Encyclopedia of american business history part 12 pptx

Fredriksen National Association of Securities Dealers NASD A professional trade group of ties dealers, originally organized during the NEW securi-DEAL.. National Bank Act 295activities o

Encyclopedia of american business history

CHARLES R GEISST

Encyclopedia of American Business History

Copyright © 2006 by Charles R Geisst All rights reserved No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval systems, without permission in writing from the publisher

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Nader, Ralph (1934– ) consumer advocate

and political candidate Ralph Nader was born

in Winsted, Connecticut, on February 27, 1934,

a son of Lebanese immigrants An exceptional

student, he graduated from Princeton University

with honors in 1955 and acquired his law degree

from Harvard Law School three years later Nader

then commenced a successful practice in

Hart-ford, specializing in automobile accidents, and

also taught at the University of Hartford In the

course of litigation, Nader became convinced

that traffic accidents were due more to faulty

engineering than human error He carefully

col-lected statistics and published his findings in

numerous magazine articles By 1964, this

activ-ity brought him to the attention of the U.S

Department of Labor, which appointed him to a

landmark study of auto safety in America The

following year he published his famous tome,

Unsafe at Any Speed, which excoriated the

auto-mobile industry for shoddy safety concerns In

retaliation, Nader’s personal life fell under

scrutiny by private detectives hired by General

Motors president James M Roche When the

truth emerged, Roche publicly recanted, and

Nader became an instant consumer celebrity He

subsequently expanded his inquiries to mines,oil and gas pipelines, and environmental prac-tices, with a view toward tarring corporate Amer-ica as indifferent to public safety No mereradical, Nader was thorough and precise in col-lecting data, and exacting in his presentations In

1967, his revealing investigation of the MEAT PACKING INDUSTRYresulted in the new WholesomeMeat Act of that year

The thrust of Nader’s evolving political sis was that American business was tooobsessed with profit to give consumer safetymore than lip service In time he extended simi-lar accusations against the government as asilent and willing partner in these transgres-sions His message resonated strongly with thepublic, and legislators were pressured to invokenew and stricter health and safety laws.Throughout the decade of the 1970s, Naderexpanded his litany of complaints and his host

the-of public supporters to investigate pesticides,food additives, color televisions, and X-raymachines With few exceptions his endeavorsresulted in a bevy of new laws to protect theaverage citizen In time he acquired consider-able renown and controversy as the nation’s

293

N

294 National Association of Securities Dealers

most outspoken consumer advocate and a

relentless proponent of corporate accountability

He also surrounded himself with a new

genera-tion of consumer activists, Nader’s Raiders, to

keep the pressure upon elected officials But

hav-ing failed to stop the NORTH AMERICAN FREE

TRADEAGREEMENTof 1993, which he felt

imper-iled both American jobs and consumer safety,

Nader decided to take his crusade to the next

level by entering politics

While closely allied to progressive causes,

Nader was no friend to the Democratic Party, and

he accused it of having sold out to corporate

interests, like the Republicans To that end he

received the Green Party’s nomination for the

presidency in 1996; he won considerable public

sympathy but only 700,000 votes In fact, neithermajor party ever took him as a serious contender.However, circumstances subsequently forcedNader into the headlines during the 2000 presi-dential election between Democratic vice president

Al Gore and Republican challenger George W.Bush When polls predicted an extremely closerace, Democrats pleaded with Nader to withdrawhis candidacy in competitive states lest he siphonoff badly needed votes from Gore Nader defi-antly and unapologetically refused, declaringthat the two parties were so close philosophically

it did not matter which side won—consumerswere sure to lose In November 2000, the GreenParty amassed 2.6 percent of votes cast However,this included a tally of more than 90,000 votes atGore’s expense in Florida, enough to tip the bal-ance to the Republicans and assure Bush’s victory.Nader, formerly the darling of left-wing causes,was now publically lambasted as a spoiler But theformer consumer crusader shrugged off suchcomplaints and continued railing against the gov-ernment’s alleged capitulation to corporate Amer-ica His legacy as an advocate is secure, but hisfuture with the Green Party—still roiled over itsindirect role in Bush’s election—remains less cer-tain “You have to keep up the pressure, even ifyou lose,” Nader declared “The essence of thecitizen’s movement is persistence.”

