North American Company

In 1889, the New Jersey legislature passed legislation to facilitate the control of other companies by another corporation.

[3] This was part of a bid to entice trusts to convert into holding companies and move to New Jersey.

On October 1, 1928, when the number of stocks comprising the DJIA was increased to 30, North American was re-added to the list but was replaced by Johns-Manville in 1930.

The 10 included: At various times during its existence, North American also owned substantial interests in these other companies as well: The Public Utility Holding Company Act of 1935 passed with the intent of breaking up interstate electric holding companies by limiting company operations to a single state, thus subjecting them to effective state regulation.

The North American Company fought the legislation in court, and the company was not broken up by the Securities and Exchange Commission until their loss before the Supreme court in North American Co. v. SEC on April 1, 1946.