36 G. S. CALLENDER 



ing the transportation facilities of the country, a large number 

 of companies for that purpose were formed. Virginia char- 

 tered two canal companies in 1784, and several were chartered 

 by Pennsylvania, New York, and Massachusetts by the end 

 of the century; but canal companies were never numerous in 

 any of the states, and, as already pointed out, in very few 

 cases accomplished the purposes for which they were formed. 

 Far more important and more numerous were the turnpike 

 and bridge companies, the first of which was chartered by 

 Pennsylvania in 1792, and which after 1800 were created in 

 great numbers by all the states north of Maryland and to 

 some extent by the southern states. By 1812 Pennsylvania 

 had chartered 57, New York 112, Massachusetts 78, Maryland 

 8, Virginia 8. Pennsylvania also chartered twenty one bridge 

 companies during the same period, and they were nearly as 

 numerous in other states. In the same way, when the em- 

 bargo turned the attention of the northern states to manu- 

 facturing, corporations for that purpose made their appear- 

 ance, especially in New England and New York. Five or six 

 such companies were chartered in Massachusetts before 1808, 

 but 106 were chartered between that time and 1815; and in 

 New York forty seven were chartered in the six years follow- 

 ing 1809. Water companies also appeared about this time. 

 Twenty six were chartered in New York before 1812, and 

 twenty one from that time to 1829. Steamboat companies 

 were also created in considerable numbers as the introduction 

 of steamboats took place. 



Thus by 1830 business corporations of various kinds were 

 very numerous in this country, and the American people had 

 already shown remarkable facility in forming them. De 

 Tocqueville declared that the most democratic country on 

 the face of the earth is that in which men have, in our time, 

 carried to the highest perfection the art of pursuing in com- 

 mon the object of their common desires, and have applied 

 this new science to the greatest number of purposes. 



Nevertheless, a little consideration of the extent and 

 character of the business operations of corporations at this 

 time will show that they were not yet able to raise very 

 large sums of capital, especially for such enterprises as were 



