The Visible Hand

Alfred D. Chandler

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Bank of North America chartered in Philadelphia whole source
The first was the Bank of North America in Philadelphia chartered in 1781
The chartering of banks boomed in the 1790s and again after the charter of the F whole source
The chartering of banks boomed in the 1790s and again after the charter of the First Bank of the United States expired in 1811
Gras, The Massachusetts First National Bank of Boston, 1784–1934 (Cambridge, Mas whole source
Gras, The Massachusetts First National Bank of Boston, 1784–1934 (Cambridge, Mass
Oliver Evans builds automated flour mill on Brandywine whole source
Flour mills had used continuous-process machinery since Oliver Evans built his mill on Brandywine Creek near Wilmington, Delaware, in 1787
11 The first such mill was completed on an experimental basis in Minneapolis in whole source
11 The first such mill was completed on an experimental basis in Minneapolis in 1879
In 1881, four enterprises using the most efficient match-making machines combine whole source
In 1881, four enterprises using the most efficient match-making machines combined to produce a machine that made matches by the billions and…
: A Case Study in Anglo-American Trade, 1790–1850,” Business History Review, 48: whole source
: A Case Study in Anglo-American Trade, 1790–1850,” Business History Review, 48:501–519 (Winter 1974) provides a close view of an enterprise…
First American marine insurance company incorporated whole source
The first American company to insure ships and their cargoes was incorporated in 1792
Fulton and Livingston launch first US steamboat line whole source
The country’s first steamboat line was set up by inventor Robert Fulton and his financial supporter Robert Livingston after the successful t…
These services were developed so swiftly and so effectively for the cotton trade whole source
These services were developed so swiftly and so effectively for the cotton trade that by the 1820s the leading mercantile firms handling the…
13 As early as 1795, Oliver Evans constructed a continuous process flour mill on whole source
13 As early as 1795, Oliver Evans constructed a continuous process flour mill on the Brandywine Creek in Delaware
By 1809 Albert Gallatin noted that sixty-two spinning mills were already in oper whole source
By 1809 Albert Gallatin noted that sixty-two spinning mills were already in operation and twenty-five more were being constructed, with the…
27 In 1814 a Bostonian, Francis Cabot Lowell, who had smuggled the plans of a po whole source
27 In 1814 a Bostonian, Francis Cabot Lowell, who had smuggled the plans of a power loom out of Britain, built a factory on the Charles Rive…
32 Appropriately enough, Samuel Slater, the founder of the spinning industry in whole source
32 Appropriately enough, Samuel Slater, the founder of the spinning industry in America, built the first integrated steam mill in 1828, in P…
And few had capital assets (excluding the value of slaves) of $300,000, the capi whole source
And few had capital assets (excluding the value of slaves) of $300,000, the capitalization of the Boston Manufacturing Company when it began…
Therefore, less than a dozen plantations in the south in 1850 had a work force o whole source
Therefore, less than a dozen plantations in the south in 1850 had a work force of 300 full-time field hands, in other words, a work force co…
Each of these enterprises, serving as exclusive marketing agents for several lar whole source
Each of these enterprises, serving as exclusive marketing agents for several large mills, sold their products through the distributing netwo…
This firm began by importing a general line of goods from Europe and trading ext whole source
This firm began by importing a general line of goods from Europe and trading extensively with the West Indies, but after 1815 it concentrate…
Connecticut born, Morgan began as a ship’s grocer and chandler in 1815 and owned whole source
Connecticut born, Morgan began as a ship’s grocer and chandler in 1815 and owned shares of ships and packet lines after 1819
337–343, Redlich describes Biddle’s pioneering role as an investment banker afte whole source
337–343, Redlich describes Biddle’s pioneering role as an investment banker after his bank became state chartered in 1836
Then, in 1816, when Nathan Trotter took over the firm, he began to concentrate o whole source
Then, in 1816, when Nathan Trotter took over the firm, he began to concentrate on importing a single line of goods—iron, copper, and other m…
For example, Dogget’s Directory for New York City in 1846 indicates that the num whole source
For example, Dogget’s Directory for New York City in 1846 indicates that the number of specialized business enterprises was highest in dry g…
Moreover, the trade had hardly been fully established before it was radically tr whole source
Moreover, the trade had hardly been fully established before it was radically transformed in the 1850s by the coming of the railroad and the…
Robert Albion estimates that the packet boats were built in the 1820s at about $ whole source
Robert Albion estimates that the packet boats were built in the 1820s at about $30,000 apiece
83 Before the 1840s turnpikes and canals, even the largest of them, were built b whole source
83 Before the 1840s turnpikes and canals, even the largest of them, were built by small contractors, who at first were local farmers, mercha…
Owners of coal lands first began to build canals into the anthracite regions in whole source
Owners of coal lands first began to build canals into the anthracite regions in the 1820s
By the 1850s the Ames Manufacturing Company in Chicopee, Pratt and Whitney in Ha whole source
By the 1850s the Ames Manufacturing Company in Chicopee, Pratt and Whitney in Hartford, Browne & Sharp in Providence, and Sellers & Bancroft…
(The nation’s first railroads only began to go into operation in the 1830s whole source
(The nation’s first railroads only began to go into operation in the 1830s
64 In the 1830s, too, shipping and mercantile firms built private semaphore syst whole source
64 In the 1830s, too, shipping and mercantile firms built private semaphore systems at various landfalls for relaying messages from incoming…
6 As the country pulled out of the long economic depression of the late 1830s an whole source
6 As the country pulled out of the long economic depression of the late 1830s and early 1840s, railroad building began in earnest
The railroads did not begin to have a significant impact on American business in whole source
The railroads did not begin to have a significant impact on American business institutions until the nation’s first railroad boom which bega…
The first period extended from the beginning of the railroad boom in the late 18 whole source
The first period extended from the beginning of the railroad boom in the late 1840s to the coming of the economic depression of the 1870s
During the 1850s, railroad and telegraph enterprises began to devise the organiz whole source
During the 1850s, railroad and telegraph enterprises began to devise the organizational structures and accounting procedures so central to t…
Transcontinental telegraph reaches the Pacific whole source
Because the telegraph was easier and cheaper to build than the railroad, it reached the Pacific first, in 1861
By the 1840s more full-time professional contractors began to make a career of r whole source
By the 1840s more full-time professional contractors began to make a career of railroad and canal construction
Indeed, the modern call loan market began in the 1850s, as New York banks began whole source
Indeed, the modern call loan market began in the 1850s, as New York banks began to loan to speculators on call in order to provide funds to…
Then finally in 1851 and 1852 the Germans and the French, and a little later the whole source
Then finally in 1851 and 1852 the Germans and the French, and a little later the British, began to purchase American railroad securities in…
Western Railroad connects Worcester and Albany whole source
Except for the Western, which in 1840 became the first intersectional railroad in the country by connecting Worcester and Albany, no road be…
The coming of the telegraph in the late 1840s, as well as the perfection of proc whole source
The coming of the telegraph in the late 1840s, as well as the perfection of procedures first developed on the Western, helped to make rail t…
These administrative challenges first appeared in the 1850s when the railroads g whole source
These administrative challenges first appeared in the 1850s when the railroads grew large enough to require the coordination of the activiti…
In the late 1840s and the 1850s such pioneering firms as those headed by William whole source
In the late 1840s and the 1850s such pioneering firms as those headed by William C
In the mid-1850s the new large railroads and the fast-freight lines began to mak whole source
In the mid-1850s the new large railroads and the fast-freight lines began to make mutually beneficial alliances
It had its beginnings in the mid-1850s when the trunk lines and their connecting whole source
It had its beginnings in the mid-1850s when the trunk lines and their connecting roads began to work out their procedures for billing shipme…
Of all the new types of business organizations to be formed in the United States whole source
