American Academy of Political and Social Science

Front MatterSource: Annals of the American Academy of Political and Social Science, Vol. 63, NationalIndustries and the Federal Government (Jan., 1916), pp. i-viPublished by: Sage Publications, Inc. in association with the American Academy of Political andSocial ScienceStable URL: http://www.jstor.org/stable/1012923 .

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NATIONAL INDUSTRIES AND

THE FEDERAL GOVERNMENT

1 " Zt"nnat 5

VOLUME LXIII JANUARY, 1916

EDITOR' CLYDE LYNDON KING ASSOCIATE EDITOR: T. W. VAN METRE

ASSISTANT EDITOR: JOSEPH H. WILLITS EDITOR BOOK DEPT.: ROSWELL C. McCREA

EDrTORIAL COUNCIL: J. C. BALLAGH, THOMAS CONWAY, JR., S. S. HUEBNER, CARL KELT,SEY, CLYDE LYNDON KING, J. P. LICHTENBERGER, ROSWELL C.

McCREA, SCOTT NEARING, E. M. PATTERSON, L. S. ROWE, ELLERY C. STOWELL, T. W. VAN METRE, F. D.

WATSON, JOSEPH H. WILLITS

THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE 36TH AND WOODLAND AVENUE

PHILADELPHIA 1916

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Copyright, 1916, by AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE

All rights reserved

EUROPEAN AGENTS

ENGLAND: P. S. King & Son, Ltd., 2 Great Smith St., Westminster, London, S. W. FRANCE; L. Larose, Rue Soufflot, 22, Paris. GERMANY: Mayer & Muller, 2 Prinz Louis Ferdinandstrasse, Berlin, N. W. ITALY: Giornale Degli Economisti, via Monte Savello, Palazzo Orsini, Rome. SPAIN: E. Dossat, 9 Plaza de Santa Ana, Madrid.

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CONTENTS

PART I-THE FEDERAL TRADE COMMISSION AND ITS PROBLEMS

Editor in Charge: Clyde Lyndon King Page

THE FEDERAL TRADE COMMISSION LAW ................... 1 Nathan B. Williams, Of the Washington, D. C., Bar.

THE FEDERAL TRADE COMMISSION AND ITS RELATION TO TH E COU R TS ................................................. 24

Cornelius Lynde, Attorney at Law, Chicago, Ill.

UNFAIR METHODS OF COMPETITION AND THEIR PREVEN- T IO N .......................................................... 37

W. H. S. Stevens, Ph.D., Professor of Business Organization and Management, College of Commerce and Business Administration, The Tulane University of Louisiana.

SHOULD THE MANUFACTURER HAVE THE RIGHT TO FIX SELLING PRICES? ..................................... ....... 55

Gilbert H. Montague, Counsellor at Law, New York.

THE FEDERAL TRADE COMMISSION'S INVESTIGATION OF FOREIGN TRADE CONDITIONS .............................. 67

COOPERATION AND THE ANTI-TRUST LAWS .................. 69 Gilbert H. Montague, Counsellor at Law, New York.

POSSIBLE BENEFITS OF THE FEDERAL TRADE COMMISSION 84 Alexander W. Smith, Counsellor at Law, Atlanta, Ga.

PART II-THE FEDERAL RESERVE BOARD AND ITS ACCOMPLISH- MENTS

Editor in Charge: E. M. Patterson THE ORGANIZATION AND WORK OF THE FEDERAL RESERVE.

BOA R D . ... ..................... ...................... ..... 88 E. M. Patterson, Ph.D., Wharton School of Finance and Commerce,

University of Pennsylvania. CREDIT REFORMATION ........................................ 97

William Ingle, Chairman of the Board and Federal Reserve Agent, Federal Reserve Bank, Richmond, Va.

COMMERCIAL PAPER AND THE FEDERAL RESERVE BOARD.. 105 Eugene E. Agger, Columbia University, New York City.

