russian company took over the
Elektrische Gesellschaft 'Union' of Riga. The
company had divisions in Moscow, Kiev,
Rostov, Kharkov, Warsaw, Odessa and Riga.
Its main business was the construction of
electric tramway lines and electric power
plants. This bond is part of a 1,5 million
roubles loan.
1907 VF EUR 900
495 KIEV COFFEE HOUSE
RUSSIA : UKRAINE. KIEV. Founder Share of 10
Roubles. green. No 33. Large vertical fold on
the right. A delicate design, with a vignette
of the interior of this elegant coffee-house,
and a border of columns and a little
Mercury. Issued to Bronislav Michailovitch
Kositzkij. Coupons paid until 1917. Colourful
and rare share.
1907 VF EUR 400
496 CAOUTCHOUC, GUTTA, BALATA, SOC.
INDUSTRIELLE DE (2 types)
RUSSIA : PARIS. 1. Part de Fondateur, Série
A, brown & green. 2. Obligation de F100 5%,
Série A, green. The two certificates are, upon
issue, taped together on the left border, as a
thin book. Most unusual. The bond has 10
coupons cut, but the share none. We believe
the company was active in the Russian
rubber industry, but cannot guarantee.
22 July 1909 VF-EF EUR 100
55
497 ST. PETERSBURG-VOLGA WOOD
INDUSTRY CO.
RUSSIA : ST. PETERSBURG. Prov. Share of
7500 Roubles, specimen. purple, black.
Company founded in 1911 with a capital of
300,000 roubles divided into 3000 shares of
100 roubles each. This provisional certificate
was for 75 shares. Decorative border. Not
seen before by us.
1911 VF-EF EUR 1.000
498 FLACHS- UND JUTE-MANUFAKTUR, A-G
RUSSIA : ST-PETERSBURG. Aktie von 100
Ruble. green, black. #26528. No 20927.
Formed in 1898 to build and operate
factories in Riga, Warsaw and other cities, to
manufacture sacks and other flax and jute
products. Text in Russian and German. The
company's principal offices were in
St.Petersburg and Riga.
1912 EF EUR 40
499 TRANSMISSION ELECTRIQUE DE LA
FORCE DES CHUTES D'EAU, SOC.
RUSSIA : ST. PETERSBOURG. Cert.Prov. pour
25 Actions de 150 Rbls. purple, black. No
24926-50. Text in Russian and French. The
name in English is The St.Petersburg
Company for Electric Transmission of the
Power of Waterfalls. Est. 1897. We read that
one idea was to use the waterfalls of Imatra
(near Itae-Siitola, today Finland). High
denomination.
1912 EF EUR 100
500 TRANSMISSION ELECTRIQUE DE LA
FORCE DES CHUTES D'EAU, SOC.
RUSSIA : ST. PETERSBOURG. Cert.Prov. pour
10 Actions de 150 Rbls. red, black. No 8801-
10. See previous lot.
1912 VF-EF EUR 90
roubles. First time we see scripophily from 505 USINES POUTILOFF, SOC. DES
this company. RUSSIA : PETROGRADE. 5 Actions de 100
1913 EF EUR 1.000 Rbls. Serie 2. green, yellow, black. No 65401-
05. Founded by Nikolai I. Putilov (1816-
1880), a noble from Novgorod in 1867 to
provide rails for the Nikolai Railroad. Grew
into an important industrial concern
exploiting mines and producing various
metal products. Perhaps best known for its
weapon manufacturing business, already
famous in the late 19th century, but also
during Soviet times. First time we can offer
this type.
1915 VF-EF EUR 200

501 SOKOL, NORTHERN WOOD PULP AND

PAPER MANUFACTURING CO.
RUSSIA : ARCHANGEL. 5% Bond of £50.
brown, black. No 487. Folds. A paper
manufacturer. Text in Russian, English,
French. The name 'Sokol' means hawk or
falcon, perhaps a common bird in the region.
The company was founded in 1897 by Albert
Surkov. The company's main wood and
cellulose factory was in Archangel, but the
company had warehouses in Moscow, St.
Petersburg and Rostov on Don. The company
is today known as the 'Association
Sokolbumprom'. Not to be confused with the
more common red £100 bond. The type we
504 BANQUE
offer here, has not before been seen by us.
PETERSBOURG-TOULA
1912 VF-EF EUR 300
RUSSIA : ST.PETERSBOURG. Lettre de Gage
500 Roubles 4,5%. Serie 9. blue, black. No
12097. Trimmed left border. Text in Russian,
English, French and German. Lists all the
regions where the bank operated - not just
St.Petersburg
denomination.
1898
502 SOKOL, NORTHERN WOOD PULP AND
PAPER MANUFACTURING CO.
RUSSIA : ARCHANGEL. 5% Obligation de
£100. red, black. #950. No 467. Two small
edge tears, repaired. See previous lot.
1912 VF EUR 50
503 BALTIC PORT CO. FOR WAREHOUSES
RUSSIA : ST. PETERSBURG. Provisional Cert.
for 20 Shares of 100 Roubles. purple, black.
Folds. Specimen. Company capital: 560.000
506 RUSSIAN COMPANY LTD FOR OPTICAL
AND MECHANICAL MANUFACTURES
RUSSIA : PETROGRAD. 50 Shares of 100 Rbls.
red, black. No 1001-1050. Text in Russian,
French and English. The capital value of this
certificate was 5000 roubles. If the whole
capital was issued in this form, only 240
certificates were created. The company was
FONCIERE DE ST-
founded in 1913 by General Alexander
Petrovitch Möller and Konstantin
Konstantinovitch Rakusa-Suschevskij (the
latter has signed this share). Main
shareholders were the Russo-Asiatic Bank
(led by Alexej Putilov!) and the French
Schneider-Creusot concern. The latter
and Tula. Unusual
owned 68% of the shares. The company
produced photographic equipment and
VF EUR 100
cameras. Later known as the Leningrad
Optical and Mechanical Manufacturers, in
short: LOMO. It still is a famous camera
maker but also sells microscopes, laser
equipment and other high-tech equipment.
Since many years, we only know of 2 pieces.
1916 EF EUR 1.200
507 V.I. ASMOLOV & CO. TOBACCO
FACTORY
RUSSIA : ROSTOV ON DON. Prov. Cert. for 50
Shares of 100 Rbls. yellow, black. No 93001-
50. Folds, also a heavy central fold with tears
and some paper loss at the right and left,
mainly outside the printed part of the
certificate. This tobacco producer was
founded as early as 1857 by Wassilij
Iwanovitch Asmolov in Rostov sur le Don. At
that moment, the company had 8 people
employed. The factory changed from
handicraft to mechanical production in 1862.

56
In 1871, the firm turned into a limited
company: Tobacco Co. W.I. Asmolov & Co. In
1908, the company processed 1700 tons of
tobacco, had a workforce of 1900 men and
realized a turnover of 2,5 billion roubles.
Nationalised after the Revolution. Today
known as the "Donskoj Tabak". In this and
the following lots, we offer a wonderful
collection of different certificates issued by
this company between 1917 (company
capital: 18 million roubles) and 1919 (capital:
50 million roubles). All are extremely rare.
1917 F-VF EUR 500
508 V.I. ASMOLOV & CO. TOBACCO
RUSSIA : ROSTOV ON DON. Prov. Cert. for
100 Shares of 100 Rbls. green, black. No
100601-700. Folds.
1917 VF EUR 500
509 V.I. ASMOLOV & CO. TOBACCO
RUSSIA : ROSTOV ON DON. Prov. Cert. for 1
share of 100 Rbls. brown, green, black. No
499582. Folds. Issued in 1919, just before
the Red Army conquered Rostov-Don.
1919 VF EUR 500
510 V.I. ASMOLOV & CO. TOBACCO
RUSSIA : ROSTOV ON DON. Prov. Cert. for 10
Shares of 100 Rbls. green, black. No 497811-
20. Central fold.
1919 VF-EF EUR 500
511 V.I. ASMOLOV & CO. TOBACCO
RUSSIA : ROSTOV ON DON. Prov. Cert. for 50
Shares of 100 Rbls. brown, yellow, black. No
491351-400. Fold and two repaired edge-
tears.
1919 VF EUR 500
512 V.I. ASMOLOV & CO. TOBACCO
RUSSIA : ROSTOV ON DON. Prov. Cert. for
100 Shares of 100 Rbls. green, olive, black.
57
No 471101-200. Central fold with 2 repaired
edge-tears.
1919 VF EUR 500
513 GEOFIZIKA SHARE CO., formerly F.
SCHWABE CO.
RUSSIA : MOSCOW. Subscription Share of
100 Roubles. red, black. No 21334. Folds.
The company history goes back to 1837
when the Swiss Theodor/Fjodor Schwabe
founded his company in Moscow to
manufacture optical and physical and
geodetic devices and medical tools. Became
a limited company in 1912 as "F. Schwabe
Co.". Five years later, in the midst of World
War I, the 'German' company name was
changed - hence the issue of this certificate.
Nationalised in 1919 and known until today
as the "Geophyusika-Kosmos".
1918 VF-EF EUR 300
514 NOVGOROD COOPERATIVE UNION CO.
RUSSIA : NOVGOROD. Subscription Share of
5000 Roubles. buff, black. No 59. Generally
somewhat worn condition with strong marks
of water staining. This cooperative, founded
1917, still exists today under the name "Obl-
Potreb-Sojus". The company produces,
transports and sells agrarian consumer
goods and provides credit to small local
producers. Issued to the Waldai'sche Union
of Credit and Savings Cooperative. While
issued in 1918, we do note 2 red tax stamps
showing Tsarist symbols (double eagle and
the Tsar crown). Never seen before by us.
1918 F-VF EUR 300

