Collectible Stocks and Bonds from North American Railroads             by Terry Cox

A guidebook and catalog of prices
(I neither buy nor sell stocks and bonds)
Railroad Events Timeline
 

These are events that relate to the health, welfare, and advancement of the railroad industry as a whole.

Please contact me with additional events you think should be included. Also, please help refine dates and correct errors.

ASP Table Wizard
DateEvent
  
Feb 22, 1804First steam tramway (road, as opposed to railroad) locomotive in Wales.
1814George Stephenson built first steam railway locomotive (Blucher) for Stockton & Darlington Railway.
1815First North American railroad charter for Camden & Amboy.
Mar 8, 1817New York Stock & Exchange Board organized.
1819Panic of 1819, often blamed on the Second Bank of the United States tightening credit, but probably the result of long-declining agricultural prices.
Oct 7, 1826First horse-powered railroad (3 miles long) completed in United States at Quincy, MA granite quarry.
Feb 28, 1827First railroad, Baltimore & Ohio Railroad, chartered in the United States.
May, 1827Mauch Chunk (9 miles long) gravity railroad built near Carbondale, PA.
Dec 22, 1828Baltimore & Ohio completes first section of horse-drawn rail service.
Aug 8, 1829Delaware & Hudson Canal Co runs first steam-powered locomotive "Stourbridge Lion" near Carbondale, Pennsylvania.
Aug 28, 1830Peter Cooper operates "Tom Thumb" - the first locomotive manufactured in the United Stares - on the Baltimore & Ohio Railroad.
1830John Stevens invents T-Rail.
Nov 14, 1832John Mason starts first horse-drawn streetcar service along Bowery Street in New York.
1835Samuel Morse uses earlier technology (Joseph Henry, 1830) to create telegraph.
1836First railroad in Canada opens - Champlain & St Lawrence.
May 10, 1837Banks in New York City stopped payment in gold and silver, precipitating the Panic of 1837. Six-year depression follows.
1837First railroad in Cuba (Havana to Guines.)
1842Brokers begin trading stocks too small for listing on the New York Stock Exchange. Since they had no offices, and merely traded on Broad Street, they became known as "Curbstone Brokers" and "New York Curb Market." This outdoors arrangement lasted until 1921.
Mar 24, 1844First message transmitted over telegraph line completed between Baltimore and Washington, D.C.
Apr 13, 1846Pennsylvania Railroad chartered.
1846British government adopts "standard gauge" of 4' 8-1/2", the same as the Stockton & Darlington road.
Sep 16, 1850First railway in Mexico opens - 11 km between Veracruz and Molino.
Sep 20, 1850President Millard Fillmore signs Land Grant Act.
1851Trains dispatched by telegraph.
Feb 20, 1852First rail connection between East Coast and Chicago.
Jul, 1854Stock market crash caused by discoveries of fraudulent stock issuances in New York & New Haven RR, Harlem Co, and Vermont Central Ry
Jan 28, 1855Panama Railroad completed across Isthmus of Panama.
Apr 21, 1856Chicago Rock Island & Pacific train crosses first railroad bridge across Mississippi River between Rock Island, Illinois and Davenport, Iowa.
Sep 21, 1856Illinois Central Railroad completed between Chicago and Cairo, IL.
Apr, 1857Severe Baltimore & Ohio Railroad labor strike with several deaths
Aug 24, 1857New York branch of Ohio Life Insurance & Trust Co fails, precipitating the Panic of 1857.
Oct 14, 1857Run on bank deposits forced suspension of withdrawals on Wall Street banks. Numerous bank failures.
1857St Louis connected by rail to East Coast.
Oct, 1861Overland Telegraph and Pacific Telegraph complete transcontinental system and quickly merge into Western Union.
Jul 1, 1862Congress passes Pacific Railway act, authorizing construction of Transcontinental railroad. Act creates Union Pacific Railroad Company.
Jan 10, 1863First subway opens in London.
Jan 29, 1863New York Stock & Exchange Board changes name to New York Stock Exchange.
