Despite a widely prevailing judicial insensitivity to corporate reform and regulation, the large insurance companies found themselves under careful, constant, and not always sympathetic legal scrutiny. This scrutiny tended to emphasize the equity rather than the letter of the law, and kept the insurance contract the flexible servant of a dynamic society and industry.

Concluding his sophisticated analysis of the Pennsylvania Railroad's organizational structure (cf. BUSINESS HISTORY REVIEW, Summer, 1961), the anonymous reporter for the RAILROAD GAZETTE described in a supplementary article, reproduced here following Professor Jenks' interpretative comments, the decentralized management of the Pennsylvania's western divisions.

Chicago's traction king was a master of corruption and financial legerdemain, but his contempt for public opinion proved at last to be his undoing. Out of such flamboyant transgressions great reform movements grew, and the character of all big business operators was made suspect.

The Spiegel venture into mail-order installment credit marketing is examined here in detail to illustrate application of the tools of economic analysis to a specific historical situation. Whether through chance or intuition, the innovator in this example, though lacking virtually all the pertinent data, made precisely the adaptation that hindsight analysis discloses to have been most likely to succeed.

The effort to establish a cotton factory in South Carolina in 1808 was aborted by inexperience, lack of capital, and unfavorable economic circumstance, but the episode provides a few more bits of evidence to add to the fragmentary history of early textile manufacturing in America.