The corporate mortgage is a product of the vast development of corporations initiated by the Industrial Revolution. The introduction of machinery led to the aggregation of large amounts of capital under single control and direction. As these units of capital enlarged, increasing dependence was placed on borrowed funds. The development of the corporate mortgage was the logical result.
Draper, Cecil Mead, "A Historical Introduction to the Corporate Mortgage" (1929). University Libraries Digitized Theses 189x-20xx. 67.