Panhandle Eastern Pipe Line bond certificate 1969 (Oklahoma)

Natural gas pipe line from Oklahoma. Fantastic vignette of natural gas storage, homes, and a city scene. Issued and cancelled. Dated 1969 with a 1989 maturity. Measures approximately 12 x 8 inches.

Panhandle Eastern Pipe Line Company, LP is an approximately 6,300-mile natural gas interstate pipeline system in the United States that brings natural gas from the panhandle region of Oklahoma east through the Midwest to supply Indiana and Ohio.

Panhandle Eastern was founded in 1929 under the name Interstate Pipe Line Company. It began as a subsidiary of a gas pipeline company, Missouri-Kansas Pipe Line Company (Mo-Kan). The next year, its name was changed to Panhandle Eastern Pipe Line Company.

Soon, however, the company found itself embroiled in a protracted legal struggle. In 1930 Mo-Kan had sold a 50% stake in Panhandle Eastern to a direct competitor, Columbia Oil and Gasoline Corporation, an affiliate of Columbia Gas and Electric Corporation. Two years later, Mo-Kan went bankrupt and was placed in receivership. Columbia, however, bought the entire issue from the underwriter and gained control of Panhandle Eastern.

The proceedings dragged on until 1943, when U.S. Circuit Court and Securities and Exchange Commission rulings forced Columbia to sign over its entire stake in Panhandle Eastern to a third party designated by Mo-Kan, Phillips Petroleum Company. Phillips then sold half of the shares to Mo-Kan, on whose behalf it had been acting. This again gave Mo-Kan, which had emerged from receivership in 1937, a controlling interest in Panhandle Eastern.

In 1981 Panhandle Eastern Corporation was formed to hold Panhandle Eastern Pipe Line Company as a subsidiary.

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