Transit Investment Corporation
Transit Investment Corporation
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Product Details
CompanyTransit Investment Corporation
Certificate Type
Preferred Stock
Date Issued
December 8, 1939 (orange)
March 25, 1947 (blue)
Canceled
Yes
Printer
Security Bank Note Company
Signatures
Machine printed
Approximate Size
11 3/4" (w) by 8" (h)
Images
Show the exact certificate you will receive
Guaranteed Authentic
Yes
Additional Details
NA
Historical Context
To perfect control over his vast Philadelphia interests, Thomas E. Mitten formed the Philadelphia Investment Company on December 1, 1925, and then renamed it the Mitten Bank Securities Corporation on June 28, 1927. The Mitten Building was opened at Broad and Locust Streets on June 1, 1927, to serve as the headquarters for all of the Mitten enterprises, which included the Peoples Rapid Transit Company, the Philadelphia Rural Transit Company, the Montgomery Bus Company, the Pennjersey Rapid Transit Company, the Yellow Cab Company of Philadelphia and the Philadelphia Suburban Transit Company.
As trolley ridership began to contract after 1926, and the system became more unstable, Mitten began to sell assets to raise money. A 75 percent interest in Peoples Rapid Transit Company and the western bus lines was sold to the Pennsylvania Railroad Company late in 1928, although they remained under Mitten Management. The Pennsylvania Rapid Transit Company was sold to Public Service Co-ordinated Transport of New Jersey in 1929. Negotiations for the sale of PRT to the city commenced in 1927.
In September 1929, the City of Philadelphia began a suit against Mitten and the PRT, charging Mitten Management with excessive fees and diversion of funds and demanding an independent audit. On the morning of October 1, 1929, Mitten was found drowned in a lake at his Pocono summer home. Ruling on the city's allegations, the court ordered the appointment of trustees for PRT on April 11, 1931. On the same date, the contract with Mitten Management, Inc., was cancelled at an annual saving of $3 million, as was the lease of the Mitten Building from the Mitten Bank Securities Corporation. The independent audit revealed a number of irregularities, and accounting practices were revised. Most of Mitten's estate was attached for the benefit of PRT. The company filed for bankruptcy on October 1, 1934.
After Mitten's death, the remaining interest in the Peoples Rapid Transit Company was sold to the PRR's Pennsylvania Greyhound Lines, Inc., in 1930, and the Yellow Cab Company of Philadelphia was sold on February 15, 1936. The Mitten Bank Securities Corporation was renamed the Transit Investment Corporation on February 9, 1938, and liquidated on July 7, 1948.
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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.
FAQ
Are the certificates offered on your site genuine or reproductions?
All of the certificates you see on our site are genuine pieces, we do not sell any reproductions.Are the certificates you sell negotiable on any of today's stock markets or indexes?
No. All of the pieces we sell are either canceled or obsolete and have collectible value only.
Are the images presented in your product listings of the exact piece I will receive?
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We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.
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