Finance History | 11 Wall Street — Trust Sub-Shares Stopped and a Delaware Book Printed TPL
· 2021-1
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Finance History | 11 Wall Street — Trust Sub-Shares Stopped and a Delaware Book Printed TPL
kevin
People treat Texas Pacific Land as a Dallas Permian royalty house that always printed TPL after a finished corporate book.
The letters arrived as a conversion.
A Texas Pacific Land Trust Form 8-K dated 11 January 2021 records that, prior to the New York open that morning, the Trust distributed common stock of Texas Pacific Land Corporation, par value 0.01 dollars, to holders of sub-share certificates on a one-for-one basis.
The same filing records that trading of the sub-share certificates on the New York Stock Exchange ceased before that open, and that the new common stock listed under the symbol TPL.
A company press release the same day states that the Trust had transferred its assets, employees, liabilities, and obligations to the Delaware corporation.
The Trust itself dates to a Declaration of Trust of 1 February 1888, organized to hold West Texas land formerly pledged to Texas and Pacific Railway bondholders.
An SEC description of the Trust securities records that Certificates of Proprietary Interest and sub-shares were interchangeable at 3,000 sub-shares per Certificate, and that the sub-shares already traded on the New York Stock Exchange under TPL.
Wikipedia and later company accounts place that sub-share listing in January 1927. The 1888 certificates themselves are older than that date.
The mechanism of 11 January 2021 is a one-for-one substitution of corporate common for trust sub-shares, not a cash offering.
An August 2025 company release later called TPL the longest-listed Texas-headquartered name on the New York tape and added a dual listing on NYSE Texas, still as TPL.
The pin is the Broad Street facade of the Exchange, where the corporate book first printed.
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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