Finance History | 11 Wall Street — One Dollar Seventy-Two Restated for a Chicago Broker Book Called AJG
· 1984-6
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Finance History | 11 Wall Street — One Dollar Seventy-Two Restated for a Chicago Broker Book Called AJG
kevin
People treat Arthur J. Gallagher as a Rolling Meadows brokerage that always printed AJG beside a large acquisition machine.
The listed book arrived as a Midwestern private broker selling a first public slice.
Arthur J. Gallagher founded the firm in Chicago in 1927. The rooms of that founding are a separate memory.
The company's 2002 annual report states that on 20 June 1984, the date of Gallagher's initial public offering, a share sold for 1.72 dollars, restated for three later stock splits.
A 2004 investor presentation from the company repeats the same restated 1.72-dollar print and puts the market capitalization at the offering at 57 million dollars in 1984 currency.
The common stock listed on the New York Stock Exchange under AJG. Finance-data vendors commonly date the first session to 21 June 1984, the trading day after the report's offering date.
The same 2004 slide set records an indicated annual dividend of 3 cents a share at the offering, restated, against 1.00 dollar by mid-2004.
The mechanism is a privately held insurance broker that sold a public currency in 1984 and then used that listed share as the unit of an acquisition program.
AJG is not a 2021 or 2024 follow-on. Those later books, including the 10,350,000 shares priced at 142.00 dollars in May 2021 and the 30,357,143 shares priced at 280.00 dollars in December 2024, were already listed paper.
The pin is the Broad Street facade of the Exchange, where AJG opened. 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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