The theory that the trabecular structure within bones follows the principal stress trajectories, is investigated by two-dimensional finite element models of increasing complexity. This is done for the proximal femur of the human and for the calcaneus of the horse. In both cases, a simple model with well-chosen loading and boundary conditions gives good agreement between the observed trabecular structure and the calculated stress trajectories. It is shown that this stress trajectory theory has a mechanically founded explanation.