DJIA History 1897 1995

Charles Dow, the History of the Dow Jones Averages, Dow Jones Ave... http://www.cftech.com/BrainBank/FINANCE/DowJonesAvgsHist.
html
Charles Dow, the History of the Dow Jones Averages, Dow Jones Averages Chronology
1884 - 1995
[Chronology of the Dow Jones Averages ] [Daily Movement of Averages ] [January 1897 ] to [October 1916 ] to
[November 1928 ] to [December 1973 ] [Chronology of the Dow's Climb to 10000 ]
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Charles Dow and the Creation of the Averages
Neither financier nor broker Charles Dow was a journalist. The stock averages he devised provided a window for outsiders to
view the market; Wall Street types were welcome to use it, but they were not his chief concern.
When Dow came to Wall Street, the investment market of choice was bonds. Investors liked securities that were backed by real
machinery, factories and other hard assets. They felt reassured by the predictability of income that bonds offered, as well
as the specific dates of maturity when their principle would be returned. The stock market, by contrast, dealt in "shares of
ownership'' which had no specific claim on anything a company owned.
People on Wall Street found it difficult to analyze the daily jumble of up-a-quarter and down-an-eighth or whether stocks
generally were rising, falling or staying even. Charles Dow devised his stock average to make sense of this confusion. He
began in 1884 with 11 stocks, most of them railroads. Railroads were among the biggest and sturdiest companies in America at
that time, which is why they dominated Dow's first average. Few stocks of industrial companies were publicly traded, and
those were considered highly speculative.
On May 26, 1896, he introduced the industrial average. In October of that year, Dow's original average shed the last of its
non-railroad stocks and became the 20-stock railroad average. To complete this line of history, the utilities average came
along in 1929 -- more than a quarter-century after Dow's death at age 51 in 1902 -- and the railroad average was renamed the
transportation average in 1970.
Nowadays, of course, there are plenty of indicators to tell investors what the stock market is doing. But most people rely
on the Dow Jones Industrial Average. The Dow Jones Industrial Average is in sync with other major market barometers. That's
true despite the difference in computation methods; the Dow is unweighted while almost all other indexes weight their stocks
by market capitalization, which is price times shares outstanding. It's also true despite the fewer number of stocks in the
Dow.
The Dow's durability, is in the selection of companies that make up the industrial average. Though there is occasional
criticism on this assemblage, collectively, the 30 Dow industrial stocks represent every important sector in the stock
market (except transportation and utilities), and they respond to every important factor in the economy.
There isn't anything to prevent Nasdaq issues from being added to the industrial or utilities averages. The tradition of
using Big Board stocks stemmed from Charles Dow's intent of using only the most "respectable" stocks in his averages. Over
time, those choices became the "blue chip" companies of America, and invariably they were listed on the New York Stock
Exchange. That's no longer true, as several "blue chip" companies choose to trade on Nasdaq.
Chronology and Evolution of the Dow Jones Averages [Back To Top]
July 3, 1884 - Published first average of American stocks in Customer's Afternoon Letter. List included:
Chicago & North

Union Pacific
Western
Delaware, Lackawanna
Missouri Pacific
& Western
Louisville &
Lake Shore
Nashville
New York Central Pacific Mail
St. Paul Western Union
Northern Pacific
preferred
February 16, 1885 - List of 12 railroads and two industrials published:
Louisville &
Central Pacific
Nashville
Central RR of New
Missouri Pacific
Jersey
Chicago Milwaukee &
New York Central
St. Paul
第1页共13页 2008-4-11 11:37

Charles Dow, the History of the Dow Jones Averages, Dow Jones Ave... http://www.cftech.com/BrainBank/FINANCE/DowJonesAvgsHist.html
Chicago North Northern Pacific

Western preferred
Delaware & Hudson
Union Pacific
Canal
Delaware, Lackawanna Pacific Mail
& Western Steamship
Lake Shore Railroad Western Union
January 2, 1886 - The above list replaced by average of 12 stocks, 10 of which were railroads and two industrials:
Chicago Milwaukee &

