Dow Jones Industria Laverage
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July 3, 1884
The Dow Jones Industrial Average, comprised of 12 smokestack companies, made its debut May 26, 1896.
Twelve years earlier, Mr. Dows initial stock average, containing 11 stocks (nine of which were railroad issues)
appeared in Customers Afternoon Letter, a daily two-page fi nancial news bulletin that was the precursor of
The Wall Street Journal.
Chicago & North Western
Delaware, Lackawanna & Western
Lake Shore
Louisville & Nashville
Missouri Pacifi c
New York Central
Northern Pacifi c pfd.
Pacifi c Mail
St. Paul
Union Pacifi c
Western Union
February 16, 1885
Central Pacifi c
Central Railroad of New Jersey
Chicago Milwaukee & St. Paul
Chicago & North Western
Delaware & Hudson Canal
Delaware, Lackawanna & Western
Lake Shore Railroad
Louisville & Nashville
Missouri Pacifi c
New York Central
Northern Pacifi c preferred
Pacifi c Mail Steamship
Union Pacifi c
Western Union
List of 12 railroad and 2 industrial stocks published:
January 2, 1886
Chicago, Milwaukee & St. Paul
Chicago & North Western
Delaware & Hudson Canal
Delaware, Lackawanna & Western
Lake Shore Railroad
Louisville & Nashville
Missouri Pacifi c
New York Central
Northern Pacifi c pfd.
Pacifi c Mail Steamship
Union Pacifi c
Western Union
The above list replaced by a 12 stock average, 10 of which were railroads and 2 industrials:
April 9, 1894
Delete from average:
Lake Shore Railroad
New York Central
Pacifi c Mail Steamship
Add to average:
Chicago, Burlington & Quincy
Chicago, Rock Island & Pacifi c
American Sugar
Following substitutions were made:
Dow Jones Industrial Average History
Dow Jones Industrial Average History
May 26, 1896
American Cotton Oil
American Sugar
American Tobacco
Chicago Gas
Distilling & Cattle Feeding
General Electric
Laclede Gas
National Lead
North American
Tennessee Coal & Iron
U.S. Leather pfd.
U.S. Rubber
The Average consisted entirely of industrial stocks published for the first time:
August 26, 1896
American Cotton Oil
American Spirits Manufacturing
American Sugar
American Tobacco
Chicago Gas
General Electric
Laclede Gas
National Lead
Tennessee Coal & Iron
U.S. Cordage pfd.
U.S. Leather pfd.
U.S. Rubber
Distilling & Cattle Feeding became American Spirits Manufacturing and U.S. Cordage pfd. replaced North American
November 10, 1896
American Cotton Oil
American Spirits Manufacturing
American Sugar
American Tobacco
Chicago Gas
General Electric
Laclede Gas
National Lead
Pacific Mail Steamship
Tennessee Coal & Iron
U.S. Cordage pfd.
U.S. Leather pfd.
Pacific Mail Steamship replaced U.S Rubber
(The first average computed from this list of stocks was 40.94. It declined gradually during June and July and on August 8, 1896 stood at 28.48 which is the
lowest point on record for the industrial average).
December 23, 1896
American Cotton Oil
American Spirits Manufacturing
American Sugar
American Tobacco
Chicago Gas
General Electric
Laclede Gas
National Lead
Pacific