Finance History|11 Wall Street — Minnesota Mining Prints a Book Called MMM
· 1946-1
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Finance History|11 Wall Street — Minnesota Mining Prints a Book Called MMM
kevin
People treat 3M as a Maplewood campus and a Dow name.
The first New York print was a mining-and-sandpaper book that had already paid a dividend for thirty years.
Minnesota Mining and Manufacturing Company was incorporated on 13 June 1902 in John Dwan's Two Harbors law office. Each of the five founders put up 1,000 dollars in 1902 currency.
The Crystal Bay claim was anorthosite, not corundum. The firm survived by buying mineral and making sandpaper in Duluth, then on the East Side of St. Paul.
The company paid its first dividend in 1916, 6 cents a share. It had already listed on the Duluth Stock Exchange that same year.
On 14 January 1946 the common stock opened on the New York Stock Exchange under the letters MMM. 3M's own investor FAQ records the date.
The legal name was still Minnesota Mining and Manufacturing. It became 3M Company only in April 2002, a century after the Two Harbors signing.
The 1946 listing did not raise a primary offering for a new plant. It moved an already-dividend industrial onto the tape that priced the country's large manufacturers.
A 2-for-1 split had already been recorded on 13 November 1945. Later splits in 1951, 1956 and 1960 multiplied the 1946 share into a finer unit.
3M entered the Dow Jones Industrial Average on 9 August 1976. The letters on the tape did not change.
The mechanism is a failed mineral claim that became a listed manufacturer by staying on the dividend list long enough for New York to take the book.
The pin is the public Broad Street viewpoint at the 1903 exchange building. The floor is not visitable.
The Two Harbors office that signed the 1902 articles is a separate memory. This one is the day the letters MMM reached the Big Board.
Photo: New York Stock Exchange, Broad Street facade, via the collection photograph already ingested for 11 Wall Street listings.
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