515 HUILERIES DE ROUBAIX ET D'ODESSA
RUSSIA : 59 NORD. ROUBAIX. Part de
Fondateur. green. No 1289. Decorative
border with a little staining at the right.
Company founded 1912 to make vegetable
oil in France but also in Odessa. The Russian
Revolution of course seized the Odessa
factory.
2 July 1919 VF EUR 50
See also lots 11, 397.
SPAIN
516 REAL COMPANIA DE SAN FERNANDO
DE SEVILLA
SPAIN : ANDALUCIA. SEVILLA. Accion. black.
No 3769. The Sevilla shares are the finest of
the superb 18th century trading company
shares of Spain.
The company was formed in 1747, with
rights to trade with all of Spanish America,
except Caracas and Havana, and to develop
the textile industry of Castile. After almost
40 years of activity, corruption and poor
trading-practices brought the company to an
end in the 1780s.
The piece is one of the greatest classics of
scripophily. The very complex design shows
the city and port of Seville, under the
protection of San Fernando, on one side.
Opposite is Neptune and a fine ship. Above,
in medallions, are San José, the Virgin of
Carmel and San Isidoro. There is so much
else - see photo. The share is generally in
extremely fine condition, with a fully intact
paper seal. If you ask us, this is, on a
worldwide level, the prettiest of all 18th
century shares.
15 December 1753 EF EUR 4.000
517 COMPANIA DEL POZO RICO
SPAIN : Accion de 100 pesos de a 10 reales
de plata. black. No 3546. Minor edge-
damage at top border (far above the first
coupon).
An exceptionally rare Spanish 18th century
share, not reported in Kipfer, Torrente, or
any other source. Yet, the mine itself, Pozo
Rico or Rich Mine, has a long and important
history.
A royal decree from 1557 allowed Mosen A.
Boteller to start the mining explorations. By
1564 the silver mine was fully equipped
(including houses, hospital,...) with up to
1300 miners, mostly slaves imported from
the Spanish colonies. Pozo Rico was as such
the first and most important mine in
Guadalcanal (province of Sevilla). It was even
said that the silver to be found in Pozo Roco
would match that of the famous mines in the
Spanish Americas (especially Peru). It was
also technologically very advanced, and
served as a technical laboratory for the other
Spanish mines, especially overseas. So they
already had a steam engine in use by 1606 !
(Patented by D. Jeronimo Ayanz y
Beaumont).
Throughout the centuries, many different
companies have mined in Pozo Rico, all with
ups and downs. For instance, in the mid-19th
century, the "La Vigilancia" company and in
the early 20th century "El Socorro y la
Prueba". Mining in Pozo Rico definitively
stopped in 1967, after no less than 400 years
of digging.
The share of the "Compania del Pozo Rico"
that we offer is undated. Yet, we discovered
that this French-financed company was
founded in 1768 to exploit the mines of Pozo
Rico. In 1775, the company engaged Juan
Martin Hoppensack, a German mining
engineer, as new manager. Nevertheless, the
company stopped its activities in 1778. As
such, this company fills the gap between two
known mining companies in the Guadalcanal
district: in the early 18th century, there is
the Compania de las Reales Minas de
Guadalcanal (founded 1727, shares known
dated also 1727), and in the late 18th
century the Reales Minas de Cazalla y
Guadalcanal (the so-called Hoppensack-
share), founded 1795 by the same
518 LOAN OF THE ROYAL CONSULATE OF
Hoppensack who thus made a come-back
CADIZ
but this time as company president.
SPAIN : CADIZ. Emprestito 3000 Reales
The value is expressed in pesos and reales de
vellon. black. No 117. Part of a loan of 2
plata. The latter currency was used in Spain
million reales to be raised by the City of
from 1642 until 1808. Coat-of-arms of the
Cadiz (of a total of 8 million), needed by the
Bourbon King Charles III, who was King of
king for negotiations with the government of
Spain from 1759 until 1788. Part of his policy
Algeria. The loan paid 8% interest, and
was to strengthen the contacts with France.
payments to 1822 are shown. The bond,
And this matches the signatures on the
engraved by Josef Rico, is very decorative. At
share: 2 of them (director and treasurer)
the top are Mercury and Flora, with the arms
look French, while the third one is clearly a
of Cadiz. At the bottom are sailors, anchor
Spanish name. The certificate has a
and other marine symbols, very appropriate
completely different look than the shares
to the port of Cadiz. At the sides are strange
known of other 18th-century Spanish
creatures indeed - part woman, part fish,
companies. The style and wording are very
part bat. Stained at the bottom half. Only
reminiscent of the French Compagnie des
two pieces known to us.
Indes shares, and a few other French shares
5 August 1816 F-VF EUR 500
of the period: a long and small vertical
519 EMPRESA DEL NUEVO MOLINO Y
format with 6 dividend coupons to be cut.
SIERRA MECANICA DE ARANJUEZ
Also, it is printed on thin paper, not on
SPAIN : MADRID. Accion de 20.000 rs.vn.
vellum. Only one other piece is known to us,
black on brown paper. No 2. Small stains
and sold in our March 2007 auction for 5700
over much of the certificate. Large format
EUR.
with creases. Decorative border and vignette
1768 VF-EF EUR 5.000
at the top showing several products, tools,
etc. of the grain industry. The company
58
owned a grain mill as well as a mechanical
saw machine. Located in Aranjuez, a town 42
km south of Madrid at the confluence of the
Tagus and Jarama rivers. Early date. Not
seen before by us.
1 January 1831 F-VF EUR 100
520 LA CONSTANCIA CANAL O GRAN
ACUEDUCTO CUBIERTO
SPAIN : VILLANUEVA Y GELTRU. Accion Nom.
de 200 Esc. black. No 415. Central fold.
Attractive piece, issued in a small town near
Barcelona, to finance its water supply by a
covered aqueduct. Pretty border with
vignettes of the town, and showing the
fishing and agriculture on which the town
lives. Beautifully engraved.
1 January 1872 EF EUR 200
521 AGUAS DE BARCELONA LADERA earthenware and porcelain factory in 1841.
DERECHA DEL BESOS, CIA. GEN. AN. DE Became a limited company in 1899. The
SPAIN : BARCELONA. Accion de 250 Pts. Serie factory continued its activities until 1982.
A. green, brown, black. No 8191. Large- Very attractive large format share showing
format, with several repaired tears. Splendid the Monastery in combination with
litho illustrated with floor plan and view of numerous chimney stacks and kilns, the
the factory. Seville Cathedral and more. Transfer notes
1 April 1881 F-VF EUR 120 until 1975. First time seen by us.
522 MINES DE L'ANDALOUSIE S.A., SOC. 31 October 1899 EF EUR 100
NOUVELLE DES
SPAIN : BRUXELLES. 10 Coupures d'Action de
F25. brown, yellow. No 1329. Gold mine
company financed with Belgian company,
but operating the Comte de Malartic
concession in the Penaflor municipality
(Seville province).
1 March 1890 EF EUR 20
525 AZUCARERA ALAVESA S.A.
SPAIN : VITORIA. Accion de 500 Pts. green,
orange. #6000. No 2257. Creases and a few
small edge-splits, also some brown spotting
523 MINERA JOVEN MATILDE, SOC. at the bottom. Formed 1900 in the Basque
ESPECIAL city of Vitoria to build a sugar-beet factory at
SPAIN : CARTAGENA. Accion, Cuarto 4. black. Salvatierra (in the Basque province of Alava).
No 53. Folds with small central split. Est. Decorative piece, showing the factory, and
1856 to mine (probably lead or iron ore) in scenes of harvesting the sugar-beet, also
Cartagena, Murcia. Transfer notes until 1920 flowers and leaves.
evidencing the long life of this company - 26 March 1900 VF EUR 50
quite unusual for these early Spanish mining
ventures.
15 December 1896 VF EUR 50
526 ELECTRICA VITORIANA S.A. (3 types)
SPAIN : VITORIA. 1. Accion Privilegiada de
250 Pts, brown & green. 2. Accion de 250
Pts, green & orange. 3. Obligacion
Hipotecaria de 500 Pts, green, brown &
black. The shares have a horizontal design,
the bond is of vertical format. All show a
light bulb and an underprint of an electric
generator.
1900 VF-EF EUR 100
524 PICKMAN S.A. FABRICA DE LOZA EN LA
CARTUJA DE SEVILLA
SPAIN : SEVILLA. Accion de 3.000 Pts. green.
#600. No 134. Founded 1841 by the British
ceramist Charles Pickman using the premises
of the Carthusian Monastery of Santa Maria
de las Cuevas on the right bank of the
Guadalquivir River. The monks had been
driven out the monastery by Napoleon's
troops in 1810. Pickman set up the
59
527 MINERA LA ATILANA, SOC. (2 types)
SPAIN : BILBAO. 1. Accion de 250 Pts. 2.
Accion duplicada de 250 Pts, green & black.
Both of same design (slight difference in
colour). Large vignette of a woman holding a
pick. Founded 1901 with a capital of 4
million pesetas. Mined in Linares, Andalucia.
The duplicada issue is new to us.
1901 VF-EF EUR 60
528 VIZCAYA, DE BILBAO A DURANGO, CIA
DEL FERROCARRIL CENTRAL DE
SPAIN : BILBAO. Accion de 250 pts. Cat. 9620
A1. red, yellow. #26100. No 2181. Jugendstil
border. Est. 1880 to better link the port of
Bilbao with its hinterland.
4 November 1903 EF EUR 30
529 INDUSTRIAS DEL CUERO ARMADO S.A.
SPAIN : BARCELONA. Accion de 500 Pts. blue,
red. No 401. Very decorative share with a
naked boy standing in the midst of a flowery
design. Also a globe. This was a leather
business. Printed on thick paper.
30 July 1904 VF EUR 70
530 ELECTRO-AGRICOLA ANDALUZA S.A.
SPAIN : VALENCIA. Accion de 500 Pts,
unissued. yellow, black. #2500. A little folded
and minor stains above the printed part of
the share. Remains of taped paper on the
back. Unissued and likely a printer proof.
Attractive vignette of the power plant
alongside a river and farmers with cattle.
Also a light bubble. Founded 1906 with a
capital of 10.250.000 pesetas. Provided
electricity to the local farming community.
Design by R. Soler. Not seen before by us.
3 January 1907 VF-EF EUR 70
531 OLOT & GERONA, CIA DEL FERROCARRIL
SPAIN : BARCELONA. 4% Obligacion de 500
pts. Cat. 7360 B. orange, black. #5000. No
4062. Formed in 1909 to acquire the English
company which built the original line from
Gerona (Costa Brava) to Olot, further inland.
Line closed 1969. Decorative underprint.
14 September 1909 VF EUR 30
532 TORRAS-HERRERIA Y CONSTRUCCIONES
SPAIN : BARCELONA. Accion de 1000 Pts,
unissued. Serie A. brown, black. #10000.
Long format piece, with stains and edge-
splits (repaired), all mainly outside the
printed part of the share. Trimmed bottom.
Very fine large view of the company’s work -
from building factories to restoring statues
on columns. A lovely lady offers a laurel
wreath to the company. The company was
founded in 1918 (the date of this share) and
survived until at least the 1960s. Likely a
printer proof.
29 January 1918 F-VF EUR 50
533 TRASMEDITERRANEA S.A.
SPAIN : BARCELONA. Accion Nom. de 500
Pts, unissued. orange, buff, black. Trimmed
bottom border and damaged right border
with many splits, affecting some of the
coupons. Very attractive share with a large
vignette of a young sailor at the banks of the
harbour and a big passenger ship on the
background. An important shipping
company, today part of the Acciona Group.
Lines from Spain to the Canarian Islands, the
Baleares and northern Africa.
60
The artist responsible for this beautiful share
is Carlos Ruana Llopis (1878-1950), a well-
known Spanish painter (especially of the
bullfighting theme) and designer of posters
and book covers. He also worked in
Hollywood (making movie posters and as an
adviser of bull fighting scenes,...). This
auction contains several Spanish shares
designed by Llopis – a most interesting
collection in itself (see further). Probably a
printer proof.
8 October 1918 F-VF EUR 80
534 TRANSITOS, SOC. GENERAL DE
SPAIN : VALENCIA. Accion Nom. de 5000 Pts,
unissued. brown, black. #12. Another printer
proof designed by Llopis, with train, ships at
sea and an allegorical female. This shipping
company was founded in 1918 in Valencia.
Seriously stained, but no edge-damaged as
printed on thick paper. The entire company
capital (60.000 pesetas) was divided into 12
shares.
1 June 1918 VF EUR 80
535 NAVIERA SEVILLANA S.A., CIA.
SPAIN : ANDALUSIA. SEVILLA. Accion de 1000
Pts. brown. #5000. No 2239. Est. 1919 with a
capital of 5 million pesetas. The company
owned 3 ships and was liquidated in 1926.
1 December 1919 EF EUR 30
536 DROGAS Y PRODUCTOS QUIMICOS
BOFILL, S.A.
SPAIN : BARCELONA. Accion de 500 Pts,
unissued. green, orange, buff. #400.
Wonderful Jugendstil design with 3 different
vignettes, each time with the classic woman-
flower motive. A drugs and chemicals
company. Today known as Grup
Carbelonesa. Printer proof.
2 January 1920 VF-EF EUR 120
537 COSTA Y SERNA S.A.
SPAIN : ALBACETE. Accion de 500 Pts,
unissued. green, black. #1000. Large format
share. Design by Llopis, showing a sitting
Hermes waiting together with goods to be
transported and a lorry just entering the liquidation by 1991. A printer proof. 542 ESPANA-S.A. CIA NACIONAL DE
premises. The company worked in Albacete, 30 September 1926 VF EUR 120 SEGUROS
Castilla-La Mancha. SPAIN : MADRID. Accion de 500 Pts,
19 July 1920 EF EUR 120 unissued. green, black. #10000. One small
tear near the top. Attractive large format
printer proof share with a Queen and her
lion amidst the Iberian Peninsula. The border
shows the coat-of-arms of 50 Spanish
regions. The insurance company was
founded in 1928 with a capital of 5 million
pesetas. Design by Llopis.
24 August 1928 VF EUR 50

540 INDUSTRIAS DEL HIERRO MIGUEL

IGUAL S.A.
SPAIN : VALENCIA. Accion Nominativa de
1000 Pts, unissued. Serie A. green, brown.
#2000. Strong art-déco design of men
carrying iron bars, and small vignette of a
man at a furnace. Printer proof design by
Llopis. Est. 1926 with a capital of 2 million
pesetas.
1926 VF-EF EUR 60
543 CENTRO TECNICO DE FUMIGACION Y
SANEAMIENTO, S.A.
SPAIN : MADRID. Accion Ordinaria de 500
Pts, unissued. brown, blue. #4000. Large
format share with trimmed border and a few
edge-splits. Printer proof by Llopis. Design of
a large ship and a train, both being cleaned
by the company equipment. The company
538 TERMO-ENERGIA S.A. was founded in 1929 with a capital of 4
SPAIN : BARCELONA. Tit. Prov. de acciones million pesetas. First time we see scripophily
de 500 Pts, unissued. brown. Design of from this company. Lovely piece.
electrical plant and a naked man stoking a 9 December 1929 VF EUR 100
furnace (looks like dangerous job!). 544 LA PROVEEDORA DE UTRILLAS S.A.
1920 VF EUR 50 SPAIN : ULTRILLAS. Accion de 25 Pts. red,
541 CLUB DEPORTIVO ALAVES green. No 548. Probably served the local
SPAIN : VITORIA. Bono de 25 Pts Nominales. mining industry. Utrillas is a village located in
blue, green, black. No 895. Underprint of the Teruel, Aragon.
club flag. This Basque football club was 1934 EF EUR 20
founded in 1921. It is based in Vitoria-
Gasteiz and currently plays in the Segunda
Division B. In their top season, 1999-2000,
Alaves reached the final in the UEFA Cup,
losing 5-4 to Liverpool in extra time.
1 December 1927 EF EUR 100

539 FERRER PESET S.A.

SPAIN : VALENCIA. Accion de 1000 Pts,
unissued. Serie D. brown, black. Large
format. Several edge-splits, outside the
printed part of the certificate. Trimmed 545 VITORIANA DE ESPECTACULOS S.A.
bottom border. Beautiful share, with Hermes SPAIN : VITORIA. 5 Acciones de 250 Pts,
looking at a ship at the Valencia port. Also a unissued. green-grey, buff, black. Large
steaming train. Design by Carlos Rueno format with vignette of the cinema building,
Llopis. Ferrer-Peset was founded in 1916. A est. 1931. Located in Vitoria-Gasteiz, the
year later, its fleet consisted of at least 17 capital city of the province of Alava and of
steamships. The company worked together the autonomous region of the Basque
with the Co. Trasmediterranea (see lot 548) Country in northern Spain.
and was later working from Barcelona. In 1931 EF EUR 50

