General Electric Stock Price on October 29, 1929
In 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average and still remains after 114 years, the only one remaining on the Dow (though it has not continuously been in the DOW index). GE has paid a dividend every quarter since 1899 including 32 consecutive years of dividend increases from 1976 to 2007.
In 1911 the National Electric Lamp Association (NELA) was absorbed into General Electric’s existing lighting business. GE then established its lighting division headquarters at Nela Park in East Cleveland, Ohio. Nela Park is still the headquarters for GE’s lighting business.
The Radio Corporation of America (RCA) was founded by GE in 1919 to further international radio. GE used RCA as its retail arm for radio sales from 1919, when GE began production, until separation in 1930. RCA would quickly grow into an industrial giant of its own.
General Electric was a DJIA component when the stock market crashed on October 29, 1929 and its stock closed at $222.00 — down $28.00 (-11.2%) per share on the day. The day before on October 28, 1929 GE fell $47.00 per share on the day. If you held just 1 share of General Electric on that day, you would currently own 1,152 shares and it would be worth $23,362.56 adjusted for stock splits as of March 4, 2011.
The image below shows a small headline on General Electric stock from the New York American newspaper on the morning of October 29, 1929. Here is the un-edited version of the New York American newspaper in full size.
About General Electric
The General Electric Company, or GE, is an American multinational conglomerate corporation incorporated in the State of New York. The Company operates through five segments: Energy Infrastructure, Technology Infrastructure, NBC Universal, Capital Finance and Consumer & Industrial. In 2010, Forbes ranked GE as the world’s second largest company, based on a formula that compared the total sales, profits, assets, and market value of several multinational companies. The company has 304,000 employees around the world.