Missouri Pacific
St. Paul
Chicago North Northern Pacific
Western preferred
Delaware & Hudson
New York Central
Canal
Delaware, Lackawanna
Union Pacific
& Western
Pacific Mail
Lake Shore Railroad
Steamship
Louisville &
Western Union
Nashville
April 9, 1894 - Following substitutions were made:
Delete from average: Add to average:
Chicago, Burlington
Lake Shore Railroad
& Quincy
Chicago, Rock Island
New York Central
& Pacific
Pacific Mail
American Sugar
Steamship
May 26, 1896 - Average consisting entirely of industrial stocks published for first time. The list contained:
American Cotton Oil Laclede Gas

American Tobacco National Lead
American Tobacco North American
Tennessee Coal &
General Electric
Iron
Distilling & Cattle Tennessee Coal &
Feeding Iron
U.S. Leather
General Electric
preferred
(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. )
August 26, 1896 - Distilling & Cattle Feeding became American Spirits Manufacturing and U.S. Cordage preferred was
substituted for North American.
October 7, 1896 - Daily publication in The Wall Street Journal began with the following news comment:
"DAILY MOVEMENT OF AVERAGES"
"Following is the daily average price of 20 railroad stocks and 12 industrials for 30 days last passed:
12 Indus. 20 Railroads
Tuesday,
$35.50 $48.55
September 8
Wednesday,
35.39 48.56
September 9
Thursday,
35.58 47.71
September 10
Friday, September
35.30 48.27
11
Saturday,
35.02 47.86
September 12
第2页共13页 2008-4-11 11:37

Monday, September
34.86 47.66
14
Tuesday,
34.13 47.22
September 15
Wednesday,
33.32 46.68
September 16
Thursday,
34.33 47.77
September 17
Friday, September
34.81 47.82
18
Saturday,
35.03 47.91
September 19
Monday, September
35.53 48.65
21
Tuesday,
35.59 48.43
September 22
Wednesday,
35.78 48.67
September 23
Thursday,
36.23 49.16
September 24
Friday, September
36.61 49.81
25
Saturday,
36.75 50.21
September 26
Monday, September
36.35 49.80
28
Tuesday,
36.33 50.21
September 29
Wednesday,
36.05 50.21
September 30
Thursday, October
36.01 50.17
1
Friday, October 2 35.88 50.00
Saturday, October
35.82 49.86
3
Monday, October 5 35.92 50.10
Tuesday, October
35.91 49.71
6
"Twelve industrial stocks used are: Sugar, Tobacco, Leather preferred, Cotton Oil, Cordage preferred, Rubber com., Chicago
Gas, Tennessee Coal & Iron, General Electric, Lead, American Spirits and Laclede Gas.
"The 20 active stocks used are: Erie, Kansas & Texas preferred, Chesapeake & Ohio Minneapolis & St. Louis 2d preferred,
Susquehanna & Western preferred, New York Central, Atchinson, CCC & St. Louis, Southern Railway preferred, Missouri Pacific,
Jersey Central, Pacific Mail, Northwest, Louisville & Nashville, Western Union, Rock Island, Burlington. St. Paul, Texas &
Pacific and Lake Shore."
(Persons interested in extending the present Dow Jones averages backward as far as possible can consider this the beginning
of the railroad average (now transportation) provided they bear in mind that there are two industrial stocks included in the
list. It should also be kept in mind that, originally, market quotations were all in percentages. On October 13, 1915, the
Stock Exchange ruled that all stocks should sell on a dollar share basis. For the sake of continuity, the average of
Pennsylvania, Reading and Lehigh Valley, all having $50 par values, was computed on a percentage basis which was obtained by
doubling their market quotations.)
October 19, 1896 - Philadelphia & Reading and No. Pacific preferred substituted for Minneapolis & St. Louis 2nd preferred
and Texas Pacific in the rail list.
October 26, 1896 - Manhattan Elevated and Wabash preferred were substituted for Pacific Mail and Western Union in the 20
railroads.
(This marked the first time the average was computed entirely of railroad stocks.)
November 10, 1896 - Pacific Mail Steamship substituted for U.S. Rubber in the industrials.
December 23, 1896 - Standard Rope & Twine substituted for U.S. Cordage preferred in the industrials.
January 4, 1897 - N.Y. Ontario & Western substituted for Susquehanna & Western preferred in the rail list which included:
[Back To Top]
Missouri Kansas & Texas

