Henry Varnum Poor published a guide to the railroad industry in 1860

A rush to invest in British rail in the 1840s led to investor ruin

During “Railway Mania,” speculative excitement pushed British rail shares to extreme valuations as investors chased rapid expansion. When costs ballooned and profits failed to materialize, the bubble collapsed in 1847—wiping out fortunes across the country.

Credit reporting's earliest origins in the 1700s resemble a game of telephone, with rural merchants asking their most esteemed neighbors to vouch for them to sleuthing urban lenders.

The Michelin Guide was intended to increase demand for tires

The first Michelin Guide was released in 1900 to increase demand for Michelin's tires by encouraging recreational travel. The guides included road maps and recommendations for mechanics, hotels, and restaurants. Nearly 35,000 copies of the first guide were distributed—at a time when there were fewer than 3,000 cars in France.

Twain was a notoriously bad investor

After becoming a famous writer, Twain invested in railroad stocks, a magnetic telegraph, and a printing press that weighed four tons. Eventually, he founded his own publishing company, which ultimately led to his bankruptcy. “He is, in business,” one lawyer said, “just a big overgrown boy.”

See a timeline of S&P Global's history—the company behind the S&P 500

From the 1941 merger of Standard Statistics and Poor's Publishing to the creation of the S&P 500 in 1957, the company that created the famous index has long been a leader in financial intelligence.

Famed American investor Jesse Livermore made millions when the stock market crashed in 1929

Livermore made his first major short against rail company Union Pacific in 1906, coincidentally before an earthquake in San Francisco, which ultimately tanked share prices. During a financial panic the next year, JP Morgan reportedly asked Livermore to increase his long-term investments to restore hope and restabilize the market—which Livermore did. However, Livermore began betting against the market in 1929, sensing that stocks were too hot, and was one of the few people to benefit from the 1929 stock crash.

Joseph Pulitzer created modern journalism

Long before there was cable news, there were newspapers, and Joseph Pulitzer was their king. A Hungarian immigrant, Pulitzer began his career as a reporter himself before buying a newspaper that he could shape with his editorial vision. Pulitzer's papers were bold, provocative, and visually striking, setting a new standard for newspapers nationwide as they moved into the 20th century.

France's first restaurant guide, 'Almanach des Gourmands,' helped spread the restaurant concept across Europe and the US.

Joseph Pulitzer mainstreamed yellow journalism

One way Joseph Pulitzer revolutionized the newspaper industry was by developing an approach to reporting that relied on sensationalism and could be a little loose with the facts. Pulitzer and rival William Randolph Hearst pushed that sensationalism to the next level in their competition to attract readers.

Mass transit in America began with horse-drawn omnibuses in New York City in 1827

The omnibus, a large horse-drawn stagecoach that ran a fixed route and carried a dozen riders at an affordable fare, was different from a private carriage because it carried everyone, not just the wealthy.

Read a complete history of urban mass transit in the United States

Explore the rise and fall of American mass transit, from the horse-drawn omnibus era through the streetcar age to the automobile's dominance. In the 1920s, streetcars carried 12 to 13 billion riders per year. By 1963, that number had shrunken to 300,000.

Credit reporting started as a service for businesses rather than consumers

In the 1700s US economy, consumer credit reporting wasn't necessary. A loan to a farmer for agricultural supplies, for instance, would inevitably help them purchase both personal and business items.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

Cook’s ‘Travellers Handbooks’ were precursors to the travel guide

Long before Rick Steves or Lonely Planet, Thomas Cook’s “Travellers Handbooks” offered maps, recommendations, and tips for 19th-century tourists in unfamiliar locations.

George Pullman popularized tipping in the US with his Pullman sleeping car business

By 1868, Pullman, who operated luxury sleeping cars on the country’s growing network of railways, had started hiring formerly enslaved Black men as porters for extremely meager wages, working long hours in poor conditions. He encouraged wealthy passengers to tip them, helping institutionalize tipping in the US.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

Prior to the creation of the Securities and Exchange Commission, the 1913 Pujo Committee determined that 180 people were managing more than $22B—a large slice of the entire nation's wealth—and recommended extensive regulations.

The steps to the railroad industry's bargaining process

It often takes years for management and labor to come to terms for each five-year agreement. Learn how collective bargaining works for this highly-regulated industry.

Brothers André and Édouard Michelin invented the Michelin Guide to boost sales of their tires.

Read how Vanguard's founder used the S&P 500 to revolutionize retail investing

John Bogle, the founder of The Vanguard Group, created a fund that tracked the S&P 500 in 1976. That fund created an unprecedented opportunity for individual retail investors, brought down fees across the board, and popularized the belief that passive, low-cost index fund investments would outperform actively managed portfolios long-term.

The first private equity fund was launched in 1960

At the time, the industry—and the public's understanding of it—was rather limited, and few private equity firms existed until the 1980s. The first leveraged buyout is thought to have taken place in 1955.

NYC's first subway was built largely in secret

In 1870, Alfred Ely Beach secretly tunneled under Broadway in 58 nights, disguising his pneumatic subway as a mail tube to fool Tammany Hall, the corrupt political machine that ran New York City. Nearly half a million New Yorkers rode it before politics, and a stock market crash killed the project.

Before the S&P 500 launched in 1957, Standard and Poor's had a daily index with just 90 companies

Unlike previous indexes from S&P, the S&P 500 could be computed in real time using computer technology that tracked stock tickers across stock exchanges. This innovation is partly what led to 500 companies being listed on the index, a huge increase from the 90 companies in S&P's flagship index when the company had to do all the analysis by hand.

