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How the House of Morgan Cooperated to Develop the Large-Cap US Multinational Corporation, 1895-1913

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How the House of Morgan Cooperated to Develop the Large-Cap US Multinational Corporation, 1895-1913 How the House of Morgan Cooperated to Develop the Large-Cap US Multinational Corporation, 1895-1913 The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Sawe, Joseph. 2015. How the House of Morgan Cooperated to Develop the Large-Cap US Multinational Corporation, 1895-1913. Master's thesis, Harvard Extension School. Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:24078367 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA ! How the House of Morgan Cooperated to Develop the Large-Cap US Multinational Corporation, 1895-1913 Joseph Sawe A Thesis in the Field of International Relations for the Degree of Master of Liberal Arts in Extension Studies Harvard University November 2015 ! ! ! ! ! ! Abstract The following investigation is intended to determine how the large-cap US multinational corporation was further advanced during the pivotal years of 1895-1913 by a leading private unincorporated institution—House of Morgan. Historical review and assessment focused on the broader US society, government, monetary landscape, the House of Morgan, leading large cap US multinationals; looking at both the key organizations and underlying people in power. The report framework focuses upon the development of the US super structure within which all major companies work down to the way actual institutions organize economic assets in the form of a multinational corporation. Questions that have been considered include: how was business conducted globally with so little formal mechanisms in place, the importance of the various forms of capital for business, and the various roles politics played in business development. Other areas include how owners and managers were effectively separated, how these same companies were able to branch out its product offering and the importance of providing corporate incentives. The House of Morgan cooperated with leading merchant banks, governments, foundations in developing an over-arching environment that was better adapted to the realities of the recent agricultural, industrial, and transportation revolutions that had brought about an integrated world. To organize economic assets in a more efficient and stable manner, large-cap multinationals were the preferred alternative, with a wave of consolidation across industries, underpinned by the pristine Morgan name. Strong board ! ! presence, interlocking corporate representation, active role in strategic planning, and management selection ensured that not only were new corporations molded in the design of the House of Morgan but also that they would stay committed to the far-reaching objectives. The House of Morgan took on more than just a focus of increasing shareholder value. They were driven by lofty ambitions of providing comprehensive stability within society at large in a rapidly changing world. The partners of the House of Morgan families had for generations been at the vanguard for providing the highest level of leadership throughout society in areas including business, politics, finance, and religion. These leading families were instrumental in providing the backbone of American society including founding the US Republic, developing the most venerable education institutions, and providing a moral compass through religious revival movements. The House of Morgan would help bring about generally larger and more institutionalized solutions from preceding generations that were conducive for multinational corporations to operate within. This ranges from a US central bank, developing modern non-profits structure, and funding the transportation network making the world more integrated. In helping organize broader US society, the House of Morgan would interlock different subsystems, including finance, charity, and politics with business in promotion of a more harmonious, predictable and productive society. The House of Morgan development of leading US large-cap multinationals, including General Electric, International Harvester, International Mercantile Marine and US Steel illustrates how it not only provided for the macro landscape to operate within, but also developed the leading companies of the era. ! ! ! Acknowledgements My experience at Harvard has been truly transformational over the past few years. I have been challenged as never before by dedicated teaching staff, and thought- provoking classes and stimulated by the commitment to excellence of the student body. The Harvard tradition that I experienced of empowering the next generation of students and instilling a commitment of service has been inspirational and has raised my personal standards. I wish to thank my outstanding thesis director, Isidor Straus Professor of Business History Dr. Geoffrey Jones. Despite his demanding schedule, Dr. Jones agreed to guide me through nearly a year’s worth of research, writing, and editing. His comments kept me focused on the topic, while his questions and his ideas sparked new avenues of investigation to strengthen my case. I am indebted to Professor Jones for all his efforts. I would like to thank my research advisor Dr. Donald Ostrowski to whom I am deeply grateful. He has provided constant support at various phases throughout this process, from selecting an idea to crafting a proposal to finished work. Furthermore, I would like to express my appreciation to Dr. Susie Pak who provided invaluable advice early on in gathering research and stressing the importance of social relationships in business. The incredibly helpful staff at Harvard University were instrumental especially at the Baker Library, Lamont Library, and Widener Library. I would like to thank my colleagues who provided an invaluable soundboard. Lastly, I would like to thank my v ! family for their constant support and encouragement. My family has sacrificed a lot throughout the process, and it is a shared honor in completing the program. vi ! ! Table of Contents Acknowledgements. .............................................................................................................v I. Introduction ......................................................................................................................1 II. House of Morgan Social and Cultural Capital ..............................................................10 Trust in Business ...................................................................................................11 Family Heritage .....................................................................................................15 Religion ..................................................................................................................21 Social Clubs ...........................................................................................................24 Education ...............................................................................................................27 Benefactors of High Culture ..................................................................................29 Philanthropy ...........................................................................................................31 Moral Obligation to Society ...................................................................................34 III. House of Morgan Financial Capital .............................................................................41 Morgan Business History .......................................................................................41 Organization of House of Morgan .........................................................................47 Cooperative Finance ..............................................................................................50 Financial Centers ...................................................................................................52 Morgan Results ......................................................................................................59 IV. House of Morgan Political Capital ..............................................................................61 vii ! ! Wall Street and Politics ..........................................................................................62 Military Connections .............................................................................................66 Dollar Diplomacy ...................................................................................................70 Morgan Partners and London .................................................................................72 Rails .......................................................................................................................74 Natural Resources ..................................................................................................78 Communications ....................................................................................................79 Regulation ..............................................................................................................81 Tariffs .....................................................................................................................83 State Incorporation .................................................................................................84 Gold Standard ........................................................................................................87
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