Integrity Trust Company
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Product Details
Intricately engraved antique stock certificate from the Integrity Trust Company dating back to the 1930's. This document, which is signed by the company Vice President and Treasurer, was printed by the Franklin Lee Division of the American Bank Note Company, and measures approximately 11 3/4" (w) by 7 3/4" (h).
The fantastic vignette on this piece shows a sign that was engraved into the facade of the company's building, located on Chestnut Street.
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You will receive the exact certificate pictured.
Historical Context
The Integrity Trust Company was incorporated in Pennsylvania and based in Philadelphia.
Formed in 1887, Integrity Trust was one of the largest banks in Philadelphia until its demise in 1940. In 1929 and 1930 it underwent a series of mergers, first with West Philadelphia Title and Trust Company in January 1929, then with Columbia Avenue Trust Company in May of that year, and Market Street Title and Trust Company in January 1930.
Integrity Trust turned down an ill-fated opportunity to merge with Bank of Philadelphia and Trust Company; Bankers Trust Company eventually did, marking the beginning of its financial woes. Integrity Trust reported gains in 1930, but by October 1931 it began to experience heavy withdrawals. On October 13th, seven of the strongest banks in Philadelphia formed a credit pool of $50 million for Integrity Trust so that it could continue operating and meet its deposits. This enabled the bank to keep its doors open for the time being.
In January 1938, scandal engulfed Integrity Trust regarding its connections to Pennroad Corporation, a holding company with ties to the Pennsylvania Railroad Company. Examiners with a U.S. Senate committee investigating Pennroad found that the company had provided for "window dressing" for Integrity Trust's financial reports in 1929, making it appear that the trust company had more capital than it did.
The trust company survived that scandal, but late in 1939 depositors began another rush of withdrawals. Integrity Trust dissolved in January 1940. By March 1947, the FDIC repaid the loans the Philadelphia Clearing House had forwarded to depositors when the bank began experiencing troubles, and no depositor in Integrity took any amount of loss.
Additional Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!
All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.
