(Source: Bloomberg News, May 10, 2012)
NEW YORK — As the nation’s first big businesses, railroad companies were pioneers in a host of fields including corporate organization, accounting practices, labor relations, competitive practices and government regulation. And they were the first businesses to raise significant capital through the issue of securities; railroad stocks and bonds dominated the stock market until the 20th century. To a large extent, the railroads created Wall Street.
Full story: Bloomberg News