Central Illinois Public Service Company
Encyclopedia
The Central Illinois Public Service Company was an electric streetcar holding company and power utility first organized in 1902. Under its later quarter billion dollar holding company, CIPSCO Inc. (formerly ), it merged in 1997 with the larger neighboring Union Electric Company
of Missouri (formerly ) to form Ameren
Corporation based in St. Louis, Missouri
. Now a subsidiary, AmerenCIPS is headquartered in Springfield, IL.http://www.hoovers.com/free/search/simple/xmillion/index.xhtml?query_string=AmerenCIPS&which=company&page=1&search_x=0&search_y=0
http://goliath.ecnext.com/coms2/product-compint-0000301487-page.html
the core of the company was born as the Mattoon City Railway Streetcar company, the first of the company's many later interurban electric railways.
In 1910 the Mattoon City Railway was reorganized as the Central Illinois Public Service Company.
In 1912 the CIPS Company became a subsidiary of Samuel Insull
's Middle West Utilities Company. The utilities company then acquired 60 utility properties. In 1913 it built the 6,000-kilowatt Kincaid, Illinois
Power Station, the first large generating power station.
In 1921 the CIPS Company headquarters moved from Mattoon to downtown Springfield, Illinois
, where it acquired the Farmers Bank Building and Annex, and renamed it the Public Service Building.
In 1922 the CIPS Company gas and electric plants in Beardstown, Illinois
were flooded by the Illinois River
and tributaries.
In 1923 CIPS merged with the Middle West Power Company, and acquired the Grand Tower, Illinois
Power Station in southwestern Illinois on the Mississippi River
. The merger brought the company's holdings to 7 generating stations, 15 ice plants, and 2 interurban railways.
In 1931 the CIPS Company tore down its general office building headquarters in downtown Springfield, and on the same site built a new 15-story skyscraper, as the new Public Service Building. It was later renamed the Illinois Building.
In 1932 the Middle West Utilities Company was reorganized as the Middle West Corporation, and CIPS Company was no longer under control of Samuel Insull. Middle West Corporation retained control of CIPS Company.
In 1933 CIPS Company ended electric railway operations with the abandonment of the Chicago and Joliet Electric Railway
and the Southern Illinois Railway and Power Company
.
In 1940 Construction began on the second 25,000-kilwatt unit at the Hutsonville, Illinois
Power Station.
In 1948 CIPS Company gained independence from the Middle West Corp., and began to trade on the New York Stock Exchange under the symbol CIP, paying a dividend
to stockholders. At that time, CIPS also sold its 3 remaining ice plants, because the new inexpensive electric refrigerators put an end to the "ice box" and the CIPS ice trucks which had been commonplace throughout central and southern Illinois.
In November 1949 a winter ice storm hit central Illinois, bringing down both CIPS primary and high-voltage transmission lines.
In 1952 the CIPS Company's Meredosia, Illinois
Power Station became a key contributor to the new Midwest Power Pool system, in conjunction with power provided by CIPS's future Ameren mate, the neighboring Union Electric Company, and also with another later Ameren subsidiary, Illinois Power Company.
By the early 1990s Central Illinois Public Service Company, by then an electric and natural gas utility, was reorganized as a subsidiary, under its new holding company, CIPSCO Inc., which in turn continued to publicly trade on the stock exchange under the utility's old ticker symbol, CIP.
In 1993 CIPSCO battled a 500-year flood in the St. Louis metropolitan area from the swollen Missouri
and Mississippi Rivers.
In 1995 shareholders of both CIPSCO Inc. and another utility twice its size, the S&P 500
-listed Union Electric Company
, approved the merger of the two companies. The merger was completed on December 31, 1997, when they became Ameren Corporation. At the time of the merger, CIPSCO had assets of about US$210 million, but still carried nearly half of US$1 billion in long-term debt, which it had accumulated by the 1980s.