Of all the new types of business organizations to be formed in the United States after 1840, none were more complex than those that integrat…
It was only when the mergers of the 1890s began to consolidate and rationalize t whole source
It was only when the mergers of the 1890s began to consolidate and rationalize their processing facilities that American industrial enterpri…
Twenty-First (1847) Annual Report of the Baltimore & Ohio Rail-Road, p whole source
Twenty-First (1847) Annual Report of the Baltimore & Ohio Rail-Road, p
Steamship line opens New York to Bremen service whole source
In 1847 an American sponsored, German financed and owned line began services between New York and Bremen
Edgar Thomson, the builder and first superintendent of the Georgia Railroad, had whole source
Edgar Thomson, the builder and first superintendent of the Georgia Railroad, had come to the Pennsylvania in 1849 to take charge of its cons…
In sum, to meet the needs of managing the first modern business enterprise, mana whole source
In sum, to meet the needs of managing the first modern business enterprise, managers of large American railroads during the 1850s and 1860s…
In discussing capital accounting in the 1850s, railroad managers, stockholders, whole source
In discussing capital accounting in the 1850s, railroad managers, stockholders, and journalists at first gave the most attention to defining…
Where the largest of the textile mills had four or five sets of accounts to proc whole source
Where the largest of the textile mills had four or five sets of accounts to process and review, the Pennsylvania Railroad had, by 1857 (the…
The new methods, devised in the 1850s and perfected in the following years, were whole source
The new methods, devised in the 1850s and perfected in the following years, were quickly adopted by the first large industrial enterprises w…
Steam power began to alter ocean-going transportation in the 1850s, at almost ex whole source
Steam power began to alter ocean-going transportation in the 1850s, at almost exactly the same time the railroads were beginning to transfor…
On the west coast the Southern Pacific controlled and operated the Pacific Mail whole source
On the west coast the Southern Pacific controlled and operated the Pacific Mail Line established in the 1850s
8 In 1902 his firm formed the International Mercantile Marine Company, capitaliz whole source
8 In 1902 his firm formed the International Mercantile Marine Company, capitalized at $130 million
By the mid-1850s, the managers of telegraph companies began to work out the coop whole source
By the mid-1850s, the managers of telegraph companies began to work out the cooperative arrangements required to send messages directly from…
Gould developed such a threat by using the telegraph subsidiaries of railroad co whole source
Gould developed such a threat by using the telegraph subsidiaries of railroad companies under his control—subsidiaries that were operated by…
” In 1866 these three merged into a single company, Western Union, thus creating whole source
” In 1866 these three merged into a single company, Western Union, thus creating the first nationwide multiunit modern business enterprise i…
In the 1850s and 1860s the modern commodity dealer, who purchased directly from whole source
In the 1850s and 1860s the modern commodity dealer, who purchased directly from the farmer and sold directly to the processor, took over the…
Here they began as the railroad and telegraph moved across the upper Mississippi whole source
Here they began as the railroad and telegraph moved across the upper Mississippi Valley in the 1850s and opened up highly productive grain-g…
From the 1850s on, railroads and grain dealers began to build elevators for stor whole source
From the 1850s on, railroads and grain dealers began to build elevators for storing the grain purchased directly from the farmers along the…
During the 1850s and again in the 1870s, depressed years in their industry, lead whole source
During the 1850s and again in the 1870s, depressed years in their industry, leading textile manufacturers, the largest enterprises in Americ…
From the 1850s on they developed “mill accounts,” which permitted them to obtain whole source
From the 1850s on they developed “mill accounts,” which permitted them to obtain an accurate picture of prime costs every six months
It first appeared with the building of the earliest large rail mills in the 1850 whole source
It first appeared with the building of the earliest large rail mills in the 1850s
Bessemer steel process introduced in the United States whole source
In such integrated rail mills the Bessemer steel process—the first to produce that metal on a massive scale—was introduced into the United S…
”36 During the 1850s, the rapid expansion of the railroads and the telegraph per whole source
”36 During the 1850s, the rapid expansion of the railroads and the telegraph permitted the inventors of reapers, harvesters, and other agric…
In the late 1870s and 1880s other manufacturers of harvesters and other relative whole source
In the late 1870s and 1880s other manufacturers of harvesters and other relatively costly agricultural machinery began to build or expand ma…
World's largest sewing machine factory built at Elizabethport whole source
In 1874 the company built by far the largest sewing machine factory in the world at Elizabethport, New Jersey
Fairbanks, a manufacturer of weighing scales essential to the shipment and sales whole source
Fairbanks, a manufacturer of weighing scales essential to the shipment and sales of goods, began in the 1850s to sell through regional agenc…
The pioneering firms in the manufacturing of typewriters and cash registers whic whole source
The pioneering firms in the manufacturing of typewriters and cash registers which set up their sales forces in the 1880s relied more heavily…
Again, it was the decade of the 1880s when enterprises in these industries began whole source
Again, it was the decade of the 1880s when enterprises in these industries began to build or rationalize their national and global sales for…
However, John Lozier has shown me a statement of cost per yard for labor, cotton whole source
However, John Lozier has shown me a statement of cost per yard for labor, cotton, and repairs for the Lyman Mills in the first nine months o…
The Railroads: The First Modern Business Enterprises, 1850s-1860s 1 whole source
The Railroads: The First Modern Business Enterprises, 1850s-1860s 1
Erie Canal lines consolidate into New York Central whole source
These threatened to become intolerable when, in the spring of 1853, the short lines along the Erie Canal consolidated to form a single enter…
As early as 1854 the three railroads entering Troy, New York, had built and join whole source
As early as 1854 the three railroads entering Troy, New York, had built and jointly operated a belt line
Arnold Constable builds its Marble House store whole source
Arnold Constable built its Marble House in 1857 and a larger department store in 1877
In 1858 Lord & Taylor was completing “a new and elegant marble structure,” and i whole source
In 1858 Lord & Taylor was completing “a new and elegant marble structure,” and in 1872 it too moved further uptown above 20th Street and bui…
Rowland Macy opens dry goods store in New York whole source
Rowland Macy began as a retailer of fancy dry goods in New York in 1858 and expanded during the 1860s by taking over adjacent stores and add…
Only the east-west trunk lines set up an enforcing organization which was formed whole source
Only the east-west trunk lines set up an enforcing organization which was formed in 1858 after the panic of 1857 had reduced traffic and inc…
77 The Great American Tea Company, founded in 1859 by George F whole source
77 The Great American Tea Company, founded in 1859 by George F
Firm renamed Great Atlantic and Pacific Tea Company whole source
In 1869 the firm changed its name to the Great Atlantic and Pacific Tea Company and began to extend its chain of stores into the northeast a…
Jones Brothers Tea Company founded in Brooklyn whole source
In 1872 the Jones Brothers Tea Company of Brooklyn was formed; this became the Grand Union Company of today
And they established when and where to buy, lease, or build the small feeder lin whole source
And they established when and where to buy, lease, or build the small feeder lines in the 1860s and 1870s, and where and when to build the g…
Railroad track construction peaks in the 1880s whole source
During the 1880s more miles of track were built than in any other decade in American history, and in the 1890s more mileage was in bankruptc…
The stores founded in the 1860s and 1870s account for almost half of the leading whole source
The stores founded in the 1860s and 1870s account for almost half of the leading department stores in New York a century later
Altman & Company (its large store was built in 1876), Best & Company (store buil whole source
Altman & Company (its large store was built in 1876), Best & Company (store built in 1879), and Stern Brothers (store in 1878)
Early in 1869, as Gould began to negotiate with the Ohio roads, Garrett moved qu whole source
Early in 1869, as Gould began to negotiate with the Ohio roads, Garrett moved quickly to purchase full control of a line north to Lake Erie…
Drexel, Morgan & Company opens on Wall Street whole source
In 1871 Drexel, Morgan & Company opened its doors at 2 3 Wall Street
