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Monte Christo’ SCRIPOPHILYTHE JOURNAL OF THE INTERNATIONAL BOND & SHARE SOCIETY ENCOURAGING COLLECTING SINCE 1978 No.89 - AUGUST 2012 The American ‘Monte Christo’ How the inventor of the Safety Bicycle ended up with a year’s hard labour – page 10 « THE OLDEST MINING « STRASBURG REVISITED « SHOWS & EXHIBITS How Joseph De La Mar turned cyanide into gold – page 16 ... and his $5.7 million legacy undiscovered for a lifetime – page 19 How the Central of Georgia Worldwide Auction News arose from Sherman's ashes – page 27 – page 22 No Likes Will the for Speculation Facebook Ever End? THE JOURNAL OF THE INTERNATIONAL BOND & SHARE SOCIETY SCRIPOPHILY ENCOURAGING COLLECTING SINCE 1978 INTERNATIONAL BOND & SHARE SOCIETY AUGUST 2012 • ISSUE 89 CHAIRMAN - Andreas Reineke Alemannenweg 10, D-63128 Dietzenbach, Germany. SOCIETY MATTERS 2 T/F: (+49) 6074 33747. Email: [email protected] DEPUTY CHAIRMAN - Mario Boone NEWS AND REVIEWS 3 Kouter 126, B-9800 Deinze, Belgium. Tel: (+32) 9 386 90 91 Fax: (+32) 9 386 97 66. Email: [email protected] • AGM • Speculations Roll On SECRETARY & MEMBERSHIP SECRETARY - Philip Atkinson • Book Reviews • Facebook 167 Barnett Wood Lane, Ashtead, Surrey, KT21 2LP, UK. Tel: (+44) 1372 276787. Email: [email protected] • Oldest Mining .... and more besides TREASURER - Martyn Probyn FEATURES Flat 2, 19 Nevern Square, London, SW5 9PD, UK T/F: (+44) 20 7373 3556. Email: [email protected] The 19th Century UK Bicycle Investment ‘Bubbles’ 10 AUCTIONEER - Bruce Castlo by John Batten 1 Little Pipers Close, Goffs Oak, Herts EN7 5LH, UK. Tel: (+44) 1707 875659. Email: [email protected] Strasburg Retrospective 14 by John Herzog MARKETING - Vacancy Joseph R De La Mar - The ‘American Monte Cristo’ 16 TRADE REPRESENTATIVE - Mike Veissid by Richard Lingenfelter Spink, 69 Southampton Row, London WC1B 4ET Tel: (+44) 20 7563 4075 Email: [email protected] The Texas Pacific Land Trust and Certificate No.390 19 by Max Hensley WEBMASTER - Piotr Bykowski Klaudyny 14/121, 01-684 Warszawa, Poland. The Central of Georgia 22 Tel: (+48) 22 833 7785. Fax: (+48) 22 622 6692 Email: [email protected] by Gary Eubanks Self Referential Scripophily 25 USA CHAPTER PRESIDENT & TREASURER - Max D Hensley by Michael Mahler 116 Parklane Drive, San Antonio, TX 78212, USA. Tel: (+1) 650 773 4125. Email: [email protected] AUCTION NEWS AND REVIEWS 27 HONORARY CHAIRMAN - Brian Mills EVENTS CALENDAR 36 SOUTH AFRICAN REPRESENTATIVE - Tony Ross 901 Palm Springs, Oasis Retirement Resort, Century Way, Century City, Cape Town 7441, RSA. Tel: (+27) 21 5287392 Email: [email protected] FINlAND REPRESENTATIVE - Janne Pietikäinen Omakotitie 11, 70620 Kuopio, Finland. Tel: (+358) 40 521 21 21 Email: [email protected] NETHERlANDS REPRESENTATIVE - Hugo van der Molen The journal of the Wederikweg 114, 9753 AE Haren, The Netherlands Tel: (+31) 50 534 8795 Email: [email protected] INTERNATIONAL BOND & SHARE SOCIETY CHIEF EDITOR Membership subscriptions Advertising rates Single issue advertising rates: Max Hensley - contact details above 1 Year Membership: £18/$30/€22 • Cover page £450 EDITORIAl BOARD • Full inside page £300 Philip Atkinson - contact details above 3 Year Membership: • Half page £150 Bruce Castlo - contact details above £50/$80/€60 • Quarter page £75 • One-eighth page £40 Terry Cox, 4891 Independence St., Suite 190, Wheat Ridge, • One-eighth page listing specific CO 80033, USA. certificates for sale/purchase £30 Email: [email protected] OND Members wishing to advertise should contact B & S L H the Secretary (contact details on this page). Salvatore Mariniello A A N Tel: (+41) 79 420 0818. Email: [email protected] R O E The Society does not accept responsibility for I T S the contents of advertisements. A Brian Mills O N C R I E Tel: (+44) 1737 842834. Email: [email protected] E T T Opinions expressed by contributors and the Y N I editor are not necessarily those of the Society. Andreas Reineke - contact details above ISSN 1462-8074 Arthur Steppé Copyright © International Bond & Share Society, T/F: (+32) 93 86 77 64. Email: [email protected] London, 2012 Published by the International Bond & Share Society. Designed and printed by The Printed Word Ltd. Telephone +44 (0)1403 255650 ANNUAL GENERAL MEETING 2012 he IBSS 2012 Annual General Meeting was held in London on 3rd July. In the absence of the Chairman, Andreas Reineke, who Thad unfortunately been unable to avoid work commitments the meeting elected the Secretary, Philip Atkinson, to chair the meeting. The main focus of the meeting was on the continuing financial deficit of the Society and progress towards eliminating it. The Treasurer, Martyn Probyn, noted in his report that the deficit in 2011 of £2,920 was very similar to that of the previous year. The financial impact of the main step taken towards eliminating the deficit – reduced printing cost as a result of