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]

 

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 Western Union Pacific
Delaware, Lackawanna & Western Missouri Pacific
Lake Shore Louisville & Nashville
New York Central Pacific Mail
St. Paul Western Union
Northern Pacific preferred  

 

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

 Central Pacific  Louisville & Nashville
 Central RR of New Jersey  Missouri Pacific
 Chicago Milwaukee & St. Paul  New York Central
 Chicago North Western  Northern Pacific preferred
 Delaware & Hudson Canal  Union Pacific
 Delaware, Lackawanna & Western  Pacific Mail 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 & St. Paul  Missouri Pacific
 Chicago North Western  Northern Pacific preferred
 Delaware & Hudson Canal  New York Central
 Delaware, Lackawanna & Western  Union Pacific
 Lake Shore Railroad  Pacific Mail Steamship
 Louisville & Nashville  Western Union

 

April 9, 1894 - Following substitutions were made:

 Delete from average:  Add to average:
   
 Lake Shore Railroad  Chicago, Burlington & Quincy
 New York Central  Chicago, Rock Island & Pacific
 Pacific Mail Steamship  American Sugar

 

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
 General Electric  Tennessee Coal & Iron
 Distilling & Cattle Feeding  Tennessee Coal & Iron
 General Electric  U.S. Leather 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, September 8  $35.50  $48.55
 Wednesday, September 9  35.39  48.56
 Thursday, September 10  35.58  47.71
 Friday, September 11  35.30  48.27
 Saturday, September 12  35.02  47.86
 Monday, September 14  34.86  47.66
 Tuesday, September 15  34.13  47.22
 Wednesday, September 16  33.32  46.68
 Thursday, September 17  34.33  47.77
 Friday, September 18  34.81  47.82
 Saturday, September 19  35.03  47.91
 Monday, September 21  35.53  48.65
 Tuesday, September 22  35.59  48.43
 Wednesday, September 23  35.78  48.67
 Thursday, September 24  36.23  49.16
 Friday, September 25  36.61  49.81
 Saturday, September 26  36.75  50.21
 Monday, September 28  36.35  49.80
 Tuesday, September 29  36.33  50.21
 Wednesday, September 30  36.05  50.21
 Thursday, October 1  36.01  50.17
 Friday, October 2  35.88  50.00
 Saturday, October 3  35.82  49.86
 Monday, October 5  35.92  50.10
 Tuesday, October 6  35.91  49.71

"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]

 Atchison  Missouri Kansas & Texas preferred
 Burlington  Missouri Pacific
 C.C.C. & St. Louis  New York Central
 Chesapeake & Ohio  Northern Pacific preferred
 Chicago & North Western  New York, Ontario & Western
 Erie  Philadelphia & Reading
 Jersey Central  Rock Island
 Lake Shore  St. Paul
 Louisville & Nashville  Southern Railway 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 Transit  No. Pacific common
Canadian Pacific  Norfolk & Western
Chicago & North Western  Pennsylvania
 Delaware & Hudson  Reading
 Erie  St. Paul
 Illinois Central  Southern Pacific common
 Louisville & Nashville  Southern Railways common
 Metropolitan Street Railway  Union Pacific common

 

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.

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 & Foundry  Republic Iron & Steel
 American Locomotive  Studebaker
 American Smelting  Texas Co.
 American Sugar  U.S. Rubber
 American Telephone & Telegraph  U.S. Steel
 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:

 Atchinson  Illinois Central  Reading
 Baltimore & Ohio  Louisville & Nashville  St. L. Southwestern
 Canadian Pacific  New York Central  St. Paul
 Chesapeake & Ohio  New Haven  Southern Pacific
 Delaware & Hudson  Norfolk & Western  Southern Railway
 Delaware, Lackawanna & Western  Northern Pacific  Union 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.

