Finance History | 11 Wall Street — One Utility Share Became One Holding Share Called PEG
· 1986-5
Personal memoryBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History | 11 Wall Street — One Utility Share Became One Holding Share Called PEG
kevin
People treat PSEG as a Newark utility holding company that always printed PEG after a finished New York book.
The 1986 issuer was Public Service Enterprise Group Incorporated, the New Jersey parent formed so that Public Service Electric and Gas Company could sit as a regulated subsidiary.
Encyclopedia.com, drawing on the firm's own chronology, dates the holding-company step to 1 May 1986. Company histories date the parent itself to 1985.
The operating utility traces to Public Service Corporation of 1903 and to the 1924 combination that produced Public Service Electric and Gas. After the 1948 dissolution of the old parent, PSE and G itself was the listed book.
A 1988 shareholder circular already listed the common under the letters PEG on the New York, Philadelphia, and London exchanges. The present tape is still PEG on the New York Stock Exchange.
The mechanism is a utility holding-company substitution. One regulated operating share became one parent share. The pipes and wires stayed in the subsidiary.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints PEG.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more