Aug, 1864Gold hits $261.75
1864George Pullman invents Pullman sleeping car.
Nov 6, 1865Milwaukee & Prairie Du Chien Railway Co stock "cornered"; price driven from 40 to 210 and back to 110; many brokerages failed because of inability to cover short sales.
Dec 9, 1865New York Stock Exchange occupies new building.
Dec 25, 1865Giant Union stockyards open in Chicago.
1865Smelters in Chicago mill first steel rails.
Apr, 1866Michigan Southern RR stock "cornered"; price driven from 84 to 104 and back to 80 with 24 hours. Heavy speculation and "corners" in Reading, Chicago & Rock Island, Hudson River, Cleveland & Pittsburg and Northwestern.
Dec 7, 1867Charles T Harvey successfully demonstrates first cable-pulled elevated railway in New York.
Jan 16, 1868William Davis patents refrigerator car.
Apr 20, 1868New York legislature gives full control of Erie (first Gould railroad) to Jay Gould and James Fisk; Commodore Vanderbilt defeated.
Jul 1, 1868West Side Elevated opened between Cortlandt Street and Battery Place in New York.
Jul, 1868Jay Gould becomes preident of Erie Railway
Feb 1, 1869New York Stock Exchange requires shares of all listed companies to be officially registered (anti stock-watering decree)
Apr 13, 1869George Westinghouse patents automatic air brake.
May 10, 1869Union Pacific and Central Pacific drive "Golden Spike" at Promontory Point, Utah, completing the transcontinental railroad.
Sep 24, 1869Jay Gould and James Fisk precipitate "Black Friday" gold market crash after driving gold to 162; U.S. government announced it would sell gold and prices fell to 135 within 15 minutes.
Jan 17, 1871Andrew Smith Hallidie patents first cable car.
Apr 20, 1871First steam-powered elevated railway operation in New York City.
Jan 6, 1872Edward Stokes murders James Fisk in Grand Central Hotel, New York.
Mar 15, 1872Jay Gould forced to resign from board of Erie; replaced by John Dix.
Sep 4, 1872New York Sun begins exposing Credit Mobilier financing which culminates in huge railroad financing scandal.
Nov 20, 1872Gould, Schell and Clark corner Erie stock and drive price from $83.75 on the 20th to $230 on the 23rd. Prices quickly fell back to $85, seriously hurting Drew and Smith.
1872Canadian railroads converted lines to standard gauge of 4' 8-1/2".
1872Vanderbilt interests acquire sufficient Union Pacific stock to install Horace Clark as president.
Apr 29, 1873Eli H. Janney patents knuckle coupler.
Jun, 1873Jay Gould acquires first Union Pacific shares upon death of Horace Clark.
Aug 1, 1873First cable car opens for operation in San Francisco.
Sep 18, 1873Jay Cooke & Co brokerage fails because of problems financing the Northern Pacific. Failure of Cooke and 37 additional brokerages and banks precipitates the Panic of 1873. New York Stock Exchange closed for 10 days. Five-year depression follows.
Mar, 1874Jay Gould elected to Union Pacific board of directors.
Jul 4, 1874Eads steel arch bridge at St Louis opens across the Mississippi.
Jul 14, 1877Railroads decrease pay because of depression. Strikes, labor unrest, and violence follows. Labor unions increase in power.
Nov, 1879W.H. Vanderbilt sold 250,000 shares of New York Central & Hudson River @$120/share to J.S. Morgan & Co.
Jan, 1880Jay Gould acquires Missouri Kansas & Texas stock and becomes president.
Mar 13, 1882To counter reports of financial hardship, Gould displayed $53 million in stocks and offered to show an additional $30 million.
Mar 21, 1882Chicago Stock Exchange organized.
Aug 8, 1883Southern Pacific and Atlantic & Pacific complete line from New Orleans to Pacific Coast at Needles, CA.
Sep 8, 1883Northern Pacific Railroad drives last spike.
Nov 18, 1883U.S. and Canadian railroads adopt four standard time zones.
