||First steam tramway
(road, as opposed to railroad) locomotive in Wales.
||George Stephenson built
first steam railway locomotive (Blucher) for Stockton & Darlington
||First North American
railroad charter for Camden & Amboy.
||New York Stock & Exchange
||Panic of 1819, often
blamed on the Second Bank of the United States tightening credit, but
probably the result of long-declining agricultural prices.
railroad (3 miles long) completed in United States at Quincy, MA
||First railroad, Baltimore
& Ohio Railroad, chartered in the United States.
||Mauch Chunk (9 miles
long) gravity railroad built near Carbondale, PA.
||Baltimore & Ohio
completes first section of horse-drawn rail service.
||Delaware & Hudson Canal
Co runs first steam-powered locomotive "Stourbridge Lion" near
||Peter Cooper operates
"Tom Thumb" - the first locomotive manufactured in the United Stares -
on the Baltimore & Ohio Railroad.
||John Stevens invents
||John Mason starts first
horse-drawn streetcar service along Bowery Street in New York.
||Samuel Morse uses earlier
technology (Joseph Henry, 1830) to create telegraph.
||First railroad in Canada
opens - Champlain & St Lawrence.
||Banks in New York City
stopped payment in gold and silver, precipitating the Panic of 1837.
Six-year depression follows.
||First railroad in Cuba
(Havana to Guines.)
||Brokers 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.
||First message transmitted
over telegraph line completed between Baltimore and Washington, D.C.
||British government adopts
"standard gauge" of 4' 8-1/2", the same as the Stockton & Darlington
||First railway in Mexico
opens - 11 km between Veracruz and Molino.
Fillmore signs Land Grant Act.
||Trains dispatched by
||First rail connection
between East Coast and Chicago.
||Panama Railroad completed
across Isthmus of Panama.
||Chicago Rock Island &
Pacific train crosses first railroad bridge across Mississippi River
between Rock Island, Illinois and Davenport, Iowa.
||Illinois Central Railroad
completed between Chicago and Cairo, IL.
||New York branch of Ohio
Life Insurance & Trust Co fails, precipitating the Panic of 1857.
||Run on bank deposits
forced suspension of withdrawals on Wall Street banks. Numerous bank
||St Louis connected by
rail to East Coast.
||Overland Telegraph and
Pacific Telegraph complete transcontinental system and quickly merge
into Western Union.
||Congress passes Pacific
Railway act, authorizing construction of Transcontinental railroad.
Act creates Union Pacific Railroad Company.
||First subway opens in
||New York Stock & Exchange
Board changes name to New York Stock Exchange.
||George Pullman invents
Pullman sleeping car.
||Giant Union stockyards
open in Chicago.
||Smelters in Chicago mill
first steel rails.
||Charles T Harvey
successfully demonstrates first cable-pulled elevated railway in New
||William Davis patents
||New York legislature
gives full control of Erie (first Gould railroad) to Jay Gould and
James Fisk; Commodore Vanderbilt defeated.
||West Side Elevated opened
between Cortlandt Street and Battery Place in New York.
||New York Stock Exchange
requires shares of all listed companies to be officially registered.
patents automatic air brake.
||Union Pacific and Central
Pacific drive "Golden Spike" at Promontory Point, Itah, completing the
||Jay Gould and James Fisk
precipitate "Black Friday" gold market crash after driving gold to
||In response to Gould's
and Fisk's market manipulations, the New York Stock Exchange outlaws
"stock-watering" (issuuing shares in secret.)
||Andrew Smith Hallidie
patents first cable car.
elevated railway operation in New York City.
||Edward Stokes murders
James Fisk in Grand Central Hotel, New York.
||Jay Gould resigns from
board of Erie.
||New York Sun begins
exposing Credit Mobilier financing which culminates in huge railroad
converted lines to standard gauge of 4' 8-1/2".
acquire sufficient Union Pacific stock to install Horace Clark as
||Jay Gould acquires first
Union Pacific shares upon death of Horace Clark.
||First cable car opens for
operation in San Francisco.
||Jay 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
||Eli H. Janney patents
||Jay Gould elected to
Union Pacific board of directors.
||Eads steel arch bridge at
St Louis opens across the Mississippi.
||Railroads decrease pay
because of depression. Strikes, labor unrest, and violence follows.
