| Company excluded | Reason | | Algoma Consolidated | diversified company |
| American Railway Publishing Co | publishing company |
| Anaconda Copper Mining Co | mining company |
| Aquilar Motor Co, The | manufacturing company |
| Automatic Car Coupler Trust | investment company |
| Baring Cross Bridge Co, The | bridge company |
| Bowne Pneumatic Signal Co | non-rail signal company |
| Bristol Brass & Clock Co | manufacturing company |
| British Columbia Transport Co | ocean shipping |
| Broad Top Improvement Co | town land speculation |
| Brooklyn City Development Corp | real estate company |
| Buckeye Steel Castings Co, The | foundry |
| California Improvement Co of Illinois, The | irrigation company |
| Call Switch Syndicate | investment company |
| Capitol Securities Co | investment company |
| Cedar Hollow Lime Co | quarry operator |
| Chicago & Atchison Bridge Co | bridge company |
| Chicago Milwaukee Road & Realty Co | real estate company |
| Chicago Southern Express Co, The | probable express company |
| Chicago St Louis & Gulf Transportation Co | river shipping |
| Chicago Utilities Co | utility |
| Childrens Iron Mountain Railroad Inc | locomotive maintenance in municipal park |
| Columbia & Yakima Corp | excessive research required |
| Columbia Transportation Co | ocean shipping and transport |
| Commonwealth of Massachusetts (Abolition of Railroad Crossings bonds) | government bond |
| Compressed Air Co | compressed air traction motor (too much research) |
| Coraopolis & Neville Island Bridge Co | bridge company |
| Crown Zellerbach Corp | diversified company |
| Defiance Light & Power Co | utility |
| Denver Circle Real Estate Co, The | real estate company |
| Detroit & Canada Tunnel Co | tunnel company |
| Eastern Idaho Mining & Water Co | water company |
| Eastern Transportation Line | New York harbor tugboats |
| Easton & South Bethlehem Transportation Co | bus service |
| Electric Depot Co | freight handler |
| Electro-Pneumatic Transit Co | tube communication |
| Erie & Western Transportation Co | Great Lakes shipping company |
| Erie & Western Transportation Co, The | Great Lakes shipping company |
| Federal Supply Co, The | inobvious rail involvement |
| Franklin Railway Oil Co | oil company |
| Georgia - Pacific Corp | diversified company |
| Goshen & State Line Telegraph Co | telegraph company |
| Governors Creek Steam Transportation & Mining Co of North Carolina | mining company |
| Grand Trunk - Pennsylvania Transportation Co | ferry service |
| H A Davis & Co | excessive research required |
| Hartford Steam Boiler, The | manufacturing company |
| Helena Power & Light Co | utility |
| Homestake Mining Co | mining company |
| Illinois - California Terminals Inc | non-rail terminal |
| Illinois & St Louis Bridge Co | bridge company |
| Illinois River Bridge Co of Havana | bridge company |
| Incline Railway & Coal Co | mining company |
| Indiana Motor Transit Co | truck shipping via flat cars |
| Inter-Railroad Coal Co | mining company |
| Interstate Construction Co | building construction |
| Jamaica & Brooklyn Road Co | road builder |
| Kendall Products Corp | household products |
| Keokul Gas Light & Coke Co | utility |
| Kerns Live Stock Express | express company |
| Lackawanna Tunnel Co | tunnel company |
| Lake Superior Iron & Chamical Co | mining and manufacturing company |
| Lehigh & New England Terminal Ware House Co | ice company |
| Lewiston Suspension Bridge Co | bridge company |
| Lewistown & Tuscarora Bridge Co | bridge company |
| Libby McNeill & Libby | food products |
| Lionel Corp, The | toy company |
| Liquid Air Refrigeration & Power Co | refrigeration company |
| Lone Dock Co, The | dock company |
| Marysville Short Line Railroad | non-profit |
| Merchants & Miners Transportation Co | East coast steamship line |