SOME PHASES OF THE NEW CHECK COLLECTION SYSTEM.... 122 Gordon B. Anderson, A.M., Instructor in Finance, Wharton School of

Finance and Commerce, University of Pennsylvania. iii

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CONTENTS

THE DEVELOPMENT OF OUR FOREIGN TRADE UNDER THE FEDERAL RESERVE ACT ..................................... 132

John Clausen, Manager, Foreign Department, The Crocker National Bank of San Francisco.

COMPLETING THE REFORM OF OUR BANKING SYSTEM..... 142 George J. Seay, Governor, Federal Reserve Bank, Richmond, Va.

PART III--THE INTERSTATE COMMERCE COMMISSION AND ITS WORK

Editor in Charge: T. W. Van Metre

THE INTERSTATE COMMERCE COMMISSION AND THE RAIL- ROADS ....................................................... 155

Samuel 0. Dunn, Editor of the Railway Age Gazette.

THE FEDERAL VALUATION OF UTILITIES.................... 173 Charles A. Prouty, Director of Valuation, Interstate Commerce Com-

mission.

FEDERAL VALUATION OF RAILROADS IN THE UNITED STATES 182 Thomas W. Hulme, General Secretary, Presidents' Conference Com-

mittee.

THE CONFLICT BETWEEN STATE AND FEDERAL REGULATION OF RAILROADS . ............................................. 191

Walker D. Hines, New York City. RECENT FINANCIAL INVESTI(fATIONS BY THE INTERSTATE

COMMERCE COMMISSION .................................... 199 Ernest Ritson Dewsnup, Professor of Railway Administration, Uni-

versity of Illinois.

DO "COST OF TRANSPORTATION" EXHIBITS IN RAILROAD RATE CASES SHOW COST? ................................... 214

Allen S. Olmsted, 2d, Philadelphia. THE ACCOUNTING SYSTEM PRESCRIBED FOR RAILROADS

BY THE INTERSTATE COMMERCE COMMISSION .......... 222 William E. Hooper, Associate Editor of the Railway Age Gazette.

PART IV-OTHER FEDERAL DEPARTMENTS IN THEIR RELATION TO AMERICAN INDUSTRIES Editor in Charge: Joseph H. Willits

THE SEAMEN'S ACT .. ......................................... 232 Philip B. Kennedy, Assistant Professor in Economics, New York Uni-

versity School of Commerce, Accounts and Finance.

WATER-POWER DEVELOPMENT OF THE NATIONAL FORESTS AND PROPOSED NEW LEGISLATION ........................ 244

O. C. Merrill, Chief Engineer, United States Department of Agriculture, Forest Service.

iv

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CONTENTS

SHALL THE GOVERNMENT REGULATE THE SALE OF SECURI- T IE S ? ...................................... ................... 255

Hastings Lyon, Member of the New York Bar.

THE WORK OF THE FEDERAL BUREAU OF LABOR STATISTICS IN ITS RELATION TO THE BUSINESS OF THE COUNTRY.... 263

Royal Meeker, United States Commissioner of Labor Statistics.

THE ENFORCEMENT OF CHILD LABOR LAWS ............... 272 E. N. Clopper, Ph.D., Secretary for Northern States, National Child

Labor Committee, New York City.

VITALIZING THE NATION AND CONSERVING HUMAN UNITS THROUGH THE DEVELOPMENT OF AGRICULTURAL COM- M UNITIES ..... ..... ..................................... ...... 278

Hugh MacRae, Wilmington, N. C.

BOOK DEPARTMENT ........................................... 287

IN D EX ........................ ......... . .................... 309

CUMULATIVE INDEX ........................................... 320

BOOK DEPARTMENT

GENERAL WORKS IN ECONOMICS

CLARKE-A Text-Book on National Economy (C. E. Reitzel) ... . . 287 DAY and DAvIS-Questions on the Principled of Economics (R. C. McCrea) 287 GIDE and RIST-A History of Economic Doctrines (R. C. McCrea)...... 287 HAMILTON-Readings in Current Economic Problems (C. E. Reitzel)......288

