October 4, 1916 the DJIA Becomes a Twenty Stock Index

A list of twenty (20) industrials (all common stock) was substituted for the old list of twelve (12). National Lead, Peoples Gas, General Motors and U.S. Steel pfd. were dropped and twelve (12) new companies were added. The list became:

American Beet Sugar
American Can
American Car & Foundry
American Locomotive
American Smelting
American Sugar
American Telephone & Telegraph
Anaconda Copper
Baldwin Locomotive
Central Leather
General Electric Company
Goodrich
Republic Iron & Steel
Studebaker
Texas Company
U.S. Rubber
U.S. Steel
Utah Copper
Westinghouse
Western Union

At this time (1916) the Stock Exchange quotations were all in dollars instead 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 average. 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.

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