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Railroad stocks carry a reputation built over two centuries of essential freight service, and that reputation still earns real dividends.
What complicates the case today: the network has stopped growing, the locomotives are aging, and capital is increasingly chasing price gains from these names rather than just yield.
A market older than the NYSE The asset class predates the New York Stock Exchange itself. Mohawk & Hudson, the first railroad stock, traded on the NYS&EB, the exchange's predecessor.
Speculation in the sector brought down Jay Cooke & Company, a prominent Philadelphia finance firm, in 1873, and the NYSE closed for ten days in the aftermath.
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