61

546 ELECTRA DEL CABRIEL S.A., LA
SPAIN : UTIEL. Accion Preferente de 1000
Pts, unissued. Serie B. blue, yellow, orange.
Wonderful printer proof share with a large
vignette of a viaduct across the Cabriel River
in a mountainous scenery. The electricity
company was founded in 1932 had was
based in Utiel, a municipality in the Valencia
Community.
1935 VF-EF EUR 100
547 AGUAS POTABLES Y RIEGOS S.A.
SPAIN : VALENCIA. Accion de 1000 Pts,
unissued. Serie C. blue, red. #1870. Strong
Jugendstil design, especially at top left. Also
a classic rural vignette at the bottom right.
The company provided drinking and
irrigation water in the Valencia region. Est.
1923. Printer proof.
1 January 1935 VF-EF EUR 100
548 TRASMEDITERRANEA S.A.
SPAIN : MADRID. 1 Accion de 500 Pts,
unissued. Serie E. green. See lot 539. A little
brown staining, otherwise in very fine
condition.
25 June 1942 VF EUR 80
549 VALENCIA, CIA DE TRANVIAS Y
FERROCARRILES DE, S.A.
SPAIN : VALENCIA. Una Accion de 500 Pts.
green. #8000. No 3438. Vignette of a tram.
Co. founded 1917 as a merger of 2 earlier
Valencia tramway companies. The company
electrified the network. Nationalised in
1964.
6 June 1942 VF EUR 20
550 COMISION ADMINISTRATIVA DEL
PUERTO DE PUERTO DE SANTA MARIA
SPAIN : PUERTO DE STA. MARIA. 5%
Obligacion de 1000 Pts. Serie B. brown,
green. #10000. No 8932. Wide view of the
port of Santa Maria, Cadiz. The company
operated the port.
13 December 1950 EF EUR 20
551 REAL BETIS BALOMPIE CLUB DE FUTBOL
SPAIN : SEVILLA. 6,95% Obligacion de 500
Pts. Serie B. brown, green. #32000. No 9651.
Brown border with footballs, cups, etc.
Green underprint of football pitch. Almost all
football club pieces are rare, and this one
certainly is. A major Spanish first division
club. Brown border with footballs, cups, etc.
Green underprint of football pitch. Real Betis
Sevilla was founded in 1907. Won the Copa
del Rey in 1977 and 2005. Spanish champion
in 1935.
22 February 1962 EF EUR 100
SWITZERLAND
62
552 IMMOBILIERE DE LA RUE DE LA TOUR-
MAITRESSE, S.A.
SWITZERLAND : GENEVE. Action de F500.
blue, black. #2000. No 1885. Heavy folds
with some discolouration at the bottom.
Founded Geneva, 1897. Arms of Geneva and
view of the Tour-Maitresse. There are
currently 5 companies of this name in
Geneva, each with the name and a house
number on the rue de la Tour-Maitresse.
Which, if any, is a successor to the company
issuing this share, we cannot say.
1897 VF EUR 50
553 GRAND HOTEL (vormals) BEAU-RIVAGE
SWITZERLAND : INTERLAKEN. Partial-
Obligation Fr.1000. green, red, black. No
651. Central fold. Fine vignette of the hotel
and surrounding area (the Alps, the River
Aar), slightly overtaped with a paper with
new interest specifications (1945). Mortgage
bond issued by the hotel owner: Herrn
Albert Döpfner. Still a stylish hotel today.
12 November 1904 VF EUR 100
554 ALLIANCE ARTISTIQUE CATHOLIQUE -
GORGE-BOEHLER & CIE.
SWITZERLAND : LA CHAUX-DE-FONDS. Action
de F100. blue, buff, red. #7500. No 2597.
Folds. A catholic artistic association located
in Chaux-de-Fonds, a city in the canton of
Neuchâtel.
24 December 1910 VF-EF EUR 50
See also lots 301, 388.
TURKEY/OTTOMAN EMPIRE
555 EUPHRATES VALLEY RAILWAY CO. LTD
TURKEY : LONDON. 10 Shares of £20. black.
No 24561. One cancellation hole.
Prior to the building of the Suez Canal, the
British Government was always thinking
about a route to India without sailing all
round Africa; In 1836 it funded an expedition
to explore the possibility of using
steamboats on the river Euphrates from
Syria to the Persian Gulf.
In the 1850s the possibility of better rail links
in the area were considered. Russian
expansion in Persia presented a threat to
Britain's position in the Middle East, and a
plan arose for a 'Euphrates Valley Railway' to
link the Mediterranean to the Gulf. One idea
was for a railway from the Mediterranean to
the Euphrates, then a shipping route; the
other was a railway along the whole route.
The German/Ottoman suggestion of a
Bagdadbahn (which was later built)
adversely affected the plan. There was
however Jewish support for the proposal.
The suggestion was that the Euphrates River
line could be built from Palestine/Syria, with
Jewish construction teams, who would then
settle there, or that land on either side of
the line in Mesopotamia could become a
Jewish homeland, in both cases giving
Russian Jewry an alternative to emigration to
the USA. This company was founded in
London to construct the railway, but as far as
we know the works never started, probably
because of both international political
pressure and lack of sufficient financial
means for such a big project.
This share is not listed in the reference books
about Ottoman scripophily. It is the oldest
piece from the Ottoman region we have
ever seen. This 10-share type is new to us.
4 July 1856 EF EUR 500
556 SYRIA OTTOMAN RAILWAY COMPANY
TURKEY : LONDON. 1 Preference Share of
£20. black on green paper. No 4636.
Vignette of agricultural products, crescent &
star, etc. The line was to be built from Acre
to Damascus, via Haifa (185km), with a
branch from Banias to Nawa (40km). The
concession also required the company to
start a shipping service and fishing industry
on Lake Tiberias (Sea of Galilee). The share
was issued to the London company which
built the line. The reason for the line was
partly political - a British desire to stop the
region being dominated by the Germans and
French. However, little work was done, and
the line was never completed.
30 September 1893 VF-EF EUR 90
557 C.D.F. SMYRNE-CASSABA ET
PROLONGEMENT, SOC. OTTOMANE DU
TURKEY : CONSTANTINOPLE. 1 Obligation de
F500=LT22 4%. blue. No 70258. Folds. Ismir-
Kasaba Demiryolu ve Temdidi Osmanli
Sirketi. In 1891, the Ottoman government
wished to acquire the English owned railroad
between Izmir and Kasaba. Hence, this
company was formed in 1894 with a capital
of 16 million francs. The company paid 36
million francs to the previous English
owners, bought the railroad and took over
the operation of the 266-kilometer network.
In order to finance this, the newly formed
company issued bonds in 1894 and 1895.
This is one of the latter one, and extremely
rare. Text in Turkish, French & English.
1 July 1895 VF EUR 150
558 GOUVERNEMENT IMPERIAL OTTOMAN
TURKEY : CONSTANTINOPLE. 4% Obligation
de F500=M408=£22. brown, pink, green,
black. #60000. No 4015. Large format bond,
63
issued to repay a loan of 1888, issued under
an agreement with Deutsche Bank to pay for
military supplies purchased from Germany.
This, like the 1888 loan, was repayable from
fishing, hunting and other revenues. Text in
French and Turkish. Very decorative
underprint. Printed G&D.
1 May 1903 VF EUR 100
559 CHIRKETI-HAIRIEI-HAMIDIE, S.A.
OTTMANE PRIV. DE NAVIGATION A VAPEUR
TURKEY : SALONIQUE. Titre Provisoire de 5
Actions de 5 Ltq. brown, pink. No 6941-45.
Large format. Folds. Sirket-i Hayriye-i
Hamidiye. Text in Turkish and French. The
company offered shipping services at
Salonica, in the gulfs of Salonica and
Cassandra. The whole of this area became
part of Greece after 1912. Most of the
founders were members of the Hayriye Co.
management. First time we a provisional
share certificate of this company.
14 September 1906 VF EUR 300
560 CINEMAS ORIENTAUX, LES
TURKEY : CONSTANTINOPLE/BRUXELLES.
Action de Capital de F100. blue, buff. #1000.
No 573. Company formed in Brussels in 1910
to acquire and operate cinemas in other
countries, especially in Constantinople
(Istanbul), Turkey. Underprint of company
logo.
1910 EF EUR 80
561 ANKARA ANONIM TÜRK SIGORTA
SIRKETI
TURKEY : ISTANBUL. Insurance Policy. green,
red. No 22759. Folds and several edge-splits
at the right border, partly repaired.
Underprint of a soldier’s statue.
27 August 1956 VF EUR 10
See also lot 95.
(former) YUGOSLAVIA
562 BANK FÜR DIE KRAJINA A.-G.
YUGOSLAVIA : BIHAC. Actie über 100 Kr.
olive, black. No 174. Text in German, Serbo-
Croatian and Slovene. The company name is
also in an Arab (?) language. Bihac is a town
in the north-western part of Bosnia and
Herzegovina.
24 July 1913 EF EUR 50