Atchison
preferred
Burlington Missouri Pacific
C.C.C. & St. Louis New York Central
Northern Pacific
Chesapeake & Ohio
preferred
第3页共13页 2008-4-11 11:37

Chicago & North New York, Ontario &

Western Western
Erie Philadelphia & Reading
Jersey Central Rock Island
Lake Shore St. Paul
Louisville & Southern Railway
Nashville preferred
Manhattan Elevated Wabash preferred
March 24, 1898 - Peoples Gas substituted for Chicago Gas in the industrials.
May 6, 1898 - Metropolitan Traction & Union Pacific preferred substituted for Ontario & Western and Lake Shore.
September 1898 - U.S. Rubber substituted for General Electric in the industrials.
April 21, 1899 - Continental Tobacco, Federal Steel, General Electric, American Steel & Wire substituted for American
Spirits Manufacturing, American Tobacco, Laclede Gas and Standard Rope & Twine in the industrials.
May 22, 1899 - Brooklyn Rapid Transit, Denver & Rio Grande preferred and Norfolk & Western preferred substituted for
Metropolitan Street Railway, Reading and Erie in the railroads.
April 1, 1900 - Southern Pacific common substituted for Wabash preferred in the railroads.
April 7, 1900 - Union Pacific common substituted for Norfolk & Western preferred in the railroads.
May 27, 1901 - Baltimore & Ohio and Illinois Central substituted for Burlington and South Pacific common in the railroads.
June 24, 1901 - Southern Railway common substituted for Southern Railway preferred in the railroads.
June 29, 1901 - Pennsylvania substituted for Northern Pacific preferred in the railroads.
April 1, 1901 - Amalgamated Copper, American Smelting & Refining, International Paper preferred, U.S. Steel common and U.S.
Steel preferred were substituted for American Cotton Oil, Federal Steel, General Electric, Pacific Mail and American Steel &
Wire in the industrials.
July 1, 1901 - American Car Foundry and Colorado Fuel & Iron substituted for Continental Tobacco and International Paper
preferred in the industrials.
September 20, 1902 - Reading, Canadian Pacific, Delaware & Hudson and Minneapolis & St. Louis were substituted for Missouri,
Kansas & Texas preferred, Rock Island, Chesapeake & Ohio and Jersey Central in the railroads.
May 17, 1904 - Southern Pacific common substituted for Minneapolis & St. Louis in the railroads.
June 25, 1904 - Wabash preferred and Metropolitan Street Railway substituted for C.C.C. & St. Louis and Denver preferred in
the railroads.
April 1, 1905 - U.S. Rubber 1st preferred substituted for U.S. Leather preferred in the industrials.
April 11, 1905 - Erie substituted for Wabash preferred in the railroads.
May 19, 1905 - Northern Pacific common and Norfolk & Western substituted for Manhattan and Union Pacific preferred in the
railroads.
The rail list, now entirely composed of common stocks, had these issues:
Atchison Missouri Pacific

Baltimore & Ohio New York Central
Brooklyn Rapid
No. Pacific common
Transit
Canadian Pacific Norfolk & Western
Chicago & North
Pennsylvania
Western
Delaware & Hudson Reading
Erie St. Paul
Southern Pacific
Illinois Central
common
Louisville & Southern Railways
Nashville common
Metropolitan Street
Union Pacific common
Railway
May 4, 1906 - Twin City Rapid Transit substituted for Metropolitan Street Railway in the railroads.
November 7, 1907 - General Electric substituted for Tennessee Coal & Iron in the industrials.
August 25, 1912 - Rock Island and Lehigh Valley substituted for Brooklyn Rapid Transit and Twin City Rapid Transit in the
railroads.
第4页共13页 2008-4-11 11:37

