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Central Java Travel on Before the 1850s, when the financial needs of the railroads gave rise to some of the first investment banking houses, the business in securities was conducted by various kinds of unspecialized middlemen. In the United States, as in Europe, investment banking started out as a sideline to some other business. In America this role usually was filled by speculators and merchants, since relatively few other men of large wealth were willing to take the risks entailed in buying securities or had funds other than those invested in land or trade. Early securities trading mainly involved government and railroad bonds. Of the many incorporated commercial banks performing an investment banking function before 1840, none was more deeply involved in the business than the United States Bank of Pennsylvania, which took over the nongovernmental affairs of the second Bank of the United States, when its charter expired in 1836. Nicholas Biddle, its first president and former head of the Bank of the United States, contracted and negotiated for all kinds of public and private securities, including some of the first railroad issues. Like some large commercial banks doing an investment banking business a half-century later, he tried to attract the deposits of the companies and governmental units whose securities he distributed. Central Java Travel 2016.