Jul 3, 1884Charles Dow creates stock average (precursor to Dow Jones Industrial Average) which includes nine railroad issues: Chicago Milwaukee & St Paul, Chicago & North Western, Delaware Lackawanna & Western, Lake Shore, Louisville & Nashville, Missouri Pacific, New York Central, Northern Pacific (preferred), and Union Pacific.
Feb 16, 1885Charles Dow modifies "Dow Dozen" to include twelve railroads and two industries. New railroads include Central Pacific, Central RR of New Jersey, and Delaware & Hudson.
Jan 2, 1886Two companies removed from Dow Average; constituents include Chicago Milwaukee & St Paul, Chicago & North Western, Delaware & Hudson, Delaware Lackawanna & Western, Lake Shore, Louisville & Nashville, Missouri Pacific, New York Central, Northern Pacific (preferred), and Union Pacific.
May 31, 1886Standard gauge of 4'-8-1/2" adopted by the Southern railroads.
Feb 4, 1887Interstate Commerce Act become law. Intended to insure reasonable rates, prevent pooling, and stop two-tiered pricing.
Sep 29, 1890Congress passes law to require railroads to forfeit unused land grants.
Apr 19, 1892Charles and Frank Duryea perfect first automobile.
Jan 6, 1893Great Northern Railway drives last spike at Scenic, Washington.
Feb, 1892Philadelphia & Reading Railroad fails with $125,000,000 debt, leading to collapse of stocks on New York market.
Jun 27, 1893New York stock market collapses, resulting in 4-year depression.
Apr 9, 1894Dow average modified; constituents include Chicago Burlington & Quincy, Chicago Milwaukee & St Paul, Chicago & North Western, Chicago Rock Island & Pacific, Delaware & Hudson, Delaware Lackawanna & Western, Louisville & Nashville, Missouri Pacific, Northern Pacific (preferred), and Union Pacific.
May 11, 1894Pullman Palace Car Co slashes wages and causes workers to strike.
Jul 2, 1894U.S. government issues injunction against striking Pullman Palace Car Co. workers.
Jul 3, 1894President Cleveland sends U.S. troops to Chicago to enforce injunction. Two men are killed on July 6. Troops are withdrawn on July 20.
Jan 14, 1895Trolley employees strike in New York. Riots follow, eventually stopped by New York and Brooklyn militia.
May 26, 1896Dow creates Industrial Index and moves railroad stocks to Dow Jones Railroad Index.
May 26, 1896Charles Dow creates Dow Jones Industrial Average. All roads moved to Dow Jones Railroad Average.
Sep 1, 1897First electrified U.S. subway opens in Boston.
May 9, 1901James Hill and J.P. Morgan fight with Edward Harriman and Kuhn Loeb over control of Great Northern and Northern Pacific. Stock hits $1000/share, causing panic and collapse in other stocks.
Nov 13, 1901Northern Securities Co formed to control Great Northern and Northern Pacific. Near-monopoly in northern shipping follows, eventually resulting in major trust company.
Mar 10, 1902Attorney General begins prosecution against Northern Securities Company for violating the Sherman Anti-Trust law.
Feb 19, 1903Congress passes Elkins Act, outlawing all rebates on published railroad freight rates.
Mar 14, 1904Supreme Court rules against Northern Securities Co. for violating the Sherman Anti-Trust law.
Oct 27, 1904First New York subway opens.
May 21, 1906Congress passes Hepburn Act, allowing the Interstate Commerce Commission to regulate railroad, pipeline, and terminal rates.
Jun 18, 1910Congress passes Mann-Elkins Act allowing the Interstate Commerce Commission to begin proceedings against railroads, pipelines, terminals, telegraph, and telephone companies in violation of rate regulations.
Jul 31, 1914New York Stock Exchange closes through November 27 upon declaration of war.
Jul 31, 1914Chicago Stock Exchange closes through December 11 upon declaration of war.
Aug 29, 1916Congress passes Army Appropriations Act which includes clause allowing the President to take control of any system of transportation during times of war.
Aug 10, 1917Congress passes Priority Law authorizing President to make carriers give precedence to military defense traffic.