May 12, 1912 - Central Leather common substituted for Colorado Fuel & Iron in the industrials.
December 12, 1914 - Chesapeake & Ohio, Kansas City Southern and N.Y. N.H. & Hartford substituted for Chicago & North
Western, Missouri Pacific and Rock Island in the railroads.
March 16, 1915 - General Motors substituted for U.S. Rubber 1st preferred in the industrials.
July 29, 1915 - Anaconda substituted for Amalgamated Copper.
October 4, 1916 - A list of 20 industrials, all common, substituted for the old list of 12. National Lead, Peoples Gas,
General Motors and U.S. Steel preferred were dropped and 12 new companies added. The list became: [Back To Top]
American Beet Sugar General Electric

American Can Goodrich
American Car & Republic Iron &
Foundry Steel
American Locomotive Studebaker
American Smelting Texas Co.
American Sugar U.S. Rubber
American Telephone &
U.S. Steel
Telegraph
Anaconda Copper Utah Copper
Baldwin Locomotive Westinghouse
Central Leather Western Union
(At this time (1916) Stock Exchange quotations were all in dollars of percentages, so the fact that Utah had a par of $10
and Westinghouse a par of $50 caused no immediate confusion in the new averages. However, in order to make continuity for
the industrial averages, the records of the 20 new stocks were figured backward to the reopening of the Stock Exchange on
December 12, 1914, after the war closing, so that the published record of averages is as if the 20 stocks mentioned above
had been quoted on the dollar basis from that date.)
March 1, 1920 - Corn Products substituted for American Beet Sugar in the industrials.
January 22, 1924 - American Tobacco, Du Pont, Mack Trucks and Sears, Roebuck substituted for Corn Products, Central Leather,
Goodrich and Texas Co. in the industrials.
February 6, 1924 - Standard Oil of California substituted for Utah in the industrials.
April 10, 1924 - Delaware, Lackawanna & Western and St. Louis Southwestern substituted for Kansas City Southern and Lehigh
Valley in the railroads.
May 12, 1924 - Studebaker non-par and Woolworth $25 par substituted for old Studebaker and Republic Iron & Steel in the
industrials.
(After the change from 12 to 20 industrials in 1916, Texas Co. reduced its par from $100 to $25. Then, American Locomotive
changed from $100 par to non-par, issuing two new shares for one old share. Studebaker changed from $100 par to non-par,
issuing two and a half shares of new for one of old. The compilation arising from the Texas, American Locomotive and
Studebaker changes brought about new adjustment.
Texas Co. and Corn Products were dropped. American Locomotive was retained at the actual new quotation. These changes, made
January 22, 1924, were so fitted into the scheme of quotations that, while the closing prices on a Tuesday averaged 97.41 on
the old stocks, the average on the new stocks was 97.23, all being figured on the dollar basis.)
The railroad list as of August 31, 1925, was:
Illinois
Atchinson Reading
Central
Louisville & St. L.
Baltimore & Ohio
Nashville Southwestern
New York
Canadian Pacific St. Paul
Central
Chesapeake & Ohio New Haven Southern Pacific
Norfolk &
Delaware & Hudson Southern Railway
Western
Delaware, Lackawanna Northern
Union Pacific
& Western Pacific
Erie Pennsylvania
August 31, 1925 - General Motors, International Harvester, Kennecott, Texas Co. and U.S. Realty were substituted for
Anaconda, Baldwin, Du Pont, Standard Oil of Calif. and Studebaker in the industrial list. These changes made no appreciable
difference in the averages.
December 7, 1925 - Allied Chemical and Paramount Famous Lasky substituted for U.S. Realty and Westinghouse Electric in the
industrials.
December 31, 1925 - Remington Typewriter and Mack Trucks, ex-stock dividend, were substituted for Kennecott and Mack Trucks
stock dividend attached in the industrials.
第5页共13页 2008-4-11 11:37

March 16, 1927 - United Drug substituted for Remington Typewriter in the industrials. The industrial list on December 31,
1927, was:
Allied Chemical American Locomotive

