Finance History|11 Wall Street — Two Million Shares Leave the Philadelphia Company
· 1950
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Finance History|11 Wall Street — Two Million Shares Leave the Philadelphia Company
kevin
People treat EQT as a Pittsburgh gas producer that always printed EQT after a finished shale book.
The 1950 issuer was Equitable Gas Company, the distribution and production subsidiary that George Westinghouse's Philadelphia Company had folded into one name around 1900.
EQT's 2016 corporate social responsibility report, citing the 1888-1988 company history, says Equitable Gas separated from the Philadelphia Company in 1950 and later that year sold two million shares of common stock to become a publicly traded company.
Encyclopedia.com's company history repeats the 1950 independence date. Wikipedia's EQT page, citing the same corporate lineage, records the New York Stock Exchange listing in that year.
The mechanism is a utility spin-out of a holding-company subsidiary. Holders of the new common owned the Pittsburgh gas production, transmission, and distribution book directly instead of through Philadelphia Company paper.
The firm changed its name to Equitable Resources, Inc. in 1984 and to EQT Corporation in February 2009. The present ticker is EQT.
No contemporaneous first-session print in 1950 dollars is used here because the vendor dates that circulate for a June session have not been checked against an exchange archive.
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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