Contrary to the frantic pace of tod

Contrary to the frantic pace of today's economic environment, the origin of banking and capital markets in the United States was not an overnight phenomenon. The form of organization called a corporation developed very slowly in the States. Early joint-stock companies, in which each member was responsible
5 for the obligations of the mutual enterprise, were principally non profit corporations for religious worship, philanthropy, education, or land companies. Commercial corporations didn't make their appearance until the early to mid­1700s, with a Connecticut trading corporation, a Massachusetts wharf company, a number of fire insurance and water supply companies, and the United Company of
10 Philadelphia, which was organized to promote industry. By the late 1700s, particularly the period from 1783 to 1789, the corporate structure expanded when numerous corporations were organized for building roads, canals, and bridges and for banking.
America's first private commercial bank, the Bank of North America, was
15 chartered by Congress on December 31, 1781. The Bank of New York and the Bank of Massachusetts followed in 1784, but all these banks were local and limited. In December 1791, national banking originated with the first national bank, which opened its main office at Philadelphia. In 1816, the second national bank was chartered for 20 years. Meanwhile state banks began to proliferate throughout the
20 country.
The late 1800s saw an emergence of investment banking-houses that promoted mergers in railroads, utilities, and factories and provided the capital tot expansion. Commercial banking also flourished, but after a high rate of bank failures, the: Federal Reserve System was established in 1913 to correct deficiencies in existing 25 banking legislation on the national and state levels. The Federal Reserve Act set the foundation for modern banking.

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Bertentangan dengan kecepatan panik lingkungan ekonomi saat ini, asal pasar modal dan perbankan di Amerika Serikat bukanlah fenomena semalam. Bentuk organisasi yang disebut sebuah perusahaan berkembang sangat lambat di Amerika. Perusahaan saham gabungan awal, di mana setiap anggota bertanggung jawab
5 untuk kewajiban perusahaan mutual, yang terutama perusahaan-perusahaan non profit untuk ibadah, filantropi, pendidikan, atau perusahaan tanah. Perusahaan komersial tidak membuat penampilan mereka sampai awal untuk mid1700s, dengan perdagangan perusahaan Connecticut, sebuah perusahaan dermaga Massachusetts, sejumlah perusahaan asuransi kebakaran dan pasokan air, dan Perusahaan Serikat
10 Philadelphia, yang diselenggarakan untuk mempromosikan industri. Pada 1700-an, terutama periode 1783-1789, struktur perusahaan diperluas ketika berbagai perusahaan diselenggarakan untuk membangun jalan, kanal, dan jembatan dan perbankan.
Pertama bank umum swasta Amerika, Bank of America Utara,
15 disewa oleh Kongres pada tanggal 31 Desember, 1781. The Bank of New York dan Bank of Massachusetts diikuti pada tahun 1784, tetapi semua bank-bank tersebut adalah lokal dan terbatas. Pada bulan Desember 1791, perbankan nasional berasal dengan bank nasional pertama yang membuka kantor utama di Philadelphia. Pada 1816, bank nasional kedua disewa selama 20 tahun. Sementara bank-bank negara mulai berkembang biak di seluruh
20 negara.
The 1800-an melihat sebuah munculnya perbankan investasi-rumah yang dipromosikan merger di rel kereta api, utilitas, dan pabrik-pabrik dan memberikan perluasan tot modal. Commercial banking juga berkembang, tapi setelah tingkat tinggi kegagalan bank, yang: Federal Reserve Sistem didirikan pada tahun 1913 untuk memperbaiki kekurangan dalam yang ada undang-undang 25 perbankan di tingkat nasional dan negara. Federal Reserve Act mengatur dasar bagi perbankan modern.