Delaware Title Insurance Company, 1906-1975, bulk: 1919-1937
Part of collection: William du Pont family papers (2317)
Dates
- Creation: 1906-1975
- Creation: Majority of material found within 1919-1937
Historical Note
The Delaware Title Insurance Company, also known as Delaware Title & Insurance Company (letterheads 1920-1921), was incorporated as a title and mortgage company in Delaware on January 14, 1904. However, the first charter was voided for non-payment of taxes. After being reinstated on May 31, 1906, the Delaware Title Insurance Company acted as a holding firm for the Delaware Trust Company in the purchase of the so-called Bayard Property at the northeast corner of Market and Ninth Streets in Wilmington, Delaware (900 N. Market Street). It rented the acquired property to the parent company, as well as to other businesses and tenants. In 1913, the Delaware Title enlarged the lot by purchasing the adjoining properties at 902 and 904 Market Street. In 1919, the Delaware Trust Company commissioned the title company to erect the Delaware Trust Building on the Market Street site, which was completed in 1921. In 1929, on the land adjacent to the north side of the Delaware Trust Building, the company started the construction of a thirteen-story office building with two wings. The Delaware Trust Building Corporation, formed in December 1929 as a wholly owned subsidiary of Shapdale, Inc., took over the construction and then managed the building, while the title company continued to function as a rent collector until its dissolution on November 18, 1937.
When Alfred I. du Pont purchased the Delaware Trust Company in 1916, he became the largest stockholder of the Delaware Title Insurance Company. His cousin and partner in the banking business William du Pont Sr. was elected chairman of the board of directors for the title company in 1920. When he replaced Alfred as the trust company president, William du Pont was elected as president of the title company in 1927. William du Pont, Jr. was elected to the board of directors of both the trust and title companies and as a vice president of the title company in 1921; he became president of both companies after his father's death in 1928 and remained the title company president until its dissolution.
William du Pont Sr. became the Delaware Title Company's second largest stockholder in 1923 and the sole stockholder in 1927. After his death in 1928, Delaware Trust Company (as an executor of his will) managed his stock of the title company until Shapdale, Inc. (a holding company for William du Pont, Jr. estates) became a sole stockholder of Delaware Title Insurance Company in 1929. In April 1933, William du Pont, Jr. transferred the majority of the stock to his sister Marion du Pont Somerville, and the latter was elected vice president. Marion became a sole stockholder of the title company in 1935 and of the Delaware Land Development Company in 1936.
Scope and Content
Company records cover the time of its reinstatement in 1906 (Minute Books), the process of the erection of a new Delaware Trust Building in 1919-1921 under the direction of William du Pont Sr., the maintenance and rental of the building when William du Pont, Jr. was vice-president and president, and financial papers and tax returns up to the dissolution of the company in 1937. It also contains materials on alterations of the Bellevue residence of William du Pont, Jr. by the J. A. Bader and Company in 1931.
General Physical Description note
5 linear feet, 6 volumes, 1 oversize folder.
Extent
From the Record Group: 339 Linear Feet
Language of Materials
From the Collection: English
Additional Description
Access Restrictions
No restrictions on access; this collection is open for research.
These records are located in remote storage. Please contact staff 48 hours in advance of research visit at askhagley@hagley.org
Repository Details
Repository Details
Part of the Manuscripts and Archives Repository