The former CIPSCO Inc. utility, Central Illinois Public Services Company, is now a subsidiary of the Ameren Corporation holding company, known as AmerenCIPS. Ameren is now a holding company
for several other power companies
and energy companies as well.
Union Electric Company
The Union Electric Company of Missouri was an electric power utility first organized in 1902. As one of the S&P 500 largest companies in the United States, in 1997 its holding company merged with a smaller neighboring utility, Central Illinois Public Service Company through its holding company,...
of Missouri (formerly ) to form Ameren
Ameren
Ameren Corporation was created December 31, 1997 by the merger of Missouri's Union Electric Company and the neighboring Central Illinois Public Service Company . It is now a holding company for several power companies and energy companies. The company is based in St...
Corporation based in St. Louis, Missouri
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
. Now a subsidiary, AmerenCIPS is headquartered in Springfield, IL.http://www.hoovers.com/free/search/simple/xmillion/index.xhtml?query_string=AmerenCIPS&which=company&page=1&search_x=0&search_y=0
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History
In 1902, in Mattoon, IllinoisMattoon, Illinois
Mattoon is a city in Coles County, Illinois, United States. The population was 18,555 as of the 2010 census. It is a principal city of the Charleston–Mattoon Micropolitan Statistical Area.Mattoon was the site of the "Mad Gasser" attacks of the 1940s....
the core of the company was born as the Mattoon City Railway Streetcar company, the first of the company's many later interurban electric railways.
In 1910 the Mattoon City Railway was reorganized as the Central Illinois Public Service Company.
In 1912 the CIPS Company became a subsidiary of Samuel Insull
Samuel Insull
Samuel Insull was an Anglo-American innovator and investor based in Chicago who greatly contributed to creating an integrated electrical infrastructure in the United States. Insull was notable for purchasing utilities and railroads using holding companies, as well as the abuse of them...
's Middle West Utilities Company. The utilities company then acquired 60 utility properties. In 1913 it built the 6,000-kilowatt Kincaid, Illinois
Kincaid, Illinois
Kincaid is a village in Christian County, Illinois. It had a 2010 census population of 1,505.-Geography:Kincaid is located at .According to the United States Census Bureau, the village has a total area of , all of it land...
Power Station, the first large generating power station.
In 1921 the CIPS Company headquarters moved from Mattoon to downtown Springfield, Illinois
Springfield, Illinois
Springfield is the third and current capital of the US state of Illinois and the county seat of Sangamon County with a population of 117,400 , making it the sixth most populated city in the state and the second most populated Illinois city outside of the Chicago Metropolitan Area...
, where it acquired the Farmers Bank Building and Annex, and renamed it the Public Service Building.
In 1922 the CIPS Company gas and electric plants in Beardstown, Illinois
Beardstown, Illinois
Beardstown is a city in Cass County, Illinois, United States. The population was 6,123 at the 2010 census. The public schools are in Beardstown Community Unit School District 15.-Geography:Beardstown is located at...
were flooded by the Illinois River
Illinois River
The Illinois River is a principal tributary of the Mississippi River, approximately long, in the State of Illinois. The river drains a large section of central Illinois, with a drainage basin of . This river was important among Native Americans and early French traders as the principal water route...
and tributaries.
In 1923 CIPS merged with the Middle West Power Company, and acquired the Grand Tower, Illinois
Grand Tower, Illinois
Grand Tower is a city in Jackson County, Illinois, United States. The population was 624 at the 2000 census. The town gets its name from Tower Rock, a landmark island in the Mississippi River.-Geography:Grand Tower is located at ....
Power Station in southwestern Illinois on the Mississippi River
Mississippi River
The Mississippi River is the largest river system in North America. Flowing entirely in the United States, this river rises in western Minnesota and meanders slowly southwards for to the Mississippi River Delta at the Gulf of Mexico. With its many tributaries, the Mississippi's watershed drains...
. The merger brought the company's holdings to 7 generating stations, 15 ice plants, and 2 interurban railways.
