New Books

American Economic Association

New BooksSource: The American Economic Review, Vol. 16, No. 4 (Dec., 1926), pp. 688-698Published by: American Economic AssociationStable URL: http://www.jstor.org/stable/18 .

Accessed: 23/04/2014 11:34

Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp

.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].

.

American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to TheAmerican Economic Review.

http://www.jstor.org

This content downloaded from 95.31.43.252 on Wed, 23 Apr 2014 11:34:36 AMAll use subject to JSTOR Terms and Conditions

http://www.jstor.org/action/showPublisher?publisherCode=aea

http://www.jstor.org/stable/18?origin=JSTOR-pdf

http://www.jstor.org/page/info/about/policies/terms.jsp


688 Reviews and New Books [December

The book gives a full and careful, but not disproportionate consideration of the newer aspects of its theme. Illustrative of this are the chapters on "Legal control of promotion activities and the distribution of securities" and "Employee stock ownership."

HASTINGS LYON.

New York City. NEW BOOKS

ATWOOD, A. W. The mind of the millionaire. (New York: Harper. 1926. Pp. 263. $2.50.)

BELL, G. L. Distribution of burden. Official pubs. vol. VII, no. 23. (New York: National Association of Cost Accountants. 1926. Pp. 11.)

BELT, R. E. Foundry cost accounting. Revised edition. (Cleveland: Penton Pub. Co. 1926. Pp. 267. $6.)

BENSON, P. A. and NORTH, N. L., JR. Florida real estate practice and law. (New York: Prentice-Hall. 1925. Pp. xxvii, 507.)

BERRIGAN, E. Elements of accounting. (New York: McGraw-Hill. 1926. Pp. 300. $2.50.)

BIRDSEYE, C. F. Arbitration and business ethics: a study of the history and philosophy of the various types of arbitration and their relations to business ethics. (New York: Appleton. 1926. Pp. xii, 305. $2.50.)

BIVINS, P. A. The ratio chart in business. (New York: Codex Book Co. 1926. Pp. 200. $3.)

BONNEVILLE, J. H. Elements of business finance. (New York: Prentice- Hall. 1926. Pp. xiii, 412. $5.)

This book announces itself unequivocally as a college textbook. It is introduced by the author as "something in the nature of an expanded and explained syllabus from which the student may obtain the gist of the fundamentals of the subj'ect." The plan and arrangement of the book immediately suggest a larger and well-known work on financial organization and management whose author receives acknowledgments in the preface of this smaller text. Mr. Bonneville covers the usual ground in describing the forms of business organization, stocks and bonds, underwriting syndicates, intercorporate relations, surplus and dividend policies, business and the banks, and business reorganization. In spite of two chapters on stocks and three on bonds, no mention is made throughout the text of listing and the exchanges; the business cycle is entirely ignored; the trade acceptance apparently has nothing to do with the elements of business finance; and one and a half pages suffice for an explanation of commercial paper and the commercial paper houses. The reader has an additional complaint in being denied the convenience of an index.

Even with these shortcomings, the book is thoroughly readable and well- conceived as an elementary text. To assist in teaching, three groups of classroom material are appended to each chapter in the form of questions for study and review, questions for student research (with page references to other texts), and practical problems. The book reflects throughout the tempering experiences of the classroom from which it emerged. As an elementary text it successfully realizes its objective.

J. E. McDoNouGH.



1926] Accounting, Business Methods, Investtments, Exchanges 689

BOWMAN, C. E. and others. Principles of bookkeeping and business: elementary course. (New York: Am. Book Co. 1926. Pp. 294. $1.60.)

BREMER, J. M. and HURLBUT, F. Elements of business training. (Boston: Ginn. 1926. Pp. 276. $1.32.)

BREWSTER, A. J. An introduction to retail advertising. (Chicago: A. W. Shaw Co. 1926. Pp. xi, 319. $5.)

BRUERE, H. and LAZARUS, A. Applied budgeting. (Chicago: A. W. Shaw. 1926. Pp. xi, 248. $4.)

CAMERON, 0. C. Necessary business economics for successful investing. (New York: Magazine of Wall St., Ticker Pub. Co. 1925. Pp. 174.)

CASSON, H. N. Making money happily: twelve tips on success and happiness. (New York: B. C. Forbes. 1926. Pp. 166. $2.)

COMER, H. D. The ten-payment-plan of retailing men's clothing. (Columbus: Ohio State Univ. Press. 1926. Pp. 27. 50c.)