563 TAPRED, TERETNO I AUTOBUSNO
PROMETNO D.D.
YUGOSLAVIA : ZAGREB. Share of 1000 Dinar.
blue, olive. No 298. Two black ink stains. Text
in Slovene and Serbo-Croat. Vignettes of two
different trucks. Small format, but rather
nice share of this transport company.
1931 VF-EF EUR 60
564 ROYAUME DE YOUGOSLAVIE
YUGOSLAVIA : BELGRADE. 7% Cert. de 25
Obligation de FF.1000, specimen. Dark-
green, buff. Folds. Attractive government
bond with text in French and Serbo-Croat.
Printed by Chaix in Paris. Only 3707 of these
'25 bonds' certificates were to be issued, and
we have never seen any. Vignette of the
Yugoslavian Coat-of-arms, also in underprint.
1 June 1931 VF-EF EUR 100
See also lot 377 and K&K Monarchy.
FREEMASONRY
565 UNITED GRAND LODGE OF ANCIENT,
FREE AND ACCEPTED MASONS OF ENGLAND
GREAT BRITAIN : LONDON. Initiation
Certificate. black. No 1111. Folds. Extremely
beautiful engraved document with columns,
globes and various masonic symbols, also
coat-of-arms. Printed on vellum. Early date.
24 May 1862 EF EUR 100
566 UNION, SOC. CIVILE (3 types)
FRANCE : 69 RHONE. LYON. Action
Nominative de F100. 1. Action F100, 1865
(capital: 100.000 FRF). 2. Action F100, 1875
(capital increase to 130.000 FRF). 3. Action
F100, 1931 (capital: 265.000 FRF). The
company owned the masonic temple at rue
Ste-Elisabeth, Brotteaux, Lyon. The objective
was to buy a piece of land in Brotteaux, and
build a house on it. The two oldest shares
show an underprint of the Temple. The 1931
share has a damaged upper left border.
1865-1931 VF-EF EUR 150
567 RITE MACONNIQUE ECOSSAIS S.A., SOC.
FONCIERE DU
FRANCE : PARIS. Action de F500. black,
green. #600. No 72. Vignette of double-
headed eagle. Est. 1886 but the history of
the "Rite écossais" goes back to 1801 when
two brothers founded the "Scottish Rite" in
Charleston, USA. Today it is one of the most
popular freemasonry groupings around the
globe. Only this one share is known to us.
10 February 1888 VF EUR 200
568 LOT OF 3 ENGLISH FREEMASONARY
CERTIFICATES
GREAT BRITAIN : All three of large format,
with folds, and of different designs. Fist we
have "The Supreme Grand and Royal
64
Chapter of Royal Arch Masons of England"
with a document admitting a person into the
Order, dated 1936, with several masonic
symbols. Secondly: "Supreme Council of the
XXXIII. Degree" which states that a person is
an Expert Master of the Symbolic Lodges and
is installed as Knight of the Sword, from 1945
and showing the double eagle. Thirdly:
"Order of the Temple, province of North and
East Yorkshire", again a membership
certificate, dated 1946 with a large
illustration of an armored knight holding a
torch.
1936-1945 VF EUR 100
ARGENTINA
569 STATE OF BUENOS AYRES
ARGENTINA : Bond for Public Debt. black.
Folds. News of the French Revolution and
the American Revolutionary War brought
liberal ideas to Latin America. After the
French seized power in Spain, Buenos Aires
formed its own junta on May 25, 1810 and
invited the other provinces to join. It
declared its independence in 1811. Military
campaigns led by General José de San Martin
between 1814 and 1817 made
independence increasingly a reality. In 1816,
a Congress gathered in Tucuman and finally
issued a formal declaration of independence
from Spain. The United Kingdom officially
recognized Argentine independence in 1825,
with the signing of a Treaty of Friendship,
Commerce, and Navigation on February 2.
This allowed Argentina and its states to raise
finance on the London capital market, and so
led to the Baring loan, of which this is a part.
The loan soon went into default, and
remained there until 1857, when a
settlement was reached.
Arms of Argentina. Issued to Messrs. Baring
Brothers of London. Text in English and
Spanish. Hand signed by "Don Manuel H. du
Aguirre", President of Buenos Ayres, also
endorsed and signed by the British Consul
there. Extremely early date for South
American scripophily. Scarce.
13 January 1830 VF EUR 700
570 PROVINCE OF BUENOS AIRES
ARGENTINA : BUENOS AIRES. 4,5%
Schuldverschreibung M408=£20, Lit. C.
green, brown, black. No 6555. Very large
format bond, with text in German, English
and French. Fine allegorical vignette of
industry, commerce, agriculture, etc. Printed
by Giesecke & Devrient. The loan was raised
to repay the loan of 1906 for the
reorganisation of the Banco de la Provincia.
There were very few loans for South America
raised in Germany.
November 1910 VF EUR 100
571 CITY OF BUENOS AIRES
ARGENTINA : LONDON. 5% Bond for £100.
purple, pink, black. #13000. No 10590. Folds
and some minor edge damage outside the
printed part of the bond. Coat-of-arms of the
city. Very large format bond, part of a
£2,500,000 loan marketed by Baring
Brothers in the UK. At the time of this bond
issue, Buenos Aires was working on a metro
system (the oldest underground system in
the Southern Hemisphere), so we guess the
proceeds of this loan were to finance these
major subway works. In those days,
Argentina was the world's 10th wealthiest
nation per capita. First time seen by us.
20 November 1913 VF EUR 500
572 FERRO CARRIL TERMINAL CENTRAL DE
BUENOS AIRES S.A.
ARGENTINA : Cert. for 5 Preferred Shares of
$100 Gold. Serie A. purple, black. No 214.
Folds. Hole-cancelled. Text in Spanish &
English. Company formed 1906 in Buenos
Aires, and taken over in 1949 by the
Argentine Government. Owned the B.A.
Central Ry, the B.A. Lacroze Tramways (well-
known to collectors) and an underground Vignettes of the port and a ship in the port.
railway. Text in French and English. Large format,
30 April 1928 VF EUR 30 with folds.
24 July 1909 VF EUR 100
573 REPUBLICA ARGENTINA, CREDITO
ARGENTINO INTERNO 1934
ARGENTINA : PARIS. 4.5% Cert. Provisioire de
100 Pesos, unissued. purple, buff, black.
Folds. Coat-of-arms of Argentina. Text in
Spanish and French. Printed by Chaix in
Paris. First time we see a bond of this loan.
We believe this to be a possibly unique
printer proof.
24 July 1935 VF-EF EUR 200
See also lot 151.
BERMUDA
574 BERMUDA RAILWAYS INVESTMENT CO.
BERMUDA : Preferred Share of £1 each. blue.
No 75. Folds and a few pin-holes. This is the
first issued scripophily we can offer from the
Islands of Bermuda, the British Overseas
Territory in the North Atlantic Ocean.
Bermuda had a 22-mile-long railway
between 1931 and 1948 (but no more trains
today). The line crossed the whole island,
from Somerset to St. George's. It was built
upon the decision to ban all cars from the
island - Bermudians were afraid cars might
drive tourists away. 577 STATE OF BAHIA
30 July 1931 VF EUR 30 BRAZIL : LONDON. 5% Bond for £20. blue,
black. #50000. No 10797. Folds and pin-
BOLIVIA
holes in upper left corner. Large format
575 NUEVA COMPA¥IA LIPEZ, SOC. MINERA
bond, with text in English and French.
BOLIVIA : SUCRE. 1 Accion de Bs.1000. green,
Vignette of a ship loading in the port of
black. #5721. No 542. Some staining at the
Bahia. Printed by Bradbury, Wilkinson. This
bottom, but outside the printed part of the
£1,000,000 loan has been fully repaid, and
share. Folds. Vignette of a miner with mining
very few pieces have survived. 67 coupons
tools. Although Bolivia has always been a
included.
very rich mining country, very few shares -
22 April 1913 VF EUR 100
especially 19th century - have become
578 C.D.F. SAO-PAULO & RIO-GRANDE S.A.
available to collectors, perhaps because
BRAZIL : RIO-DE-JANEIRO/PARIS. 5%
there were few Bolivian companies. Only 60
Obligation de F500. red, buff, black. #59259.
of the 1000Bs purchase price was paid by the
No 505899. Large format with folds.
buyer.
Attractive border with 2 frontal vignettes of
5 August 1886 VF EUR 40
a locomotive. Text in French, Spanish and
BRAZIL English. Part of a 29.629.500 francs loan.
576 GOUV. DES ETATS UNIS DU BRESIL Operated a 139km line between Santos and
BRAZIL : PERNAMBUCO. 5% Obligation de Jundiahy and a 108km line in Bragantina
F500. purple, black. No 78522. 40 million (part of the State of Para). The railway forms
francs loan raised to finance works in the the natural means of transport to and from
port of Recife (State of Pernambuco). the sea of most of the exports and imports
65
of the State of Sao Paulo. In the 1910s it
carried two-thirds of the world's coffee
supply. It was reported that the railway
produced more revenue per mile than any
railroad in the Western Hemisphere.
1 April 1913 VF EUR 30
579 C.D.F. SAO-PAULO & RIO-GRANDE S.A.
BRAZIL : RIO-DE-JANEIRO/PARIS. 5%
Obligation de F500, unissued. red, buff,
black. #185000. Folds. See previous lot, but
this is an earlier bond issue, part of a 92,5
million francs loan. Same design. This is in
our view a possibly unique printer proof or
an unissued reserve stock.
1 April 1908 VF EUR 100
580 MANAOS TRAMWAYS & LIGHT CO. LTD.
BRAZIL : 5% Debenture of £100. blue, black.
#3000. No 264. Formed 1909 to acquire from
the State of Amazonas a 60-year concession
to operate the tramway and lighting in the
city of Manaos. Bankruptcy and liquidation
in 1921. Manaos is famous as the city on the
Amazon River, in the heart of the jungle. Fine
view of one of the company's trams.
31 December 1909 EF EUR 80
581 BRAZILIAN TRACTION, LIGHT & POWER
BRAZIL : 5 Ordinary Shares, specimen. green,
black. Central fold and one tiny edge-tear.
Text in English and French. Vignette of an
angel on a globe. Printed by Waterlow &
Sons. The company was founded 1912 in
Canada by the Belgian-British financier
Alfred Lowenstein, to hold his various
investments in Brazilian tramways and
electric power. Rare piece.
Undated VF-EF EUR 80
582 UNITED STATES OF BRAZIL
BRAZIL : LONDON. 5% Scrip Certificate for
£20. red. No 331700. Issued by N.M.
Rothschild & Sons in London as a temporary
certificate for the issue of the 5% Brazil
government bonds of 1931. Not seen before
by us.
1 October 1931 EF EUR 100
583 PREF. MUNICIPAL DE PORTO ALEGRE
BRAZIL : PORTO ALEGRE. 3,5% Apolice de
50$000. green. No 219. Big central split,
repaired. Text in Portuguese.
The left half of the bond shows a large
vignette of three horse-backed riders with
swords and the date 1835 - this refers to the
Farroupilha Revolution, a Republican
uprising that began in Rio Grande do Sul in
1835. The leaders were the generals Bento
Gonçalves da Silva, Antonio de Sousa Neto
and the Italian fighter Giuseppe Garibaldi -
the 3 men we see on this bond. The rebels
surrendered to imperial forces after 10 years
66
of fighting (1835-1845). Porto Alegre is the
capital and largest city of Rio Grande do Sul.
First time seen by us.
8 July 1935 F-VF EUR 50
CANADA
584 NEW BRUNSWICK AND CANADA
RAILWAY AND LAND CO. (LTD)
CANADA : Class C Land Share. blue. No 262.
Printed by Waterlow & Sons with embossed
seal of a loco. Each share gave right to 5
acres of land. Co. founded to build a line
from St. Andrews northwest through
Charlotte and York counties to Debec,
Carleton County, near the Maine border. The
main line was completed in 1862 and branch
lines followed in 1866 and 1868. Early date
for a Canadian railroad share.
15 February 1857 EF EUR 50
585 NOBLESSE GOLD MINING CO.
CANADA : BRITISH COLUMBIA. ROSSLAND.
Shares of 10 cts. green, black. No 2. Cert.
No.2 for 10,000 shares issued to a Mr.
Schmittendorf (surely of German origin).
Decorated with three mining vignettes.
22 March 1897 EF EUR 60
586 MTS. SICKER AND BRENTON MINES
CANADA : BRITISH COLUMBIA. VICTORIA.
Shares of 25 cents. black, red seal. No 2098.
Unusual vignette of a wooden bridge across
a river in a forest. Larger format than most
Canadian scrip. Cert. for 1000 shares. Mount
Sicker is a a small mountain on Vancouver
Island, B.C. Copper, gold and silver was
discovered by three American prospectors
on Mount Sicker and over the next years,
several mines were discovered with copper
being the principal mineral. Most mining had
ceased by 1909.
18 June 1908 VF-EF EUR 80
COLOMBIA
591 CORTADA DE SAN ANTONIO ETAT
D'ANTIOQUIA (COLOMBIE), SOC. DE LA
COLOMBIA : BORDEAUX. Action de F500.
buff, black. #2650. No 2118. Gold mining in
the province of Antioquia - Sables Aurifères
du Bas-Nus.
1 February 1890 VF-EF EUR 40
the entire island. This, of course, did not
happen until 1900, after the Spanish-
American war, so it is unlikely that the
bondholder received his money. Map of
Cuba, also on the reverse. Lady with arms of
Cuba, and an Indian lady carrying fruit. High
denomination.
1 December 1872 VF EUR 300

587 PEACE RIVER LAND AND INVESTMENT

CO., LTD
CANADA : Shares of $100. orange, black. No
229. Vignette of a buffalo. Owned 100,000
acres of fertile agricultural land in the Peace
River district, northeastern British Columbia.
The company was founded at a time many
new settlers were establishing themselves in
this region.
17 April 1914 EF EUR 50
588 WAINWELL OILS LTD
CANADA : Shares with no par value. gold,
black. No 9222. Cert. of 2500 shares.
Vignette of a large oilfield in Alberta. Taken
over by Peninsular Petroleums in 1987.
18 June 1929 EF EUR 40
589 ANGLO WESTERN OILS LTD
CANADA : 100 Shares. blue, black. No 122.
Formed 1931 to look for oil in central
Alberta, amongst others near Turner Valley.
Lack of initial success and lack of funds, the
company went into liquidation by 1939. In
1943, the leases were bought by Eric Harvie.
Large oil reserves were at last found and
Harvie got Imperial Oil interested to buy him
out. Harvie became overnight a rich man -
his fortune was estimated about $120
million. He used his fortune largely for
philanthropic uses (Glenbow Foundation,
Calgary Zoo, Banff Centre of the Arts) and
was made an Officer of the Order of Canada.
19 September 1931 EF EUR 40
590 SOGEMINES LIMITED
CANADA : 5 Common Shares, printer proof.
purple. Large vignette of an open-pit mine.
Text in English and French. This was a
Canadian-incorporated investment and
holding company, closely linked to the Royal
Bank of Canada and the Belgian Société
Générale. Sogemines had interests in
amongst others the Canadian cement
industry. The company was basically a
vehicle of the Société Générale to re-invest
their profits from their Belgian Congo
operations. Later renamed Genstar Materials
Ltd. and now known as Building Products &
Concrete Supply LP, located in Winnipeg.
Only scripophily we have ever seen of this
company.
195. EF EUR 30
See also lots 581, 608.
594 CUBA RAILROAD CO.
CUBA : NEW JERSEY. JERSEY CITY. 5% Gold
Bond of $1000. green, black. No 3765. A few
pin-holes. Formed 1902 in USA by the US-
owned Cuba Co. as a holding company for all
592 GREAT NORTHERN CENTRAL RAILWAY
its Cuban railroad interests. The Cuba Co.
OF COLOMBIA
held 60% of the shares. Owned and operated
COLOMBIA : 5,5% Mortgage Bond of £20.
the main line (built by the Cuba Co.) running
red, green, black. #73920. No 20690. Very
the length of the country, from Santiago in
large format with folds. The company's line
the southeast to Santa Clara in the west-
ran 117Km from Puerto Wilches, on the
centre, where it linked to Havana. In 1926
Magdalena River, to the city of
became part of Ferrocarriles Consolidados
Bucaramanga. The bonds were secured on
de Cuba (the company controlling most lines
the line, but to be repaid from the revenues
in the eastern half of the country).
of the customs on Colombia's Atlantic coast.
Nationalised by Castro 1960. Coupons 15-36
The company was formed London 1907 and
attached.
liquidated 1920, on purchase of the line by
1 July 1910 VF-EF EUR 150
the Colombia Government, which
reconstructed it and renamed it the F.C.
Central del Norte. The line is now closed.
Vignette of a locomotive.
27 May 1909 VF-EF EUR 200
CUBA
595 UNITED RAILWAYS OF THE HAVANA
AND REGLA WAREHOUSES, LTD. (2 types)
CUBA : 1. Warrant for £10 Ordinary Stock,
orange & black. 2. Warrant for £100
Ordinary Stock, blue & black. Cut to bottom
593 REPUBLICA DE CUBA
border. Text in English and Spanish. Formed
CUBA : NEW YORK. 7% Bono de 1000 Pesos
1898 to take over the railway and port
en oro. Serie C. blue, black. No 862. Central
business of an existing company. The rail
fold and some discolouration. The loan was
network, in western Cuba, was expanded to
raised in New York by Cubans wanted to
a length of 1200 miles by the 1920s. First
establish a republic independent of Spain.
time we offer these warrants.
Repayment would be made one year after a
14 March 1912 VF EUR 100
Republican government was established in