GEOGRAPHY

KOEBEL-The South Americans (G. B. Roorbach) .2................ 288

AGRICULTURE, MINING, FORESTRY AND FISHERIES

CROMWELL-Agriculture and Life (C. Kelsey) ...........................289

MANUFACTURING INDUS1IRY

DRURY-Scientific Management (J. H. Willits)......................... 289

ACCOUNTING, BUSINESS METHODS, INVESTMENTS AND THE EXCHANGE

FISHER-Why the Dollar is Shrinking (E. M. Patterson) ................. 290 GHosH-Theory of Co6perative Credit (A. H. Ham) ..................... 290

LABOR PROBLEMS

HENDERSON-Citizens in Industry (A. Fleisher) ........................ 291

SOCIOLOGY AND SOCIAL PROBLEMS

ADLER-Marriage and Divorce (J. P. Lichtenberger) .................... 291 AMES-The Higher Individualism (C. Kelsey) .......................... 291 BAILWARD-Some Recent Developments of Poor Relief (C. Kelsey)......... 291 COLEMAN-Democracy in the Making (C. E. Reitzel) .................... 292

v

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vi CONTENTS

GIDDINGS-The Western Hemisphere in the World of To-morrow (J. P.

Lichtenberger) ................................................. 292 HAMMOND-In Black and White (C. Kelsey) ........................... 292 HAYES-Introduction to the Study of Sociology (J. P. Lichtenberger) ....... 293 HEALY and HEALY-Pathological Lying, Accusation, and Swindling (J. P.

Lichtenberger) ........................................ ......... 293 GoDDARD-Criminal Imbecile (J. P. Lichtenberger ... ................ 293

HECKER-Russian Sociology (J. P. Lichtenberger) ...................... 294 HOBHOUSE-Morals in Evolution (C. Kelsey) .......................... 295 HOLLANDER-The Abolition of Poverty (R. C. McCrea) .................. 295 Industrial Medicine: Being the Papers and Discussions on "The Practice of

Medicine and the Industries," presented at the Thirty-ninth Annual Meeting of the American Academy of Medicine, held at Atlantic City, June 20, 1914. (C. Kelsey) .............................................. 295

KEATING-The Drink Question (C. Kelsey) ............................ 295 WRIGHT-Christian Citizenship (C. Kelsey) ................... ... .... 295

McCuLLOCH-Battling for Social Betterment (C. Kelsey) ................ 296 MILLIs-The Japanese Problem in the United States (C. Kelsey).......... 296 MORE-Aristocracy and Justice (R. C. McCrea) ....... ................. 296 SOAREs-The Social Institutions and Ideals of the Bible (J. P. Lichten-

berger) ....................................... ............ 296 VEDDER-The Reformation in Germany (C. Kelsey) ..... ................ 297

POLITICAL AND GOVERNMENTAL PROBLEMS

BACON-For Better Relations with our Latin-American Neighbors (L. S. R ow e) ........................................................ 298

BARKER-Political Thought in England (R. C. McCrea) ..... ........... 298 BEARD-Economic Origins of Jeffersonian Democracy (E. L. Bogart)...... 298 BEARD-Woman's Work in Municipalities (N. S. Nearing) ............. 300 CROSBY-The Orthocratic State (C. L. King) ........................... 300 HADLEY-Undercurrents in American Politics (C. L. King).............. 301 HOLMES-Regulation of Railroads and Public Utilities in Wisconsin (F. W.

B reim eier) ............................................... ... . 301 SHAMBAUGH-Applied History (F. W. Breimeier) ....................... 302 YOUNG-The New American Government and Its Work (C. G. Haines)..... 303

MISCELLANEOUS

BOURNE-The Revolutionary Period in Europe (1763-1815) (P. L. White).. 304 KING-The Wealth and Income of the People of the United States (S. Nearing) 305 MUNSTERBERG-Business Psychology (H. W. Hess) ..................... 305

ALLEN-Personal Efficiency, Applied Salesmanship and Sales Administra- tion (H. W . Hess) .............................................. 305

PUTNAM-Alsace and Lorraine (P. L. White).......................... 307 STEINER-The Life of Reverdy Johnson (J. C. Ballagh).................. 307 STEINER-Introducing the American Spirit (J. P. Lichtenberger).......... 307 TAYLOR-Satellite Cities (S. Nearing) ................................. 308

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