| Mexnorwest Holding Co Ltd | holding company |
| Miskin Spring Wheel Co, The | auto and baby buggy wheels |
| Monongahela West Penn Public Service Co | utility |
| Montezuma Milling & Transportation Co, The | mining company |
| Mount Mitchell Development Co | real estate |
| National Express & Transportation Co | express company |
| National Transit Co | oil pipeline holding company |
| New Creek Co | manufacturing company |
| New Jersey Elevating & Transportation Co, The | grain elevator |
| Newport & Cincinnati Bridge Co | bridge company |
| North Western Mining & Exchange Co, The | mining company |
| Northern Illinois Corp | investment company |
| Northern Indiana Transit Inc | bus company |
| Norwich & New York Transportation Co | water-borne shipping |
| Ocean City Bridge Co, The | bridge company |
| Old Colony Inc | cleaning compounds manufacturer |
| Omaha Transit Co | non-rail |
| Orange Belt Investment Co, The | investment company |
| Oregon Development Co | Oregon ocean shipping |
| Oro Fino Coal & Transportation Co | mining company |
| Pacific Coast Manufacturing & Transportation Co | manufacturing and oil transport |
| Pecos Co, The | New Mexico ditch company |
| Peerless Transit Line | non-rail |
| Penn Central International N V | financial company |
| Pennsylvania - Indiana General Transit Co | bus company |
| Pennsylvania Power & Light Co | utility |
| Pennsylvania Terminal Warehouse Co of St Louis | warehouse company |
| Pennsylvania Transportation Co | oil transportation |
| Peoples Rapid Transit Co | bus company |
| Peoples Transit Co | bus company |
| Phoenix Construction Co | ordinary construction |
| Pittsburgh Terminal Warehouse & Transfer Co | warehouse |
| Pneumatic Transit Co | tube communication |
| Port Wentworth Terminal Corp | non-rail |
| Postal Supply Co Inc | excessive research required |
| Potomac Freight Terminal Co | non-rail |
| Proctor Shortline Railroad | non-rail company |
| Quincy Mining | mining company |
| Railroad Employees Cooperative Association of Marquette Michigan, The | union |
| Railroad Freight & Passenger Association of New York, The | union |
| Railroad Maintenance Corp | service company |
| Reading Society of Model Engineers | professional association |
| Reciprocity Sugar Co | sugar plantation |
| Revere Beach County Fair & Musical Ry Co | amusement park builder |
| Richmond Transportation Co | non-rail |
| San Luis Valley Irrigation Land & Power Co | land and irrigation company |
| Schuylkill Transportation Co | bus company |
| Seaboard-Bay Line Co, The | East coast ocean shipping |
| Selah Valley Co | irrigation company |
| Sibley Bridge Co, The | bridge company |
| South Lynchburg Land Co, The | real estate company |
| South Mobile Terminal Co | Mobile Bay channel operator |
| St Louis Bridge Co | bridge company |
| St Louis Public Service Co | utility |
| St Nicholas Construction Co | electric motor manufacturer |
| Stanislaus Central Bridge Co | bridge company |
| Strouse Automatic Stoker Co | manufacturing company |
| Susquehanna Corp, The | holding company |
| Thompson Transit Corp, The | bus and trolley bus company |
| Trenton & Philadelphia Transportation Co, The | probably bus and trolley bus company |
| United Electric Signal Co | manufacturing company |
| United Public Utilities Co, The | utility |
| United States Express Co | express company |
| United States Freight Co | express company |
| Virginia Electric & Power Co | utility |
| Webster Manufacturing Co, The | manufacturing company |
| Weeden Johnson & Co Inc | Baltimore merchant |
| Whiting Manufacturing Co | manufacturing company |
| Wichita & Santa Fe Short Line RR | municipal park locomotive association |
| Wilkes Barre Transit Corp | bus company |
| York Transit Co | Great Lakes shipping |
