Get Institutions, Entrepreneurs, and American Economic History: PDF

By Bradley A. Hansen (auth.)

ISBN-10: 0230619134

ISBN-13: 9780230619135

ISBN-10: 1349371963

ISBN-13: 9781349371969

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Sample text

66 Thus, Davis and the other inf luential men were to help make known the value of the trust company. There was an obvious parallel between the company’s approach to making loans and its approach to lobbying. Both depended on the firm’s social capital, its connections. The people that it asked to help find candidates for loans were the same people that it called on for help in the legislature. The emphasis on political as well as economic connections was not unique to Farmers’. 67 Unfortunately for Tibbets, he overestimated the rapidity with which the company’s estimation was growing in the eyes of the public.

Consequently, Farmers’ inadvertent ownership of the Michigan Central drew it further and further into the railroad business. The Farmers’ Loan and Trust Company began to provide financial services to the Michigan Central and its connections. Soon, the company was called upon by other railroads to provide financial services such as certifying and registering stocks and bonds, acting as a transfer agent, acting as fiscal agent, and, most importantly, acting as a trustee for mortgages. Providing these services became Farmers’ primary business in the second half of the nineteenth century.

When the deal with Delafield fell through, Mason began to search for someone else to handle the loan. 5 percent commission. Under the agreement, the Morris Canal and Banking Co. was to pay $250,000 immediately and $100,000 monthly for the first year, followed by $250,000 quarterly. The Morris Canal and Banking Co. 11 The Bank of the United States was supposed to continue to pay installments on the bonds, similar to the original arrangement with the Morris Canal and Banking Co. While the details of the negotiations during the summer of 1838 are not entirely clear, it is clear from Farmers’ correspondence that the Michigan loan was viewed as both an opportunity to play a more active role in the state bond market and as an opportunity to build the company’s connections with the European banking community.

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Institutions, Entrepreneurs, and American Economic History: How The Farmers’ Loan and Trust Company Shaped the Laws of Business from 1822 to 1929 by Bradley A. Hansen (auth.)


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