The National City Bank of New York - Signed by Charles E. Mitchell (now Citigroup)

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The National City Bank of New York - Signed by Charles E. Mitchell (now Citigroup) - Crash of '29

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Vintage Stock Certificate

Product Code: SC1015-3

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This National City Bank of New York (now Citigroup) stock certificate was signed by Chairman Charles E. Mitchell in 1929, just a month prior to the Crash of 1929. Mitchell's leadership was largely blamed as a contributing factor to the Crash of 1929 and the passage of the Glass-Steagall Act. National City Bank was the largest security-issuing company in the world at the time selling over $650 million in shares. When the Federal Reserve was trying to reduce speculation, he floated a $25 million advance to traders. In 1933 the U.S. Senate's Pecora Commission, which investigated the Crash, would call Mitchell as their first witness. Senator Carter Glass said, "Mitchell more than 50 men is responsible for the stock crash."

Citigroup's charter dates back to 1812 in New York. The name was changed to The National City Bank of New York in 1865 and would become the largest bank in the U.S. not long after and by 1929, the largest bank in the world. The National City Bank of New York merged with First National Bank to become the First National City Bank of New York. The company went through several name changes before become Citibank, the then finally Citigroup after their merger with Travelers.