Monday, June 12, 2017

Two-Footers for sale at Spink New York

In The Numismatics Collector's Series sale, Spink will auction more than 800 lots of coins, medals and banknotes. Seventy-six lots from the US, Canada, China and Russia complete the scripophily section.

Lot 829 is a group of railroad bonds including a $500 dollar bond issued in 1901 by the Wiscasset, Waterville & Farmington Railroad. Two $100 dollar denominations from  the same issue and a 1908 $1000 bond from the Sandy River & Rangely Lakes Railroad complete the group. Both lines were nearly neighbours and were built as "Two-Footers".

Wiscasset, Waterville and Farmington Railroad Company bond from 1901
Wiscasset, Waterville and Farmington Railroad Company
5% First Mortgage Gold Bond
$1,000,000 loan, 1901, due 1921
issued in denominations of $1000 $500 and $100

"Two Footers" are narrow-gauge railways which are cheaper to build. They require lighter construction, smaller tunnels and bridges, and use smaller cars and locomotives. Most narrow-gauges were built for industrial railways. The term (track) gauge refers to the distance between both rails. "Two-Footer" tracks were built with rails so close together that a pair of large shoes set "heel-to-toe" could span the distance between the rails. source: Wiscasset, Waterville & Farmington Railway Museum


Auction  details
  • Location : New York
  • Dates : June 19-20, 2017
  • More info : See here 

F.L.


Saturday, June 3, 2017

Olympic history at AIA's upcoming Summer Auction 2017

Archives International Auctions announces details of their upcoming sale on Thursday June 15th 2017, at Fort Lee, New Jersey. The sale includes nearly 250 stocks and bonds spread over several sections such as China, imperial Russian specimen bonds, US Federal Bonds & Liberty Loans, State of Israel bonds, US City and US Railroad bonds and  more.

One of the remarkable items in the auction is a California Tenth Olympiad Bond Act of 1927 bond proof. The Act authorized a $1 million dollar loan to finance the 1932 Summer Olympics in Los Angeles.

$1000 bond proof "California Tenth Olympiad Bond Act of 1927"
Below the Olympic rings there is a motto printed : Citius, Altius, Fortius,
which is Latin for  Faster, Higher, Stronger.

The  Games of the X Olympiad took place during the Great Depression. There were no other cities that made a bid to host these Olympics, except for Los Angeles.  It was here that for the first time an Olympic Village was built, for male athletes. The Chapman Park Hotel was home to the female athletes. Another premiere introduced was the victory podium. These were the first Games that exceeded one million spectators. 

This proof bond offered in the auction is a historic Olympic item that helped finance the 1932 Los Angeles Olympics. Only two of these were found in archives as proofs, no specimens were found. The first one sold for $1400 in AIA's January 2007 auction.

Auction details

  • Date : June 15, 2017
  • Place : Fort Lee, NJ 
  • Further info : see here, virtual catalogue see there and PDF version here 




F.L.





Sunday, May 28, 2017

Kawasaki in the year 2889

We are in the year 2889. By then, all objects in museums are virtualized. People can download a perfect but scaled copy of any thinkable museum object and have it rendered in their living room as a tangible three-dimensional image. The objects that are speaking volumes are the ones the general public like the most. And you? Well, you are an archaeologist specialized in 20th century financial artefacts.

That day you are excavating a chamber at an ancient site which seems to be an office building from the 1960s. Yes, that is funny, back then people used to assemble all day long in a dedicated building to do office work. Anyway, the chamber you are working on, contains a safe weighing about 100 pounds. Your hand-scanner tells you there are documents inside the safe. With your tools, you manage to open it in no time. Wow, the parcel inside contains a set of old stock certificates. In the 20th century, people printed shares on paper for representing ownership in companies. Most of these certificates perished. One of the shares stands out from the others. It is speaking volumes.



With a PhD in Ancient Oriental Languages and Cultures, you translate the long line of characters on top. It is ancient Japanese, and you need to read it in the old way : from right to left. 


'Kabushiki Kaisya', 株式會社 are the first words and mean stock/limited company. A common term on Japanese certificates. You mouth the following word much slower : 'Kawa', , and 'saki', 崎, 'together Kawasaki', 川崎. Aha, that's interesting, halfway now. 
Already from the start you identified the last two symbols, 'Kabuken',  株券, 'share certificate'. Then you speak loudly, 'Zōsen', 造船, 'shipbuilding .. Tokoro, place', 所. 'Wait a minute, together they form Zōsensho, shipyard !',  造船所. You have figured it out : 'Kabushiki Kaisya Kawasaki Zōsensho Kabuken! I found a share in the Kawasaki Shipyard Co. Ltd '. With your hand-scanner you look up the flag printed on the share. Yep, that is the one.



