Finance History | 11 Wall Street — ATT Opened in 1901 and the Letter T Outlived the Issuer
· 1901-9
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Finance History | 11 Wall Street — ATT Opened in 1901 and the Letter T Outlived the Issuer
kevin
People treat AT&T as a Dallas wireless and fiber house that always printed a single letter T on the New York tape.
The letter is older than the present issuer.
The New York Times of 4 September 1901 recorded that American Telephone and Telegraph stock would be placed on the Stock Exchange list that morning, after an application granted on 26 June.
AT&T's investor FAQ still dates the New York listing to 4 September 1901 and notes that only eleven listed companies have a longer New York tenure.
The first New York ticker was ATT. A 2021 company anniversary note, citing NYSE archives, records that the letter T moved from Texas and Pacific Railway to American Telephone and Telegraph in 1930.
The present legal issuer is not that 1901 company.
SBC Communications closed its purchase of AT&T Corp. on 18 November 2005, took the AT&T Inc. name the same day, and began printing T on 1 December 2005 in place of SBC.
MarketWatch recorded the 16 billion dollar cash-and-stock close in 2005 currency and a 0.77942-share exchange for each former AT&T Corp. share.
The mechanism is a ticker and a trade name that outlived the original listed company.
A 1901 long-distance holding company and a 1983 Baby Bell holding company now share one letter on the tape.
The letter is the continuity. The charter is not.
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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