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Lot 1099: C.D.F. SMYRNE-CASSABA ET PROLONGEMENT, SOC. OTTOMANE (3 pieces)
29 October 2016
Brussels, BelgiumLive Auction
Description: 25 October 1894 CONSTANTI-NOPLE. 1 Obligation de £20=L.T.22=F500 4%. Cat. D/H 2340a. black, orange. #113120. Ismir-Kasaba Demiryolu ve Temdidi Osmanli Sirketi. Three almost identical bonds, but two of them have a special feature: they have a red stamp telling that this bond for £20 is part of a subdivided bond of £1000 resp. £500. This probably indicates thatthe original high denomination bond certificates (250 x 50 bonds and 1000 x 25 bonds) didn't sell well, and had to be split into these smaller denomination certs. About this loan: 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 113,120 4% bonds of £20. Text in Turkish, French & English. Under this form, not seen by us before.
Condition Report: VF