This paper sketches the formation and expansion of a Scottish company engaged in the Indian trade, and follows its attempts to formulate policies to meet the changing demands of an overseas market known only through long delayed and often conflicting reports from abroad.

In this article Professor Shmanske examines the history of the wire service industry with special attention to two economic peculiarities: the “public good” nature of news dissemination and the different ownership structures of the competing firms. By focusing on the interplay of the nonprofit, cooperative organizational structure of the Associated Press and the public good characteristics of news, the author provides a new and economically sound explanation for the AP's relative success. In addition, he demonstrates that many unusual institutions in the news-providing industry, particularly pricing structures, can be understood by analyzing the economic and marketing problems associated with private-sector production of a public good.

The widespread advent of money-back guarantees and one-price policies were symptomatic of a major transition in merchandising history. As trade grew and retail stores multiplied, standardization of terms and practices became apparent. Before 1864 Champaign-Urbana merchants had made little progress in developing a policy of standard prices. The postwar years brought increasing competition at the retail level, and the use of the money-back guarantee spread. When this practice became widespread, a one-price-to-all policy became essential. Some old-time merchants continued to haggle with customers, and barter trade in country produce created complications, but by the early 1870's the integration of one-price policies and money-back guarantees had been generally accomplished and the way paved for the advent of mass distribution.

For Alfred D. Chandler, Jr., in Scale and Scope, “the British story provides a counterpoint, an antitheses, to the American experience.” Chandler shows that fewer of the largest firms appeared in Britain. British companies preferred to retain family or family-like control and management; he terms this “personal capitalism.” Firms were reluctant to recruit professional managers, and if they did so, they did not like them to have received much formal education. There were no business schools in the pre-1945 U.K. These personal capitalists on the whole preferred personal income to making the 3-pronged investments in manufacturing, marketing and management in the capitalintensive industries of the Second Industrial Revolution. The more complex the technical and managerial skills required in an industry, the worse these personal capitalists performed and the greater the missed opportunities. For Chandler, Britain stands as a warning of the unpleasant consequences of not adopting managerial capitalism.

By the 1930s, the American Locomotive Company (ALCo) and the Electromotive Company (EMC) controlled the diesel locomotive industry. Although ALCo enjoyed sound financial status, decades of experience in steam locomotive production, and close ties with its customers, it quickly lost ground to the newly established EMC. Electromotive's founder, Harold Hamilton, emphasized the importance of marketing, including post-sales support services, and his strategy helped Electromotive to surpass ALCo's diesel locomotive production by 1935. ALCo continued to neglect its marketing capabilities, and remained a poor second to Electromotive until it ceased production altogether in 1969. ALCo failed in large part because it could not modify its corporate culture, which was superbly equipped for steam locomotive production but ill-suited to the diesel locomotive industry.

In contrast to older views of the passive role of London houses in the American trade, the active influence of a leading English merchant on the business decision-making of his colonial counterparts emerges from this case study.

This article analyzes the evolution of the Philadelphia Stock Exchange (PHLX), America's oldest stock exchange, from 1950 through 2000. PHLX was able to compete against the much larger New York Stock Exchange (NYSE) because it exploited loopholes created by fixed minimum trading commissions prior to 1975. After the liberalization of commissions, the PHLX competed against the NYSE by offering automated executions that met the needs of discount brokers. It also moved early to trade equity options and developed the first exchange-based market for foreign currency options.

Railroads were unquestionably a leading sector of economic development in the American South following the Civil War. By appraising the growth strategies followed by southern roads as functions of their profitability, the authors illustrate how the supply of regional transport in the South was patterned by the decisions of competing groups of businessmen.

The idea to construct a pipeline from Suez to the Mediterranean (SUMED) was initially raised before the 1967 War. With the closure of the Suez Canal following the war, the pipeline could offer a less expensive route for Gulf oil. However, the pipeline was inaugurated only in 1977, following three wars and debilitating negotiations between Egypt and foreign institutions. This article analyzes the motives for the project as well as the reasons for the long delay in its implementation. Anticipated financial profits were a major consideration for both the governments concerned and the oil companies. Yet the project was launched only after the parties involved realized that its construction also entailed significant political advantages and after the security risks were eliminated. In recent years, SUMED and the Suez Canal have become major transportation routes for crude oil, transforming Egypt into an actor in the oil market.

The voyage of a small ocean-going trading vessel, of a type known as a snow, provides a window into the world of wartime commerce in the late colonial period. In March 1760, the snow Recovery, which was owned by a consortium of North American and Irish businessmen, traveled from New York City to Belfast, Ireland, and from there to the tiny Dutch island of Curaçao. From Curaçao, the snow sailed north to the Bay of Monte Cristi in Spanish Santo Domingo, where it loaded French sugar and coffee, mostly purchased through Spanish intermediaries, for sale at the German port of Hamburg. Upon leaving the bay for a brief stopover in New York, the Recovery was seized by a British warship and carried to Jamaica for condemnation in the court of vice-admiralty. This trading venture tells us much about mid-eighteenth-century Atlantic markets, their fluidity, adaptability, and responsiveness to change, as well as their integration into a single system of production, commerce, and finance.

The Selfridge Collection of Medici manuscripts at Harvard Business School's Baker Library is the largest collection of Renaissance Florentine account books outside Italy. This collection documents both the business and personal economic activities of one branch of the Medici family through six generations, extending from the early fifteenth century through the end of the sixteenth century. It would be difficult to find, even in Florence, another family whose economic activities are so well documented over such a long span of time, a period we know as the Renaissance. This patrimony of family documents was sold by the Medici heirs through an auction at Christie's of London in 1918; and in 1927 the buyer, H. Gordon Selfridge, deposited the ledgers at the Harvard School of Business Administration. Around one hundred ledgers arrived at Harvard at that time, but one item in the Christie's inventory was missing. In 2007, I found this missing item in the catalogue of a Munich antiquarian book dealer, but it had already been sold to a private collector in Germany. When informed of its importance for the Harvard collection, the new owner of the ledger kindly permitted Laura Linard, director of Historical Collections at Baker Library, to have it microfilmed; and so finally, after eighty years, the missing item has returned, at least in a photographic version, to its original home, thereby completing the Selfridge Collection. This event could be the occasion for a reevaluation of a major collection of business documents too long ignored by historians.

While researchers have pointed to numerous methods of expanding state capacity in the Progressive Era, the literature has overlooked the creation of nominally private companies relying on implicit government guarantees, later known as government-sponsored enterprises. This article explains the novelty and structure of the nation's first such enterprises, the Federal Land Banks, and describes how their design embodied several fragilities that contributed to their collapse and bailout in 1932. The article then demonstrates why, despite these problems, the land banks became the model for subsequent enterprises and financial reforms.