Labor unions increase in power.
||Jay Gould acquires
Missouri Kansas & Texas stock and becomes president.
||Chicago Stock Exchange
||Southern Pacific and
Atlantic & Pacific complete line from New Orleans to Pacific Coast at
||Northern Pacific Railroad
drives last spike.
||U.S. and Canadian
railroads adopt four standard time zones.
||Charles Dow creates stock
average (precursor to Dow Jones Industrial Average) whic 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
||Charles Dow modifies "Dow
Dozen" to include twelve railroads and two industries. New railroads
include Central Pacific, Central RR of New Jersey, and Delaware &
||Two 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.
||Standard gauge of
4'-8-1/2" adopted by the Southern railroads.
||Interstate Commerce Act
become law. Intended to insure reasonable rates, prevent pooling, and
stop two-tiered pricing.
||Congress passes law to
require railroads to forfeit unused land grants.
||Charles and Frank Duryea
perfect first automobile.
||Great Northern Railway
drives last spike at Scenic, Washington.
||Philadelphia & Reading
Railroad fails with $125,000,000 debt, leading to collapse of stocks
on New York market.
||New York stock market
collapses, resulting in 4-year depression.
||Dow 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
||Pullman Palace Car Co
slashes wages and causes workers to strike.
||U.S. government issues
injunction against striking Pullman Palace Car Co. workers.
||President Cleveland sends
U.S. troops to Chicago to enfore injunction. Two men are killed on
July 6. Troops are withdrawn on July 20.
||Trolley employees strike
in New York. Riots follow, eventually stopped by New York and Brooklyn
||Charles Dow creates Dow
Jones Industrial Average. All roads moved to Dow Jones Railroad
||Dow creates Industrial
Index and moves railroad stocks to Dow Jones Railroad Index.
||First electrified U.S.
subway opens in Boston.
||James 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.
||Northern Securities Co
formed to control Great Northern and Northern Pacific. Near-monopoly
in northern shipping follows, eventually resulting in major trust
||Attorney General begins
prosecution against Northern Securities Company for violating the
Sherman Anti-Trust law.
||Congress passes Elkins
Act, outlawing all rebates on published railroad freight rates.
||Supreme Court rules
against Northern Securities Co. for violating the Sherman Anti-Trust
||First New York subway
||Congress passes Hepburn
Act, allowing the Interstate Commerce Commission to regulate railroad,
pipeline, and terminal rates.
Mann-Elkins Act allowing the Interstate Commerce Commission to begin
proceedings against railroads, pipelines, terminals, telegraph, and
telephone companies in violation of rate regulations.
||Chicago Stock Exchange
closes through December 11 upon declaration of war.
||New York Stock Exchange
closes through November 27 upon declaration of war.
||Congress passes Army
Appropriations Act which includes clause allowing the President to
take control of any system of transportation during times of war.
||Congress passes Priority
Law authorizing President to make carriers give precidence to military
||President 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.
||United States adopts five
standard time zones across the nation and Alaska.
||Congress passes Railway
Control Act to officially control U.S. railway system during World War
||Congress passes Esch-Cummins
Act, creating the Railroad Labor Board.
control of all railroads.
||"Curbstone Brokers" ("New
York Curb Market") moves indoors.
||Canada creates Canadian
National Railway and nationalized system.
||First diesel locomotive
||Diesel locomotives start
||Stock prices collapse on
New York Stock Exchange. This day becomes known as "Black Thursday."
Forerunner of Great Depression.
||"Curbstone Brokers" ("New
York Curb Market") renames itself the New York Curb Exchange.
||Thomas Edison runs first
experimental electric passenger train between Hoboken and Montclair,
orders "Bank Holiday" from Mar 6 to Mar 9 (Executive Proclamation
2039). Banks and stock exchanges close.
extends "Bank Holiday" indefinitely. (Executive Proclamation 2039.)
orders banks reopened (Executive Order 6073.)
orders confiscation of gold coins, gold certificates, and bullion
(Executive Order 6102.)
||President Roosevelt takes
U.S. off gold standard.
||Congress passes Federal
Securities Act requiring full disclosure about stocks offered to the
||Congress 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'.)
||President Roosevelt signs
Securities Exchange Act establishing the Commission to regulate
exchanges and stock transactions.
||Congress passes Corporate
Bankruptcy Act allowing corporate reorganization with support of
two-thirds of creditors.
orders (Executive Order 9412) Federal takeover of railroads to prevent
shutdown by labor. Army controls railroads until Jan 18, 1944
||Army returns control of
railroads to private ownership.
(Executive Order 9727) authorizes Federal control of railroads to
prevent collapse of transportation system during strike. Strike ends
(Executive Order 9957) authorizes Army to operate railroads.
||Army terminates operation
of railroads allowed on May 10.
||United States Supreme
Court decides that segregation in railroad dining is illegal
(Henderson v United States.)
||President Truman orders
Army to operate railroads to prevent strike from crippling
transportation. (Executive Order 10155.)
||Army returns railroads to
||New York Curb Exchange
renames itself the American Stock Exchange.
authorizes Department of Interiorr to operate Alaska railroads
(Executive Order 11107.)
||Dow Jones adds air lines
to Railroad Index of 20 stocks. Renames average to Transportation
||President Jimmy Carter
signs Staggers Rail Act, deregulating railroads and leading to
divestiture of thousands of miles of unprofitable lines.