American Can American Smelting
American Car &
American Sugar
Foundry
American Telephone &
Sears, Roebuck
Telegraph
American Tobacco Texas Corp.
General Electric United Drug
General Motors U.S. Rubber
International
U.S. Steel
Harvester
Mack Trucks Western Union
Paramount Famous
Woolworth
Lasky
All stocks used in both the railroad and industrial lists are common stocks. The averages of these stocks are compiled from
closing prices. In case there is no sale of a particular stock the last closing is used.
As of December 31, 1927, to obtain the average daily price of the 20 railroad stocks, take the total sum of their closing
quotations (with Pennsylvania and Reading doubled) and divide by 20. The industrial average is computed in the same manner
except that in certain cases in the past (prior to 1927) attempt was made to compensate or average the averages to make
allowances for stock split-ups. Therefore, in order to get the total to be divided by 20, the closing price of American Can
is multiplied by 6, that of General Electric by 4, Sears, Roebuck by 4, American Car & Foundry by 2 and American Tobacco by
2.
The present Dow Jones industrial average of 30 stocks began October 1, 1928, when the list was expanded to 30 from 20 and
several substitutions were made. On October 1, 1928, the stocks making up the industrial average were:
General Railway
Allied Chemical Sears, Roebuck
Signal
Standard Oil
American Can Goodrich
(N.J.)
International
American Smelting Texas Corp.
Harvester
International
American Sugar Texas Gulf Sulphur
Nickel
American Tobacco
Mack Truck Union Carbide
B
Atlantic Refining Nash Motors U.S. Steel
Victor Talking
Bethlehem Steel North American
Machine
Westinghouse
Chrysler Paramount Publix
Electric
General Electric Postum Inc. Woolworth
Wright
General Motors Radio Corp.
Aeronautical
The divisor on October 1, 1928, was 16.67.
Subsequent changes in stocks making up the industrial average and changes in the divisor, together with the dates, were:
[Back To Top]
Date Divisor Explanation

1928
16.02 Atlantic Refining Split 4 for 1
November 5
General Motors split 2 1/2 for 1
December 13 14.65 International Harvester split 4
for 1
International Nickel
December 26 13.92
reorganization
American Smelting split 3 for 1
Radio Corp. split 5 for 1
1929
12.11 National Cash Register replaced
January 8
Victor Talking Machine
Wright-Aeronautical split 2 for

May 1 11.7
1
May 20 11.18 Union Carbide split 3 for 1
June 25 10.77 Woolworth split 2 1/2 for 1
第6页共13页 2008-4-11 11:37

Postum name changed to General

July 25 10.77
Foods
September Curtiss-Wright replaced Wright
10.47
14 Aeronautical
General Electric split 4 for 1
1930 Johns-Manville replaced North
9.85
January 29 American
Borden replaced American Sugar

Eastman Kodak replaced American
Tobacco B
Goodyear replaced Atlantic
Refining
Liggett & Myers replaced General
July 18 10.38 Railway Signal
Standard Oil of California
replaced Goodrich
United Air Transport replaced
Nash Motors
Hudson Motor replaced
Curtiss-Wright
American Tobacco B replaced

Liggett & Myers
Drug Inc. replaced Mack Trucks
Procter & Gamble replaced United
Air Transport
Loew's replaced Paramount Publix
1932 May 26 15.46 Nash Motors replaced Radio Corp.
International Shoe replaced Texas
Gulf Sulphur
International Business Machines
replaced National Cash Register
Coca Cola replaced Hudson Motor
Corn Products Refining replaced

Drug Inc.
1933 August
15.71 United Aircraft replaced
15
International Shoe
1934 August National Distillers replaced

15.74
13 United Aircraft
1935 Du Pont replaced Borden

15.1 National Steel replaced Coca Cola
November 20
1937 Nash Motors name changed to Nash

15.1
January 8 Kelvinator
United Aircraft replaced Nash
Kelvinator
1939 March
15.1 American Tel. & Tel. replaced
14
I.B.M.
1945 May 10 14.8 Loew's Inc. split 3 for 1

May 11 14.2 Westinghouse Mfg. split 4 for 1
October 23 13.6 Sears Roebuck split 4 for 1
1946 August National Distillers split 3 for
13.3
1 1
1947 May 16 12.2 Eastman Kodak split 5 for 1
June 2 11.76 Johns-Manville split 3 for 1
July 14 11.44 Chrysler Corp. split 2 for 1
American Smelting 20% stock
December 3 11.36
dividend
1948
10.98 Bethlehem Steel split 3 for 1
January 19
May 17 10.55 Union Carbide split 3 for 1
Interational Harvester split 3
June 7 10.20
for 1
National Steel 10% stock
November 26 10.14
dividend
第7页共13页 2008-4-11 11:37

