50 Highlights Teil 2 der 54. Auktion für Historische Wertpapiere Part 2 of the 54th Auction for Old Stocks and Bonds Часть 2-я 54-го аукциона антикварных ценных бумаг

5 Abkürzungen / Abbreviations Abkürzungen und ihre Bedeutung: Abb. = Abbildung = Picture AG = Aktiengesellschaft = Joint-stock company Faks . = Faksimile-Unterschrift = printed signature Nr. = # = Nummer = number o. D. = ohne Datum = without date o. Nr. = ohne Nummer = without number RM = Reichsmark = reichsmark (old German Currency) OU = Original-Unterschrift = original signature KB = Kuponbogen = all coupons KR = Kuponreste = rest of coupons DB = Doppelplatt = double sheet of paper RB = Reichsbankschatz = Reichsbank Hort Maße: Alle Maße sind in cm in der Form Höhe mal Breite angegeben. All measures mean hight x width (1 cm = 0,3937 inch). Erhaltungsgrade: UNC = uncirculated, neuwertig, vollständig erhalten, ungefaltet, außer zwischen Mantel und Kuponbogen, Papier sauber (ohne Flecken), ungelocht usw. EF = extremely fine, außerordentlich fein, fast neuwertig, vorzüg- licher Zustand, sehr leichte Gebrauchsspuren, im Mantel höchstens einmal gefaltet (dies darf nicht zu streng genommen werden, denn da die meisten US-Bonds großformatig sind, wurden sie auf Westentaschenformat gefaltet, dies stellt aber keine Wertminderung dar). VF = very fine, sehr fein, gefaltet, mittlere Gebrauchsspuren, schwach gefleckt, kleinere Randeinrisse, Klammerlochungen usw. F = fine, stärkere Gebrauchsspuren, mehrmals gefaltet, mäßig starke Flecken, leichte Risse sowie kleinere Fehlstellen in der Falz möglich usw. Introduction We welcome you to our journey through five centuries of financial history. In this cata- logue at hand we present the 50 finest, most interesting, for the economic development most important and rarest stocks and bonds of our auction. More and more people talk about the uncertainty of future development of the economy. It is said, that there is more uncertainty than in times before. As examples large disruptive changes, led by the digitalisation were mentioned, or the challenge of the climate change, the policy of Donald Trump or the Brexit. Let’s have a look at Scripophily from this point of view. Wasn’t there all the time uncertainty? In the 1850s, there was a deep change in the financial business. Financial means were mostly provided by a few rich and powerful dynasties like the Rothschilds, Dutch banking firms or the Fugger earlier. They financed whole countries and their expansion, and by this they decided if there was war or peace. In this situation, Napoleon III and the brot- hers Èmile and Isaac Péreire believed in the theories of the French economist Henri de Saint-Simon. His idea was to collect money on a broad basis and invest it into productive capital, especially in the railway sector, in the insurance business and in urban infrastructure. Today, we know that this was something pione- ering and this was the predecessor of the modern joint-stock-banks. But how may the brothers Péreire have felt, when the stock price of Crédit Mobilier crashed by 90 per cent, because of a failed speculation in Austrian govern- ment bonds? HSBC is a similar example. During the Japanese occupation in 1941, the two directors died while interned by the Japanese. Although the bank’s as- sets were restored to the bank at the end of the war, the Chinese Civil War affected banks’s recovery. The Communist Party of China took over Shanghai in early 1949, towards the end of the civil war. By 1955, while the bank was permitted to continue to operate the Shanghai branch, all its operations else- where in mainland China were closed. Investments and business opportunities need uncertainty to generate profits. Don’t be upset by media created fears for the future. I invite you to start your own journey through nine centuries of financial hi- story. Look out for parallels to today’s situation. The auction of the 50 highlights will take place on 25 January 2020 starting at 3.30 p.m. in Würz- burg. Use this unique opportunity and write your own chapter of financial history. Sincerely yours, Matthias Schmitt Founder’s Share of HSBC Courage and foresight were rewarded for Émile and Isaac Péreire. By the foundadion of the Crédit Mobilier they gave important stimuli for the future developement of the financial industry.

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