Further reading

Graham, Kevin Ralph Nader: Battling for Democracy.

Denver, Colo.: Windom Pub., 2000.

Martin, Justin Nader: Crusader, Spoiler, Icon

Cam-bridge, Mass.: Perseus Pub., 2002.

Nader, Ralph Crashing the Party: Taking on the

Corpo-rate Government in an Age of Surrender New York:

Thomas Dunne Books/St Martin’s Press, 2002.

John C Fredriksen

National Association of Securities Dealers

(NASD) A professional trade group of ties dealers, originally organized during the NEW

securi-DEAL It is a self-regulating body that oversees the

Ralph Nader (GETTY I MAGES )

National Bank Act 295

activities of the over-the-counter bond markets

and also conducts the NASDAQ stock market,

short for National Association of Securities

Deal-ers Automated Quotations system

The predecessor of the NASD originally was

formed in 1933 as a response to the New Deal’s

call for professional associations to be formed in

order to fight the Depression The securities

industry responded quickly to the idea that trade

groups could help pull their economic muscle

together and fight the economic slowdown, an

idea originally charged to the NATIONALRECOVERY

ADMINISTRATION, an agency created by the

National Industrial Recovery Act Even after the

NIRA was declared unconstitutional by the

Supreme Court in 1935, the investment banking

industry favored the idea of a national trade

group that would oversee what at the time was

known as the over-the-counter, or unlisted,

secu-rities market—the place where stocks not listed

on one of the exchanges traded Since the

National Industrial Recovery Act encouraged

trade group associations, the Investment Bankers’

Conference organized itself as a competitor of the

older Investment Bankers’ Association

Congress obliged by passing the Maloney Act

in 1937, which created the NASD Introduced by

Senator Francis T Maloney, a Democrat from

Connecticut, the act was an amendment to the

Securities Act of 1934, allowing securities dealers

to form national groups to better regulate

them-selves and arrange codes of conduct and trading

The Maloney Act provided for organization and

basic trading rules to apply to the vast

member-ship of what became the NASD More than 6,000

brokers and securities houses joined, and the

organization was originally responsible for

over-seeing trading in more than 3,000 securities The

group remained self-regulating but was still only

a trade group as opposed to the Securities and

Exchange Commission, which had the power of

law behind it

The NASD expanded its authority and

repu-tation considerably by organizing the

over-the-counter market into the NASDAQ in 1972.The

market was computerized, with dealers linkedthrough a central computer over which theycould enter quotations and trade securitiesamong themselves and with the public Onceoperating well, the new market drew many newlistings to the NASDAQ marketplace sincemore efficient trading of stocks could beensured

In 1998, the NASDAQ announced a mergerwith the AMERICAN STOCK EXCHANGEin order tocompete for business with the NEWYORKSTOCK

EXCHANGE NASDAQ’s trading system of usingmarket makers linked by computer is in directcompetition with that of the NYSE, which stillemploys the specialist system for selling securi-ties on the exchange floor

The market suffered when 30 member firmswere fined more than $1 billion in 1997 formanipulating prices and maintaining spreadsbetween bid and offer prices favorable to marketmakers, not customers As a result, the marketannounced that it was shifting to quoting prices

in decimals rather than fractions in an attempt toprovide cleaner prices for the public The marketshared in the success of the market rise in thelater 1990s It rose dramatically during the1990s, and its major index rose to over 5,000before falling 80 percent when the overall marketbubble burst in 2000–01

See also STOCK MARKETS

Further reading

Geisst, Charles R Wall Street: A History New York:

Oxford University Press, 1997.

Ingebretsen, Mark NASDAQ: A History of the Market

That Changed the World New York: Forum, 2002.

