APPENDIX 277 



11. "Wall Street's Fair Price Law" A Discussion of the Use and Ethics 

 of Manipulation, Conducted in a New and Very Open Spirit by Members of 

 the Stock Exchange The Intent Determines the Quality of the Act. The 

 Annalist, New York, April 19, 1915, p. 372. 



12. "Why we Stopped Buying at our Elevators." (Editorial). The 

 Saskatchewan Cooperative Elevator News, Regina, June, 1917, pp. 7-9. 



13. EMERY, H. C.: "Speculation on the Stock and Produce Exchanges 

 of the United States." Columbia University Studies, New York, 1896. 



14. : "Legislation Against Futures." Political Science Quarterly, 



x, 62-86. 



15. STEVENS, ALBERT C.: "Futures in the Wheat Market." Quarterly 

 Journal of Economics, II, 37-63. 



16. "Speculation on the Stock Exchanges and Public Regulation of the 

 Exchanges, Papers and Discussions at the 27th Annual Meeting of the Ameri- 

 can Economic Association, Princeton, New Jersey, Dec., 1914." Papers by 

 Samuel C. Untermyer and H. C. Emery: Discussions by Albert W. Atwood, 

 Walter E. Lagerguist, A. R. Marsh, Joseph H. Underwood, Wm. C. Van 

 Antwerp, Wm. Z. Ripley. American Economic. Review, Vol. V, 24-111. Same 

 in condensed form, in Market World and Chronicle (New York), January 16, 

 1915, 70-84. 



17. BRACE, HARRISON H.: "The Value of Organized Speculation," 

 Boston, 1913. 



For additional references, see. chapter on the Grain Trade. 



APPENDIX 



" The Charter of New England 1620." As illustrating the interesting 

 fact that "adventurers" (speculators) founded the New England Colony (the 

 Plymouth Colony) and sent the early settlers there, the following extended quo- 

 tation is given from the original King James Charter of 1620. 



"James, by the Grace of God, King of England, Scotland, France, and Ireland, De- 

 fender of the Faith, etc., to all whom these Presents shall come, Greeting, . . . Whereas, 

 since that Time, upon the humble Petition of the said Adventurers of the said first Collonye 

 (i.e., London Colony), We have been graciously pleased to make them one distinct and 

 entire Body by themselves, giving unto them their distinct Lymitts and Bounds . . . Now 

 forasmuch as We have been in like Manner humbly petitioned unto by our trusty and well 

 beloved Servant, Sir Fferdinando Gorges, Knight, Captain of our ffort and Island of Ply- 

 mouth of the said Second Collonye, and by divers other Persons of Quality, who now intend 

 to be their Associates, divers of which have been at great and extraordinary Charge, and 

 sustained many Losses in seeking and discovering a Place fitt and convenient to lay the 

 Foundation of a hopeful Plantation . . . We would likewise be graciously pleased to make 

 certaine Adventurers, intending to erect and establish fishery, Trade, and Plantation within 

 the Territoryes, Precincts, and Lymitts of the said second Colony, and their Successors, 

 one several distinct and entire Body, and to grant unto them such Estate Prvieliges 

 there, as in these our Letters Patent expressed. Divers of our good Subjects . . . 

 have for these many Years past frequented those Coasts ... In Contemplacion and serious 

 Consideracion whereof, Wee have thought it fitt according to our Kingly Duty, soe much 

 as in Us lyeth, to second and follow God's sacred Will, rendering reverend Thanks to his 

 Divine Majestie for his gracious favour in laying open and revealing the same unto us before 

 any other Christian Prince or State, by which Meanes without offence, and as We trust to 

 his Glory Wee may with Boldness goe on to the settling of soe hopefull a Work, which tendeth 

 to the reducing and Conversion of such Savages as remaine wandering in Desolacion and 

 Distress, to Civil Societie and Christian Religion, to the Inlargement of our own Dominions, 

 and the Advancement of the Fortunes of such of our good Subjects as shall willingly intresse 

 themselves in the said Imployment, to whom We cannot but give singular Commendations 

 for their soe worthy Intention and Enterprize." 



The Hudson's Bay Company. The oldest corporation in the World is the 

 Hudson's Bay Company. It was chartered in 1670 by King Charles II, under 

 the title "Governor and Company of Adventurers of England, Trading into 

 Hudson's Bay." 



Thus the word "adventurer" was once used to denote a "speculator" in 

 the better sense of the modern term. 



Speculators of the kind named in the two cases above are necessary in 

 society in order to have any social progress. 