26 The road purchased coal properties and in 1872 built and operated a steel rol whole source
26 The road purchased coal properties and in 1872 built and operated a steel rolling mill
2 During the 1870s belt lines and other facilities to connect roads had been con whole source
2 During the 1870s belt lines and other facilities to connect roads had been constructed in Chicago, Cincinnati, Indianapolis, Baltimore, Ri…
83 All five were built around what had been independent railroad managements bef whole source
83 All five were built around what had been independent railroad managements before 1870, the three major units being the Philadelphia and E…
First, mergers on a national scale appeared only as the railroad and telegraphic whole source
First, mergers on a national scale appeared only as the railroad and telegraphic network went into full operation in the 1870s and 1880s
By the end of the 1870s the leading processors under the guidance of the largest whole source
By the end of the 1870s the leading processors under the guidance of the largest refiner, the Standard Oil Company, had created one of the s…
Originally obtained by Tom Scott in 1871 for possible use in the building of the whole source
Originally obtained by Tom Scott in 1871 for possible use in the building of the Pennsylvania’s railroad system, it had been forfeited by th…
First long-distance oil pipeline construction begins whole source
But the construction of the first long-distance pipeline was not begun until 1878
17 In 1871, the company formed a holding company to purchase securities of railr whole source
17 In 1871, the company formed a holding company to purchase securities of railroad corporations connecting Cairo, Illinois, with New Orlean…
Shinn, a highly competent railroad executive who had been appointed the general whole source
Shinn, a highly competent railroad executive who had been appointed the general agent of the Pennsylvania Company (the subsidiary that opera…
Five mills opened between 1871 and 1873 whole source
Five mills opened between 1871 and 1873
Aaron Montgomery Ward founds first mail-order firm whole source
The first enterprise to market a wide variety of goods exclusively by mail was formed in 1872 by Aaron Montgomery Ward and his brother-in-la…
Although specialized retailers and even department stores continued to sell thro whole source
Although specialized retailers and even department stores continued to sell through catalogues, the first serious challenge to Montgomery Wa…
This enterprise was the outcome of his success in 1874 in obtaining the Union Pa whole source
This enterprise was the outcome of his success in 1874 in obtaining the Union Pacific, the road which, with the Central Pacific, formed the…
System-building in the 1880s As the decade of the 1880s opened, Jay Gould was em whole source
System-building in the 1880s As the decade of the 1880s opened, Jay Gould was embarked on a venture in railroad combination that dwarfed his…
47 In 1882, in retaliation for Gould’s move into Iowa, Perkins built his own lin whole source
47 In 1882, in retaliation for Gould’s move into Iowa, Perkins built his own line to Denver, paralleling that of the Union Pacific (and also…
Western roads form Southwestern Railway Rate Association whole source
In 1876 a number of western roads organized the Southwestern Railway Rate Association with an organization copied directly from that of the…
Albert Fink creates trunk-line railroad federation whole source
In this way Albert Fink had by the end of 1878 created a federation of railroads which included nearly all the lines north of the Ohio and e…
By the early 1880s, such associations had been formed for nearly every major rai whole source
By the early 1880s, such associations had been formed for nearly every major railroad activity
Thus, at the June 1885 meeting of the Master Car Builders Association, its presi whole source
Thus, at the June 1885 meeting of the Master Car Builders Association, its president, Leander Garvey, opened the session, the Railroad Gazet…
First, and most significant, the large enterprises that were to operate the Amer whole source
First, and most significant, the large enterprises that were to operate the American railroad network throughout the twentieth century took…
During the 1880s, 75,000 miles of track had been laid down in the United States, whole source
During the 1880s, 75,000 miles of track had been laid down in the United States, by far the greatest amount of railroad mileage ever built i…
By the coming of the depression of the 1890s, the railroad map of the United Sta whole source
By the coming of the depression of the 1890s, the railroad map of the United States had taken the form that would remain relatively unchange…
In the 1880s railroad men employed two alternative structures for the management whole source
In the 1880s railroad men employed two alternative structures for the management of the huge new consolidated megacorps
In the 1880s most of the firms that grew large followed the first path whole source
In the 1880s most of the firms that grew large followed the first path
In the 1880s and early 1890s, Swift & Company built new packing plants in six ci whole source
In the 1880s and early 1890s, Swift & Company built new packing plants in six cities along the cattle frontier
25 Between 1881 and 1894 company built thirty more branches in every part of the whole source
25 Between 1881 and 1894 company built thirty more branches in every part of the country
For these reasons the long-lived mergers came to cluster in the same industries whole source
For these reasons the long-lived mergers came to cluster in the same industries in which the first large integrated enterprise appeared in t…
Thus the directors of the National Wall Paper Company, formed in 1892, agreed in whole source
Thus the directors of the National Wall Paper Company, formed in 1892, agreed in 1900, “That the company be dissolved, and the factories be…
For the 1880s and 1890s, when the multiunit industrial corporation was new, the whole source
For the 1880s and 1890s, when the multiunit industrial corporation was new, the few individual pioneering enterprises provide the informatio…
In fact, most of the 35 firms had been formed before 1900 and a sizable number b whole source
In fact, most of the 35 firms had been formed before 1900 and a sizable number before 1890
Indeed the only new firm of this type to be formed after 1900 was California Pac whole source
Indeed the only new firm of this type to be formed after 1900 was California Packing (Del Monte), a 1916 merger of local canning companies t…
At General Electric, therefore, the practices of middle management first develop whole source
At General Electric, therefore, the practices of middle management first developed in the entrepreneurial firms of the 1880s were married to…
Although that company was formed in 1892, eight months before General Electric c whole source
Although that company was formed in 1892, eight months before General Electric came into being, its managers took two decades to perfect an…
12 Managers in the auditing and accounting departments of railroads had formed t whole source
12 Managers in the auditing and accounting departments of railroads had formed their own national association in the 1880s
Printers' Ink founded as advertising journal whole source
Then in 1888 Printers’ Ink was established as a journal for advertising managers and firms
Like the early machinery companies, most insurance firms began in the 1880s and whole source
Like the early machinery companies, most insurance firms began in the 1880s and 1890s to replace large sales agencies with branch offices op…
The greatest weakness in Kolko’s pioneering study is his failure to recognize th whole source
The greatest weakness in Kolko’s pioneering study is his failure to recognize the importance of system-building as an alternative to pooling…
Duke begins producing cigarettes in Durham whole source
Duke, a manufacturer of smoking tobacco in Durham, North Carolina, had decided in 1881 to produce cigarettes because he was having difficult…
Diamond Match Company formed by merger whole source
After a brief period of competition for the national market, these four combined in 1881 to form the Diamond Match Company
11 So, too, did a comparable mill built in 1882 by the oatmeal producer, Henry P whole source
11 So, too, did a comparable mill built in 1882 by the oatmeal producer, Henry P
American Cereal Company formed whole source
In 1888 after a brief attempt at a cartel, Crowell, Schumaker, and a third large mass producer of oatmeal, Robert Stuart, formed the America…
Libby and Wilson begin canned meat production whole source
In 1882 two of the smaller meat packers, Libby, McNeil & Libby and Wilson & Company, began volume production of canned meat in Chicago
By 1885, the company had constructed Ivorydale, a model industrial plant, which whole source
By 1885, the company had constructed Ivorydale, a model industrial plant, which became a Cincinnati showplace
American Can formed by merger whole source
American Can, whose first president was Edward Norton, the inventor of the “automatic-line” process, resulted from a merger in 1901
In the United States, the Tidewater Company, the consolidation of crude oil prod whole source
In the United States, the Tidewater Company, the consolidation of crude oil producers that built the long-distance pipeline, had made a deal…
