MGMT 1030 Lecture Notes - Lecture 4: Justice Of The Peace, Venture Capital, Carnegie Steel Company
24 Sep 2015
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Document Summary
Morgan & company; father and son worked to channel british investment into us: unlike england, which had capital surplus, america needed to import fund; result of demand for capital from railroad industry expansion. Morgan organized foreign capital for this demand; worked to keep us on gold standard to minimize foreign investor losses through adverse currency exchange rates. Farmers opposed morgan and gold standard they saw forcing down prices of their commodities. Railroad endeavours: morgan heavily involved in reorganizing and consolidating financially troubled railroad; gained control of significant portions of these railroads" stock, began when he arranged agreement between 2 largest railroads in country, new york central. U. s. supreme court ruled northern securities company in violation of sherman antitrust. Rescue of the u. s. treasury + industrial contributions: during depression following panic of 1893 (bank failures from railroad financing), repeal of sherman.