67
 DOMINICAN REPUBLIC
596 REPUBLIQUE DOMINICAINE
DOMINICAN REP. : BRUXELLES. Scrip of £1,
printer proof. black. No 51616. Fold. Text in
French. Temporary bond certificate to be
given by the Dominican Republic to
European investors upon the public issue of
a 2.75% government loan. Printed on silk or
cotton paper as part of the production
process, hence a possibly unique printer
proof.
1 October 1897 EF EUR 100
EL SALVADOR
597 REPUBLIC OF SALVADOR LOAN OF 1889
EL SALVADOR : LONDON. Deposit Receipt of
a 5% Bond for £100, specimen. black. A
Bradbury, Wilkinson specimen. Document to
be issued by the Council of Foreign
Bondholders. This receipt was to be
exchanged with a £100 5% mortgage
debenture stock of the Salvador Railway Co.
2 May 1899 EF EUR 80
FRENCH ANTILLES
598 USINES CENTRALES DE LA
GUADELOUPE, SOC.
FRENCH ANTILLES : PARIS. Coupon
representing 1/10me d'une Action. brown,
black. #2400. No 1612. Thin paper with
heavy folds, with splits - largely repaired. By
far the oldest certificate we ever seen from
Guadeloupe - a French overseas department
in the Caribbean. The company operated 4
sugar facilities on Guadeloupe: usine
Zévallos, usine Marly, usine Bellevue and
usine Grande-Anse. The company made
good profits and merged with the Crédit
colonial in 1863. Only piece known to us.
1 April 1853 F-VF EUR 200
HAITI
599 INDEMNITE DE ST. DOMINGUE -
GOUVERNEMENT D'HAITI - CAISSE DES
DEPOTS ET CONSIGNATIONS
HAITI : PARIS. Cert. de Liquidation pour F350.
black. No 5570. Folds. Under the treaty
between France and the republic of Haiti
(the former French colony of St.Domingue),
Haiti was to pay, over a 30-year period, 60
million francs to those French with claims
against the Haitian government. This is a
certificate of entitlement to F350 to be
received when the payments were made by
Haiti. The reverse shows that payments were
indeed made in certain years. Border of oak-
leaves. Rare and early piece.
7 April 1841 VF EUR 200
600 ARTIBONITE, CIE. FLUVIALE ET
AGRICOLE DE L'
HAITI : PARIS. Cert. d'Inscription d'Actions
Nom. de F500. pink, black. No 39. Central
fold and little edge damage. Company
formed 1882 in Paris to develop the use of
the Artibonite River and its agricultural
potential. The river is 320 km long, and is
Haiti's longest and most important river. Its
sources are in the Cordillera Central in the
Dominican Republic, but most of its length
68
lies in Haiti. The river is used for irrigation,
mostly for the area's important rice crop,
and the Peligre Hydroelectric Dam situated
on it produces the country's supply of
hydroelectricity. Extremely rare.
25 March 1897 VF EUR 400
HONDURAS
601 HONDURAS RAILWAY LOAN (3 types)
HONDURAS : LONDON. Printer proofs. black.
1. 10% Bond for £20 as part of a £1 million
loan, 1867, text in English and French,
printer proof. 2. Obligation de 300 francs as
part of a 62.252.700 francs loan, 1869, text
in Spanish and French, printer proof. 3. 10%
Bond for £100 as part of a £2.5 million loan,
1870, text in English, printer proof. Folds.
Between 1867 and 1870, the Honduras
Government raised loans to build a railway
across Honduras from Puerto Caballo, on the
Caribbean, to the Bay of Fonseca, on the
Pacific. Repayable from the profits of the
line. However, Honduras defaulted in 1872
and these loans were subject of serious
fraud - little of the money raised ever
reached the railway projects in Honduras,
and perhaps the whole could be called a
fraud. The line was finally completed in 1897
by an American group. Remark that these
three bonds are printer proof certificates,
printed on what seems to be silk or cotton
paper, used those days in the printer's
production process. Something special for
the advanced collector.
1867-1870 VF EUR 300
MEXICO
602 REPUBLICA MEXICANA, DEUDA
CONSOLIDADA
MEXICO : MEXICO. Bond of $1000. purple,
black. No 2128. Folds and several small edge-
tears. Serie 6a. Lettra F. Decorative bond of
1000 pesos Fuertes. A new coupon sheet
attached.
31 December 1885 F-VF EUR 1.000

603 FERROCARRILES DEL DISTRITO FEDERAL
DE MEXICO, LA CIA DE
MEXICO : MEXICO. 6% Bono de Primera
Hipoteca de $100. brown, black. No 9996.
Attractive, large format mortgage bond with
4 different engraved vignettes. Text in
Spanish and English. Its parent company was
the Mexico Tramways Co.
31 December 1896 VF EUR 100
604 NEGOCIACION AGRICOLA DE XICO Y
ANEXAS S.A.
MEXICO : MEXICO. 1 Accion de $100. blue,
brown, green, red, blk. #30000. No 20926.
Large format. Formed 1897, Mexico City, to
exploit the agricultural hacienda of Xico y
Anexas, which lay, for those who know the
city, just east of Lake Xochimilco.
Early pre-Hispanic history refers to the area
around the Cerro de Xico and the Island of
Xico as most of the area was underwater
until relatively recently. The modern
development began in the 19th century
when Porfirio Diaz ordered the draining of
Lake Chalco which devastated the
economies of the former coastline
communities.
The Mexican Revolution tried to compensate
these communities by the creation of ejidos,
the two largest being Estacion Xico with 507
hectares and San Miguel Xico with 250
hectares. These ejidos, as well as the
present-day city, rest almost entirely on
former lakebed. The ejido was (and still is)
village lands communally held in the
traditional Indian system of land tenure that
combines communal ownership with
individual use. The ejido consists of
cultivated land, pastureland, other
uncultivated lands, and the fundo legal
(town site). In most cases the cultivated land
is divided into separate family holdings,
which cannot be sold although they can be
handed down to heirs.
This company was formed to manage and
operate the whole hacienda area. Shows a
very large, detailed and interesting map of
the area east of Mexico City, which includes
the hacienda, its railway, etc. Xico is now a
large suburb of Greater Mexico City.
15 December 1897 VF EUR 80
605 ESTADOS UNIDOS MEXICANOS
MEXICO : MEXICO. 5% Bond of $500=£100.
Serie 3I. green, black. #20000. No 129885. 20
million pesos loan issued by the dictator
president Porfirio Diaz to consolidate the
public debt, including railway subsidies.
Printed by Waterlow. Vignettes of the
Mexican eagle and snake, and large ladies
representing justice, commerce and the arts.
No coupons.
1 April 1898 VF EUR 180
606 BANCO CENTRAL MEXICANO S.A.
MEXICO : MEXICO. 25 Acciones, unissued.
Serie B. red, black. Folds. Founded 1899 as a
private bank in Mexico City. Despite being a
privately owned bank, it acted as the Mexico
City correspondent for state banks. State
banks were prohibited from establishing
branches outside states or regions under
Mexican bank law. In contrast, the so-called
69
city banks (which were headquartered in
Mexico City) faced no branching restrictions.
This bank played a key role in the Banco
Central System of Mexico, a banknote par
redemption and clearing system for other
payments that operated in Mexico from
1899 until its collapse in 1913. Beautiful
certificate showing amongst others different
Mexican country scenes. This is an unissued
specimen certificate and as such not seen
before by us.
15 October 1903 EF EUR 400
607 EXPLOTACION Y FRACCIONAMIENTO DE
TUPATARO, S.A.
MEXICO : MEXICO. 1 Accion Preferente de
$100. brown, pink. #16200. No 3480.
Vignette of an allegorical woman with bee-
hive in an agrarian setting. Part of the
business empire of Luis Barroso Arias. Rare
piece.
September 1909 VF EUR 20
608 MEXICO NORTH WESTERN RAILWAY
MEXICO : 10 Shares of $100. brown, black.
No 6835. Fine vignette of a speeding train.
Part of the Pearson group, with interests in
many Latin American utilities. Formed in
Canada 1900 to acquire several railway
companies in the Chihuahua/Sierra Madre
area, and operated 370 miles of track.
1 April 1910 EF EUR 20
609 CAJA DE PRESTAMOS PARA OBRAS DE
IRRIGACION Y FOMENTO DE LA
AGRICULTURA
MEXICO : MEXICO. 1 Accion de 100 Pesos.
red, black. No 27493. Text in Spanish,
English, German and French. Large format.
Serie C. Printed by Waterlow. Coupons 7-50
attached.
12 July 1910 EF EUR 100
610 PETROLEO, CIA MEXICANA DE
MEXICO : MEXICO CITY. 1 Accion de 500
Pesos. green, brown. No 4265. Vignette of
an oilfield.
1929 EF EUR 50
PANAMA
611 CANAL INTEROCEANIQUE DE PANAMA
S.A., CIE. UNIVERSELLE DU
PANAMA : PARIS. Cert. d'Inscription Nom.
d'Obligations à lots. red, green. No 23866.
Folds. Subscription certificate for a loan of
720 million francs. We believe this piece is
part of the liquidation process of the Co.
Universelle du Canal Interoceanique de
Panama which had already started in 1894.
13 January 1949 VF EUR 50
PERU
612 NEGOCIACION DREYFUS HERMANOS Y
CA.
PERU : PARIS. Accion de 1000 Soles. blue. No
160. Folds. Scene of the coast, with large
numbers of sea-birds (also fruit grown with
the fertilizer), also more sea-birds, and
Indian miners. Very decorative piece, and
unusual theme. Although issued in Paris, text
is in Spanish.
An important source of chemical fertilizers
around 1870 was the deposits of guano (sea-
bird excrement), mined on the Pacific coast
of South America. The thick beds of guano
had accumulated over millions of years. This
company mined those deposits. The
company was formed with the cooperation
of the Société Générale de France, with the
aim of producing phosphate fertilizer for
French agriculture. The company's activities
led to a scandal from the environmentalists
of the day, who felt that the birds were
being disturbed by the mining. However, the
main reasons for the company's closure
were the war between Peru and Chile, on
the guano grounds, and the fast-growing
production of nitrate fertilizer from nearby
Chile. The brothers Auguste and Maurice
Dreyfus, who actually formed the company,
were financiers from Alsace, who in 1862
founded the Banco Nacional del Peru, and
were well-placed to make an agreement
with the Government over guano.
1 November 1871 VF-EF EUR 150
613 REPUBLICA DEL PERU
PERU : LIMA. 6% Bond 500 Soles. Serie B.
green, black. No 646. Arms of Peru, and
vignette of a lady 'Liberty'. The loan was
raised for the construction of a customs-
house at the port of Callao. Three large
cancellation holes.
27 July 1875 VF EUR 120
614 BANCO DEL COMERCIO DEL PERU
PERU : LIMA. 1 Accion de 1000 Soles,
unissued. black. #4000. Printed in Lima and
what we offer is a previously unseen b/w
printer proof. Large vignette of the Peruvian
landscape with train, village and mountains
and another vignette with a ship at sea.
31 December 1882 VF EUR 90
615 REPUBLICA DEL PERU
PERU : LIMA. Obligacion del Tesoro, 500
libras oro, unissued. black on yellow paper.
Vignette of a train and coat-of-arms of Peru.
Small format. A printer proof (evidenced by a
stamp). We have not seen this Treasury note
before, issued or unissued.
19.. VF EUR 60
70
616 INGENIO DE AZUCAR BUEN PASTOR
PERU : LIMA. 1 Accion de 100 Soles. green.
#3000. No 373. Central fold. Attractive sugar
share with large vignette showing sugar cane
planting, a train, the sugar distillery and an
allegorical lady.
August 1901 VF EUR 60
617 CALSILICA, CIA DE LADRILLOS
PERU : LIMA. Acciones de 1 Libra. green,
buff, black. No 575. Owned a brickworks in
Lima. Vignette of the works, and bricks being
'fired'. Also a border in art
nouveau/Jugendstil. Folds and very small
splits, also several small holes.
1 October 1907 VF EUR 80
618 DOMUS ITALICA, S.A.
PERU : LIMA. 5 Acciones Preferidas de 10
Soles. red, black. No 62803-07. Photo
vignette of the Colegio Antonio Raimondi, a
Lima high school. Raimondi (1826-1890) was
a prominent Italian-born Peruvian
geographer and scientist and is today a
popular historical figure in Peru with many
museums, schools, cultural institutions, etc.
named after him.
14 June 1930 VF EUR 80
619 CONSORCIO MINERO DEL PERU S.A.
PERU : LIMA. 1 Accion de 10 Soles Oro. blue,
orange, black. No 353. Central fold and a
little staining at the right border. Vignette of
2 miners at work.
10 January 1944 VF EUR 60
620 LIMA GOLF CLUB, S.A.
PERU : LIMA. 1 Bono de S/o.250. brown,
black. No 413. Two perforation holes. The
golf club was founded in 1923/24.
21 April 1970 EF EUR 20
 VENEZUELA
621 VENEZUELA, CIE. DE
VENEZUELA : 44 LOIRE-ATLANTIQUE.
NANTES. Intérêt de F1000. black. No 126.
Large vignette of a view of the Venezuelan
coast, and border of tropical plants, fruits
and birds. Also, strangely, an African kudu
antelope! The company was formed to
establish maritime trade between France
and Maracaibo, leading in particular to the
exploitation of vast properties on the banks
of Lake Maracaibo, and establish a
mechanical sawmill there. Only 700 shares
issued - this one to the Count Gustave de
Montessuy (mayor of Juvisy-sur-Orge and for
many years an important French diplomat).
The company's head office was in Nantes.
This is the earliest scripophily we have ever
seen from Venezuela. Certainly extremely
rare.
15 September 1838 VF EUR 900
622 VENEZUELAN INDIA RUBBER TRUST LTD
VENEZUELA : GUERNSEY. Warrant for 5
Shares of £1. red. No 52466-70.
12 February 1905 VF EUR 70
623 ESTADOS UNIDOS DE VENEZUELA
VENEZUELA : CARACAS. 3% Billete de Bs.500.
Serie 5a. blue, black. No 421. Folds and pin-
holes. Coat of arms of Venezuela. Long
format bond.
2 January 1906 VF EUR 200
624 AMARILLA GOLD MINES LTD.
VENEZUELA : Debenture of £25. blue, black.
#1240. No 52. Large format bond. Founded
1932 to acquire 2 alluvial concessions over
19 sq. miles in Bolivar, Venezuela.
1 October 1935 VF-EF EUR 30
USA - railroads
625 JEFFERSONVILLE RAIL ROAD CO.
USA : INDIANA. JEFFERSONVILLE. Cert. of
two tenths Shares. black. No 331. Formed
1849 to build a 6-mile line. In 1862 became
part of the Jeffersonville, Madison &
Indianapolis RR Co., becoming part of the
Pennsylvania RR in 1873. Uncancelled.
20 January 1851 VF EUR 20
626 GRAND JUNCTION RAIL ROAD AND
DEPOT CO.
USA : MASSACHUSETTS. 6% Bond of $1000.
black. #450. No 419. Folds. Inc.1847 to link
the railroads entering the city from the north
and west with its depots and wharves at East
Boston, and for this purpose built a 9-mile
railroad. Income was much lower than
expected, and the company was wound up
in the late 1850s. The large engraving of the
Port of Boston is very high quality, and a
second vignette shows the city from the sea.
Square format. Uncancelled.
1 November 1853 VF EUR 60
627 NEW YORK AND HARLEM RAIL ROAD
USA : NEW YORK. Cert. of 100 Shares of $50.
black, orange. No 17097. Many cancellation
holes, also through the signatures. Signed by
William H. Vanderbilt, as president. Various
vignettes of train, dog, sailors, etc. Cornelius
('The Commodore') Vanderbilt bought a
controlling interest in the New York &
71
Harlem RR in 1862/3, and became its
President. This title passed after his death to
his son, William H, and in turn to his son,
Cornelius Jr. from 1886. William Henry
Vanderbilt (1843-99) was a real estate
entrepreneur & railroad executive. Son of
'the Commodore', and inherited the bulk of
his fortune. President of New York Central &
Hudson Railroad and Michigan Central
Railroad.
20 October 1873 VF EUR 100
628 KNOX AND LINCOLN RAILROAD CO.
USA : ROCKLAND. Transfer Cert. of 2 Shares.
black. No 27. Vignette of a train.
Commenced service from Woolwich to
Rockland in 1871. Leased by Maine Central
Railroad in 1891.
8 September 1874 EF EUR 20
629 DUBUQUE AND SIOUX CITY RAILROAD
USA : IOWA. Cert. of 20 Common Shares of
$100. black. No 4950. Chartered 1860 to
build a line of 142 miles from Dubuque to
Iowa Falls IA. Leased in 1867, and later
acquired by, Illinois Central RR. Signed by
Morris K. Jesup. Signatures hole-cancelled.
Cancelled stamp does not touch name or
vignette of passenger train.
24 April 1879 VF EUR 30
630 ANGAMAR MOTOR CO. OF NEW YORK
USA : NEW YORK. Cert. of 5 Shares of $50.
black, gold seal. No 174. Very attractive
share with 4 different corner vignettes and a
tram in the center. Founded (and signed as
President) by Eugene H. Angamar to build an
experimental smokeless and noiseless motor
for street cars. A successful test took place in
Chicago, making 20 miles with but one
charge of hot water and steam. Extremely
rare.
5 February 1879 VF-EF EUR 50
631 ALLEGHENY AND KINZUA RAILROAD
USA : NEW YORK/PENN. 5% First Mortgage
Gold Bond of $1000. green, black. #500. No
242. Several lines for forestry on NY/PA
border area. Completed 1890. Defaulted
1892 & receiver appointed. Large format
piece with vignette of train emerging from a
tunnel. Uncancelled.
1 February 1890 EF EUR 60