25 The lead trust formed in 1887 was a merger of a large number of lead-processi whole source
25 The lead trust formed in 1887 was a merger of a large number of lead-processing firms, and it continued to concentrate on the chemical pr…
Huntington combines rail and steamship lines whole source
In 1884 Huntington and his associates combined all these rail and steamship lines into a single system headed by a holding and operating con…
In 1886, before Standard began to produce its own crude oil, a “crude stock depa whole source
In 1886, before Standard began to produce its own crude oil, a “crude stock department” assisted National Transit and the Joseph Seep Agency…
For example, Rockefeller himself in the 1890s purchased large areas in the Mesab whole source
For example, Rockefeller himself in the 1890s purchased large areas in the Mesabi range, helped to start the Colorado Iron and Fuel Company,…
Hammond, in 1886, that company stopped expanding at home and began to specialize whole source
Hammond, in 1886, that company stopped expanding at home and began to specialize in overseas shipments of refrigerated ships
West End Street Railway consolidates Boston transit whole source
In Boston, for example, the West End Street Railway Company in 1887 merged seven out of the eight street railways in Boston to form a single…
As the largest New York enterprise, the Metropolitan Street Railway Company, beg whole source
As the largest New York enterprise, the Metropolitan Street Railway Company, began to shift from cable and horse to electric-powered cars in…
Edison Electric formed by consolidation whole source
Edison Electric, formed in 1889, was a consolidation of the three manufacturing companies, a patent company owned by the Edison interests, a…
Electrical Company, which Westinghouse purchased in 1889, had early financial su whole source
Electrical Company, which Westinghouse purchased in 1889, had early financial support from the Equitable Life Insurance Company
36 The magnitude of this task is suggested by the fact that by the 1890s an indi whole source
36 The magnitude of this task is suggested by the fact that by the 1890s an individual hardware jobbing firm handled 6,000 items purchased f…
As the company moved into the plug tobacco business in the late 1890s its leaf d whole source
As the company moved into the plug tobacco business in the late 1890s its leaf department built a similar organization in the Burley leaf di…
In 1899 it purchased a leading Japanese producer, and two years later it bought whole source
In 1899 it purchased a leading Japanese producer, and two years later it bought manufacturing companies in Germany and Britain
18 The major stockholders besides the Dukes were the owners of the companies tha whole source
18 The major stockholders besides the Dukes were the owners of the companies that had merged with Duke’s firm to become American Tobacco in…
According to Bureau of Corporation’s investigators, wholesale prices fell from 1 whole source
According to Bureau of Corporation’s investigators, wholesale prices fell from 1893 (American Tobacco’s accounts were first consolidated in…
“The sales department of the American Tobacco Company,” a 1909 report of the Bur whole source
“The sales department of the American Tobacco Company,” a 1909 report of the Bureau of Corporations emphasized, “is so organized as to secur…
During the 1890s, the meat packers had created as complex an organizational stru whole source
During the 1890s, the meat packers had created as complex an organizational structure as those earlier developed by railroad systems
In April 1902, a month before the government filed a formal suit under the Sherm whole source
In April 1902, a month before the government filed a formal suit under the Sherman Act against the Northern Securities Company, the packers…
23 By 1890 Adams had organized departments at the company’s central office at 29 whole source
23 By 1890 Adams had organized departments at the company’s central office at 29 Broadway for domestic sales, foreign sales, purchasing, tra…
Standard Oil of New Jersey holding company formed whole source
The holding company, the Standard Oil Company (New Jersey), that legally took its place was not formed until 1899
The agricultural implement firms began to sell abroad extensively only after the whole source
The agricultural implement firms began to sell abroad extensively only after the coming of hard times in 1893 reduced demand at home
First harvester industry merger initiated by Gary whole source
Significantly, the initiative for the first successful merger in the harvester industry in 1902 came from Judge Elbert Gary, chairman of the…
69 The merger of McCormick, Deering, and three smaller firms, completed in the s whole source
69 The merger of McCormick, Deering, and three smaller firms, completed in the summer of 1902, created an effective horizontal combination
The company continued to rely on regular meetings of the plant superintendents, whole source
The company continued to rely on regular meetings of the plant superintendents, started in 1893, to set basic policies and procedures
In the newer dynamite business these same companies maintained control through a whole source
In the newer dynamite business these same companies maintained control through another horizontal combination—the Eastern Dynamite Company,…
The organization chart of September 1902 (figure 9) outlines Colt’s first attemp whole source
The organization chart of September 1902 (figure 9) outlines Colt’s first attempt to define the rubber company’s organization structure
Mira Wilkins, “An American Enterprise Abroad: American Radiator Company in Europ whole source
Mira Wilkins, “An American Enterprise Abroad: American Radiator Company in Europe, 1895–1914,” Business History Review, 43:326–346 (Autumn 1…
All but one, Sharon Steel, is in table 8, and that firm was founded in 1900 whole source
All but one, Sharon Steel, is in table 8, and that firm was founded in 1900
That company, formed in 1898, was a merger of three regional consolidations—New whole source
That company, formed in 1898, was a merger of three regional consolidations—New York Biscuit, American Biscuit and Manufacturing, and the Un…
In its annual report for 1901 the company outlined the reasons for its shift: Th whole source
In its annual report for 1901 the company outlined the reasons for its shift: This Company is four years old, and it may be of interest to s…
The first year that the company was listed at 111 Fifth Avenue was 1898 whole source
The first year that the company was listed at 111 Fifth Avenue was 1898
To operate his national enterprise, Vail quickly created an administrative struc whole source
To operate his national enterprise, Vail quickly created an administrative structure based on legal changes instituted in 1900
His investment banking house arranged the merger in 1901 after Carnegie began to whole source
His investment banking house arranged the merger in 1901 after Carnegie began to move forward into the making of finished products in respon…
The producers of nickel, lead, and zinc who began as mining firms had by 1917 mo whole source
The producers of nickel, lead, and zinc who began as mining firms had by 1917 moved little beyond smelting and refining their ores
His company soon had control or near control over the largest of the new beet su whole source
His company soon had control or near control over the largest of the new beet sugar companies, including American Beet Sugar formed in 1902,…
Distillers-Securities Corporation formed by consolidation whole source
These wholesalers and the manufacturing enterprise were consolidated in 1903 into the Distillers-Securities Corporation
) The mergers formed after 1903 (including International Agricultural Chemical, whole source
) The mergers formed after 1903 (including International Agricultural Chemical, National Aniline, and United States Industrial Alcohol) cent…
The pioneering firms are as much in evidence on the 1917 list of machinery maker whole source
The pioneering firms are as much in evidence on the 1917 list of machinery makers as they are in the food group
Du Pont cousins consolidate family firms whole source
In 1903 three du Pont cousins consolidated their small enterprise with many other small, single-unit family firms
At this time, American Sugar sold, besides its holdings in the beet sugar compan whole source
At this time, American Sugar sold, besides its holdings in the beet sugar companies, its holdings of 12 percent in Cuban-American Sugar, a c…
As Eichner points out: “The government’s objectives in the suit had, to a certai whole source
As Eichner points out: “The government’s objectives in the suit had, to a certain extent, already been accomplished through the death in 190…
Durant, an entrepreneur of imperial ambitions who formed the company in 1908, ha whole source
Durant, an entrepreneur of imperial ambitions who formed the company in 1908, had little interest in the processes and needs of management
The sudden and continuing drop in demand from the summer of 1920 until the sprin whole source
The sudden and continuing drop in demand from the summer of 1920 until the spring of 1922 was, therefore, the first period of hard times tha…
The recession of 1920–1921 transformed General Motors from an entrepreneurial to whole source
The recession of 1920–1921 transformed General Motors from an entrepreneurial to a managerial enterprise