National Bank Act (1864) Legislation passedduring the Civil War designed to provide somestructure to U.S banking and currency The lawcreated a national currency for the country, mak-ing it more difficult for state banks to issue theirown money, as had been the case in the 19th cen-tury National banks were created that became

296 National Labor Relations Act

note issuers, replacing the state banks The law

was, in fact, a currency act, although it did create

a new class of bank

The act also created the office of comptroller

of the currency, which became responsible for

overseeing banks that registered with it, allowing

them to use the name national bank The banks

had capital requirements and other regulations

that they had to observe in order to meet the new

designation The new national banks took over

the function of issuing currency under the

aus-pices of the comptroller They were also required

to hold one-third of their assets in TREASURY

BONDS, which had to be deposited with the

comp-troller, who in turn issued national banknotes,

using the bonds as collateral

The act helped the United States consolidate a

sloppy currency situation and helped reduce

fraud in the old payments system In the past,

when the state banks issued money, a great deal

of fraud occurred, and many merchant banks

made a specialty of helping customers detect

counterfeit notes Detecting bogus BANKNOTES

was an art prior to the Civil War After 1864, the

situation improved dramatically since the note

issuance process now was more uniform and had

a central regulator for the first time

But the act fell far short of developing a

cen-tral bank for the United States because there was

still no lender of last resort in the country The

actual supply of money could become less than

what was needed, especially if the economy

required a dose of extra money and credit This

would be referred to as inelasticity in the money

supply, and it became a political issue before

World War I

Between 1865 and 1913, the major New York

banks usually decided among themselves the

proper course of remedial action to be taken

when the stock market collapsed or a large bank

failed But for all the shortcomings, the

comp-troller of the currency remained the only

regula-tor of banking until the FEDERAL RESERVE was

created in 1913

See also GREENBACKS; MCFADDENACT

Further reading

Friedman, Milton, and Anna Schwartz A Monetary

History of the United States Princeton, N.J.:

Princeton University Press, 1963.

Myers, Margaret A Financial History of the United States.

New York: Columbia University Press, 1970.

National Labor Relations Act (NLRA) Amajor, revolutionary labor act passed during the

NEWDEALand signed into law by President sevelt in 1935 The NLRA’s major sponsor wasSenator Robert F Wagner of New York The law,also known as the Wagner Act, was predicated onthe principle that in an industrial democracyworkers must be allowed to organize and bargaincollectively with management through their ownrepresentatives In the year following its passage,the act became known as the Magna Carta oforganized labor

Roo-The major difference between the atmospherethe act created and that which preceded it wassignificant Labor and management were now tobargain with each other in an atmosphere inwhich the fundamental rights of labor were rec-ognized Although organized labor already waswell developed in the United States, employersoften disciplined and blacklisted union mem-bers, causing a great deal of industrial strife inthe early 1930s In order to offset these problemsand discourage even more problems in thefuture, the act was passed during the New Deal.The NLRA guaranteed workers the right tojoin unions without fear of reprisal or dismissal.The National Labor Relations Board (NLRB) wascreated to ensure that the provisions of the actwere carried out It has three members who arecharged with interpreting the act The NLRB is

an independent judicial administrative agencythat has the power to enforce its own rulings.After the TAFT-HARTLEYACTwas passed in 1947,the NLRB was overshadowed to an extent, limit-ing its ability to interpret the Wagner Act.The law nevertheless gave employees theright to organize, to engage in strikes when nec-

National Negro Business League 297

essary, and to bargain collectively Employees

were also given the right to participate in the

negotiation of their wages, working conditions,

and number of hours worked per week After the

act was passed, many of the large industries

became unionized and recognized the collective

needs and demands of their workforces

Success-ful campaigns were launched in the automobile,

steel, electrical, manufacturing, and rubber

industries to sign workers up in unions As a

result, by 1945 union membership reached 35

percent of the workforce

The Wagner Act was similar in tone to the

National Industrial Recovery Act of 1933, which

later was declared unconstitutional However,

the constitutionality of the Wagner Act was

upheld in 1937, and it has become the

corner-stone of labor relations in the United States along

with the Taft-Hartley Act

See also LEWIS, JOHN L.; MEANY, GEORGE;

NATIONALRECOVERYADMINISTRATION

Further reading

Derber, Milton The American Ideal of Industrial

Democracy, 1865–1965 Urbana: University of

Illi-nois Press, 1970.

