Finance History | 11 Wall Street — Twenty-Five Dollars After a Water-Company Bankruptcy

People treat EMCOR as a Norwalk specialty contractor that always printed EME on a finished New York tape.

The November 2000 issuer was already a public electrical and mechanical contractor. It had come out of the 1994 bankruptcy of Jamaica Water Properties and had been renamed EMCOR.

ACHR News recorded the first New York Stock Exchange session on 16 November 2000. Chairman and chief executive Frank MacInnis rang the opening bell.

The same contemporaneous report said shares opened at 25 dollars in 2000 currency under EME and finished slightly lower that day.

MacInnis's release that morning put trailing revenue near 3 billion dollars, up from about 1.6 billion dollars five years earlier, and framed the move as a transfer onto the same exchange as the firm's large commercial clients.

The mechanism is a Big Board listing of a reorganized contractor that already had a public book, not a cash initial offering of a new issuer. Holders kept the same company under a louder tape.

The ticker is still EME.

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.