The Remington Typewriter factory at Illion, New York, reorganized in 1910 by Hen whole source
The Remington Typewriter factory at Illion, New York, reorganized in 1910 by Henry Gantt, one of Taylor’s most committed disciples, provides…
By 1910 they had developed accounting methods and controls that were to become s whole source
By 1910 they had developed accounting methods and controls that were to become standard procedure for twentieth-century industrial enterpris…
By 1911 the company owned its own glycerine and acid-making facilities and had p whole source
By 1911 the company owned its own glycerine and acid-making facilities and had purchased large nitrate fields in Chile
All of the independents formed after 1911 listed in table 7 became part of large whole source
All of the independents formed after 1911 listed in table 7 became part of larger and older enterprises
On the other hand, nearly all of the independents formed before 1911 and nearly whole source
On the other hand, nearly all of the independents formed before 1911 and nearly all of the old Standard Oil Company subsidiaries are still,…
6 Two other enterprises that were founded at the same time and for much the same whole source
6 Two other enterprises that were founded at the same time and for much the same reasons—Diamond Match and Eastman Kodak—continued to handle…
Ford develops the moving assembly line whole source
The moving line was first tried in assembling the flywheel magneto, then other parts of the engine, next the engine itself, and finally, in…
This type of structure, with its general office and its autonomous, integrated d whole source
This type of structure, with its general office and its autonomous, integrated divisions, began to be adopted, though rather slowly, by othe…
During the 1920s, a relatively small number of oil, chemical, rubber, and automo whole source
During the 1920s, a relatively small number of oil, chemical, rubber, and automobile companies followed the pioneering firms overseas
For example, in 1929, in order to diversify risks and investments, the families whole source
For example, in 1929, in order to diversify risks and investments, the families controlling Filenes of Boston, Abraham & Straus of Brooklyn,…
Before 1880, Western Union and Montgomery Ward were among the few large firms to... whole source
Before 1880, Western Union and Montgomery Ward were among the few large firms to operate on a national scale
By 1900 the names of many integrated, multifunctional enterprises had become hou... whole source
By 1900 the names of many integrated, multifunctional enterprises had become household words
Duke begins producing cigarettes in Durham whole source
Duke, a manufacturer of smoking tobacco in Durham, North Carolina, had decided in 1881 to produce cigarettes because he was having difficult…
American Tobacco Company formed in Duke merger whole source
The desire to control this competition caused Duke and his four competitors to merge in 1890, forming the American Tobacco Company
5 For a brief time the constituent companies continued to operate independently;... whole source
5 For a brief time the constituent companies continued to operate independently; but after 1893 their functional activities were consolidate…
By 1900 the American Tobacco Company had come to dominate that industry complete... whole source
By 1900 the American Tobacco Company had come to dominate that industry completely, except for the making of cigars
Libby and Wilson begin canned meat production whole source
In 1882 two of the smaller meat packers, Libby, McNeil & Libby and Wilson & Company, began volume production of canned meat in Chicago
American Can formed by merger whole source
American Can, whose first president was Edward Norton, the inventor of the “automatic-line” process, resulted from a merger in 1901
19 In 1879, a small Cincinnati soap maker, Procter & Gamble, developed by accide... whole source
19 In 1879, a small Cincinnati soap maker, Procter & Gamble, developed by accident a soap that floated
Modern refrigerated railroad car appears whole source
Then, in 1881 the modern refrigerated car made its appearance
When Gustavus Swift, a New England wholesale butcher, moved to Chicago in 1875,... whole source
When Gustavus Swift, a New England wholesale butcher, moved to Chicago in 1875, nearly all meat went east “on the hoof
To carry out his strategy, Swift, who had begun winter shipments in 1878, not on... whole source
To carry out his strategy, Swift, who had begun winter shipments in 1878, not only concentrated on improving the refrigerated car but also b…
By 1856 Grover and Baker had already established such branch offices, as they we... whole source
By 1856 Grover and Baker had already established such branch offices, as they were called, in ten cities
By 1859 Singer had opened fourteen branches, each with a female demonstrator, a... whole source
By 1859 Singer had opened fourteen branches, each with a female demonstrator, a mechanic to repair and service, and a salesman or canvasser…
By 1860 they already produced three-fourths of the industry’s output, with Wheel... whole source
By 1860 they already produced three-fourths of the industry’s output, with Wheeler & Wilson manufacturing 85,000 machines in that year and t…
Patterson of National Cash Register attributed the swift growth of his innovativ... whole source
Patterson of National Cash Register attributed the swift growth of his innovative enterprise after 1884—and with it the expansion of the ind…
Remington Brothers Agricultural Works founded whole source
In 1865 they set up the Remington Brothers Agricultural Works to make mowing machines and cultivators
In 1873 the inventor of the typewriter, Christopher L whole source
In 1873 the inventor of the typewriter, Christopher L
Nevertheless, the giant, integrated industrial enterprise remained the exception... whole source
Nevertheless, the giant, integrated industrial enterprise remained the exception until after 1900
48 In 1899 his firm, the Boston Fruit Company, became the core enterprise in the... whole source
48 In 1899 his firm, the Boston Fruit Company, became the core enterprise in the United Fruit Company, which, in addition to its distributio…
Merger forms Computing-Tabulating-Recording, IBM forerunner whole source
These were to merge in 1911 to form the Computing-Tabulator Recording Company, the forerunner of International Business Machines
Second, until the passage of the Sherman Antitrust Act in 1890 and, indeed, unti... whole source
Second, until the passage of the Sherman Antitrust Act in 1890 and, indeed, until the act’s interpretation by the Supreme Court, horizontal…
They did so primarily as a response to the continuing price decline, which becam... whole source
They did so primarily as a response to the continuing price decline, which became increasingly oppressive after the panic of 1873 ushered in…
The wholesale price index on all commodities fell from 151 in 1869 to 82 in 1886... whole source
The wholesale price index on all commodities fell from 151 in 1869 to 82 in 1886, on farm products from 128 to 68 in the
New Jersey eases law for holding companies whole source
In its session of 1888–1889, that body modified the state’s general incorporation law to permit manufacturing companies to purchase and to h…
The first merger, or legal combination of many small manufacturers, came in the... whole source
The first merger, or legal combination of many small manufacturers, came in the United States in the petroleum industry, the industry which…
In 1872, when their industry was little more than a decade old, the leading petr... whole source
In 1872, when their industry was little more than a decade old, the leading petroleum refiners decided on a strategy of horizontal combinati…
Standard Oil Trust formed by shareholder agreement whole source
By the agreement signed on January 2, 1882, the shareholders of the forty companies exchanged their stock for certificates in the new Standa…
16 Between 1882 and 1885 the trust reduced the number of refineries it operated... whole source
16 Between 1882 and 1885 the trust reduced the number of refineries it operated from fifty-three to twenty-two
After 1875 tank car began to replace the barrel and can for long-distance shipme... whole source
After 1875 tank car began to replace the barrel and can for long-distance shipments of kerosene and other refined products
Only after the financial and administrative reorganization of the company in 189... whole source
Only after the financial and administrative reorganization of the company in 1898, when it became the American Linseed Company, did it begin…
In 1895, just before it went into receivership, the company decided to spend a m... whole source
In 1895, just before it went into receivership, the company decided to spend a million dollars to build a selling organization in the urban…
It first centralized the administration of its productive facilities, and then i... whole source
It first centralized the administration of its productive facilities, and then in 1898 purchased two leading liquor wholesalers
Sherman Antitrust Act passed whole source
Most important were, on the one hand, the protests against the trade associations and trusts that culminated in 1890 in the passage of the S…
A second reason for the increasing number of mergers after 1890 was the growing... whole source
