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Bankers Trust Company of Philadelphia

$12.00

SKU: 7709
Product Details

 

Intricately engraved antique stock certificate from the Bankers Trust Company of Philadelphia dating back to the 1920's. This document, which is signed by the company President and Treasurer, was printed by the E. A. Wright Bank Note Company and measures approximately 11 1/4" (w) by 7 3/4" (h). 

 

The certificate's vignette features the Pennsylvania State Seal.

Images

You will receive the exact certificate pictured.
    Historical Context

    The Bankers Trust Company was incorporated in Philadelphia in December 1926 by a small group of local businessmen, including real estate entrepreneur, Albert Greenfield. With Samuel Barker as its president, Bankers Trust quickly began to expand, acquiring nine banks and opening twenty-one offices between December 1926 and December 1930.

     

    In 1928 the leaders of Bankers Trust founded Bankers Securities Corporation as a way to expand their dealings with stocks and bonds. The two companies were technically independent, but each owned stock in the other and each was meant to supplement the other's business activities.

     

    The rapid pace of expansion began to falter after July of 1930, when Bankers Trust acquired the struggling Bank of Philadelphia and Trust Company. The misgivings that the public had about this acquisition and about the United States economy in general translated into a run on deposits in September of that year. Despite nearly seven million dollars in loans from the Philadelphia National Bank and the Pennsylvania Company for Insurance on Lives and Granting Annuities, by mid-December Bankers Trust was still in trouble.

     

    Greenfield and his associates believed that bank was healthy enough to survive, but they failed to convince the Pennsylvania Department of Banking and expected loans from the Philadelphia Clearing House Association failed to materialize. After a private meeting which did not include Greenfield or Barker, members of the department decided to let Bankers Trust fail on December 22, 1930. That day the bank's locations around the city failed to open. The Bankers Trust Depositors' Committee worked for nearly a year after the closing to try and reopen the bank. But eventually the Pennsylvania Department of Banking decided it would be easier to liquidate than to reopen and the committee's plans were abandoned. The liquidation process ultimately returned only 59 cents of every dollar to Bankers Trust depositors.