1949 June 3 9.88 U.S. Steel split 3 for 1

June 16 9.06 Du Pont split 4 for 1
1950 March Procter & Gamble split 1 1/2 for
8.92
22 1
March 31 8.57 National Steel split 3 for 1
September 5 7.76 Allied Chemical split 4 for 1
October 3 7.54 General Motors split 2 for 1
1951 March Standard Oil of California split
7.36
12 2 for 1
United Aircraft 20% stock
May 2 7.33
dividend
June 12 7.14 Texas Corp. split 2 for 1
Standard Oil (N.J.) split 2 for
June 13 6.90
1
September
6.72 Goodyear split 2 for 1
11
December 3 6.53 American Smelting split 2 for 1
American Can split 2 for 1; 100%
1952 May 2 6.16
stock dividend
1954 June
5.92 General Electric split 3 for 1
14
United Aircraft distributed 1
July 1 5.89 share of Chance-Vought for every
3 United Aircraft held
1955
January 24
Corn Products Refining split 3
May 23 5.62
for 1
June 3 5.52 U.S. Steel split 2 for 1
September United Aircraft 50% stock
5.46
26 dividend (3 for 2)
November 10 5.26 General Motors split 3 for 1
December 19 5.11 Sears Roebuck split 3 for 1
1956 March Standard Oil (N.J.) split 3 for
4.89
19 1
March 26 4.79 Johns-Manville split 2 for 1
June 8 4.69 General Foods split 2 for 1
June 11 4.56 Texas Co. split 2 for 1
Standard Oil (Calif.) split 2
June 18 4.452
for 1
June 25 4.351 Procter & Gamble split 2 for 1
International Paper replaced
July 3 4.581
Loew's Inc.
American Telephone & Telegraph
September
4.566 rights offering (1 share for each
11
10 held)
1957
4.283 Bethlehem Steel split 4 for 1
February 7
United Aircraft 20% stock
November 18 4.257
dividend (6 for 5)
1959 April
4.13 Eastman Kodak split 2 for 1
14
split 3 for 1
Anaconda replaced American
Smelting
Swift & Co. replaced Com Products
June 1 3.964
Aluminum Co. of America replaced
National Steel
Owens-Illinois Glass replaced
National Distillers
1959
December 29
第8页共13页 2008-4-11 11:37

1960
3.739 Allied Chemical split 2 for 1
January 25
Westinghouse Electric split 2
February 2 3.659
for 1
May 3 3.569 American Tobacco split 2 for 1
International Nickel split 2 for
May 31 3.48
1
August 24 3.38 General Foods split 2 for 1
International Paper Co. split 3
December 30 3.28
for 1
1961 April
3.165 Procter & Gamble split 2 for 1
10
August 11 3.09 Texaco split 2 for 1
1962 May 1 3.03 American Tobacco split 2 for 1
Du Pont distributed 1/2 share of
June 5 2.988
General Motors
1963 May 13 2.914 Chrysler Corp. split 2 for 1
Du Pont distributed 36-100 share
November 21 2.876 General Motors stock for each
share of Du Pont common held
1964
2.822 Chrysler Corp. split 2 for 1
January 13
June 18 2.754 F. W. Woolworth split 3 for 1
June 23 2.670
split 2 for 1
Du Pont distributed 1/2 share of
November 19 2.615
General Motors
1965 March
2.543 Sears Roebuck split 2 for 1
23
International Harvester split 2
April 12 2.499
for 1
May 24 2.410 Eastman Kodak split 2 for 1
Owens-lllinois Glass split 2 for
June 1 2.348
1
June 16 2.278 Union Carbide split 2 for 1
November 1 2.245 United Aircraft split 3 for 2
1967 June 6 2.217 Swift split 2 for 1
June 12 2.163 Anaconda split 2 for 1
1968 May 27 2.078 Eastman Kodak split 2 for 1
International Nickel split 2 1/2
August 19 2.011
for 1
1969 April
1.967 Johns-Manville split 2 for 1
1
May 7 1.934 Goodyear split 2 for 1
August 11 1.894 Texaco split 2 for 1
1970 May 19 1.826 Procter & Gamble split 2 for 1
1971 March
1.779 General Foods split 2 for 1
30
June 8 1.712 General Electric split 2 for 1
Westinghouse Electric split 2
December 16 1.661
for 1
1972 Standard Oil (N.J.) name changed
1.661
November 1 to Exxon
1973 May 30 1.661 Swift name changed to Esmark
[Back To Top]
Date Divisor Explanation

