American Tobaccochanged its name to American Brands (AMB) in
1969 and to Fortune Brands (FO) in 1997, a global consumer
products holding company with core business in liquor, office
products, golf equipment, and home improvements. American
Brands sold its American Tobacco subsidiary, including the Pall
Mall and Lucky Strike brands, to one-time subsidiary B.A.T. In-
dustries in 1994. The current market value is $12.1 billion.
Chicago Gasbecame Peoples Gas Light & Coke Co. in 1897, and then
Peoples Energy Corp., a utility holding company, in 1980. Peo-
ples Energy Corp. (PGL) was bought by WPS Resources and
changed its name in 2006 to Integrys Energy Group (TEG). It has
a market value of $4.1 billion. PGL was a member of the Dow
Jones Utility Average until May 1997.
Distilling and Cattle Feedingwent through a long and complicated
history. It changed its name to American Spirits Manufacturing
and then to Distiller’s Securities Corp. Two months after the pas-
sage of prohibition, the company changed its charter and be-
came U.S. Food Products Corp. and then changed its name again
to National Distillers and Chemical. The company became
Quantum Chemical Corp. in 1989, a leading producer of petro-
chemicals and propane. Nearing bankruptcy, it was purchased
for $3.4 billion by Hanson PLC, an Anglo-American conglomer-
ate. It was spun off as Millennium Chemicals (MCH) in October- Lyondell Chemical (LYO) bought Millennium Chemicals
in November 2004. The current market value of Lyondell is $7.7
billion.
General Electric (GE), founded in 1892, is the only original stock still
in the Dow Industrials. GE is a huge manufacturing and broad-
casting conglomerate that owns NBC and CNBC. Its market
value of $359 billion is the second highest in the world.
Laclede Gas (LG)changed its name to Laclede Group, Inc., and it is a
retail distributor of natural gas in the St. Louis area. The market
value is $647 million.
National Lead (NL)changed its name to NL Industries in 1971, and it
manufactures titanium dioxide and specialty chemicals. The
market value is $4.96 billion.
North Americanbecame Union Electric Co. (UEP) in 1956, providing
electricity in Missouri and Illinois. In January 1998, UEP merged
with Cipsco (Central Illinois Public Service Co.) to form Ameren
(AEE) Corp. The market value is $10.5 billion.
48 PART 1 The Verdict of History