There was something almost awesome, and perhaps typically American, in Henry Ford's defiance of the N.R.A. Ford staunchly maintained that the company he had founded and still ruled in absolute fashion was adhering to the law and had, in fact, anticipated many of its provisions. Critics focused their attack upon the company's labor practices, which clearly foreshadowed a coming strife, but no case was brought to court and Ford's fiercely individualistic attitude was never successfully constrained. The larger issue is not whether Ford did or did not comply, but rather what, in this period of profound social change, was to be the “fundamental American idea.”

This comparative study deals with objectives, administration, and portfolio policies of two banks that were among the earliest institutional lenders in America. Founded to assist the “frugal poor,” both banks faced the handicaps of provincialism, capital immobility, and regulation in their efforts to enlarge their services to the community. Both contributed much to a growing public understanding of banks and banking.

Mormon religious and economic self-sufficiency throve best on isolation, yet Brigham Young hailed the coming of the railroad. This practical and very successful adaptation to new circumstances was inspired by a religious goal. Increased profits and growing trade would accelerate the progress of the work of the Lord. Zion flourished, even as Young had foreseen, but the old social and economic institutions were undermined and Mormon dominance in the territory was challenged.

Development of the North American continent was a halting process, characterized by use and misuse of latent opportunities. The Hudson's Bay Company, giant in fur trade and northern exploration, proved by trial and error experiments that abundant natural assets were not in themselves the magic key to wealth.

In this issue the Business History Review inaugurates a new editorial feature. Like the financial mart from which it derives its name, OVER THE COUNTER is designed for the types of exchanges not handled elsewhere. The new feature has its origin in a demand among readers of business history for a place to compare ideas, voice comments on published articles and reviews, and publish research essays. Contributions are invited. The Editor and Advisory Board reserve the right to decide whether, on the basis of general interest, pertinence, and merit, such contributions will be published. OVER THE COUNTER will appear as often as the volume of contributions may dictate.