Dec 28, 1917President Woodrow Wilson uses Federal Possession and Control Act to take possession of "each and every system of transportation...within the boundaries of the United States." U.S. Railroad Administration created.
Mar 19, 1918United States adopts five standard time zones across the nation and Alaska.
Mar 21, 1918Congress passes Railway Control Act to officially control U.S. railway system during World War I.
Feb 28, 1920Congress passes Esch-Cummins Act, creating the Railroad Labor Board.
Mar 1, 1920Government returns control of all railroads.
Apr 26, 1920Stock Clearing Corporation established.
1921"Curbstone Brokers" ("New York Curb Market") moves indoors.
Oct 4, 1922Canada creates Canadian National Railway and nationalized system.
Dec, 1923First diesel locomotive demonstrated.
1925Diesel locomotives start production.
Oct 24, 1929Stock prices collapse on New York Stock Exchange. This day becomes known as "Black Thursday." Forerunner of Great Depression.
1929"Curbstone Brokers" ("New York Curb Market") renames itself the New York Curb Exchange.
Sep 3, 1930Thomas Edison runs first experimental electric passenger train between Hoboken and Montclair, NJ.
Mar 6, 1933President Roosevelt orders "Bank Holiday" from Mar 6 to Mar 9 (Executive Proclamation 2039). Banks and stock exchanges close.
Mar 9, 1933President Roosevelt extends "Bank Holiday" indefinitely. (Executive Proclamation 2039.)
Mar 10, 1933President Roosevelt orders banks reopened (Executive Order 6073.)
Apr 5, 1933President Roosevelt orders confiscation of gold coins, gold certificates, and bullion (Executive Order 6102.)
Apr 19, 1933President Roosevelt takes U.S. off gold standard.
May 27, 1933Congress passes Federal Securities Act requiring full disclosure about stocks offered to the public.
Jun 5, 1933Congress nullifies all U.S. contracts that promise to repay interest or principal in gold. (H.J. Res. 192, 73rd Congress, 1st Session. 'Joint Resolution to Suspend the Gold Standard and Abrogate the Gold Clause'.)
Jun 6, 1934President Roosevelt signs Securities Exchange Act establishing the Commission to regulate exchanges and stock transactions.
Jun 7, 1934Congress passes Corporate Bankruptcy Act allowing corporate reorganization with support of two-thirds of creditors.
May, 1934Streamlined diesel locomotives appear. (CB&Q Pioneer Zephyr)
Jun 13, 1937Mexico nationalizes railroads.
Dec 27, 1943President Roosevelt orders (Executive Order 9412) Federal takeover of railroads to prevent shutdown by labor. Army controls railroads until Jan 18, 1944
Jan 18, 1944Army returns control of railroads to private ownership.
May 17, 1946President Truman (Executive Order 9727) authorizes Federal control of railroads to prevent collapse of transportation system during strike. Strike ends May 25.
May 10, 1948President Truman (Executive Order 9957) authorizes Army to operate railroads.
Jul 9, 1948Army terminates operation of railroads allowed on May 10.
Jun 5, 1950United States Supreme Court decides that segregation in railroad dining is illegal (Henderson v United States.)
Aug 26, 1950President Truman orders Army to operate railroads to prevent strike from crippling transportation. (Executive Order 10155.)
May 23, 1952Army returns railroads to private control.
Jan 5, 1953New York Curb Exchange renames itself the American Stock Exchange.
Apr 25, 1963President Kennedy authorizes Department of Interior to operate Alaska railroads (Executive Order 11107.)
Jan, 1970Dow Jones adds air lines to Railroad Index of 20 stocks. Renames average to Transportation Average.
Jun 21, 1970Penn Central declares bankruptcy, the largest corporate bankruptcy in U.S. history at the time.
Oct 14, 1980President Jimmy Carter signs Staggers Rail Act, deregulating railroads and leading to divestiture of thousands of miles of unprofitable lines.

 
 

 
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