It is natural to wish to account for success of any kind hy ascribing it to some freak of fortune, to the chance discovery of some magic formula. This attitude of mind would place success potentially within the grasp of almost anyone, even without the possession of unusual mental or physical endowments, and without the necessity of exerting oneself to cultivate the endowments one actually may possess. Since economic success is one of the most widespread of human desiderata, it might be expected that legends ascribing it to various fortuitous happenings of a romantic or even magical character would be widespread. This is actually the case, as witness Aladdin and his wonderful lamp, Ali Baba and the key-phrase “Open, Sesame!”, Jack and the beanstalk, Dick Whittington and his cat. Nor is it necessary to resort to the fabulous Orient or to medieval Europe for specimens of such tales. About the head—or rather, the money-bags—of John Jacob Astor I have sprung up myths which probably exceed in number and influence those clustering about any other single business man. And, Astor is near enough to our own time so that we need not entirely despair of following the footprints of the myth-makers, one of whom, indeed, left an unmistakable trail.

The Oldest business concern in America is not a railroad nor yet a canal or turnpike. It is not a bank nor an insurance company. It is not a tavern, at least not so far as I know. It is not even a publishing firm, although such firms have seen long life.

Recently one of my friends, Mrs. Christine Adams Jones, brought me a home-made account book, covered in rawhide and hand sewed with linen thread. The book was made and kept by one of her ancestors, Jacob Adams, a farmer-shoemaker of Newbury, Massachusetts. Its pages were yellowed and crackling with age. The first date in it to greet my eye was 1673, the last 1693!

The Baker Library is particularly happy to announce the gift by Mrs. Hugh Bancroft of Boston, of an exceptionally rich and complete collection on the South Sea Bubble. The collection contains books and pamphlets, with many manuscripts, broadsides, Acts of Parliament, and other fugitive items relating to this strange episode. Except, perhaps, for the material scattered on the shelves of the British Museum, no collection rivals this which was assembled by the late Hugh Bancroft, in its fullness for a history of the South Sea speculation.

In these days of world-wide economic distress and intense nationalism the leading efforts in revival and recovery have been directed towards the rejuvenation of domestic economy. The United States stands today as one of the best examples of this tendency. Only a relatively few voices crying in the wilderness plead for balanced recovery through commensurate attention to foreign trade.

Perhaps no two persons would agree who has the best claim to the honor of having been the first American (English colonial) business man. So far as the records go, a strong claim can be made for Thomas Studley, of Virginia.

Thanks to the efforts of several officers of the Business Historical Society and members of the Faculty of the Harvard Business School, Baker Library has been given ten cases of records relating to the Hamilton Woolen Company of Southbridge, Massachusetts.