Page:Harvard Law Review Volume 2.djvu/184

 l66 ^^J^ VARD LA W RE VIB JV.

These were the only joint-stock business corporations chartered in America before 1787. After that time the number rapidly in- creased, especially in Massachusetts. Before the close of the cen- tury there were created in that State about fifty such bodies, at least half of them turnpike and bridge companies. In the remain- ing States combined, there were perhaps as many more. There was no great variety in the purposes for which these early com- panies were formed. Insurance, banking, turnpike roads, toll- bridges, canals, and, to a limited extent, manufacturing ^ were the enterprises which they carried on.

The rapid growth of corporations was followed in the early decades of the present century by the judicial decision of the questions which naturally arose as to the nature of the bodies which had been created by the Legislature, their rights and duties, and the rights and duties of their stockholders. But not even a beginning of this development was made prior to the year 1800. Before that time, whatever knowledge of these matters American lawyers possessed must have been derived from the English cases and English text-books previously considered.

Samuel Williston.

Cambrixxse, May 31, 1888.

^ There were several mmnufacturing coMpanies in Masiachusetts^ but Tery few in othei States.