A second reason for the increasing number of mergers after 1890 was the growing market for industrial securities
After 1890 buyers continued to take the securities of the new holding companies whole source
After 1890 buyers continued to take the securities of the new holding companies
After 1900 National Biscuit continued to compete in the new manner, relying on b... whole source
After 1900 National Biscuit continued to compete in the new manner, relying on brand names, advertising, and scale economies
Corn Products Company formed by merger whole source
The Corn Products Company, formed in 1903, was a merger of two unsuccessful combinations and three independent companies
48 The combinations were the reincarnation of National Starch, originally formed... whole source
48 The combinations were the reincarnation of National Starch, originally formed in 1890 and financially reorganized in 1900, and the Glucos…
Integration Completed An overview: 1900–1917 As the new century opened, patter... whole source
Integration Completed An overview: 1900–1917 As the new century opened, patterns of success and failure were only just beginning to appear
But after 1900 the modern multiunit industrial enterprise became a standard inst... whole source
But after 1900 the modern multiunit industrial enterprise became a standard instrument for managing the production and distribution of goods…
Navin and published in the Autumn 1970 issue of Business History Review whole source
Navin and published in the Autumn 1970 issue of Business History Review
By 1917 American Sugar Refining was competing with the 5 other large and integra... whole source
By 1917 American Sugar Refining was competing with the 5 other large and integrated sugar companies on the list
Well before 1917, nearly all the large food companies in the United States had c... whole source
Well before 1917, nearly all the large food companies in the United States had concentrated production in a few large plants and had their o…
Supreme Court breaks up American Tobacco Company whole source
In tobacco, the American Tobacco Company remained all-powerful until 1911, when it was broken up by a Supreme Court decision
In the stone-clay-glass group, 4 of the 6 largest firms in 1917 were in plate an... whole source
In the stone-clay-glass group, 4 of the 6 largest firms in 1917 were in plate and window glass and the cement industries
All 4—Pittsburgh Plate Glass, American Window Glass, Lehigh Portland Cement, and... whole source
All 4—Pittsburgh Plate Glass, American Window Glass, Lehigh Portland Cement, and Atlas Portland Cement—continued to lead their industry for…
16 A fifth, Owens Bottle Machine, which became Owens-Illinois in 1965, is still... whole source
16 A fifth, Owens Bottle Machine, which became Owens-Illinois in 1965, is still a leader in this industry
The shipbuilders were one of the few sets of manufacturers listed among the 278... whole source
The shipbuilders were one of the few sets of manufacturers listed among the 278 largest enterprises in 1917 that were not integrated
Even though these firms were booming in 1917 because of the critical shortage of... whole source
Even though these firms were booming in 1917 because of the critical shortage of ships caused by unrestricted German submarine warfare, they…
a Numbers indicate rank among the largest 278 industrials in 1917 whole source
a Numbers indicate rank among the largest 278 industrials in 1917
By 1917 most American industries had acquired their modern structure whole source
By 1917 most American industries had acquired their modern structure
For the rest of the century the large industrial enterprises continued to cluste... whole source
For the rest of the century the large industrial enterprises continued to cluster in much the same industrial groups as they did in 1917
Even before 1900 a high degree of concentration could be found in many industrie... whole source
Even before 1900 a high degree of concentration could be found in many industries
29 Table 10 lists the American firms that had by 1914 substantial investments ab... whole source
29 Table 10 lists the American firms that had by 1914 substantial investments abroad
As a result, well before 1914 a number of American firms were operating fully in... whole source
As a result, well before 1914 a number of American firms were operating fully integrated foreign subsidiaries
By 1914 American direct foreign investment was impressive whole source
By 1914 American direct foreign investment was impressive
”38 In 1896 George Eastman set up his experimental department with managers trai... whole source
”38 In 1896 George Eastman set up his experimental department with managers trained in chemical engineering at Massachusetts Institute of Te…
Of all the new types of business organizations to be formed in the United States whole source
Of all the new types of business organizations to be formed in the United States after 1840, none were more complex than those that integrat…
Before Duke made his gamble in 1885 on Bonsack’s continuous-process cigarette ma... whole source
Before Duke made his gamble in 1885 on Bonsack’s continuous-process cigarette machine, he and his four major competitors were still basicall…
Before 1885 none had set up branch sales offices operated by their own salaried... whole source
Before 1885 none had set up branch sales offices operated by their own salaried personnel and managers
Duke signs Bonsack cigarette machine contract whole source
Even before he had signed the contract with James Bonsack in June 1885 to use his machine to make all his cigarettes, expensive as well
“The sales department of the American Tobacco Company,” a 1909 report of the Bur... whole source
“The sales department of the American Tobacco Company,” a 1909 report of the Bureau of Corporations emphasized, “is so organized as to secur…
On the other hand, as late as 1915 the company had not yet applied the new techn... whole source
On the other hand, as late as 1915 the company had not yet applied the new techniques of standard costing to the determination of overhead
Before 1914 it was using locally grown bright leaf tobacco whose seed it had imp... whole source
Before 1914 it was using locally grown bright leaf tobacco whose seed it had imported from North Carolina
Despite the legal changes instituted by the Supreme Court’s antitrust decision a... whole source
Despite the legal changes instituted by the Supreme Court’s antitrust decision against American Tobacco in 1911, British-American Tobacco re…
Swift builds national branch-house distribution network whole source
In the dozen or so years after 1881, when Swift began to build a national branch-house distributing network, six integrated packers dominate…
All three divisions marketed their products through Armour’s nationwide branch h... whole source
All three divisions marketed their products through Armour’s nationwide branch house organization, which by 1900 numbered 200 houses
The nature of and reason for such controls was well expressed in the Bureau of C... whole source
The nature of and reason for such controls was well expressed in the Bureau of Corporations report published in 1905: On account of their p…
The only specialized nonoperating officer he consulted was the head of the legal... whole source
The only specialized nonoperating officer he consulted was the head of the legal department—an office formally established only in 1897
The formal cartel operated from 1893 to 1902, with the exception of one year, 18... whole source
The formal cartel operated from 1893 to 1902, with the exception of one year, 1897
In April 1902, a month before the government filed a formal suit under the Sherm whole source
In April 1902, a month before the government filed a formal suit under the Sherman Act against the Northern Securities Company, the packers…
After he became president in 1876 he and his vice president, George Ross McKenzi... whole source
After he became president in 1876 he and his vice president, George Ross McKenzie, determined to speed up and complete the slow transformati…
Clark outlined the final plan for the reorganization in a circular that went out... whole source
Clark outlined the final plan for the reorganization in a circular that went out to all regional offices in November 1878
In 1879 McKenzie added a “second man” to each of the foreign agencies “so that n... whole source
In 1879 McKenzie added a “second man” to each of the foreign agencies “so that neither sickness, death, nor any other circumstances may inte…
The agricultural implement firms began to sell abroad extensively only after the whole source
The agricultural implement firms began to sell abroad extensively only after the coming of hard times in 1893 reduced demand at home
By 1901 McCormick still sold through distributors who purchased machines outrigh... whole source
By 1901 McCormick still sold through distributors who purchased machines outright in Latin America, Africa, New Zealand, and parts of Europe
But in Australia and the major grain-growing areas of Europe, the company alread... whole source
But in Australia and the major grain-growing areas of Europe, the company already had by 1901 eight general agencies of its own, each with c…
Thus by 1914 integrated suborganizations were appearing to serve large regional... whole source
Thus by 1914 integrated suborganizations were appearing to serve large regional overseas markets
