Bank Stock Ownership and Bank Control: The Evidence from Wisconsin, 1860-1900

This paper reports on the initial stages of an ongoing study of 19th century Wisconsin bank sources and uses of funds. Data on 19th century Wisconsin state, private, and national bank shareholders, and owners from 1860 through 1900 are used to explore the following questions: (1) Where did the equity capital invested in Wisconsin banks originate and how did this and other shareholder characteristics change over the period? (2) How widely held was the average bank's stock and to what extent were the state's apparently independent unit banks connected via common shareholders, directors, and officers? Connections between financial institutions and the economic