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V. Wool-Growing and the Tariff. By Chester W. Wright. 8vo. $2.00 net.

VI. Public Ownership of Telephones on the Continent of Europe. By Arthur N. Holcombe. 8vo. $2.00 net.

VII. The History of the British Post Office. By J. C. Hemmeon. 8vo. $2.00 net. VIII. The Cotton Manufacturing Industry of the United States. By M. T. Copeland. 8vo. $2.00 net.

IX. The History of the Grain Trade in France.
By Abbott Payson Usher. 8vo. $2.00 net.
X. Corporate Promotions and Reorganiza-
tions. By A. S. Dewing. 8vo. $2.50 net.

XI. The Anthracite Coal Combination in the
United States. By Eliot Jones. $1.50 net.
XII. Some Aspects of the Tariff Question. By
F. W. Taussig. 8vo.
$2.00 net.
XIII. The Evolution of the English Corn
Market, from the Twelfth to the Eighteenth
Century. By N. S. B. Gras. 8vo. $2.50 net.
XIV. Social Adaptation: A Study in the
Development of the Doctrine of Adapta-
tion as a Theory of Social Progress. By
L. M. Bristol. 8vo.
$2.00 net.

XV. The Financial History of Boston, from
May 1, 1822 to January 31, 1909. By C. P.
Huse.
$2.00 net.

XVI. Essays in the Earlier History of Amer-
ican Corporations. By J. S. Davis. 8vo,
2 volumes, each.
$2.50 net.

HARVARD UNIVERSITY PRESS

CAMBRIDGE, MASS., U.S. A.

HARVARD ECONOMIC STUDIES

PUBLISHED UNDER THE DIRECTION OF THE DEPARTMENT OF ECONOMICS

VOL. XVI

NUMBER IV

IN THE EARLIER HISTORY OF

AMERICAN CORPORATIONS

NUMBER IV

EIGHTEENTH CENTURY

BUSINESS CORPORATIONS IN THE

UNITED STATES

BY

JOSEPH STANCLIFFE DAVIS, PH.D.

INSTRUCTOR IN ECONOMICS, HARVARD UNIVERSITY

VERI
TAS

CAMBRIDGE

HARVARD UNIVERSITY PRESS

LONDON: HUMPHREY MILFORD
OXFORD UNIVERSITY PRESS

1917

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