Insull Utility Investments Stock Certificate (1929) | Martin Insull VP Signature

A Rare 1929 Piece of Chicago Investment History

Own a fascinating artifact from the height of the 1920s financial boom with this Insull Utility Investments, Inc. stock certificate, issued in 1929. It is hand signed by Martin Insull—Samuel Insull’s brother—listed as Vice President.

What Insull Utility Investments Really Did

Insull Utility Investments, Inc. was a Chicago-based investment trust and holding company created to help maintain Samuel Insull’s control over his vast electrical and utility empire. Think of it as a key piece in a larger financial “pyramid,” positioned near the top alongside other related entities such as Corporation Securities Company.

Built on a Powerful Stock Portfolio (and Control)

• Held major blocks of stock in major operating and holding companies, including Commonwealth Edison and Middle West Utilities.
• Used leveraged financing, issuing large amounts of bonds and stock to the public.
• Insull and associates retained voting control even as outside investors provided capital.

History in the Moment: Boom, Leverage, and Collapse

• December 1928 (setup): Launched with initial assets estimated around $23M–$24M to protect management control.
• Late 1920s: As stock prices rose, the trust’s holdings surged in value, making Insull a major American industrial force.
• Great Depression era: Market values collapsed and credit dried up.
• September 1932: Creditors forced receivership and an involuntary bankruptcy suit.
• Impact: The failure wiped out tens of thousands of everyday investors and fueled outrage—leading to federal investigations that shaped modern utility regulation under the Public Utility Holding Company Act of 1935.

Perfect for Collectors of Scripophily & Financial History

This 1929 Insull Utility Investments certificate is ideal for collectors of vintage stock certificates, scripophily, and U.S. financial and utility history. The hand-signed Martin Insull VP signature makes it an especially compelling display piece.