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• Case | HBS Case Collection | January 2019 (Revised February 2019)

  Jay Gould, 'The Most Hated Man in America'

  Tom Nicholas, John Masko and Matthew G. Preble

  Railroad magnate Jay Gould, a controversial figure in the history of U.S. capitalism, was a disruptive influence on an industry that had previously relied on formal and informal agreements to move traffic long distances across lines operated by different companies. Gould and his competitors replaced these agreements with consolidation and system-building, a process which led to the rise of government regulation of railroads in the 1880s and to widespread railroad bankruptcies in the 1890s. This case explores the growth of early American railroads, places Gould’s career in context (including his famous attempt to corner the U.S. gold market), and demonstrates the implications of his activities on competitive dynamics in the railroad industry.

  Keywords: railroads; history; Gould; Vanderbilt; Rail Transportation; History; Consolidation; Governing Rules, Regulations, and Reforms; Competition; Strategy; Rail Industry; United States;

  Citation:

  Nicholas, Tom, John Masko, and Matthew G. Preble. "Jay Gould, 'The Most Hated Man in America'." Harvard Business School Case 819-006, January 2019. (Revised February 2019.)  View Details

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• Case | HBS Case Collection | December 2011 (Revised February 2019)

  The Indian Removal Act and the 'Trail of Tears'

  Tom Nicholas, Ari Medoff, Raven Smith and Sam Subramanian

  Native Americans were subjected to a protracted and painful process of forced removal from their land. The case provides "first hand" evidence on the debate over Indian removal as it took place during the early nineteenth century. The first document is excerpted from Andrew Jackson's First Annual Message to Congress in 1829 and the second document from Jackson's Second Annual Message in 1830, the year the Indian Removal Act was passed. The third and fourth documents cover the Congressional debate over the relocation of Indians, which led to strong partisan splits and divisions between the North and the South. Document three is excerpted from Whig Senator Theodore Frelinghuysen of New Jersey's six-hour speech to Congress opposing Indian removal. Document four is excerpted from a speech by Senator John Forsyth, a Democrat and former Governor of Georgia who spoke in response to Senator Frelinghuysen's remarks. A final document presents the Cherokee perspective and the reasons for their opposition to removal as represented by a memorial letter, written to the United States Congress in 1829. A statistical portrait follows the documentary evidence.

  Keywords: Native Americans; History; Laws and Statutes; United States;

  Citation:

  Nicholas, Tom, Ari Medoff, Raven Smith, and Sam Subramanian. "The Indian Removal Act and the 'Trail of Tears'." Harvard Business School Case 812-079, December 2011. (Revised February 2019.)  View Details

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• Case | HBS Case Collection | October 2012 (Revised February 2019)

  Whaling Ventures

  Tom Nicholas and Jonas Peter Akins

  Whaling was a prominent global industry in the nineteenth century and the United States was dominant. By 1850 there were about 900 whaling ships in the world and 700 of these were American. Rates of return on capital were high compared to benchmark investments, at least in the early years of the nineteenth century. The whaling industry was one of the earliest to grapple with complex issues in relation to the provision of high-risk investment capital, syndication, organizational form, ownership structure, incentives, team building and principal-agent tradeoffs. It represents an important starting-point for exploring the origins of American entrepreneurship and venture financing.

  Keywords: whaling; organization design; Entrepreneurship; Venture Capital; Finance; Organizational Design; Industry Growth; History; United States;

  Citation:

  Nicholas, Tom, and Jonas Peter Akins. "Whaling Ventures." Harvard Business School Case 813-086, October 2012. (Revised February 2019.)  View Details

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