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 & Foundry  American Sugar
 American Telephone & Telegraph  Sears, Roebuck
 American Tobacco  Texas Corp.
 General Electric  United Drug
 General Motors  U.S. Rubber
 International Harvester  U.S. Steel
 Mack Trucks  Western Union
 Paramount Famous Lasky  Woolworth



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:

 Allied Chemical  General Railway Signal  Sears, Roebuck
 American Can  Goodrich  Standard Oil (N.J.)
 American Smelting  International Harvester  Texas Corp.
 American Sugar  International Nickel  Texas Gulf Sulphur
 American Tobacco B  Mack Truck  Union Carbide
 Atlantic Refining  Nash Motors  U.S. Steel
 Bethlehem Steel  North American  Victor Talking Machine
 Chrysler  Paramount Publix  Westinghouse Electric
 General Electric  Postum Inc.  Woolworth
 General Motors  Radio Corp.  Wright 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 November 5  16.02  Atlantic Refining Split 4 for 1
 December 13  14.65
 General Motors split 2 1/2 for 1
International Harvester split 4 for 1
 December 26  13.92  International Nickel reorganization
 1929 January 8  12.11
 American Smelting split 3 for 1
Radio Corp. split 5 for 1
National Cash Register replaced Victor Talking Machine
 May 1  11.7  Wright-Aeronautical split 2 for 1
 May 20  11.18  Union Carbide split 3 for 1
 June 25  10.77  Woolworth split 2 1/2 for 1
 July 25  10.77  Postum name changed to General Foods
 September 14  10.47  Curtiss-Wright replaced Wright Aeronautical
 1930 January 29  9.85
 General Electric split 4 for 1
Johns-Manville replaced North American
 July 18  10.38
 Borden replaced American Sugar
Eastman Kodak replaced American Tobacco B
Goodyear replaced Atlantic Refining
Liggett & Myers replaced General Railway Signal
Standard Oil of California replaced Goodrich
United Air Transport replaced Nash Motors
Hudson Motor replaced Curtiss-Wright
 1932 May 26  15.46
 American Tobacco B replaced Liggett & Myers
Drug Inc. replaced Mack Trucks
Procter & Gamble replaced United Air Transport
Loew's replaced Paramount Publix
Nash Motors replaced Radio Corp.
International Shoe replaced Texas Gulf Sulphur
International Business Machines replaced National Cash Register
Coca Cola replaced Hudson Motor
 1933 August 15  15.71
 Corn Products Refining replaced Drug Inc.
United Aircraft replaced International Shoe
 1934 August 13  15.74  National Distillers replaced United Aircraft
1935 November 20  15.1
 Du Pont replaced Borden
National Steel replaced Coca Cola
 1937 January 8  15.1  Nash Motors name changed to Nash Kelvinator
 1939 March 14  15.1
 United Aircraft replaced Nash Kelvinator
 American Tel. & Tel. replaced 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 1  13.3  National Distillers split 3 for 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
 December 3  11.36  American Smelting 20% stock dividend
 1948 January 19  10.98  Bethlehem Steel split 3 for 1
 May 17  10.55  Union Carbide split 3 for 1
 June 7  10.20  Interational Harvester split 3 for 1
 November 26  10.14  National Steel 10% stock dividend
 1949 June 3  9.88  U.S. Steel split 3 for 1
 June 16  9.06  Du Pont split 4 for 1
