Finance History | 11 Wall Street — A Holding-Company Breakup Printed a Light Book Called PPL
· 1945-12
Personal memoryBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History | 11 Wall Street — A Holding-Company Breakup Printed a Light Book Called PPL
kevin
People treat PPL as an Allentown utility holding company that always printed PPL after a finished New York book.
The December 1945 issuer was Pennsylvania Power and Light Company, formed on 4 June 1920 when eight Pennsylvania utilities combined.
The company's own timeline records that PP and L began trading on the New York Stock Exchange in December 1945.
A company stock-split register records the first public subscription on 31 December 1945. Stockholders of National Power and Light Company received the privilege to buy one PP and L common share for every three National shares held, at 10 dollars a share in 1945 currency.
The same register records a later distribution, on 23 August 1946, of one PP and L share for every eight National shares held. The closing price that day was 24.75 dollars.
The mechanism is a Public Utility Holding Company Act unwind. A registered holding parent surrendered operating-company common into public hands, and the Exchange printed the operating name.
The issuer later became PP and L Resources in 1995 and PPL Corporation in 2000. The tape letters stayed PPL.
The present tape is still PPL on the New York Stock Exchange.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that has printed those letters since the 1945 book.
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.
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more