632 SAN PETE VALLEY RAILWAY CO.
USA : UTAH. 4% First Mortgage Gold Bond of
$1000, specimen. brown, black. Folds with a
few tiny edge-splits. Vignette of a speeding
passenger train. Attractive American
Banknote Co. specimen. The San Pete Valley
Railway was a narrow-gauge railroad
organized in 1874, but not put into
operation until 1882. Converted to standard
gauge in 1897. The railroad was owned by a
group of English investors, who also owned
the nearby mines (San Pete Coal and Coke
Co.) and stone quarries to transport the coal
from the settlement of Manti to Nephi,
where the railroad was to connect with the
Utah Southern Railroad. Became part of the
Denver & Rio Grande Railroad in 1908. Apart
from this one specimen we offer, no other
scripophily of this railroad is known.
1 July 1893 VF EUR 90
633 FAIRMOUNT PARK AND HADDINGTON
PASSENGER RAILWAY CO.
USA : PENNSYLVANIA. PHILADELPHIA. Cert.
of 15 Shares of $50. green, black. No 59.
Vignette of one of the company's electric
streetcars. A Philadelphia streetcar service.
Signatures hole-cancelled.
May 1895 VF EUR 30
634 INDIANAPOLIS SOUTHERN RAILWAY
USA : INDIANA. INDIANAPOLIS. Cert. of 1
Share of $100. olive, black. No 84. Hole- and
pen-cancelled. Vignette of a train in a
station. Operations started in 1899.
27 July 1905 VF EUR 40
635 COLLECTION OF 17 EARLY RAILROAD
PIECES
USA : 1. Canajoraie and Catskill RR, unissued,
183x. 2. Boston, Clinton and Fitchburg RR,
1875. 3. Georgia RR & Banking Co., 1858. 4.
Demoine Navigation and RR Co., 1855. 5.
Boston & Providence RR, 1869. 6. Greenville
& Columbia RR, 1860. 7. Cairo RR Co., 1886.
8. Boston, Hartford and Erie RR Co. Bond,
1866. 9. Lackawanna RR Co., 1855. 10.
County of Luzerne - Borough of Scranton
bond, 1864. 11. Indiana Southern Railway
bond, 1866. 12. Broadway Surface RR, 1884.
13. Boston, Clinton & Fitchburg RR bond,
1873. 14. Western Maryland RR bond, 1868.
15. Flint and Pere Marquette Railway bond,
1868. 16. Blue Ridge RR bond, 1869. 17.
Columbus, Chicago & Indian Central Railway,
1868. Where no 'bond' is mentioned, the
certs are shares. Small but interesting
collection of 19th century railroad pieces.
Various dates VF-EF EUR 200
636 WESTERN NORTH CAROLINA RR - STATE
OF NORTH CAROLINA (81 pieces)
USA : 6% Bond of $1000. black, blue. We
offer 30 of the 1868 bonds and 51 bonds
dated 1869. Large format with vignettes of
the state capitol, and female figures. This
series of bonds was denounced by the state
government, who refused to repay them.
Most of the money raised disappeared into
private pockets; very little reached the state
treasury.
1868+1869 VF EUR 800
USA – mining & oil
72
637 ST. CROIX AND LAKE SUPERIOR
MINERAL CO.
USA : BOSTON. 1 Share. black. #1200. No
659. Founded by wealthy Bostonians in 1845
to finance the explorations of geologist
George W. Brownell to find copper deposits
alongside the river Kettle and St. Croix River
and Falls, Minnesota. Early date.
4 April 1845 VF EUR 50
638 AURIFERE CIE. UNIVERSELLE DES MINES
D'OR DE LA CALIFORNIE
USA : CALIFORNIE. Action de F10, 2ème
Emission. black on orange paper. #6000. No
2/9358. An example of a French company
investing in the new California goldfields. In
its prospectus, Aurifère said its F10 shares
would surely earn F450 per year for 6 years,
without counting 'extra dividends'. It bought
4 machines, each equal to 80 men, to work
the new mines. Far from earning the
expected big profits, the company seems to
have disappeared by 1851/2.
1850 EF EUR 50
639 STANDARD OIL CO.
USA : OHIO. CLEVELAND. Cert. of 125 Shares
of $100. black. No 58. One of the best-
known pieces in scripophily, partly for its
importance in the history of international
business, and partly for its JOHN D.
ROCKEFELLER signature, one of the richest
men the world has ever known. His
signature, as President of the company, is
exceptionally clear, as is that of HENRY M.
FLAGLER, as secretary (both are pen-
cancelled).
Rockefeller (1839-1937) began his business
career in 1855 as a bookkeeper, at a wage of
$3.50 per week. In 1863 he joined Andrews,
Clark & Co, and in 1865 took over the
company. In this manner, at the age of 26 he
controlled the world's largest oil-refinery, at
Cleveland. Only five years later, along with
his brother William, his friend Henry M.
Flagler, and two others, he founded the
Standard Oil Company of Ohio. In the
following years he steadily acquired all the
other oil-refineries in Cleveland, then the
centre of the American oil industry. Capital
increases followed in 1872 and 1875, and
the shares known to us come from this later
issue. By 1878 Standard Oil controlled 90%
of all American refining capacity. To be able
to expand outside Ohio, it was necessary to
alter the form of the company, and this led
to the formation of the Standard Oil Trust.
Flagler worked with Rockefeller in Standard
Oil until 1883, when he left the oil industry
to concentrate on the development of
Florida, building railways and other
infrastructure, allowing it to start to develop
into what it is today. A great piece by all
means.
6 May 1875 VF-EF EUR 1.500
640 JUANITA OIL CO.
USA : CALIFORNIA. LOS ANGELES. Cert. of
200 Shares of $1. black, red, silver, green. No
1648. Small format share, with a silver seal
and green underprint of an oilfield. Owned
land in San Diego County, Point Loma and
Los Angeles, also a leasehold in McKittrick
and Summerland.
25 January 1901 EF EUR 20
641 WYONA IRON AND COPPER CO.
USA : COLORADO. DENVER. Cert. of 50
Shares of $1. gold, black, gold seal. No 62.
Several pin-holes. Large gold underprint of a
woman and man separated by a coat-of-
arms. Owned claims known as the My Queen
and Kicker Lodes, in Bridger and Battle Lake
Mining District, Carbon County, Wyoming.
15 October 1901 VF EUR 50
642 MASSASOIT MINING CO.
USA : UTAH. Cert. of 100 Shares of $1. gold,
black. No 109. Vignette of Abraham Lincoln.
The company owned mines at Salt Lake
County, Utah.
18 April 1905 EF EUR 40
643 LONGFELLOW GOLD MINING AND
MILLING CO.
USA : NEVADA. GARDNERVILLE. Cert. of 40
Shares $1. black, gold. No 499. Mined in the
Pine Nut Mountain Range, Nevada.
Succeeded in 1922 by the Detroit Gold
Mining Co. Attractive share with 3 mining
vignettes.
20 January 1908 EF EUR 30
644 MUSICK MINING CO.
USA : OREGON. PORTLAND. Cert. of 400
Shares of $1. black, gold, gold seal. No 108.
Three mining vignettes. Mining operations in
Lane County, Oregon.
1900 EF EUR 30
645 VALLACITOS HYDRAULIC GOLD MINING
USA : ARIZONA. Cert. of 110 Shares of $1.
orange, black. No 189. Folds with small
splits. Vignette of an allegorical woman with
light bulb and more.
1 November 1915 VF EUR 20
646 ARKANSAS EXPLORATION CO.
USA : MINNESOTA. MINNEAPOLIS. Cert. of
200 Shares of $1. green, black. No 777. Folds
with a few small splits. Panoramic view of
oilfields in Arkansas.
2 January 1925 VF EUR 20
647 MOHAWK GOLD BAR LEASING &
MINING CORPORATION
USA : NEVADA. GOLDFIELD. Cert. of 300
Shares of $1. orange, green, black. No 445.
Folds with a small splits (repaired). One
punch-hole at the top border (outside the
printed part of the cert.). Vignettes of the
American eagle with the Flag, a Mohawk-
Indian and a bison. Est. 1906 with leases
called February, Gold Bar and Spearhead - all
in the Goldfield District, Nevada. First time
we see scripophily from this company.
27 November 1906 VF EUR 200
USA - various
648 STATE OF CONNECTICUT
USA : CONNECTICUT. Bond of 9 pounds 47
shilling. black. No 12630. Cut-cancelled and
some tape on the back. Treasury Bill of 1782
for money owed to a former soldier in the
'Connecticut line' in the War of
Independence. The amount was due for
repayment in 1784. Interest was paid each
year and the capital also, when due. Signed
by Peter Colt. Ref. Anderson CT19.
1 June 1782 VF EUR 100
649 PHILADELPHIA AND LANCASTER
TURNPIKE ROAD
USA : PENNSYLVANIA. PHILADELPHIA. 1
Share. black on vellum. No 178. The
company was founded by William Bingham
in 1792. From the beginning it was a great
commercial success, leading to a fever of
road- and bridge-building in the following
years. In 1899 the state of Pennsylvania took
down the toll-gates and abolished the
payment of tolls. The share was printed on
vellum, and counts as the second-oldest
American share with a vignette (of a horse-
drawn wagon on the road). A very fine piece
of this very desirable share. Signed by W.
Bingham.
16 March 1795 EF EUR 400
73
650 STATE OF MISSISSIPPI
USA : MISSISSIPPI. 6% Bond of $1000. black.
No 614. Damaged seal and generally
wrinkled paper. Issued by the state of
Mississippi to provide $1,5 million capital for
the Planter's Bank of the State of Mississippi.
The bank failed and the state has always
failed to honour its debt. Signed by State
governor Abram M. Scott.
1833 F-VF EUR 100
651 BANQUE DES ETATS-UNIS
USA : PARIS. 6% Obligation de F2530=£100.
Serie 1A. black. No 814. Folds with 3
repaired splits. Certificat d'Obligation,
déposée pour la liquidation de l'Emprunt
1839.
Signed by Baron Alphonse de Rothschild.
Alphonse was the grandson of Mayer
Amschel Rothschild (1746-1812), the
founder of the house. Mayer's five sons
established themselves in different
European cities, to continue and expand the
family business. Jacob (known as James)
(1792-1868) went to Paris, and founded the
Paris bank in 1817. In due course he had an
eldest son Alphonse (1827-1905). Alphonse
had a great impact on the Paris banking-
scene, and was particularly renowned for
supporting new industries and new
inventions. Also he encouraged the spread of
Paris finance around the world - his view was
far more international than those of most of
the Paris banking world. Capital repayment
stamps on surrounding coupons.
1 July 1859 VF EUR 100
652 LIFE SAVING RAFT CO.
USA : NEW YORK. Cert. of 100 Shares of $10.
olive, black. No 115. Manufactured a raft for
saving life from sinking ships, and perhaps
the only share issue of this theme. Fine
vignette of the life raft with shipwrecked
sailors, pleased to see a ship. Issued a year
after the Civil War at a time the American
economy (and thus the shipping business)
started to flourish. Extremely rare.
25 June 1866 VF-EF EUR 400
653 HACKETTSTOWN NATIONAL BANK
USA : NEW JERSEY. HACKETTSTOWN. Cert. of
40 Shares of $50. black. No 27. Trimmed left
border. Large farming scene on top, also an
allegorical woman and a beehive. The bank
was founded in 1855.
1 January 1866 VF EUR 50
654 AMERICAN MERCHANTS UNION
EXPRESS CO.
USA : NEW YORK. Cert. of 1 Share of $100.
black. #180000. No 640. Fine action vignette
of a freight carriage leaving the port. Signed
as president by William Fargo. Fargo (1818-
81), born Pompey, New York, was one of
three owners of Wells & Co. (1844-50), first
express firm west of Buffalo; secretary
(1850-68) of American Express, which was
formed by merger of Wells & Co. with two
other firms in 1850. Organised Wells, Fargo
& Co. for express business between New
York and California (1852). Wells, Fargo
merged with Pacific Express Co. in 1869. In
1868 American Express merged with
Merchants Union Express Co. to form the
company issuing this share, and Fargo
became president. It changed its name back
to American Express Co. in 1873.
26 December 1868 VF-EF EUR 200
655 STATE OF ARKANSAS
USA : ARKANSAS. LITTLE ROCK. 7% Bond of
$1000. red, black. No 233. Vignette of a
train, also coat-of-arms of the State and 2
lady portraits. Folds with small splits at the
top. Extremely rare.
1 April 1870 VF EUR 200
656 STATE OF LOUISIANA - NEW ORLEANS,
MOBILE AND CHATTANOOGA RAIL ROAD
USA : NEW ORLEANS. 8% Bond of $1000.
brown, black, purple seal. No 563. Folds.
Three vignettes - a pelican feeding her chicks
(symbol of the state), and two heroic ladies
for Agriculture and the Arts.
24 April 1871 VF EUR 100
657 CORPORATION DE L'EGLISE
CATHOLIQUE ROMAINE DU DIOCESE DE LA
NOUV.-ORLEANS
USA : LOUISIANA. NOUVELLE-ORLEANS. 5%
Obligation de F100. Serie 2. black. #2000. No
2059. Unusual piece, from a loan raised in
Europe by the Roman Catholic diocese of
New Orleans. Interest and capital were
payable at Paris, Lyon, Marseille, Bordeaux
and Brussels. Coat-of-arms of the diocese.
Signed by the archbishop of New Orleans.
31 December 1876 VF EUR 50
658 NEW YORK REAL ESTATE
IMPROVEMENT CO.
USA : NEW YORK. 6% First Mortgage Bond of
$500. brown, black, gold seal. No 222. Large
format with folds and small splits. Vignette
of downtown NY.
1 January 1890 VF EUR 30
659 CITY OF PROVIDENCE - STATE OF
RHODE ISLAND AND PROVIDENCE
PLANTATIONS (2 types)
USA : PROVIDENCE. 1. Sewer Loan Bond
$1000, 1892. 2. Highway Loan Registered
Bond $1000, 1894.Both with historic 'What
Cheer' vignette.
1892+1894 VF EUR 50
660 NEW-YORK TAXICAB COMPANY LTD.
USA : Cert. of 120 Deferred Shares of 1
Shilling. brown. No A440. Folds with small
splits - repaired. The first taxicab company in
New York City was the Samuel's Electric
Carriage and Wagon Co. (1897), renamed
the Electric Vehicle Co. in 1898. In early
1907, the company collapsed. Harry N. Allen
74
took the opportunity to start a taxicab
service in New York and charge so-much per
mile. He imported 65 gasoline-powered cars
from France and founded the New-York
Taxicab Co. to operate them. The cars were
painted yellow to be visible from a distance.
By 1908 the company was running 700
taxicabs. In the following years, competing
taxicab companies were founded, but this is
a share from the first 'modern' New York
taxi company! The lot includes some
company correspondence, with directors'
reports and an accounts statement.
21 February 1911 VF EUR 100
661 UNITED STATES TREASURY
USA : War Bond Certificate. multicolour.
Lovely certificate featuring 22 charming
multi-colored Disney characters as border.
These type of bonds were given to
purchasers of WWII war bonds.
13 December 1942 EF EUR 100
662 PLAYBOY ENTERPRISES, INC.
USA : NEW YORK. Common Shares of $1.
blue, grey. No CB2099. The Playboy Empire
was born in 1953, when Hugh Hefner was
refused a pay rise of $5. He used his savings
to buy the rights to the famous Marilyn
Monroe calendar, and put together the first
issue of Playboy magazine on his kitchen
table of his Chicago apartment. Later the
company was formed and has been around
ever since. Facsimile signature of Hugh
Hefner.
15 November 1982 VF EUR 50
663 LOT OF 83 CONFEDERATE BONDS
USA : This group includes the following
bonds as catalogued by Criswell:
Confederate Bonds: 1xCr.5, 2xCr.8, 1xCr.54,
2xCr.62, 1xCr.78, 2xCr.82, 1xCr.83, 1xCr.86,
14xCr.88, 2xCr.95A, 1xCr.101, 6xCr.102,
10xCr.121, 3xCr.124, 22xCr.125, 13xCr.144C
and from the State of North Carolina:
1xCr.62L. Most in very fine condition. Feel
free to contact us if you need more info on
this (or any other) lot.
Various dates VF EUR 1.500
See also lots 28, 30, 100, 163, 166, 289, 291,
593, 594.

