Titanic Stock Issued to Lehman Bros. - International Mercantile Marine - 1915 dated Stock Certificate
Inv# SS1157F Stock
Stock printed by American Bank Note Company, New York. Issued to Lehman Bros. with revenue stamps on back. Signed by Philip Albright Small Franklin.
Philip Albright Small Franklin, born on February 1, 1871, and passing away on August 14, 1939, held the esteemed positions of president and chairman of the International Mercantile Marine Company (IMM) from 1916 to 1936. During the fateful Titanic disaster that occurred on April 15, 1912, Franklin was entrusted with the management of the White Star Line office and terminal affairs at IMM headquarters in New York City.
Upon receiving news of the ship’s sinking via wireless messages, Franklin initially dismissed the severity of the situation. He addressed concerned relatives and friends of the ill-fated passengers and press reporters gathered outside the White Star Line offices at approximately 10:30 PM that night, assuring them that there was no imminent danger to the Titanic. He maintained that the ship was unsinkable and that passengers would only experience minor inconveniences. Later, at around 11:30 PM, he expressed hope that reports from the Virginian and Parisian ships would confirm the truth and bring some of the passengers to safety, excluding those already aboard the Cunard liner Carpathia.
However, by midnight, Franklin acknowledged the gravity of the situation and issued a statement expressing his bewilderment. He admitted that he had believed the Titanic to be unsinkable based on expert advice and failed to comprehend the unfolding tragedy. Despite the gravity of the crisis, Franklin’s competent handling of the public relations situation in New York City earned him praise from the directors of IMM. Consequently, he was promoted in due course, as J. Bruce Ismay, who had fallen out of favor due to his controversial association with the lost ship, had previously been considered for the presidency of IMM before the Titanic disaster.
The White Star Line, a British shipping company, emerged from the ashes of a defunct packet company. Over time, it gradually rose to become one of the world’s most prominent shipping lines, providing passenger and cargo services between the British Empire and the United States. While other shipping lines prioritized speed, White Star differentiated itself by prioritizing comfort for both upper-class travelers and immigrants.
Today, the White Star Line is remembered for its innovative vessel, the Oceanic, and the tragic losses of several of its most renowned passenger liners. The wrecking of the Atlantic in 1873, the sinking of the Republic in 1909, the infamous loss of the Titanic in 1912, and the wartime sinking of HMHS Britannic in 1916 cast a shadow over the company. Despite these casualties, the White Star Line maintained a significant presence in global shipping markets before succumbing to the decline of the Great Depression. This decline ultimately led to a merger with its chief rival, Cunard Line, forming the Cunard-White Star Line until 1950 when Cunard acquired White Star’s share in the joint company. Cunard Line operated as a separate entity until 2005 and is now part of Carnival Corporation & plc. As a lasting testament to the White Star Line, modern Cunard ships continue to refer to their service as the White Star Service, embodying the company’s commitment to exceptional customer care.
Lehman Brothers, a renowned investment banking firm, traces its origins back to 1844 when Henry Lehman, a German immigrant, established a modest dry-goods store in Montgomery, Alabama. Joined by his brothers Emanuel and Mayer, the business swiftly transitioned from retail to commodities trading, particularly focusing on cotton, which held significant value as currency in the antebellum South. Recognizing the immense economic opportunities in the post-Civil War era, the brothers relocated their headquarters to New York City, where they played a pivotal role in founding the New York Cotton Exchange. Over the late 19th and early 20th centuries, Lehman Brothers underwent a remarkable transformation, evolving from a commodities brokerage into a leading investment banking firm. They pioneered underwriting for the rapidly expanding retail and consumer goods sectors, providing crucial financing to burgeoning giants such as Sears, Roebuck & Co. and F.W. Woolworth Company.
Throughout the 20th century, Lehman Brothers faced numerous financial challenges, including the Great Depression. In response to the evolving corporate landscape, the firm strategically merged with Kuhn, Loeb & Co. and later American Express. However, the firm’s most defining chapter unfolded during the early 2000s subprime mortgage crisis. Under the leadership of CEO Richard Fuld, Lehman Brothers engaged in heavy leverage, acquiring substantial portfolios of high-risk mortgage-backed securities. When the housing bubble burst, the firm found itself ensnared with billions of dollars in toxic assets. Despite numerous attempts to secure a federal bailout, Lehman Brothers ultimately filed for Chapter 11 bankruptcy on September 15, 2008. This bankruptcy filing stands as the largest in U.S. history, triggering a global financial meltdown and serving as a stark reminder of the inherent risks associated with modern investment banking.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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