Gulf States Utilities Co. - 1940's-70's dated Utility Stock Certificate
Inv# GS1129 Stock
Massachusetts
New York
Texas
Utility Stock printed by American Bank Note Company. Very artistic vignette of female figure with nude child next to a generator looking at bright light coming from cables. Very Pretty!! Please specify color.
Entergy Texas, previously known as Gulf States Utilities (GSU), is an electric power generation and distribution entity based in The Woodlands, Texas. Established in 1911 as Eastern Texas Electric, it served as a holding company for Stone & Webster. On August 25, 1925, Gulf States Utilities Company was officially incorporated in Texas. The company expanded over the years and relocated its headquarters to the Edison Plaza office tower in 1979, which remains the tallest building in Beaumont. Its former headquarters, the Liberty-Pearl building (originally the Edson Hotel from 1929 to 1955), continues to house significant telecommunications equipment, including microwave radio systems, and is the second tallest building in Beaumont. Additionally, in the late 1970s, the construction of the River Bend Station nuclear power plant commenced. However, the project faced significant cost overruns, coupled with soaring interest rates of 24-30%, and a CEO who was determined to have a nuclear facility within the company.
This, along with a regional economic downturn in the early to mid-1980s, nearly led GSU to bankruptcy. At one point, trading of the company's stock was suspended on the New York Stock Exchange as it plummeted over 75%, ultimately settling at less than $2 per share. Joseph L. Donnelly, Jr., the former chief financial officer and CEO, played a crucial role in averting a Chapter 11 filing. On January 1, 1994, GSU was acquired by Entergy Corporation after initially accepting a $19 per share offer from SWEPCO. Entergy's CEO at the time, Edwin Lupeburger, sought another opportunity to purchase GSU. Following a late-night conference call, the Entergy Board of Directors presented a $20 per share offer the next morning, prompting GSU to pay SWEPCO approximately $10 million to withdraw from their agreement. At that time, GSU served 578,000 customers throughout southern Louisiana and East Texas, with Edison Plaza functioning as Entergy's Texas headquarters.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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