BEFORE 1800 102 177 178 179 180 181
182 183 184 185 186 187 188 336 379
516 517 518 648 649
AGRICULTURE 2 5 32 45 46 47 52 54 63 72 73
97 103 112 129 153 241 249 252 289
519 530 587 600 604 607 609
AVIATION 149 208
ARMS – MILITARIA 238 319 349 354 476
489 490 491 505 661
ASSOCIATIONS 103 107 109 119 191 347
514
AUTOS 60 138 143 144 149 155 207 208
209 210 211 228 352 376 563 660
BANK & FINANCE 8 10 13 32 37 41 51 64 94 95
105 110 141 166 169 177 178 188 191
192 193 194 253 289 331 338 364 382
396 410 417 439 440 441 442 443 444
445 446 447 448 471 504 562 595 606
614 651 653 658
BEER 239 244 282 284
BRICKS 128 486 617
BRIDGES – TUNNEL 187 293 520
CANALS 61 78 79 160 195 198 202 293 337
340 520 555 611
CASINOS 257 275 408
CEMENT, SAND, CONCRETE 360 399 401
486 590
CEMETERY 269
CERAMICS 524
CHEMICALS 115 235 238 287 333 393
513 536
CITY & STATE BOND 11 14 15 17 18 19 20 21 22
24 27 28 40 55 57 87 88 100 101 104 107 163
173 175 176 178 186 288 289 290 292
336 354 359 363 369 370 380 389 395
402 404 407 420 421 422 423 424 425
426 427 428 429 430 431 432 433 434
435 436 437 438 518 558 564 569 570
571 573 576 577 582 583 593 596 597
599 602 605 613 615 623 636 648 650
655 656 659 661 663
CLOCKS & WATCHES 506
COALMINES 34 48 54 106 113 117 127 132
152 162 168 213 214 216 217 220 309
310 311 312 314 317 318 330 343 346
350 400 458 459 463 464 465 467 468
COLONIES 3 38 40 42 43 44 45 62 63 65 68 69 70
72 73 74 75 76 82 84 87
COMPUTER & OFFICE EQUIPMENT 166
CONSTRUCTION & BUILDING 139 532 617
ANTWERPEN 17 18 63 68 74 102 105 109 120
126 138 144 148 151 154 155 177 397
409 479
BRABANT 20 23 31 66 69 70 71 72 73 75 76 102
114 115 116 118 119 121 122 124 130
133 134 135 141 145 146 147 149 156
157 158 163 168 219 221 293 298 299
Original Autographs of Famous People
BINGHAM, William 649
FARGO, William 654
FLAGLER, Henry M. 639
CATENACCI, H. 449
CRABBE, Charles 41
GRANDSIRE, Pierre-Eugène 199 200
LECLERC, L. 25 44
Well-known Printer Companies (complete list on www.booneshares.com)
AMERICAN BANKNOTE CO 28 166 289 328
594 608 627 636 662
BRADBURY, WILKINSON & CO. 55 175 176
395 402 572 576 577 580 595 597
Detailed Index on Themes
DIAMONDS 91
ELECTRICITY 25 29 35 59 86 100 145 159 226
228 229 362 367 368 494 499 500 526
530 538 546 581
FILM 98 122 560 661
FISHERY 85 137 245 386 556
FOOD 5 42 54 72 85 108 111 112 120 129
153 171 240 241 243 245 247 250 253
280 281 371 388 392 416 515 519 525
616
GAS 159 226 227 343
GOLD & SILVER MINES 12 90 92 96
358 385 390 461 462 469 517 522 585
586 591 624 638 642 643 644 645 647
HEALTH RESORTS 164 242 257 265 276
377
HOLDING COMPANIES 331 334
HOTELS 54 72 275 336 345 377 378 408
495 553
IMPORT/EXPORT TRADE 23 30 72 134 516
INSURANCE 33 189 190 285 339 348 351
396 413 415 542 561
JUDAICA/ISRAEL/PALESTINE 419 440 555
556
LEATHER - FUR-TRADE 403 529
MASONIC565 566 567 568
MEDICINE 287 513 543
METAL & ENGINEERING INDUSTRY 60 81 114
130 131 140 148 165 167 172 209 222
225 231 232 236 237 292 293 303 304
305 306 307 308 309 310 311 312 313
314 315 316 317 318 320 321 322 323
324 325 326 327 328 330 332 335 375
376 398 418 470 473 474 477 478 481
482 483 484 485 487 489 490 491 493
505 513 540 544 641
MINES (not gold, silver, coal) 9 12 48 50 54 60 62
65 66 75 76 93 94 106 126 152 162 214 218
219 220 221 222 283 293 302 309 310
311 312 314 317 318 328 329 330 331
333 350 358 365 366 375 400 409 411
412 458 459 460 464 466 467 468 470
523 527 544 575 586 590 612 619 637
641
MUSIC 121 389
PAPER 147 224 254
PERFUMERY & SOAP 274
PETROLEUM 56 67 138 155 215 397 480
488 588 589 610 639 640 646
PHOTO & PANORAMA 122 260 261 271 476
Belgian Provinces
300 365 375 411 412 458 459 461 463
465 470 486 522 560 596
HAINAUT 108 112 127 128 131 150 306
464
LIEGE 106 123 132 140 143 162 164 167
LIMBURG 110 152
LUXEMBOURG 330 332
JESUP, Morris K. 629
ROCKEFELLER, John D 639
ROTHSCHILD, Alphonse D. 732
Important Artists & Engravers
LLOPIS, Carlos Ruano 533 534 537 539 540
542 543
MEHOFFER, Jozef 398
CHAIX 12 25 39 40 43 77 78 87 201 205 224 241
257 266 275 294 295 358 557 564 573
578 579 600
COTE LIBRE 23 72 117 135 146 458 459
465 486
75
POLICY (insurance) 285 351 561
PORCELAIN 524
PRINTING & THE PRESS 116 133 134 224
230 233 254 256 279 353 501 502 662
PROPERTY 54 60 72 95 267 446 552 604
PUBLICITY 134
RAILROADS 14 15 16 20 24 31 39 54 71 80 89 99 118
156 157 158 201 206 294 295 296 297
298 299 300 301 302 341 342 361 372
373 374 383 398 414 449 450 451 452
453 454 455 456 457 472 474 481 482
483 493 528 531 549 555 556 557 572
574 578 579 584 592 594 595 597 601
603 608 625 626 627 628 629 630 631
632 633 634 635 636 656
RELIGIOUS, CHURCH 554 657
RESTAURANTS-CAFES 239 495
ROADS 197 293 367 368 649
RUBBER 44 63 496 622
SALTMAKING 393
SHIPS & SHIPYARDS 4 65 83 125 142 151
160 161 196 199 200 203 204 212 223
286 291 293 355 356 381 384 390 473
475 484 503 505 518 533 534 535 537
539 548 550 556 559 576 600 621 652
SHOPS - MARKETS 7 154 258 266 273 280
405 503 595
SPORTS 124 135 136 255 263 264 268
270 272 352 357 391 394 541 551 620
SUGAR 1 5 108 111 112 241 250 253 281
371 416 525 598 616
TELEPHONE & TELEGRAPH 22 24 58 163
TEXTILE 36 38 49 150 170 223 482 498 516
THEATRE 257 259 277 545
TOBACCO 146 174 175 176 479 507 508
509 510 511 512
TOURISM 262
TRAMS 25 54 89 118 156 157 205 361 387
549 580 581 633
TRANSPORT 43 54 143 344 654
UNIVERSITY – SCHOOL 265 278 554 618
WATER 77 164 242 276 480 492 520 521
547
WINE & ALCOHOLS (not beer) 5 53 112 246
248 251
WOOD 68 73 139 146 234 236 375 497 501
502
ZOO, CIRCUS, LEISURE 389 406
NAMUR 113 117 293
OOST-VLAANDEREN 103 104 107 111 125
136 139 142
WEST-VLAANDEREN 102 129 137 138 142
153 159 160 161 165 166
ROTHSCHILD, Lionel 339
VANDERBILT, William H. 627
MUCHA, Alphonse 266
SIMON, F. 383
TORTOLERO, Pedro 516
GIESECKE & DEVRIENT 16 558 570
SKIPPER 13 209 466 496 567
WATERLOW & SONS 14 15 19 93 94 101 313
314 581 584 605 609
WIESSENER 344 416
 CENTRUM VOOR SCRIPTOPHILIE B.V.B.A. - Kouter 126 - B-9800 DEINZE - BELGIUM
Kantoor van Gerechtsdeurwaarders M. Brackeva, F. Boelens, R. De Becker, J. Huybrechs, K. Huybrechts, E. Megroedt – Grétrystraat 29 –2018 Antwerpen

