North American stock certificate 1939 issued to Paine Webber original Dow Co.

Description

North American stock certificate
Dated 1939
issued to Paine Webber
This is one of the original Dow Jones Industrial Average companies
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The North American Company (historical holding company): A Story of Power and Breakup
The North American Company,
active from 1890 to 1946,
was a giant in the world of public utilities and transportation.
Its story is one of ambition,
consolidation,
and ultimately,
forced dissolution.
Here's a closer look:
Origins and Growth (1890-1920s):
Founded by financier Henry Villard,
it acquired struggling railroad and utility companies,
building an empire across the US.
By the 1920s,
it controlled numerous electric power,
streetcar,
and gas companies,
serving millions of customers.
It gained national prominence,
even joining the Dow Jones Industrial Average from 1928-1930.
Challenges and Regulation (1930s-1940s):
The Great Depression strained its finances,
and concerns grew about its vast concentration of power.
The Public Utility Holding Company Act of 1935 aimed to curb such monopolies,
forcing the North American Company to restructure.
Protracted legal battles and negotiations ensued,
ultimately leading to its breakup in 1946.
Legacy:
While the company itself is no more,
its influence remains.
Its former subsidiaries,
like Pacific Gas and Electric and Cleveland Electric Illuminating Company,
still operate today.
The North American Company serves as a historical example of the rise and fall of powerful holding companies and the impact of government regulation.