Nevertheless, this evolutionary process had by 1917 brought the United States Ru... whole source
Nevertheless, this evolutionary process had by 1917 brought the United States Rubber Company organizational structure close to that of the m…
Du Pont cousins consolidate family firms whole source
In 1903 three du Pont cousins consolidated their small enterprise with many other small, single-unit family firms
The highly rational managers at Du Pont continued to perfect these techniques, s... whole source
The highly rational managers at Du Pont continued to perfect these techniques, so that by 1910 that company was employing nearly all the bas…
The lubricating oil committee appeared in 1885 when the trust decided to central... whole source
The lubricating oil committee appeared in 1885 when the trust decided to centralize the sale of lubricants in New York
Then, as it took on marketing activities, its top executives created in 1886 the... whole source
Then, as it took on marketing activities, its top executives created in 1886 the domestic marketing committee
In 1889 with the move into crude oil production came the production committee whole source
In 1889 with the move into crude oil production came the production committee
Ohio Supreme Court dissolves Standard Oil trust whole source
One reason was that the trust was dissolved in 1893 after it was declared illegal by the Ohio Supreme Court
Then after 1900 with the opening of new fields in the south and far west, Standa... whole source
Then after 1900 with the opening of new fields in the south and far west, Standard of California and Standard of Louisiana developed similar…
23 By 1890 Adams had organized departments at the company’s central office at 29... whole source
23 By 1890 Adams had organized departments at the company’s central office at 29 Broadway for domestic sales, foreign sales, purchasing, tra…
General Electric incorporated through merger whole source
The General Electric Company, incorporated in November 1892, was a merger of two of these three large electrical equipment manufacturers
Edison Electric formed by consolidation whole source
Edison Electric, formed in 1889, was a consolidation of the three manufacturing companies, a patent company owned by the Edison interests, a…
Coffin, had by 1886, four years after its founding, completed a national network... whole source
Coffin, had by 1886, four years after its founding, completed a national network of sales offices
In addition to a sizable patent and law department, the company added in 1897 a... whole source
In addition to a sizable patent and law department, the company added in 1897 a publicity bureau whose task was to publicize broader develop…
In 1895 Coffin set up in Schenectady a standardizing laboratory for the company... whole source
In 1895 Coffin set up in Schenectady a standardizing laboratory for the company as a whole
Then in 1901 he and his associates created the research laboratory whole source
Then in 1901 he and his associates created the research laboratory
The company continued to rely on regular meetings of the plant superintendents,... whole source
The company continued to rely on regular meetings of the plant superintendents, started in 1893, to set basic policies and procedures
In 1902 uniform accounting was only beginning to be instituted throughout the co... whole source
In 1902 uniform accounting was only beginning to be instituted throughout the company
57 Although its top management was still small in 1902, the company’s central o... whole source
57 Although its top management was still small in 1902, the company’s central office organization was becoming like that of General Electri…
68 By 1908, for example, the company was consuming one-third of the glycerine so... whole source
68 By 1908, for example, the company was consuming one-third of the glycerine sold in the United States or one-sixth of the world’s supply,…
By 1911 the company owned its own glycerine and acid-making facilities and had p whole source
By 1911 the company owned its own glycerine and acid-making facilities and had purchased large nitrate fields in Chile
In 1904 it enlarged the traffic department, placing it under an experienced indu... whole source
In 1904 it enlarged the traffic department, placing it under an experienced industrialist, Frank G
To obtain an accurate picture of capital invested, Pierre carefully reviewed the... whole source
To obtain an accurate picture of capital invested, Pierre carefully reviewed the valuation made of all properties coming into the merger in…
On the basis of this information on fixed and working capital, Pierre’s departme... whole source
On the basis of this information on fixed and working capital, Pierre’s department was by 1904 presenting the executive committee with month…
As early as November 1904, the executive committee’s members decided that they w... whole source
As early as November 1904, the executive committee’s members decided that they were not appropriating capital systematically enough
By 1917 each of the four companies had become, in differing degrees, managerial... whole source
By 1917 each of the four companies had become, in differing degrees, managerial enterprises
As the Jersey’s legal counsel wrote to a colleague in 1913: “Within a very short... whole source
As the Jersey’s legal counsel wrote to a colleague in 1913: “Within a very short time, Harkness and Pratt resign and their places will be
By 1925 40 percent of the board were professional managers whole source
By 1925 40 percent of the board were professional managers
A businessman of today would find himself at home in the business world of 1910,... whole source
A businessman of today would find himself at home in the business world of 1910, but the business world of 1840 would be a strange,
So, too, the American businessman of 1840 would find the environment of fifteent... whole source
So, too, the American businessman of 1840 would find the environment of fifteenth-century Italy more familiar than that of his own nation se…
It consists of refinements in existing processes and procedures, and the continu... whole source
It consists of refinements in existing processes and procedures, and the continuation of basic trends that appeared before 1917
The techniques for improved coordination evolved out of the pressing need in lat... whole source
The techniques for improved coordination evolved out of the pressing need in late 1920 to regain control over inventories, especially purcha…
By 1924 they were tied to annual forecasts of demand provided by the new financi... whole source
By 1924 they were tied to annual forecasts of demand provided by the new financial staff headed by Donaldson Brown from Du Pont
By 1924 it had ten members, including Sloan who had become president, du Pont wh... whole source
By 1924 it had ten members, including Sloan who had become president, du Pont who was then chairman of the board, the head of the
For example, in 1890 the British firm of Price, Waterhouse & Co whole source
For example, in 1890 the British firm of Price, Waterhouse & Co
American Association of Public Accountants founded whole source
In 1897 members of these firms helped to form the American Association of Public Accountants, which included railroad comptrollers as well a…
Journal of Accountancy begins monthly publication whole source
In 1905 the association that had published the proceedings of its meetings began to support the monthly Journal of Accountancy
The appurtenances of professionalism—societies, journals, university training, a... whole source
The appurtenances of professionalism—societies, journals, university training, and specialized consultants—hardly existed in the United Stat…
Between 1925 and the onslaught of the great depression at the end of 1929, Sears... whole source
Between 1925 and the onslaught of the great depression at the end of 1929, Sears and Montgomery Ward both created a large nationwide chain
By the end of 1929, Sears had opened 324 retail stores and Montgomery Ward nearl... whole source
By the end of 1929, Sears had opened 324 retail stores and Montgomery Ward nearly 500
Moreover, the National Banking Act of 1864 and laws in many states forbade the b... whole source
Moreover, the National Banking Act of 1864 and laws in many states forbade the banks within their jurisdictions to have branches
After 1900, however, as the economy, particularly the cities, grew, the demand f... whole source
After 1900, however, as the economy, particularly the cities, grew, the demand for banking services became more acute
Federal Reserve allows national banks foreign branches whole source
In 1913, for example, the Federal Reserve permitted national banks to open branches abroad
Modern business enterprise since 1941 In many sectors of the American economy,... whole source
Modern business enterprise since 1941 In many sectors of the American economy, but above all in the central sectors of production and distr…
In addition, the war brought full employment for the first time since 1929 whole source
In addition, the war brought full employment for the first time since 1929
Congress passes the Employment Act of 1946 whole source
The continuance of a vast national mass market was further assured when, early in 1946, Congress passed the Employment Act, which committed…
By 1963, after most of these enterprises had adopted the new strategy and the ne... whole source
