Finance History | 11 Wall Street — The Largest OTC Book Walked Onto the Big Board as AXP
· 1977-5
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Finance History | 11 Wall Street — The Largest OTC Book Walked Onto the Big Board as AXP
kevin
People treat American Express as a Vesey Street card network that always printed AXP on a New York tape.
The first specialist book was an already-public over-the-counter company moving floors.
The New York Times reported on 26 April 1977 that American Express was applying to list on the New York Stock Exchange.
The paper called it the largest company then trading over the counter, with a market value of more than 2.6 billion U.S. dollars.
Listing was expected to begin on 18 May 1977 under the letters AXP.
That date is the first-print date later directories still use for the NYSE common stock.
The company had sold travelers cheques since 1891 and charge cards since 1958.
It had remained an over-the-counter name long after those products were household words.
The Times cited thinner OTC inventories and institutions that could buy only listed stock as the reasons management gave.
A founding memory already sits at the Hudson and Jay Streets express depot.
This pin is the listing, not the 1850 consolidation of three express books.
By July 1977 the company expected regional-exchange listings as well.
The letters AXP never required a cash initial public offering on that May morning.
The mechanism was a venue change: the same common stock left the dealer market and took a specialist post at 11 Wall Street.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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