CROW, W. H. Corporation secretary's guide. (New York: Prentice-Hall. 1926. Pp. xx, 764. $10.)

DEWING, A. S. The financial policy of corporations. Revised edition. (New York: Ronald. 1926. Pp. xix, 1281. $10.)

DJORUP, C. Foreign exchange accounting. (New York: Prentice-Hall. 1926. Pp. 420. $10.)

DOUBMAN, J. R. An analysis of display advertising in Philadelphia news- papers to determine its expressed truth or falsity. (Philadelphia: Univ. of Pa. 1926. Pp. 94.)

DUNCAN, A. E. The economics of instalment buying from the finance company' s standpoint. Address delivered before the National Asso- ciation of Supervisors of State Banks, July, 1926. (Columbus: Nat. Assoc. of Supervisors of State Banks. 1926. Pp. 9.)

ELWELL, F. H. and TONER, J. V. Bookkeeping and accounting: complete course. (Boston: Ginn. 1926. Pp. 475. $2.12.)

FILSINGER, E. B. Commercial traveleris' guide to Latin America. Second revised edition. Dept. of Commerce, misc. series no. 89. (Washington: Supt. Docs. 1926. Pp. x, 617. $1.25.)

FRIESEL, G. H. Accounting for material. Official pubs. vol. VIII, no. 1. (New York: National Association of Cost Accountants. 1926. Pp. 27.)

GILMAN, S. Analyzing financial statements. (New York: Ronald. 1925. Pp. vii, 222. $3.50.)

For many students of elementary accounting and finance, the balance sheet has long been impenetrable. Even the ability to draw up a financial statement and familiarity with its form have not served to overcome the diffidence born of the realization that much of significance and enlighten- ment is locked up in the balance sheet but available only to the expert accountant and professional credit man.

Mr. Gilman has successfully dispelled this superstition. Limiting himself to a consideration of the balance sheet and the profit and loss statement, he starts at rock-bottom with no unwarranted assumption that his readers are already trained in the more simple forms of accounting




nomenclature. The single balance sheet serves as a point of departure for the actual analysis, and thence he proceeds through a consideration of comparative balance sheets up to the more difficult historical analysis. In addition to the usual ratio method of diagnosing business ailments, Mr. Gilman introduces a plan for the application of the "index number method" through the development of trend percentages. Much is to be said for the superiority of this method over the more conventional ratio method. The profit and loss analysis which follows is presented with that same clarity which recommends the entire book to one who would rejoice in an elementary exposition of a subject hitherto abstruse to the elementary student.

J. E. McDONOuGH.

GOULD, C. W. Cost accounting for paper mills. Official pubs. vol. VIII, no. 2. (New York: National Association of Cost Accountants. 1926. Pp. 19.)

GREER, H. C. Operating results of Ohio wholesale grocers, year 1925. Special bull. of the Bureau of Business Research, Coll. of Comm. and Journalism, Ohio State Univ. (Columbus: Coll. of Comm. and Journalism. 1926. Pp. 24.)

HERDRICH and BOGGS. Discussion on depreciation, depreciation reserve and depreciation fund. (Indianapolis: Herdrich & Boggs. 1926. Pp. 45.)

JONES, E. D. The administration of industrial enterprise. Revised edition. (New York: Longmans, Green. 1925. Pp. v, 618. $4.75.)

Under this ambitious title the author produces, as a revision of an earlier volume, a very consistent and comprehensive book. It is stated in the preface that: "The chief outstanding characteristic of this book is the inclusion, for the first time in such a treatise, of a full discussion of the underlying general principles olf administration, which govern all efficient joint enterprises whether of a business nature or otherwise."

The chapters on administration contain a fairly good presentation of this subject; but there is nothing new in them, and the excessive emphasis on the military idea is oppressive. All examples are from the military organizatioins instead of from the industrial; and one wonders who besides a student of military history could solve the problems offered.

The reviewer has a feeling that if one must go to extremes in this matter of organization and administration, the modern executive would not choose the severely sharp pyramid, with orders, etc., modelled after the United States Army, but would be more liable to prefer a plan which might be likened more to the assembled jig-saw puzzle of our childhood days. The area is covered and there is no overlapping, but personal capabilities have been considered in fitting the jobs of each officer or department into the assembled picture plan.