 1950 March 22  8.92  Procter & Gamble split 1 1/2 for 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 12  7.36  Standard Oil of California split 2 for 1
 May 2  7.33  United Aircraft 20% stock dividend
 June 12  7.14  Texas Corp. split 2 for 1
 June 13  6.90  Standard Oil (N.J.) split 2 for 1
 September 11  6.72  Goodyear split 2 for 1
 December 3  6.53  American Smelting split 2 for 1
 1952 May 2  6.16  American Can split 2 for 1; 100% stock dividend
 1954 June 14  5.92  General Electric split 3 for 1
 July 1  5.89  United Aircraft distributed 1 share of Chance-Vought for every 3 United Aircraft held
 1955 January 24  5.76  Goodyear split 2 for 1
 May 23  5.62  Corn Products Refining split 3 for 1
 June 3  5.52  U.S. Steel split 2 for 1
 September 26  5.46  United Aircraft 50% stock 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 19  4.89  Standard Oil (N.J.) split 3 for 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
 June 18  4.452  Standard Oil (Calif.) split 2 for 1
 June 25  4.351  Procter & Gamble split 2 for 1
 July 3  4.581  International Paper replaced Loew's Inc.
 September 11  4.566  American Telephone & Telegraph rights offering (1 share for each 10 held)
 1957 February 7  4.283  Bethlehem Steel split 4 for 1
 November 18  4.257  United Aircraft 20% stock dividend (6 for 5)
1959 April 14  4.13  Eastman Kodak split 2 for 1
June 1  3.964
 American Telephone & Telegraph split 3 for 1
Anaconda replaced American Smelting
Swift & Co. replaced Com Products
Aluminum Co. of America replaced National Steel
Owens-Illinois Glass replaced National Distillers
1959 December 29  3.824  Goodyear split 3 for 1
 1960 January 25  3.739  Allied Chemical split 2 for 1
 February 2  3.659  Westinghouse Electric split 2 for 1
 May 3  3.569  American Tobacco split 2 for 1
 May 31  3.48  International Nickel split 2 for 1
 August 24  3.38  General Foods split 2 for 1
 December 30  3.28  International Paper Co. split 3 for 1
 1961 April 10  3.165  Procter & Gamble split 2 for 1
 August 11  3.09  Texaco split 2 for 1
 1962 May 1  3.03  American Tobacco split 2 for 1
 June 5  2.988  Du Pont distributed 1/2 share of General Motors
 1963 May 13  2.914  Chrysler Corp. split 2 for 1
 November 21  2.876  Du Pont distributed 36-100 share General Motors stock for each share of Du Pont common held
 1964 January 13  2.822  Chrysler Corp. split 2 for 1
 June 18  2.754  F. W. Woolworth split 3 for 1
 June 23  2.670  American Telephone & Telegraph split 2 for 1
 November 19  2.615  Du Pont distributed 1/2 share of General Motors
 1965 March 23  2.543  Sears Roebuck split 2 for 1
 April 12  2.499  International Harvester split 2 for 1
 May 24  2.410  Eastman Kodak split 2 for 1
 June 1  2.348  Owens-lllinois Glass split 2 for 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
 August 19  2.011  International Nickel split 2 1/2 for 1
 1969 April 1  1.967  Johns-Manville split 2 for 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 30  1.779  General Foods split 2 for 1
 June 8  1.712  General Electric split 2 for 1
 December 16  1.661  Westinghouse Electric split 2 for 1
 1972 November 1  1.661  Standard Oil (N.J.) name changed to Exxon
 1973 May 30  1.661  Swift name changed to Esmark

