Dow Jones (DJIA) appeared in the Wall Street Journal on May 26, 1896 and included the 12 stocks

listed in Table 3.2.

Although all of these companies still exist in some form today, only General Electric remains a part of the DJIA. The
original Dow railroad stock index was renamed the Railroad Average. The Railroad Average evolved into today's Dow
Transportation Average on January 2, 1970, when it included non-railroad stocks such as airlines and truckers. As of
today, of the 20 stocks in the Transportation Average, only four are railroad stocks—Burlington Northern Santa Fe
Corp., CSX Corp., Norfolk Southern Corp., and Union Pacific 26 Part I Introduction TABLE 3.1 “Customer Afternoon
Bulletin” (Forerunner of the Wall Street Journal) July 3, 1884 List of Stocks “Representative” Chicago & North Western
D. L. & W. Lake Shore New York Central St. Paul Northern Pacificpfd. Union Pacific Missouri Pacific Louisville &
Nashville Pacific Mail Western Union Download at,Corp. Indeed, reflecting changes in the shipping sector since its
inception, the Shipping Average now includes two ocean shipping companies, five airlines, three trucking companies,
two leasing company and four air freight and freight services. In 1916, 14 years after Charles Dow's death, the DJIA
expanded to 20 stocks. It was not until 1928 that the index expanded to 30 stocks. While the average has been
updated to reflect changing composition of trading market conditions, market capitalization and industry composition,
the inclusion of 30 stocks continues to this day. Dow's original intention was to use these averages as a base
forecasting tool