VEILINGSVOORWAARDEN
1. De verkoper garandeert dat hij rechtmatige eigenaar is van het te veilen goed of daarover op rechtmatige wijze beschikken kan. Ook garandeert de verkoper dat hij
op geen enkele wijze ook op de hoogte is van het feit dat het te veilen goed op een onrechtmatige manier verworven werd en dat geen enkele derde partij rechten over
het te veilen goed kan laten gelden (verpanding, onderpand, etc.). De verkoper is volledig verantwoordelijk voor zijn verklaringen.
2. De verkoop van het te veilen ingeleverde goed, geschiedt enkel bij bemiddeling in naam van en voor rekening van de verkoper. Het veilinghuis is gemachtigd om
alle rechten van de verkoper te behartigen, volgens zijn gegeven orders en, in geval van een effectieve verkoop te handelen in naam van en voor rekening van de
verkoper. Voor het tijdstip van de volledige betaling van de verkochte goederen door de koper blijven de goederen eigendom van de verkoper, na dit tijdstip worden de
goederen eigendom van de koper. Op geen enkel moment wordt het veilinghuis eigenaar van de goederen.
3. De veiling heeft plaats bij opbod tegen kontante betaling met een opgeld van 18,15%. Dit percentage is samengesteld als volgt :
- 15 % commissie op de prijs waartegen een lot is verkocht
- 21 % B.T.W. op deze commissie.
4. De echtheid van de goederen is door de expert gegarandeerd. In geval van betwisting dient het stuk binnen de 8 dagen na de in ontvangstname worden
teruggezonden aan het veilinghuis.
5. In geval van rouwkoop, zal het lot in kwestie onmiddellijk opnieuw geveild worden.
6. De in de cataloog vermelde prijzen zijn startprijzen en er zal geen enkel lager bod aanvaard worden.
7. De geschreven kooporders zullen zorgvuldig en zonder kosten uitgevoerd worden. De eventuele verzendings- en verzekeringskosten zijn ten laste van de koper.
8. Schriftelijke biedingen dienen te geschieden in euro.
9. Onmiddellijk na de toewijzing zijn de verkochte goederen, die met de meeste zorg bewaard blijven, voor rekening en risico van de koper, en is elke reclame
uitgesloten.
10. Schade of verlies bij levering door derden (vb. postmaatschappij) is voor risico van de koper.
11. Antwerpen wordt aanvaard als de plaats waar alle verplichtingen worden afgehandeld. In geval van betwisting zullen beide partijen zich neerleggen bij de
beslissing der Antwerpse rechtbank.
12. De instrumenterende gerechtsdeurwaarder beslecht in laatste aanleg alle geschillen nopens deze verkoop oprijzende.
13. Verder gelden alle normale gangbare wettelijke voorwaarden.
14. B.T.W.-plichtige inzenders-verkopers en kopers dienen zich te schikken naar de gewijzigde en aktuele B.T.W.-richtlijnen van 2 januari 1995 (Nr. E.T. 76, E.T.
10.187, regeling voorzien in art. 58 §4 B.T.W.-Wetboek).
15. Ingeval van gelijke bieding geldt de respectievelijke voorrang van de schriftelijke bieding, vervolgens de telefonische bieding, en vervolgens de bieding in de zaal.
16. De beschrijvingen in de catalogus zijn naar best vermogen opgesteld. Eventuele fouten zijn geen reden tot annulatie van de aankoop.
CONDITIONS DE VENTE AUX ENCHERES
1. Le vendeur garantit qu’il est le propriétaire légitime du bien à vendre aux enchères ou qu’il peut en disposer légitimement. Le vendeur garantit également qu’il n’a
d’aucune manière connaissance du fait que le bien à vendre aux enchères aurait été acquis illégitimement, et qu’aucune tierce partie ne pourrait faire valoir des droits
sur le bien à vendre aux enchères (gage, sûreté, etc...). Le vendeur est entièrement responsable de ses déclarations.
2. La vente du bien mis aux enchères ne se fait que par l’entremise, au nom et pour le compte du vendeur. La maison de vente aux enchères est autorisée à défendre
tous les droits du vendeur, suivant les ordres qu’il a donnés, et en cas d’une vente effective, à agir au nom et pour le compte du vendeur. Jusqu’au moment du
payement intégral des biens vendus par l’acheteur, ceux-ci restent la propriété du vendeur; à partir de tel payement les biens deviennent la propriété de l’acheteur. A
aucun moment la maison de vente aux enchères n’est propriétaire des biens.
3. La vente a lieu aux enchères moyennant payement au comptant avec une prime de 18,15 %. Ce taux est composé comme suit :
- 15 % de commission sur le prix auquel un lot est vendu,
- 21 % de T.V.A. sur cette commission.
4. L’authenticité des biens est garantie par l’expert. En cas de contestation, la pièce doit être renvoyée à la maison de vente aux enchères dans les huit jours de la
réception.
5. En cas d’offre incorrecte ou non voulue, le lot en question sera immédiatement remis en vente.
6. Les prix indiqués dans le catalogue sont les enchères de départ; aucune offre inférieure ne sera acceptée.
7. Les ordres d’achat par écrit seront exécutés soigneusement et sans frais. Les frais éventuels de transport et d’assurance sont à charge de l’acheteur.
8. Les enchères écrites doivent être formulées en euro.
9. Immédiatement après l’adjudication les biens vendus, seront gardés avec le plus grand soin, pour le compte, aux risques et périls de l’acheteur. Toute réclamation
est exclue.
10. dommages ou perte pendant la livraison part des tiers (p.ex. la poste) est au risque de l’acheteur
11. Anvers est accepté comme le lieu où toutes les obligations doivent être exécutées. En cas de contestation, les deux parties s’inclineront devant la décision du
Tribunal d’Anvers.
12. L’Huissier de Justice instrumentant tranche en dernier ressort tous litiges pouvant naître à propos de cette vente.
13. Pour le reste toutes les conditions légales courantes seront d’application.
14. Les exposants-vendeurs et acheteurs assujettis à la T.V.A., devront se conformer aux directives modifiées et actuelles de la T.V.A. du 2 janvier 1995 (N° E.T. 76,
E.T. 10.187, règlement prévu à l’article 58 § 4 du Code de la T.V.A.).
15. En cas d’offre identique, la priorité est donné au offre écrit avant l’offre par téléphone. L’offre par téléphone a priorité sur l’offre dans la salle ;
16. Les descriptions dans le catalogue sont rédigées avec le plus grande soin. Des erreurs éventuelles ne pourront jamais justifier l’annulation de l’achat.
AUCTION TERMS AND CONDITIONS
1. The seller guarantees that he is the rightful owner of, or may legitimately dispose of, the goods being offered by auction. He guarantees also that he has no
knowledge whatever to the effect that the goods offered by auction have been acquired unlawfully, and also that no third party can claim any rights (pledge, collateral,
etc.) over those goods.
2. The sale of the goods is made by the auction-house as an agent, acting in the name of, and for account of, the seller. The auction-house is authorised to protect all
the seller’s rights, in accordance with the sales instructions given to him, and, in the event of an effective sale, to act in the name of, and on behalf of, the seller. Until
the goods sold are paid for in full by the buyer, they remain the seller’s property; only after receipt of payment in full do the goods become the property of the buyer.
The auction-house will at no time be the owner of the goods.
3. The sale takes place by auction, against payment in cash, with a premium of 18.15%. This premium is made up as follows:-
- 15 % commission on the price for which a lot is sold;
- 21 % V.A.T. on this commission.
4. The authenticity of the goods is guaranteed by the expert. Should any dispute arise, the item has to be returned to the auction-house within eight days of receipt.
5. In the event of an incorrect or unintentional bid, the lot in question will immediately be offered again for auction.
6. The prices in the catalogue are starting-prices, and no lower bid will be accepted.
7. Written buying orders will be executed carefully, and without charge. Any charges for postage and insurance will be for the account of the buyer.
8. Written bids are to be made in euro.
9. With immediate effect after the sale of the lot, the goods (which will be kept with the greatest care) are for the account of the buyer and at the buyer’s risk. No
complaints will be accepted.
10. Damage or loss during the process of delivery by third parties (eg mailing companies) is at the risk of the buyer.
11. Antwerp is accepted as the place where all obligations are to be met. In the event of a dispute, both parties agree to comply with the decision of the Antwerp courts.
12. The Process-Server acting in the matter will finally settle all disputes in connection with this sale.
13. On other matters all normal current legal terms and conditions will apply.
14.Sellers and buyers subject to V.A.T. must comply with the amended current V.A.T. instructions dated January 2, 1995 (No.E.T. 76, E.T. 10.187, rules laid down in
section 58 § 4 of the V.A.T. code).
15. In case of ex-aequo bid, the absentee bid has priority over the telephone bid. The telephone bid has priority over a bid in the room.
16.The descriptions in the catalogue are made as good as possible. Any errors are no reason to cancel the purchase.

Copyright : Any person wishing to use descriptions, or any other information, from this catalogue must obtain prior permission in
writing from Centrum voor Scriptophilie BVBA.

76