Gross, James A The Making of the National Labor

Rela-tions Board: A Study in Economics, Politics and the

Law Albany: State University of New York Press,

1974.

National Negro Business League (NNBL)

A professional and political organization that was

first convened in 1900 at the Tuskegee Institute

by Booker T Washington (1856–1915) Next to

Washington’s educational endeavors and role as

an African-American political boss, the NNBL

was arguably the most important contribution

the Tuskegee principal made toward institutional

and organizational self-help activities in the

black community

From the NNBL’s inaugural meeting of more

than 300 aspiring and established

African-Amer-ican business men and women, the organization,

during Washington’s lifetime, held annual erings in northern and southern American cities

gath-to allow black entrepreneurs gath-to network andshare success stories About 3,000 like-mindedblack capitalists attended the 1915 anniversaryBoston gathering, representing 600 chaptersfrom 36 American states and West Africa On thisoccasion, the NNBL claimed major success instimulating black capitalism in America as itcited the growth in African-American businessesfrom l900 to l9l5: banks from two to 51; drug-stores, 250 to 697; mortuaries, 450 to 1,000;wholesale companies, 149 to 240; and retail out-lets, 10,000 to 25,000 The NNBL, moreover,spawned many other significant business entitiesand commercial associations such as theNational Bankers Association, the National Asso-ciation of Negro Insurance Companies, theNational Association of Funeral Directors, andthe National Association of Real Estate Dealers,all of which met in tandem with annual NNBLmeetings

Booker T Washington and his followers tinued to sustain the organization, despite using

con-it for polcon-itical purposes and relying on bothAndrew CARNEGIEand Julius Rosenwald for sup-port in order to keep the NNBL afloat WithWashington’s death, the next 85 years were diffi-cult ones for the NNBL as internecine leadershipstruggles for control of the organizationextended into the l920s; hard times came duringthe Great Depression; and the NNBL never quiteconsummated the revivalism begun in the l950sunder the leadership of Ohio businessmanHorace Sudduth, Tennessee physician Dr James

E Walker, and North Carolina insurance nate C C Spaulding A brief moment of opti-mism came in the l960s as the organizationchanged its name to the National BusinessLeague and, from its headquarters in Washing-ton, D.C., under the leadership of businessmanBerkeley Graham Burrell, developed a “ProjectOutreach” to provide management and technicalassistance to African Americans and otherminority business firms and companies Burrell

mag-298 National Recovery Administration

received support from the Nixon administration,

the Department of Commerce’s Office of

Minor-ity Business Enterprise, and the Office of

Eco-nomic Opportunity

The NNBL was unable to hold its centennial

anniversary at the turn of the 21st century One

member explained the developmental problem as

one of having “politicians trying to run a

busi-ness organization.” The remnants of this once

important African-American business

organiza-tion are evident today in many southern cities,

and the NNBL is now quartered in New Orleans,

Louisiana

Further reading

Kijakazi, Kilolo African-American Economic

Develop-ment and Small Business Ownership New York:

Garland Publishing, 1997.

Walker, Juliet E K The History of Black Business in

America: Capitalism, Race, Entrepreneurship New

York: Macmillan, 1998.

Washington, Booker T The Negro in Business Boston:

Hertel Jenkins, 1907.

Maceo C Dailey

National Recovery Administration (NRA)

A federal agency created by the National

Indus-trial Recovery Act of 1933 (NIRA) The agency

was designed to combat the intense and

destruc-tive competition between American businesses

and replace it with a consensual self-government

of business and industry The agency was

mod-eled on the War Industries Board (WIB), an

agency operating during World War I that had a

similar mission

The NRA was headed by General Hugh JOHN

-SON, formerly a member of the War Industries

Board The NRA had as its symbol a blue eagle,

and that became the nickname for the agency

The eagle decal was displayed on many business

windows and became an unofficial symbol of the

country’s efforts to emerge from the Great

Depression Detractors referred to it as the

“Roo-sevelt buzzard.”