Six months later, a new exhibition of the objects unearthed by you is launched at the Central Museum. The Kawasaki share is one of the highlights. As one of the museum's educators, you are leading a school group around the show. Of course, you spend time on the Kawasaki and explain all about the way business initiatives and innovations were financed 900 years ago. Some of the kids are babbling on anything but the tour, others look a bit bored. One of the kids raises its arm. 'Yes ?'. The group now turns quiet and looks at you first, then at the kid who says, 'If this piece of paper was meant to finance a business, what type of business would that have been?' The other kids are speechless and are now all staring at you.



Happy with the question and all the attention you have, you clarify 'Well, that could be anything you can think of, but in this case, you can see from the vignettes, the little pictures on the certificate, what this company was all about.' Now, for the first time, all the kids turn to the display case and inspect the Kawasaki share. 'They made ships !', shouts one of them and they all look at you again. 'That is correct ! The Kawasaki Shipyard Company was founded in 1896 and already one year later the company completed the Ivomaru, its first ship. If you look carefully, you can see a drawing of the shipyard behind the lettering. At Kawasaki they were very inventive. In 1906 they completed their first submarine. They even made battlecruisers like the Haruna, which was a warship of the Imperial Japanese Navy during World War I and II !'.

After reducing contrast, the underprint of the Kawasaki share reveals 
an image of a dockyard with ships under construction.
click to enlarge image

'And they also made cars .. and airplanes .. and locomotives !', they tell each other and leave their finger prints all over the display case. The kid that posed the first question, raises its arm again. 'Yes?', you wonder amused, 'What's your name ?'. The whole group answers instead, 'Sidney!'. 'Yes, Sidney, what is it ?'  Again, the group turns quiet and Sidney continues, 'These large vertical signs, they look like a cartouche. Is this from a Pharaoh ?' To everyone's reassurance you can not suppress a smile. 'Sidney, that's is actually a good question. A cartouche, an oval with a horizontal line at one end, encloses a royal name and was used in Ancient Egypt.' The boys and girls look disappointed but turn their heads to the share certificate again when you proceed, 'But, as is the case with this Kawasaki share, a signature of a high official or very important person was often printed in such a vertical way.'

printed signature of Matsukata Kōjirō, president of Kawasaki Shipyard company
'Do you see these five large vertically written characters over here?', and with your light pen you point out the position on the share. 'The first two stand for Matsukata.' , 松方. Some children try to mumble the word. 'The last three are Kōjirō.', 幸次郎 . 'So from top to bottom you read Matsukata Kōjirō.', 松方幸次郎. 'Now repeat all together !' They all chant Matsukato Kōjirō in unison. 

'Matsukata Kōjirō was born in 1865, that's more than a 1,000 years ago, and he was the son of the Prime Minister of Japan. Kōjirō became president of the Kawasaki Shipyard Company in 1896.' 

'Was he rich ?', someone asks. 'Oh yes, his business was very successful for some time. Kōjirō also wanted to give something in return to the people in his country. With the fortune he accumulated, he bought lots of Western European and Japanese art and wanted to build an art museum. Unfortunately he died in 1950 before he could realize his dream. But soon large parts of his collection found a home in Japan's National Museum of Western Art in Ueno and the Tokyo National Museum.'

'I have another question', adds Sidney, 'My dad rides a Kawasaki motorbike, why don't we see a motorbike on the share ?'  Some kids nod, they obviously know Sidney's father. 'Great question Sidney.' The group is proud to have Sidney on board. 'You see, this share was issued in 1921', and you point out the date 大正拾年 on the Kawasaki share. 'In Japan, years were then expressed as the number of years in the reign of the emperor starting with 1. 大正 represents Emperor Taishō, 拾 stands for 10 and 年 is the word for year. Taishō's first year of reign is 1912. So the date we see here is 1912 + 10 -1 which results in 1921. Now, that was easy, isn't it ?'. Everyone in the group tries to convince one another that it was easy. So you continue, 'Kawasaki started producing motorcycles more than 30 years later; therefore we see no motorbike on the share. The first motorbikes were produced by Kawasaki's Aircraft Division. That's why the emblem's on their fuel tanks looked like the Kawasaki flag within a wing.'

Later at home, Sidney tells mom and dad about the museum visit. The child activates the home visualizer and downloads a virtual replica of the Kawasaki share. It rotates slowly in the air when Sidney walks around it. 'Omigosh!'  The floor lamp shines through the image and a large watermark becomes visible.



Reading from right to left the watermark of the Kawasaki share says 
壹拾  株券 : 1x10  share certificates
株式 會社 : Kabushiki Kaisya  = Co., Ltd.
川崎 造船所 Kawasaki Shipyard
In 1969 the Kawasaki Shipyard company merges with its earlier spin-offs, 
Kawasaki Rolling Stock Manufacturing and Kawasaki Aircraft, 
into Kawasaki Heavy Industries.


F.L.

Related links



The Tokyo Motor Show 2013 featured the Kawasaki J Concept motorbike.
Image by Morio [CC BY-SA 3.0], via Wikimedia Commons