What was the first industry to contract with "investment banks" to raise capital by selling shares of stock to investors?

Question

Quizplus · Accepted Answer

The railroad industry was the first to contract with investment banks to raise capital by selling shares of stock to investors in the mid-1800s, as they required large amounts of capital to build and expand their infrastructure. This led to the development of investment banking as a specialized field.

What Was the First Industry to Contract with "Investment Banks