In 1931 the CIPS Company tore down its general office building headquarters in downtown Springfield, and on the same site built a new 15-story skyscraper, as the new Public Service Building. It was later renamed the Illinois Building.
In 1932 the Middle West Utilities Company was reorganized as the Middle West Corporation, and CIPS Company was no longer under control of Samuel Insull. Middle West Corporation retained control of CIPS Company.
In 1933 CIPS Company ended electric railway operations with the abandonment of the Chicago and Joliet Electric Railway
Chicago and Joliet Electric Railway
The Chicago and Joliet Electric Railway, or C&JE, was an electric interurban railway linking the cities of Chicago and Joliet, Illinois. It was the only interurban between those cities and provided a link between the streetcar network of Chicago and the cities along the Illinois River Valley in...
and the Southern Illinois Railway and Power Company
Harrisburg, Illinois
Harrisburg is a city and township in Saline County, Illinois, United States. It is located about southwest of Evansville, Indiana, southeast of St. Louis, Missouri. The 2010 population was 9,017, with a township population of 10,790. It is the county seat of Saline County...
.
In 1940 Construction began on the second 25,000-kilwatt unit at the Hutsonville, Illinois
Hutsonville, Illinois
Hutsonville is a village in Crawford County, Illinois, United States. The population was 568 at the 2000 census.-Geography:Hutsonville is located at ....
Power Station.
In 1948 CIPS Company gained independence from the Middle West Corp., and began to trade on the New York Stock Exchange under the symbol CIP, paying a dividend
Dividend
Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business , or it can be distributed to...
to stockholders. At that time, CIPS also sold its 3 remaining ice plants, because the new inexpensive electric refrigerators put an end to the "ice box" and the CIPS ice trucks which had been commonplace throughout central and southern Illinois.
In November 1949 a winter ice storm hit central Illinois, bringing down both CIPS primary and high-voltage transmission lines.
In 1952 the CIPS Company's Meredosia, Illinois
Meredosia, Illinois
Meredosia is a village in Morgan County, Illinois, United States. The population was 1,041 at the 2000 census. It is part of the Jacksonville Micropolitan Statistical Area.-Geography:Meredosia is located at ....
Power Station became a key contributor to the new Midwest Power Pool system, in conjunction with power provided by CIPS's future Ameren mate, the neighboring Union Electric Company, and also with another later Ameren subsidiary, Illinois Power Company.
By the early 1990s Central Illinois Public Service Company, by then an electric and natural gas utility, was reorganized as a subsidiary, under its new holding company, CIPSCO Inc., which in turn continued to publicly trade on the stock exchange under the utility's old ticker symbol, CIP.
In 1993 CIPSCO battled a 500-year flood in the St. Louis metropolitan area from the swollen Missouri
Missouri River
The Missouri River flows through the central United States, and is a tributary of the Mississippi River. It is the longest river in North America and drains the third largest area, though only the thirteenth largest by discharge. The Missouri's watershed encompasses most of the American Great...
and Mississippi Rivers.
In 1995 shareholders of both CIPSCO Inc. and another utility twice its size, the S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
-listed Union Electric Company
Union Electric Company
The Union Electric Company of Missouri was an electric power utility first organized in 1902. As one of the S&P 500 largest companies in the United States, in 1997 its holding company merged with a smaller neighboring utility, Central Illinois Public Service Company through its holding company,...
, approved the merger of the two companies. The merger was completed on December 31, 1997, when they became Ameren Corporation. At the time of the merger, CIPSCO had assets of about US$210 million, but still carried nearly half of US$1 billion in long-term debt, which it had accumulated by the 1980s.
The former CIPSCO Inc. utility, Central Illinois Public Services Company, is now a subsidiary of the Ameren Corporation holding company, known as AmerenCIPS. Ameren is now a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
for several other power companies
Electric company
Electric company can mean:*Electrical power industry*Electric Company *The Electric Company *The Electric Company...
and energy companies as well.