Finance History|11 Wall Street — One Hundred Forty Thousand Axle Shares at Thirty Dollars
· 1923-7
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Finance History|11 Wall Street — One Hundred Forty Thousand Axle Shares at Thirty Dollars
kevin
People treat Eaton as a Dublin power-management house that always printed ETN after an Irish redomicile.
The 1923 issuer was still Eaton Axle and Spring Company of Cleveland, a truck-axle and spring maker recently renamed from Torbensen Axle.
The Commercial and Financial Chronicle of 5 May 1923 recorded that Otis and Co., Howe, Snow and Bertles, Morgan, Livermore, and Paul H. Davis sold 140,000 no-par capital shares at 30 dollars a share in 1923 currency.
Authorized capital was 250,000 shares. Outstanding after the sale stood at 220,000 shares. There was no preferred stock and no funded debt on that capitalization table.
The same notice said application would be made to list the common on the New York Stock Exchange. Eaton's investor FAQ dates the first NYSE trade to July 1923 and the offering size to those 140,000 shares.
A quarterly dividend of 65 cents a share was paid 1 July 1923, the first under the new name.
The mechanism is a cash common offering of an axle book, not the 2012 Cooper inversion that later put an Irish plc on the same tape. Holders bought Cleveland metal, not a Dublin holding company.
On 7 March 2023 the successor rang the opening bell for one hundred years on the Exchange. The symbol is still ETN.
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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