Finance History | 11 Wall Street — Six and a Half Million New Soap Shares After a Five-for-One
· 1929-8
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Finance History | 11 Wall Street — Six and a Half Million New Soap Shares After a Five-for-One
kevin
People treat Procter and Gamble as a Cincinnati staples house that always printed PG after a finished New York book.
The August 1929 issuer was already The Procter and Gamble Company, incorporated in 1890 to carry the soap-and-candle partnership begun in Cincinnati in 1837.
The New York Times of 9 August 1929 recorded what the Exchange had admitted the day before: 6,500,000 shares of new common created by a five-for-one split of the former 20-dollar par shares.
Of that total, 6,400,000 shares would be outstanding as of 12 August 1929, when the transfer books opened for the exchange into no-par certificates.
The committee also approved an extra 100,000 shares covered by a J. P. Morgan and Co. option at 80 dollars a share, exercisable before 12 February 1930.
The same dispatch recorded that the bankers had already purchased 150,000 shares at 66 and two-thirds dollars, after stockholders released their pre-emptive rights.
The mechanism is a split listing, not a cash offering of a new firm. The old par common already existed. The Exchange admitted the new no-par line that replaced it.
The present tape is still PG on the New York Stock Exchange.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for that 1929 common print.
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.
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