Finance History|11 Wall Street — A Linseed Merger Prints a Christmas Eve Book Called ADM
· 1924-12
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Finance History|11 Wall Street — A Linseed Merger Prints a Christmas Eve Book Called ADM
kevin
People treat Archer Daniels Midland as a Chicago grain house that always printed ADM on a mature Big Board book.
The first New York tape was a linseed-oil merger walking off the Curb.
John W. Daniels formed Daniels Linseed Company in 1902. George A. Archer joined the next year. The name became Archer Daniels Linseed Company in 1905.
On 22 May 1923 the firm organized Archer-Daniels-Midland Company in Delaware to take over Archer-Daniels Linseed and Midland Linseed Products. Period papers put the combined assets above 11 million U.S. dollars in 1923 currency.
Common and preferred of the new company first quoted on the New York Curb Exchange. Period prices clustered near 39 for the common and near 98 for the preferred.
The company's own 2009 release states that ADM began trading on the New York Stock Exchange on 24 December 1924.
Christmas Eve was an ordinary session then. The listing moved an already-public linseed book onto the Big Board.
The ticker later read ADD. Barron's recorded the change to ADM on 31 October 1949.
On 3 December 2009 Patricia A. Woertz rang the closing bell to mark eighty-five years on the exchange.
The pin is the Broad Street facade of the 1903 building that still takes the order. The 1924 floor is gone. The trading floor is not a visitor gallery.
The mechanism is a Curb-to-Board transfer that made a Midwestern crusher a New York common stock on a holiday eve.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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