When have mergers occurred?
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In U.S. history, mergers have generally occurred in spurts and usually when the stock market is enjoying strong "bullish" growth. The first major merger period occurred between 1895 and 1904, when the expansion of the U.S. railroad network made it possible for firms to combine and serve a truly national market for the first time. Between 1892 and 1902 more than 2600 U.S. firms were swallowed up by mergers, and in roughly the same period the 100 largest U.S. companies used mergers to increase in size by a factor of four. In 1901 the American Can Company was formed through the merger of no less than 120 companies. The next big merger period occurred in the late 1920s, when the emergence of radio and the truck presented new opportunities to create national markets through radio advertising and local distribution.
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