Finance History | 11 Wall Street — Twelve Million Holding Shares Printed SO
· 1949-9
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Finance History | 11 Wall Street — Twelve Million Holding Shares Printed SO
kevin
People treat Southern Company as an Atlanta utility house that always printed SO after a finished New York book.
The September 1949 issuer was a new listed holding company built from four southeastern operating utilities.
Delaware records show the parent incorporated on 9 November 1945 as Southeastern Power Holding Corp. and renamed The Southern Company on 21 January 1946.
A company release dated 6 December 1999 records that the shares first listed on the New York Stock Exchange on 30 September 1949.
Twelve million shares were transferred onto that tape from the former parent, Commonwealth and Southern.
The same release records a later public offering of 1.5 million shares.
It also records about 128 million dollars of assets in 1949 currency and a year-end 1949 market value of about 160 million dollars.
The mechanism is a holding-company listing after a Public Utility Holding Company Act unwind, not a cash initial public offering of a brand-new operating firm.
The letters on the tape were SO.
The present tape is still SO on the New York Stock Exchange.
The pin is the Broad Street facade of the Exchange, where those twelve million shares opened.
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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