the switch to publishing Scripophily in A4 format, which seems to have been well received by members – will only be realised in 2012. The higher membership charges introduced in 2011 will have an increasingly beneficial impact as existing multi year memberships come due for renewal. Further savings will also be made this year from the partial or complete sponsorship of the annual breakfast meetings of the USA Chapter. However, it was noted that the Society faces a further financial challenge this year from the large increase in overseas posting charges introduced by the UK Mail in early 2012 which, in the absence of offsetting actions, would increase postal charges by some £1,500 per annum. The Membership Secretary, Philip Atkinson, reported that the Society was continuing to lose members albeit at a diminishing rate. Current membership as of the date of the AGM was 521 compared with 541 at the date of the last AGM in early July 2011. Some 40 members failed to renew their membership at the end of 2011 although new members to date so far this year had made good half of the loss from the non renewing members. The Auctioneer, Bruce Castlo, reported that the hammer total from the three 2011 auctions amounted to £12,515, just beating the 2010 hammer total of £12,276. This year promises to be even better with the two auctions so far having already realised £11,649 on the hammer. The Chairman’s Report was read out to the meeting by the chairman of the meeting. The Chairman noted that the Society was in urgent need of appointing a new Committee Member to improve the marketing of the Society and attempting to halt and reverse the decline in membership. An appeal was made to the members present at the meeting to help find such a volunteer. Although the Society will make substantial printing cost savings this year it will also be necessary to change the method of mailing Scripophily to non UK members this year if those savings are not to be negated in part by higher postal costs. A new way of mailing Scripophily to non UK members will be tested in August with the objective of holding postal charges at previous levels. The Chairman thanked all the Committee Members and IBSS Members who had contributed to the Society over the past year, with particular thanks to the Editor, Max Hensley, and his Editorial Team, to Bruce Castlo, to Philip Atkinson and to Mike Veissid and Spink for their support of the Society and allowing the Society to use their office facilities. The agenda items requiring approval by the members present – the Report of the 2011 AGM, the 2011 accounts, the reappointment of the current Independent Examiner, Nico Vermeiren, and the appointment of the nominated Officers and Committee Members – were passed. Philip Atkinson, Secretary MONTHLY LONDON MEETINGS ondon meetings will continue to be held the first LTuesday each month at Spink commencing 6pm, except for August and January. Any member visiting London on meetings days would be made most welcome. We reported in the last edition of Scripophily that regular attendees are encouraged to bring some item of scripophily to show, talk or just ask about. At a recent meeting lot 133 from our June 2012 IBSS auction was shown, a Bradbury Wilkinson specimen certificate for the Buenos Ayres & Pacific Railway Co Ltd, dated 188- (ill.). The vendor commented that he had never seen an issued certificate (a common comment from vendors of specimen certificates). A nearly identical issued certificate also has been seen (ill.), but the issued one was printed by Waterlow and Sons. There are remarkable similarities between both versions – indeed the heading and surrounding scrollwork seem identical. Are there other examples out there of a change of printer (excluding take overs and mergers) where the same basic design is retained? The Buenos Ayres & Pacific Railway Co Ltd was incorporated in 1882, around the date of the Bradbury Wilkinson specimen. It successfully operated for many years before being liquidated in 1948, the total length of line, including leased lines, being almost 1,500 miles. 2 SCRIPOPHILY THE INTERNATIONAL BOND & SHARE SOCIETY IBSS BOURSE - LONDON INCOME & EXPENDITURE ACCOUNT he small but lively London Society bourse FOR THE YEAR ENDED 31ST DECEMBER 2011 Twas held on 19th May at the usual venue of the Imperial Hotel, Southampton Row. Attendance remains very small in relation to other hobbies but there was a marked increase in attendance and we are heading in the right direction. If everyone could persuade one or two more collectors to attend we would soon outgrow the venue. At the moment overseas dealers come over but primarily to buy. Holding the bourse the day following the Spink auction certainly does draw people. This is the first year we have made a small charge for tables which all dealers were perfectly happy about.
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