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The Farmers’ Loan and Trust Company and the Evolution of Corporate Finance

In: Institutions, Entrepreneurs, and American Economic History

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  • Bradley A. Hansen

Abstract

Between 1847 and 1890, the miles of railroad track in operation in the United States increased from 5,598 to 166,700. The construction of America’s railroad network required finance on an unprecedented scale. The value of railroad securities outstanding in 1890 included $3.8 billion in common stock, $606 million in preferred stock, and $4.5 billion in debt outstanding.1 In 1897, railroads accounted for 69 percent of the turnover in stock on the New York Stock Exchange, and as late as 1912 they still accounted for 48 percent of the turnover.2 It is well known that the development of investment banks and stock exchanges went hand in hand with the expansion of America’s railroads.3 What is less well known is that the financial demands of the railroads also fueled the growth of trust companies, which played an important but generally overlooked part in railroad finance.

Suggested Citation

  • Bradley A. Hansen, 2009. "The Farmers’ Loan and Trust Company and the Evolution of Corporate Finance," Palgrave Macmillan Books, in: Institutions, Entrepreneurs, and American Economic History, chapter 0, pages 69-92, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61913-5_4
    DOI: 10.1057/9780230619135_4
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