Bank Ownership and Lending Patterns in New York and Pennsylvania, 1781–1831

Robert E. Wright

Business History Review, 1999, vol. 73, issue 1, 40-60

Abstract: Unlike most contemporary New England banks, early commercial banks of the Middle Atlantic region were widely owned and frequently traded corporations. They lent to a broad segment of the business community, including artisans, farmers, and women. Banks lent widely, first, because their large capitalization made it difficult for a few privileged insiders to control a substantial percentage of loanable funds and, second, because banks were able to acquire reliable credit information on a variety of customers in an efficient manner. As a result, small enterprises had access to bank credit.

Date: 1999
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