The Dow Jones' 12 original companies: Where are they now?
They were the OGs of Wall Street—the best American businesses selected for the country’s very first stock index.
On May 26, 1896, journalist Charles Dow developed the concept of tracking industrial stock prices to help gauge the health of the U.S. economy. So was born the Dow Jones Industrial Average (DJI), which remains one of the most commonly discussed stock market benchmarks to this day.
Building on an earlier railroad-focused average, Dow compared his newest industrial average to sticks in the sand, a way to gauge whether the tide — or the market — was rising or falling.
“This method holds good in watching and determining the flood tide of the stock market,” he wrote in the Wall Street Journal, a paper he co-founded and served as editor.
The group of a dozen companies focused mainly on industrial, commodity, and infrastructure businesses and was intended to represent major areas of the U.S. economy following the recession in the late 1800s.
The average started at 40.94 points, a weighted average of the original twelve stocks. At last check, the Dow was up slightly at 49,259.
The Dow expanded to 20 companies in 1916 and reached its modern size with 30 component companies in 1928.
“At the time of The Dow’s introduction, investing in the stock market was considered a highly speculative activity,” S&P Global said. “In its early years, the Dow achieved little prominence outside the narrow canyon of Wall Street.”
“By the 1920s, however, ordinary citizens began investing in stocks, driving the industrial average from the 100 range in 1924 to nearly 400 before the crash of 1929.”
Here is what happened to the 12 companies Charles Dow originally brought together to create the Dow Jones Industrial Average.
Founded in 1889 as a trust by Standard Oil executives, the American Cotton Oil Company was an early-20th-century manufacturer of refined cottonseed oil, soap, and cooking fats such as Cottolene.
The company, which was dropped from the index in 1901, later evolved into Gold Dust Corp. and ultimately became part of Unilever (UL).
The American Sugar Refining Company dominated the sugar refining industry in the early 20th Century. It held interests in Puerto Rico and other Caribbean locations and operated one of the world’s largest sugar refineries. The company rebranded as Domino Sugar in 1900.
After being dropped from the Dow in 1930, the business eventually became part of ASR Group, which still produces Domino Sugar.
The American Tobacco Company was a dominant cigarette manufacturer founded in 1890 by James Buchanan “Buck” Duke through the merger of five major US tobacco manufacturers. It controlled most of the industry before being broken up in 1911 for violating antitrust laws.
It was initially dropped from the Dow in 1899, but it was re-added and removed again multiple times. The company later diversified beyond tobacco, renamed itself American Brands, and eventually became Fortune Brands.
Founded in 1887, Chicago Gas Co. was a utility holding company later acquired by Peoples Gas Light & Coke Co. in 1897, prompting its removal from the index the following year.
The business ultimately became part of Integrys Energy Group and was later absorbed into WEC Energy Group.
Often called the “Whiskey Trust,” Distilling & Cattle Feeding Company was an early monopoly that controlled alcohol production and used distillery byproducts to feed cattle. After being dropped from the Dow in 1899, the company became American Spirits Manufacturing and then National Distillers (which was re-added to the Dow in 1934 before being dropped in 1959).
The company was eventually absorbed into Millennium Chemicals, which was later acquired by Cristal. Tronox Holdings subsequently acquired Cristal in 2019.
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Founded: 1892
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Dropped from Dow: 1898, 1901, 2018
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Fate: Still exists as a multinational conglomerate
General Electric (GE) was removed from the Dow twice around the turn of the 20th century and reinstated both times. The Dow’s longest-running component, GE was finally removed for the last time in June 2018 after its stock price tumbled and was replaced by Walgreens Boots Alliance.
The company remains an independent global business with diversified assets in oil, gas, energy, finance, healthcare, lighting, and aviation.
Laclede Gas served the St. Louis region, initially focusing on street lighting and gas distribution. Removed from the Dow in 1899, the company remained an active utility.
In 2016, its parent company, The Laclede Group, rebranded as Spire Inc.
National Lead began as a mining and smelting company and later became a major manufacturer of pigments, coatings, and lead products, including the well-known Dutch Boy paint brand.
Removed from the Dow in 1916, the company sold its paint business in the 1970s and changed its name to NL Industries in 1971. It later became a subsidiary of the conglomerate Valhi.
The North American Co. was a public-utility holding company that was removed from the Dow shortly after the index was created. It was re-added to the list in 1928 but was replaced by Johns-Manville in 1930.
North American Co. was broken up by the Securities and Exchange Commission in 1946. Its assets ultimately became part of what is now WEC Energy Group.
Tennessee Coal Iron and Railroad Co. was a major Southern steel producer based in Birmingham, Alabama. The first Southern business added to the index, the company was acquired by U.S. Steel during the panic of 1907, with banker J.P. Morgan playing a key role in arranging the merger.
It was removed from the index as a result of the acquisition.
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Founded: 1893
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Dropped from Dow: 1928
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Fate: Liquidated
United States Leather — the only preferred stock in the original Dow — was a trust founded in 1893 that controlled a large share of the U.S. sole-leather market. It remained on the index until its removal in 1928.
The company was formally liquidated in 1952, at which point shareholders received final distributions. Keta Gas & Oil later acquired substantial leases and assets from the former U.S. Leather business.
Founded in 1892, United States Rubber was a major rubber manufacturer known for products such as the “Tiger Paw” tire. It was a member of the Dow until the index expanded to 30 stocks in 1928.
The company later became Uniroyal and was acquired in 1990 by Michelin.
This story was originally published by TheStreet on Feb 26, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.