October 18, 2016

Auction 57 from Mario Boone, October 28-30

Another wonderful auction catalog arrived last week from Belgian dealer and auctioneer, Mario Boone (The Scripophily Center). This is now the 57th sale from Mario and his father, Eric, before him. Sale 57 features 1,490 lots of individual stocks and bonds from around the world, all in color and all viewable online. Included this time are 29 lots from the U.S. railroad companies plus seven more from Cuba (4), Honduras (1) and Mexico (3). In a time when the U.S. market is inundated with dreadfully common material and remainders, it is refreshing to get glimpses of items that are truly rare and seldom seen offered for sale.

Accepting that my readers and I will naturally find different things that interest us, humor me as I describe some of my favorites. (And yes, there are many North American certificates representing companies other that railroads. As much as I may like them, they are not my purpose here.)

My first item of interest is a 1918 Cuban 1000 peso bond from Compañia Ferrocarril del Noroeste. Offered as lot #1439, this bond is only the fourth to come to my attention since I started this project. Its start price is only €100.

Another item that should interest Carribbean specialists is a 1920 preferred bearer stock certificate from the Cuba North & South Railroad (Compañía Ferrocarrilera del Norte y Sur de Cuba.) Like the previous certificate, this is only the fourth time I have encountered this type of certificate from this rare company. Mario is offering this lot (#1444) with a €200 minimum. Please be aware that he sold a similar certificate for $400 (~$363) in March, 2005.

Mexican scripophily enthusiasts should enjoy an 1857 5% bearer bond from the Vera Cruz & Mexico Rail Road (Camino de Fierro de Veracruz a México). This is one of five certificates I've recorded, three of which (including this one) sold on eBay in 2007 in the range of $250. Considering that eBay is a wholesale to sub-wholesale marketplace, Mario's €500 start price for lot #1460 seems reasonable.

Hands down, the rarest of the North America certificates offered in this sale is a bond (pictured at left) issued by the State of Pennsylvania, issued to aid the building of a "Pennsylvania Rail Road." This is a 5% $1000 bond issued in 1829 and is now the earliest rail-related security I have encountered from the United States. See lot #1493. Start price €2,000 (~$2,200 plus commission.) Be aware that the railroad mentioned in the bond was actually the Allegheny Portage Railroad and not THE Pennsylvania Railroad, which was not formed until 1846. The Allegheny Portage Railroad (1834-1856) was a state-funded, 36-mile long adjunct to the Pennsylvania Canal system. It consisted of a series of ten inclined planes (five on each side) that hauled wheeled barges over the Allegheny Mountains between Hollidaysburg and Johnstown.

Lots #1517 and #1518 are £100 bonds issued by the Maxwell Land Grant & Railway in 1870. These two desirable lots now represent the 6th and 7th such items I've seen offered for sale. I have recorded sale prices between $1,225 and $3,750, so Boone's €500 (~$550) start prices seem reasonable, if not low. Never mind that both items carry signatures of William Palmer (president) and Thomas Scott (trustee.)

The item that I think will be most desirable to the majority of collectors is a custom-vignetted stock from the Enos Electric Railway Supply Company, dated 1886. The company was incorporated in Maine, but built its monorail in New Jersey. The vignette shows a monorail and car 20-plus feet above a city street with horses and carriages. I consider this particular certificate a "can't miss" item. See lot #1536. Start price: €200.

Another keeper is lot #1543, offering an 1894 capital stock certificate from the Atlantic & Western Railroad Company (of Florida.) Unissued remainders from this company can be acquired on eBay, occasionally for as little at $20. However, when issued and signed by its president, Henry Morrison Flagler, these certificates tends to sell for about $2,000. The highest price I have seen was $3,536, realized from a 2006 FHW sale in Germany. Boone's start price is €1,400 (~$1,540).

Sale 57 will take place Saturday and Sunday, October 29 and 30, in Belgium, with a special one-hour session offering 99 multi-item lots on Friday evening, October 28. You may bid online and you may view all the lots online at www.Booneshares.com. Please contact Mario Boone or his staff for a printed copy of this beautiful catalog at (0)9.386.90.91 or mario.boone@skynet.be.