Finance History|11 Wall Street — Four Shops Under One Ticker Called DOV
· 1955
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Finance History|11 Wall Street — Four Shops Under One Ticker Called DOV
kevin
People treat Dover as a Downers Grove industrial house that always printed DOV on a finished conglomerate book.
The 1955 issuer was a new Delaware parent assembled by New York stockbroker George L. Ohrstrom Sr. to hold four manufacturers he had bought in the 1930s and 1940s.
The four shops were C. Lee Cook, seals and piston rings for compressors; Rotary Lift, automotive lifts; W. C. Norris, sucker rods for oil-well pumps; and Peerless, space heaters later sold in 1977.
Fred D. Durham, who had owned C. Lee Cook, became the first president. Corporate offices opened in Washington, D.C., the same year.
The company's investor FAQ dates the founding to 1955 and records that dividends have been paid since that year. Wikipedia, citing the corporate history, records that the parent was listed on the New York Stock Exchange later in 1955.
No contemporaneous priced prospectus with a public-offer dollar figure is used here. The listing was a roll-up of already-owned shops, not a cash IPO of a single plant.
The mechanism is a broker holding company. Holders bought one listed common over four industrial books instead of four private names.
Between 1955 and 1979 the parent acquired fourteen more companies. An elevator line split from Rotary Lift in 1955 and became a separate operating company inside the same ticker.
DOV still prints on the New York Stock Exchange.
The pin is the Broad Street facade of the Exchange. 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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