By 1963, after most of these enterprises had adopted the new strategy and the new structure, they were responsible for 41 percent of the val…
2 Such an analysis has historical validity for the years before 1850 but has lit... whole source
2 Such an analysis has historical validity for the years before 1850 but has little relevance to much of the economy after the completion of
But by 1917 representatives of an entrepreneurial family or a banking house almo... whole source
But by 1917 representatives of an entrepreneurial family or a banking house almost never took part in middle management decisions on prices,…
A study of the 200 largest nonfinancial companies in 1963 indicates that in none... whole source
A study of the 200 largest nonfinancial companies in 1963 indicates that in none of these firms did an individual, family, or group hold ove…
Only in 1936 after the creation of the Committee for Industrial Organization, af... whole source
Only in 1936 after the creation of the Committee for Industrial Organization, after its split from the A F of L, and after the resulting
Congress passes the Taft-Hartley Act whole source
With the passage of the Taft-Hartley Act of 1947, the managers retained control over hiring, a prerogative that has never been seriously cha…
When Roosevelt decided in 1936 that, despite high unemployment, the depression w... whole source
When Roosevelt decided in 1936 that, despite high unemployment, the depression was over, he reduced government expenditures
The Employment Act of 1946 passed only through the concerted efforts of liberal... whole source
The Employment Act of 1946 passed only through the concerted efforts of liberal and labor groups
They supported the efforts of both Democratic and Republican administrations dur... whole source
They supported the efforts of both Democratic and Republican administrations during the recessions of 1949, 1957, and 1960 to provide stabil…
This firm began by importing a general line of goods from Europe and trading ext whole source
This firm began by importing a general line of goods from Europe and trading extensively with the West Indies, but after 1815 it concentrate…
Also valuable is “Samuel Slater and the American Textile Industry, 1789–1835,” N whole source
Also valuable is “Samuel Slater and the American Textile Industry, 1789–1835,” N
McGouldrick has written an excellent set of “Notes on Cotton Textile Records at... whole source
McGouldrick has written an excellent set of “Notes on Cotton Textile Records at the Baker Library,” dated December 26, 1958, a script of whi…
However, John Lozier has shown me a statement of cost per yard for labor, cotton whole source
However, John Lozier has shown me a statement of cost per yard for labor, cotton, and repairs for the Lyman Mills in the first nine
Also, by 1852, Lyman Mills had information on yards per pound of cotton and yard... whole source
Also, by 1852, Lyman Mills had information on yards per pound of cotton and yards per loom produced by each loom weekly
One of Poor’s earliest editorial campaigns in 1849 urged roads to set aside fund... whole source
One of Poor’s earliest editorial campaigns in 1849 urged roads to set aside funds for renewal and replacement
“Proceedings of the Convention of Railroad Commissioners Held at Saratoga Spring... whole source
“Proceedings of the Convention of Railroad Commissioners Held at Saratoga Springs, New York, June 10, 1879,” Appendix 21, a pamphlet in Bake…
Brief gives an excellent analysis of replacement accounting in this article whic... whole source
Brief gives an excellent analysis of replacement accounting in this article which can be supplemented by his “The Evolution of Asset Account…
Eleventh Annual Report of the Pennsylvania Railroad Company, February 1, 1858, p whole source
Eleventh Annual Report of the Pennsylvania Railroad Company, February 1, 1858, p
Other western connections whose securities the Pennsylvania purchased included t... whole source
Other western connections whose securities the Pennsylvania purchased included the Maysville & Big Sandy and the Springfield, Mount Vernon &…
471–474; Sixth Annual Report of the Pennsylvania Railroad Company, February 7, 1... whole source
471–474; Sixth Annual Report of the Pennsylvania Railroad Company, February 7, 1853, pp
Thirtieth Annual Report of … the Pennsylvania Railroad Company … March 17, 1877,... whole source
Thirtieth Annual Report of … the Pennsylvania Railroad Company … March 17, 1877, p
This quotation is from Report of the Investigating Committee of the Pennsylvania... whole source
This quotation is from Report of the Investigating Committee of the Pennsylvania Railroad … by Resolution of … March 10, 1874, p
Scott continued to retain his personal holdings in the Texas Pacific, remaining... whole source
Scott continued to retain his personal holdings in the Texas Pacific, remaining its president until 1880, when he also retired as president…
Olson, “Economies of Reorganization in Railroad Consolidation,” unpublished manu... whole source
Olson, “Economies of Reorganization in Railroad Consolidation,” unpublished manuscript, Johns Hopkins University, 1970
Brackett, “Morgan’s Reorganized Railroads: How They Were Controlled,” unpublishe... whole source
Brackett, “Morgan’s Reorganized Railroads: How They Were Controlled,” unpublished paper, Massachusetts Institute of Technology, 1959
As indicated by Poor’s “List of Officers Operating Railroads” in the Manual of R... whole source
As indicated by Poor’s “List of Officers Operating Railroads” in the Manual of Railroads for the United States for 1898, the Erie, the Readi…
These changes can be traced in the Annual Reports of the president of the Wester... whole source
These changes can be traced in the Annual Reports of the president of the Western Union Company for 1880 through 1883
Lindley, “The Constitution Faces Technology: The Relationship of the National Go... whole source
Lindley, “The Constitution Faces Technology: The Relationship of the National Government to the Telegraph, 1866–1884,” Ph
, Rice University, 1970, provides the best description and analysis of governmen... whole source
, Rice University, 1970, provides the best description and analysis of government-industry relations in the telegraph business
One of the earliest accurate counts of wholesalers, made forty years later in 19... whole source
One of the earliest accurate counts of wholesalers, made forty years later in 1925, lists the number of dry goods wholesalers at 3,200, hard…
Beckman cites another survey made in 1922 by the Crowell Publishing Company wher... whole source
Beckman cites another survey made in 1922 by the Crowell Publishing Company where figures are much higher for each category
Barger says on page 11, “For all practical purposes … in 1879 there were no depa... whole source
Barger says on page 11, “For all practical purposes … in 1879 there were no department stores
They were the Albany Iron Works of Erastus Corning and John Winslow in 1865, the... whole source
They were the Albany Iron Works of Erastus Corning and John Winslow in 1865, the rail-making subsidiary of the Pennsylvania Railroad, the Pe…
The best brief review of the rise of the dressed beef industry is Mary Yeager Ku... whole source
The best brief review of the rise of the dressed beef industry is Mary Yeager Kujovich, “The Refrigerator Car and the Growth of the American
, “The Dynamics of Oligopoly in the Meat Packing Industry, an Historical Analysi... whole source
, “The Dynamics of Oligopoly in the Meat Packing Industry, an Historical Analysis,” Johns Hopkins University, 1973, provides most of the inf…
22 billion cigarettes were exported in that year and Report of the Commissions o... whole source
22 billion cigarettes were exported in that year and Report of the Commissions of Corporations on the Tobacco Industry, Part III, Prices, Co…
In April 1894, Wills, the largest British Tobacco manufacturer, became concerned... whole source
In April 1894, Wills, the largest British Tobacco manufacturer, became concerned about American Tobacco Company’s increasing power in the le…
96, has the appraised value of the companies that joined the 1902 merger whole source
96, has the appraised value of the companies that joined the 1902 merger
The nine-man executive committee appointed at Du Pont in 1919 included only two... whole source
The nine-man executive committee appointed at Du Pont in 1919 included only two members of the clan
The responses of Ford and General Motors to the inventory crisis of 1920–1921 ar... whole source
The responses of Ford and General Motors to the inventory crisis of 1920–1921 are outlined in Lawrence H
29, 1920, quoted in Chandler, Strategy and Structure, p whole source
29, 1920, quoted in Chandler, Strategy and Structure, p
290–298, illustrates the pattern of diversification for about eighty of the nati... whole source
290–298, illustrates the pattern of diversification for about eighty of the nation’s largest enterprises in 1909, 1919, 1929, 1935, 1948, an…
The figures for the share of the 200 largest in manufacturing and mining assets... whole source
The figures for the share of the 200 largest in manufacturing and mining assets are, for 1947, 44
, 163 Doering, Otto, 232 Dogget’s Directory for New York City in 1846, 26 Domi... whole source
, 163 Doering, Otto, 232 Dogget’s Directory for New York City in 1846, 26 Dominion Telegraph, 199 Domino sugar, 329 Dorrance family, 295…