December Standard Oil (Calif£) split 2
1.626
11 for 1
第9页共13页 2008-4-11 11:37

1974 Aluminum Co. of America split

1.598
February 4 3 for 2
1975 May United Aircraft name changed
1.598
1 to United Technologies
October 1 1.588 Esmark split 5 for 4
1976 International Nickel name
1.588
April 21 changed to Inco
1976 May United Technologies split 2
1.554
19 for 1
1976 June
1.527 U.S. Steel split 3 for 2
2
July 26 1.473 Exxon split 2 for 1
Minnesota Mining &
August 9 1.504 Manufacturing replaced
Anaconda
1977
1.474 Owens-Illinois split 2 for 1
April 11
July 18 1.443 Sears, Roebuck split 2 for 1
International Business
Machines replaced Chrysler
1979 June
1.465 Merck replaced Esmark
29
Du Pont split 3 for 1
1981
Aluminum Co. of America split
February 1.431
2 for 1
23
Standard Oil (California)
March 11 1.388
split 2 for 1
1981 May
1.348 American Brands split 2 for 1
26
June 12 1.314 Exxon Corp. split 2 for 1
1982 American Express Co. replaced
1.359
August 30 Manville Corp.
1983
American Express Co. split 4
February 1.344
for 3
11
February Procter & Gamble split 2 for
1.292
22 1
General Electric split 2 for
June 2 1.248
1
American Express Co. split 3
August 11 1.230
for 2
1984 "New" AT&T replaced "Old"
1.194
January 4 AT&T
Allied Corp. split 3 for 2
May 30 1.160 Westinghouse Electric split 2
for 1
United Technologies split 2

June 11 1.132
for 1
Standard Oil (California)
July 2 1.132
name changed to Chevron
1985 May
20
September Allied Corp. name changed to
1.116
19 Allied-Signal Inc.
Philip Morris Cos. replaced
General Foods Corp.
October McDonald's Corp. was
1.090
30 substituted for American
Brands Inc.
1986 International Harvester name

February 1.090 changed to Navistar
20 International Corp.
March 4 1.044 Union Carbide split 3 for 1
第10页共13页 2008-4-11 11:37

April 11 1.008 Philip Morris split 2 for 1

May 27 0.956 Merck split 2 for 1
Distribution of one share of
Henley Group Inc. common for
May 28 0.953
each four shares of
Allied-Signal common held.
May 30 0.929 F.W. Woolworth split 2 for 1
June 17 0.908 Owen-Illinois split 2 for 1
June 26 0.889 McDonald's split 3 for 2
U.S. Steel name changed to
July 8 0.889
USX Corp.
Coca-Cola Co. replaced
1987 Owens-Illinois Inc.
0.901
March 12 Boeing Co. replaced Inco Ltd.
American Can Co. split 2 for

March 13 0.880
1
American Can Co. name changed
April 29 0.880
to Primerica Corp.
American Express split 2 for
May 11 0.866
1
International Paper split 2
May 20 0.846
for 1
General Electric split 2 for
May 26 0.824
1
Minnesota Mining &
June 16 0.796
Manufacturing split 2 for 1
McDonald's Corp. split 3 for
June 23 0.784
2
September
0.766 Exxon Corp. split 2 for 1
15
October
20
1988 May
0.703 Merck split 3 for 1
26
Primerica Corp. (old) merged
1988
into Commercial Credit Group
December 0.700
Inc. which adopted Primerica
16
Corp.'s name
1989
0.682 General Motors split 2 for 1
March 29
May 30 0.680 Texaco special dividend
June 12 0.670 Boeing split 3 for 2
June 19 0.659
1
August 29 0.658 Texaco special dividend
October
0.610 Philip Morris split 4 for 1
11
November Procter & Gamble split 2 for
0.586
20 1
1990
0.555 Du Pont Co. split 3 for 1
January 22
May 14 0.540 Coca-Cola Co. split 2 for 1
Westinghouse Electric Corp.
May 22 0.527
split 2 for 1
June 1 0.515 Woolworth Corp. split 2 for 1
June 11 0.505 Boeing Co. split 3 for 2
Caterpillar Inc. replaced
Navistar International Corp.
1991 May Walt Disney Co. replaced USX
0.559 Corp.
6
J.P. Morgan & Co. replaced
Primerica Corp.
第11页共13页 2008-4-11 11:37

