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May/June 1998, 
Vol. 80, No. 3
Posted 1998-05-01

Were Banks Special Intermediaries in Late Nineteenth Century America?

by Eugene N. White

To put in historical perspective the issue of banks’ declining role in lending, this article examines the nature of bank lending in the late 19th century and why banks remained the dominant intermediaries, even when disadvantaged by regulation and challenged by competitors.