History
The average was created on July 3, 1884 by Charles Dow, co-founder of Dow Jones & Company, as part of the "Customer's Afternoon Letter". At its inception, it consisted of eleven transportation-related companies: nine railroads and two non-rail companies. They were the following:
- Chicago, Milwaukee and St. Paul Railway
- Chicago and North Western Railway
- Delaware, Lackawanna and Western Railroad
- Lake Shore and Michigan Southern Railway
- Louisville and Nashville Railroad
- Missouri Pacific Railway
- New York Central Railroad
- Northern Pacific Railroad preferred stock
- Pacific Mail Steamship Company (not a railroad)
- Union Pacific Railway
- Western Union (not a railroad)
As a result of the dominating presence of railroads, the Transportation Average was often referred to as "rails" in financial discussions in the early and middle part of the 20th Century.
Read more about this topic: Dow Jones Transportation Average
Famous quotes containing the word history:
““And now this is the way in which the history of your former life has reached my ears!” As he said this he held out in his hand the fatal letter.”
—Anthony Trollope (1815–1882)