As part of the NRA program, the Rooseveltadministration suspended the antitrust laws fortwo years and authorized industry to formgovernment-recognized trade organizations thatwould reduce internecine competition, devisecodes of competition, and dictate fair labor prac-tices More than 500 codes were drawn up,although many were not adhered to One positiveby-product of the codes was the elimination ofchild labor

Another organization, created by the ties industry under the guidelines, was knownoriginally as the Investment Bankers Conferenceand today survives as the NATIONALASSOCIATION

securi-OFSECURITIESDEALERSafter being formally lished by the Maloney Act in 1937 The basicassumption made by the NRA was that competi-tion between companies was actually hinderingeconomic recovery during the Depression ratherthan helping, and antitrust laws were put in astate of suspension so that the new, larger tradeorganizations were not accused of breaking thelaws The suspension of the antitrust laws sug-gested to some that the NEWDEALwas attackingthe basic structure of American business

estab-In May 1935, the NIRA was declared stitutional by the Supreme Court and with it the

uncon-NRA as well In the case of Schecter Poultry

Cor-poration v United States, the Supreme Court

ruled that congressional authority had beenusurped to the executive branch and that the lawwas unconstitutional as a result Even severe eco-nomic conditions did not warrant the transfer ofpower to the presidency The NRA was not reor-ganized and passed out of existence the sameyear Although generally considered a failure, theNRA experience provided a foundation for otherreforms and better-designed regulatory agenciesduring the years that followed

Further reading

Bellush, Bernard The Failure of the NRA New York:

W W Norton, 1976.

Brand, Donald R Corporatism and the Rule of Law: A

Study of the National Recovery Administration.

Ithaca, N.Y.: Cornell University Press, 1988.

New Deal 299

Johnson, Hugh S The Blue Eagle from Egg to Birth.

Garden City, N.Y.: Doubleday, Doran, 1935.

New Deal The name given to the first

admin-istration of Franklin D Roosevelt, covering the

period 1933–37 The term was used to suggest

that legislation and social programs would be

enacted to address the needs of working and

middle-class citizens, not just those in

upper-income brackets It was first used in Roosevelt’s

nomination acceptance speech before the

Demo-cratic National Convention in 1932 Social and

economic legislation was passed, especially

before 1936, encompassing a wide spectrum of

programs ranging from securities legislation to

social security programs

During the first 100 days of Roosevelt’s

administration, the White House proposed and

Congress passed sweeping legislation concerning

the financial markets and banks The objective

was to pass legislation that would end the

Depression and help stimulate the economy

while proscribing practices, especially in the

securities business, that many believed were

responsible for the economic slowdown Among

this legislation were the SECURITIESACT OF 1933,

the BANKING ACT OF 1933, the Agricultural

Adjustment Act, and the National Industrial

Recovery Act, all passed by June of 1933 The

SECURITIES EXCHANGE ACT was passed in 1934,

regulating stock exchanges for the first time

After the first round of legislation was complete,

the second 100 days began, and Congress passed

the National Labor Relations Act and the Social

Security Act and created the WORKS PROGRESS

ADMINISTRATION All were designed to either

regu-late sectors of the economy or create jobs for the

unemployed

The legislation also created a myriad of new

government agencies, all known by their initials

They ranged from the AAA (Agricultural

Adjust-ment Agency) to the WPA (Works Progress

Administration) They become known as the

“alphabet agencies,” and some eventually were

dismantled Others, like the Social SecurityAdministration, became permanent Otherswould follow, such as the FEDERAL NATIONAL

MORTGAGE ASSOCIATION in 1938, during sevelt’s second administration

Roo-A serious blow was dealt to the New Dealwhen the National Industrial Recovery Act,passed in June 1933, was declared unconstitu-tional by the Supreme Court in 1935 The agency

it created, the NATIONAL RECOVERY ADMINISTRA

-TION (NRA), had been instituted to develop acode of fair practice for various businesses,which were voluntarily participating in the pro-gram The companies participating in the processwere writing codes of conduct for their respec-tive businesses, including specific standards ofquality, working hours, minimum wages, andprice floors for goods they produced When itwas declared unconstitutional it was generallyassumed that the NRA was benefiting businessand that many businesses were in favor of it.The AAA was declared unconstitutional in