How venture capital firms came to be

The venture capital firm that kickstarted an industry.

The US' coastal vacation destinations were developed with the aid of railroad companies, creating pivotal aspects of the vacation industry.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public

A prospectus typically contains information about the company's operations, including details about its management team and their compensation, financial statements, how it intends to use any capital raised by the IPO, and more. While these documents can be dense and lengthy, experts say that some of the most important sections of a prospectus for investors to look at include the risk factors section and the use of proceeds section.

The seven major US freight rail companies

The US railroad industry is dominated by seven long-running freight conglomerates. Get the basics on each of these companies with this brief overview.

The world’s first publicly traded company was the United East India Co.

In an effort to best Spain and gain access to valuable trade in Asia, the Dutch Republic launched the VOC, or the United East India Co. The company held an initial public offering in 1602, allowing “subscribers” to choose how much they wanted to invest in the new venture. It was open to all residents of the republic, making this the first opportunity for retail investors in the world.

Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

Dickens' first novel was a satire informed by his reporting

"The Posthumous Papers of the Pickwick Club" was a series of illustrations and accompanying stories serialized in newspapers from 1836 to 1837. Dickens drew on his previous experiences as a Parliamentary reporter to flesh out the story of Samuel Slumkey, a politician running for office. He wins the election thanks to a well-timed bribe.

Budweiser pioneered refrigerated rail transport for its beer in the 1870s

This enabled Budweiser to achieve national distribution long before competitors, fundamentally transforming the US beer industry. It was also among the earliest large-scale adopters to use pasteurization, allowing it to be shipped long distances without going bad.

Thomas Cook invented modern tourism in the 19th century by creating package tours and travel guides for aspiring travelers.

Henry David Thoreau's family's pencil-making company helped fund the transcendentalist writer's books.

America’s first roller coaster initially transported coal instead of people

The Mauch Chunk Switchback Railway in the hills of Pennsylvania wasn’t initially intended to be a ride, but over time passengers and businessmen alike took advantage of the lovely tour through nature. The railway eventually reached over 100,000 riders in some years.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Modern consulting traces its roots to 1886

Arthur D. Little Inc. was the first management consulting firm. Starting as a chemical analysis lab, the firm evolved to play pivotal roles in projects like developing the NASDAQ system and supporting Apollo 11.

The nonfiction book that kick-started Orwell's career

1935's "The Road to Wigan Pier" was a piece of investigative journalism that explored how the impoverished were handling the Great Depression, known in England as "the Slump." Orwell divided the book into two parts: One that described the living conditions of the working poor, and the other that criticized middle-class socialists' ineffectiveness at helping them.

Before the Panama Canal, there was the Panama railroad

The first ship to cross the isthmus of Panama went not by sea but by land: The paddlewheel steamship Explorer was taken apart and transported by rail, an effort that generated “more trouble than profit,” according to one account.

The Dow Jones & Company began as a small news service in 1882

Founded in 1882 by Charles Dow, Edward Jones and Charles Bergstresser, Dow Jones & Company started with hand-delivered market bulletins. Today it’s a global financial news giant, best known for publishing The Wall Street Journal.

Benjamin Franklin founded America's first lending library, the Library Company of Philadelphia, in 1731.

Vanguard Group founder Jack Bogle created the first index fund, the Vanguard 500, in 1976—but the fund didn't take off until the 1990s.

Warren Buffett began investing at 11 years old

He then bought his first property at 14 years old. From studying under the “father of value investing” to revitalizing a textile company into the largest holding company in the world, Buffett’s career is one of great financial success.

Amateur engineers built America’s first great infrastructure project

With no engineering schools in the US, the Erie Canal was designed and built by self-taught amateurs who improvised new methods and became known as the “Erie School of Engineering.”

The three major credit bureaus were created in the mid-1900s to sort local credit reporting into national databases

In the 1800s, credit bureaus went into business to help lenders make decisions. But today's three major credit bureaus, Experian, Equifax, and TransUnion, didn't become the industry leaders they are today until the 20th century, around the same time FICO was founded.

See nine airplane models that transformed aviation

This visual guide jumps over the dawn of modern air travel and begins with the open-cockpit biplane flown by the first scheduled airline, the St. Petersburg-Tampa Airboat Line. (Some users may experience a paywall.)

The first US patent for a roller coaster was issued in January 1884

Despite their Russian origins, roller coasters are often associated with the US. This is in part thanks to a businessman and inventor named LaMarcus Thompson, who revolutionized the amusement industry in the US beginning with the Gravity Pleasure Switchback Railway at Coney Island. He is now known as the "father of the American roller coaster."

100 years of passenger air travel: a visual guide

This interactive timeline covers the first 100 years of passenger air travel, which was created in 1925 when the U.S. Post Office allowed private airlines to start delivering mail.

Dow Theory laid the groundwork for modern market analysis

Developed by Charles Dow in the late 19th century, Dow Theory argued that markets move in trends. Its principles—confirmation, trends and volume—still influence technical analysis today.

Boston opened the first subway tunnel in the US in 1897

By the end of the 19th century, nearly 400,000 people were packed into less than a square mile of downtown Boston, with 8,000 horses pulling trolleys through streets choked with noise, manure, and congestion. This prompted the city to pursue a then-controversial subway system.