Jump to ContentJump to Main Navigation
The First Wall StreetChestnut Street, Philadelphia, and the Birth of American Finance$
Users without a subscription are not able to see the full content.

Robert E. Wright

Print publication date: 2005

Print ISBN-13: 9780226910260

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226910291.001.0001

Show Summary Details
Page of

PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 27 May 2020

Transportation Elation

Transportation Elation

Chapter:
(p.118) 8 Transportation Elation
Source:
The First Wall Street
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226910291.003.0008

This chapter demonstrates that although Philadelphia invested heavily in Pennsylvania's transportation system, it lost most of its trade to New York, Baltimore, and New Orleans. Philadelphia investors were therefore quick to invest in “internal improvement” concerns, companies incorporated to build turnpikes, canals, and, later, railroads. Alas, they could not prevent the inevitable—the trade of the continent flowed to New York via the Grand Canal (Erie Canal), and the trade of their own state flowed to Baltimore and New Orleans via mighty rivers. One of the three legs upholding Chestnut Street's financial ascendancy, deposits linked to its mercantile trade atrophied and eventually snapped. However, investors' efforts were not entirely in vain, as the improvements they funded laid the basic groundwork for Philadelphia's antebellum industrial revolution.

Keywords:   transportation system, industrial revolution, trade, finance

Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.