 

[Back To Top]

 Date

Divisor

Explanation
 December 11  1.626  Standard Oil (Calif£) split 2 for 1
 1974 February 4  1.598  Aluminum Co. of America split 3 for 2
 1975 May 1  1.598  United Aircraft name changed to United Technologies
 October 1  1.588  Esmark split 5 for 4
 1976 April 21  1.588  International Nickel name changed to Inco
 1976 May 19  1.554  United Technologies split 2 for 1
 1976 June 2  1.527  U.S. Steel split 3 for 2
 July 26  1.473  Exxon split 2 for 1
 August 9  1.504  Minnesota Mining & Manufacturing replaced Anaconda
 1977 April 11  1.474  Owens-Illinois split 2 for 1
 July 18  1.443  Sears, Roebuck split 2 for 1
 1979 June 29  1.465
 International Business Machines replaced Chrysler
Merck replaced Esmark
Du Pont split 3 for 1
 1981 February 23  1.431  Aluminum Co. of America split 2 for 1
  March 11  1.388  Standard Oil (California) split 2 for 1
 1981 May 26   1.348 American Brands split 2 for 1
 June 12   1.314 Exxon Corp. split 2 for 1
 1982 August 30  1.359  American Express Co. replaced Manville Corp.
 1983 February 11  1.344  American Express Co. split 4 for 3
 February 22  1.292  Procter & Gamble split 2 for 1
 June 2  1.248  General Electric split 2 for 1
 August 11  1.230  American Express Co. split 3 for 2
 1984 January 4  1.194  "New" AT&T replaced "Old" AT&T
 May 30  1.160
 Allied Corp. split 3 for 2
Westinghouse Electric split 2 for 1
 June 11  1.132  United Technologies split 2 for 1
 July 2  1.132  Standard Oil (California) name changed to Chevron
 1985 May 20  1.116  Eastman Kodak split 3 for 2
 September 19  1.116  Allied Corp. name changed to Allied-Signal Inc.
 October 30  1.090
 Philip Morris Cos. replaced General Foods Corp.
McDonald's Corp. was substituted for American Brands Inc.
 1986 February 20  1.090  International Harvester name changed to Navistar International Corp.
 March 4  1.044  Union Carbide split 3 for 1
 April 11  1.008  Philip Morris split 2 for 1
 May 27  0.956  Merck split 2 for 1
 May 28  0.953  Distribution of one share of Henley Group Inc. common for 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
 July 8  0.889  U.S. Steel name changed to USX Corp.
 1987 March 12  0.901
 Coca-Cola Co. replaced Owens-Illinois Inc.
Boeing Co. replaced Inco Ltd.
 March 13  0.880  American Can Co. split 2 for 1
 April 29  0.880  American Can Co. name changed to Primerica Corp.
 May 11  0.866  American Express split 2 for 1
 May 20  0.846  International Paper split 2 for 1
 May 26  0.824  General Electric split 2 for 1
 June 16  0.796  Minnesota Mining & Manufacturing split 2 for 1
 June 23  0.784  McDonald's Corp. split 3 for 2
 September 15  0.766  Exxon Corp. split 2 for 1
 October 20  0.754  Eastman Kodak split 3 for 2
 1988 May 26  0.703  Merck split 3 for 1
 1988 December 16  0.700  Primerica Corp. (old) merged into Commercial Credit Group Inc. which adopted Primerica Corp.'s name
 1989 March 29  0.682  General Motors split 2 for 1
 May 30  0.680  Texaco special dividend
 June 12  0.670  Boeing split 3 for 2
 June 19  0.659  McDonald's Corp. split 2 for 1
 August 29  0.658  Texaco special dividend
 October 11  0.610  Philip Morris split 4 for 1
 November 20  0.586  Procter & Gamble split 2 for 1
 1990 January 22  0.555  Du Pont Co. split 3 for 1
 May 14  0.540  Coca-Cola Co. split 2 for 1
 May 22  0.527 Westinghouse Electric Corp. split 2 for 1 
 June 1  0.515  Woolworth Corp. split 2 for 1
 June 11 0.505  Boeing Co. split 3 for 2 
 1991 May 6 0.559
Caterpillar Inc. replaced Navistar International Corp.
Walt Disney Co. replaced USX Corp.
J.P. Morgan & Co. replaced Primerica Corp.
 1992 May 12  0.5464359  Coca-Cola Co. split 2 for 1
 May 18  0.51225107  Walt Disney Co. split 4 for 1
 May 26  0.48220767  Merck & Co. split 3 for 1
 June 15  0.46730171  Procter & Gamble split 2 for 1
 July 6 0.46268499  Union Carbide's distribution of one share of Praxair Inc. for each share of Union Carbide.
 1993 April 26 0.46268499  Allied-Signal Inc. name changed to AlliedSignal Inc.
 May 5  0.45160391  Goodyear Tire & Rubber Co. split 2 for 1
 July 13  0.44731238 Sears, Roebuck & Co. distribution of 0.39031 of a share of Dean Witter, Discover & Co. for each share of Sears.
 1994 January 4  0.44418455 Eastman Kodak Co.'s distribution of 1 share of Eastman Chemical Co. common stock for each share of Eastman Kodak.
 March 15  0.43416961 AlliedSignal Inc. split 2 for 1.
 April 11  0.42025523 Minnesota Mining & Manufacturing Co. split 2 for 1.
 April 20   AT&T Corp. (name changed from American Telephone and Telegraph Co.).
  May 16  0.40722472  General Electric Co. split 2 for 1.
  May 31  0.40625989  American Express Co.'s 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 McDonald's Corp. split 2 for 1. 
 September 6  0.37153418 Caterpillar Inc. split 2 for 1. 
 1995 February 27  0.36143882 Aluminum Co. of America split 2 for 1. 
 July 13  0.35491922 Sears, Roebuck & Co. distribution of 0.927035 share of Allstate Corp. 
 September 18  0.34599543 International Paper Co. split 2 for 1. 

 

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