1936, joining the NRA After the Supreme Courtpacking controversy in 1937, only a few signifi-cant pieces of legislation were passed, includingthe Housing Act of 1937 and the Fair Labor Stan-dards Act in 1938 Reform slowed when itbecame apparent that the Depression was contin-uing, especially when a severe RECESSION

occurred in 1937

While not successful in ending the sion, the New Deal nevertheless provided a greatdeal of social legislation that became part of thebedrock of society, especially Social Security.Much of this legislation, when combined, isreferred to as the “safety net” erected to preventeconomic institutions and society in generalfrom crashing again It also helped establish afirmer hand of government in public affairs thanhad been the case previously, leading to more

Depres-REGULATION in general Much of the apparatusestablished by the New Deal became useful asWorld War II approached, and many governmentagencies began to direct their attention towardthe war effort, especially the Reconstruction

300 newspaper industry

Finance Corporation, actually founded in 1932,

that helped many companies finance and build

facilities to aid the war effort

Further reading

Leuchtenburg, Willam E Franklin D Roosevelt and the

New Deal, 1932–1940 New York: Harper & Row,

1963.

Loucheim, Katie, ed The Making of the New Deal: The

Insiders Speak Cambridge, Mass.: Harvard

Uni-versity Press, 1983.

Rosenof, Theodore Economics in the Long Run: New Deal

Theorists and Their Legacies, 1933–1993 Chapel

Hill: University of North Carolina Press, 1997.

Schlesinger, Arthur M The Coming of the New Deal:

The Age of Roosevelt Boston: Houghton Mifflin,

1959.

newspaper industry Over the course of three

centuries, the newspaper industry has served two

disparate—and sometimes conflicting—roles: It

has been a bulwark of American democracy and

grown into the $55 billion industry that it is

today The tension between these two roles has

given rise to a key question that has dominated

newspaper publishing since the colonial era:

How can the industry balance its civic

responsi-bilities as a quasi-public institution in a

democ-racy with the profit-making motives of a business

enterprise?

Since the days of the Massachusetts Bay

colony, the nascent newspaper business was at

the center of the struggle over the political and

religious character of the colonies Benjamin

Harris, who had established a bookstore and

cof-feehouse in Boston, printed the first colonial

newspaper, Publick Occurrences both Forreign and

Domestick, in 1690 The paper, which was not

licensed by the colonial authorities, was shut

down after just one issue Two items in particular

had annoyed the authorities: one of them a

refer-ence to a sexual scandal in the French royal

fam-ily, the other involving mistreatment of prisoners

by Indian allies

Like Publick Occurrences, many of the earliest

“newspapers” were little more than newsletterspublished by proprietors of coffeehouses andpubs, which became centers of political debate—and eventually dissent—in colonial America.The second colonial newspaper was pub-lished by John Campbell, the postmaster of

Boston Campbell, who launched Boston

News-Letter in 1704, began a colonial tradition

whereby the postmaster also served as publisher.The colonial post office was a center of news,with first access to European newspapers—much

as it would be in small-town America for years tocome The postmaster enjoyed “francking privi-leges” and could send his newsletters throughoutthe colonies free of charge He was also “a safe”choice as a publisher, since he owed his job tothe colonial authorities Moreover, the colonialgovernment often awarded printing jobs tonewspapers Thus, Campbell submitted hispaper, which was available only through sub-scription sales, for “precensorship” to theauthorities

By the 1720s, there were three competingnewspapers in Boston The best of these papers,

The New England Courant, was published by

James Franklin, whose brother BenjaminFranklin was an apprentice printer and theauthor of satirical essays under the pseudonym

“Silence Dogood.” The Courant was launched

during a period of growing dissent—focused onreligious, rather than political, freedom Jameswas jailed in 1722 for publishing a series ofattacks on the government, which was led byIncrease Mather and his son Cotton, leaving thepublication of the paper to his teenage brotherBenjamin Silence Dogood wrote “an eloquentplea for freedom of the press.”

The Franklins successfully resisted repeatedefforts by the Mathers, themselves religious pub-lishers, to censor their paper, thus effectivelyending censorship in Massachusetts Benjamin

Franklin later bought the Pennsylvania Gazette.

By the 1720s, newspapers were being lished in several major colonial cities, including