1992 May
0.5464359 Coca-Cola Co. split 2 for 1
12
May 18 0.51225107 Walt Disney Co. split 4 for 1
May 26 0.48220767 Merck & Co. split 3 for 1
Procter & Gamble split 2 for
June 15 0.46730171
1
Union Carbide's distribution
of one share of Praxair Inc.
July 6 0.46268499
for each share of Union
Carbide.
1993 Allied-Signal Inc. name
0.46268499
April 26 changed to AlliedSignal Inc.
Goodyear Tire & Rubber Co.
May 5 0.45160391
split 2 for 1
Sears, Roebuck & Co.
distribution of 0.39031 of a
July 13 0.44731238
share of Dean Witter, Discover
& Co. for each share of Sears.
Eastman Kodak Co.'s
distribution of 1 share of
1994
0.44418455 Eastman Chemical Co. common
January 4
stock for each share of
Eastman Kodak.
AlliedSignal Inc. split 2 for
March 15 0.43416961
1.
Minnesota Mining &
April 11 0.42025523 Manufacturing Co. split 2 for
1.
AT&T Corp. (name changed from
April 20 American Telephone and
Telegraph Co.).
General Electric Co. split 2
May 16 0.40722472
for 1.
American Express Co.'s
May 31 0.40625989 distribution of 1/5 of a share
of Lehman Brothers Holdings.
June 13 0.39421851 Chevron Corp. split 2 for 1.
June 27 0.38610730
1.
September Caterpillar Inc. split 2 for
0.37153418
6 1.
1995
Aluminum Co. of America split
February 0.36143882
2 for 1.
27
Sears, Roebuck & Co.
July 13 0.35491922 distribution of 0.927035 share
of Allstate Corp.
September International Paper Co. split
0.34599543
18 2 for 1.
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DJIA History 1897 1995

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DJIA History 1897 1995

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Charles Dow, the History of the Dow Jones Averages, Dow Jones Ave... http://www.cftech.com/BrainBank/FINANCE/DowJonesAvgsHist.

Charles Dow and the Creation of the Averages

Chronology and Evolution of the Dow Jones Averages [Back To Top]

Chicago & North

February 16, 1885 - List of 12 railroads and two industrials published:

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Chicago North Northern Pacific

Chicago Milwaukee &

April 9, 1894 - Following substitutions were made:

Delete from average: Add to average:

American Cotton Oil Laclede Gas

"DAILY MOVEMENT OF AVERAGES"

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Missouri Kansas & Texas

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Chicago & North New York, Ontario &

Atchison Missouri Pacific

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July 29, 1915 - Anaconda substituted for Amalgamated Copper.

American Beet Sugar General Electric

The railroad list as of August 31, 1925, was:

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Allied Chemical American Locomotive

The divisor on October 1, 1928, was 16.67.

Date Divisor Explanation

Wright-Aeronautical split 2 for

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Postum name changed to General

Borden replaced American Sugar

American Tobacco B replaced

Corn Products Refining replaced

1934 August National Distillers replaced

1935 Du Pont replaced Borden

1937 Nash Motors name changed to Nash

1945 May 10 14.8 Loew's Inc. split 3 for 1

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1949 June 3 9.88 U.S. Steel split 3 for 1

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Date Divisor Explanation

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1974 Aluminum Co. of America split

United Technologies split 2

1986 International Harvester name

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April 11 1.008 Philip Morris split 2 for 1

American Can Co. split 2 for

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