In the earlier and hIistorical chapters of the book it is pleasant to note that the author forsakes the stereotyped "industrial revolution," and presents four more interesting and, preferable periods: the pioneer, the inventor, the captain of industry and the professional executive in American industry.

Good references were consulted in preparing the chapters on location, layout and power; and important practical points are emphasized; but



1926] Accounting, Business Methods, Investments, Exchanges 691

more real examples are needed. A good definition of morale is given, and some excellent observations on leadership are made.

The presentation of scientific management would be ;greatly strength- ened if supplemented by more examples of devices from actual practice.

The statement that "but one of the founders of scientific management- Harrington Emerson-was widely familiar with the pure theory of administration" is open to a very emphatic challenge.

The chapter entitled "Functions of the general superintendent or works manager" has the following paragraph headings: the foreman, care of machinery and equipment, design of the product, standards of accuracy, the control of quality, inspection, measurement of output, simplification of assortments, budget control.

The remaining chapters deal with purchasing and stores, cost accounting, work schedule and fatigue, employment management, wage payment systems, welfare activities, office, selling, advertising, traffic, credit and collection. The topics usually considered under the general personnel policy are segregated into many different places in this book.

Wage payment systems are well discussed, but the illustrative diagrams are not drawn according to generally accepted American practice, and they are seldom referred to in the text.

Of the problems included in this book it may truly be said that they are original, very original-but the reviewer does not expect that the average American undergraduate would find himself enthused to solve more than 50 per cent of them.

H. L. SEWARD.

KEMP, W. S. Budgets and pre-determination of costs. Official pubs. vol. VII, no. 22. (New York: National Association of Cost Accountants. 1926. Pp. 10.)

KERTH, E. C. The inspection of structures at owners' expense. Address delivered before the twelfth annual building officials' conference, Columbus, Ohio, April, 1926. (Chicago: Portland Cement Assoc., 33 W. Grand Ave. 1926. Pp. 11.)

LARNED, W. L. A sales manager's field letters to his men. (New York: Harper & Brothers. 1926. Pp. xii, 253. $3.50.)

Author recognizes that selling has became an expensive item of cost as compared with production. Volume based on letters written to salesmen during a period of three years.

LAZARUS, A. Department store organization. Vol. I. Organization of chief executive and merchandise function. (New York: Dry Goods Economist. 1926. Pp. ix, 194.)

LEE, J. M. Business ethics: a manual of modern morals. (New York: Ronald. 1926. Pp. vii, 312. $3.25.)

LORD, E. W. The fundamentals of business ethics. (New York: Ronald. 1926. Pp. v, 196. $2.75.)

LoVITT, W. V. and HOLTZCLAW, H. F. The mathematics of business. (New York: Appleton. 1926. $3.)

LoWNDS, W. G. and others, compilers. Advertising and selling digest. (New York: Advertising Club of N. Y. 1926. Pp. 249. $4.)

A digest of 36 lectures given by leading authorities under the auspices of the Advertising Club of New York.



692 Reziews and New Books [December

LYON, L. S. Salesmen in marketing strategy. (New York: Macmillan. 1926. Pp. xi, 422. $3.50.)

MARTINETTI, F. A. Financial statements and their analysis. (Tacoma: Smith-Digby Co. 1926. Pp. 41.)

MAYNARD, H. H. and WEIDLER, W. C. An introduction to business. (New York: Ronald. 1925. Pp. v, 616. $4.)

The purpose of this book as stated, by the authors is to provide a text for "a survey course giving a comprehensive picture of the economic life of our day and basic enough to serve as a common foundation for the later specialized studies of the curriculum."

The book opens with four chapters devoted to a description of our major raw material industries; and these are followed in turn by chapters on manufacturing, marketing, forms of business organization, financing, personnel problems, transportation, public utilities, business records, risk and risk-bearing institutions, business men's associations and the relation of government to business.

In the main, the text is restricted to the presentation of facts. Not infrequently, however, the authors raise questions of an analytical nature and state their views as to the why's and wherefore's of certain business policies. A profitable and intelligent discussion of many of these topics by the class of students for whom the book is intended is clearly out of the question. Most of the questions and problems which are given at the end of the book are in this category.

If these questions were used for the purpose of showing the student what information he should have at hand and what experience he should have had before attempting their solution, they might be made to serve a useful purpose.

For the most part the factual material is well selected and as comprehensive as could be expected in a book of this scope; but here and there it seems inadequate. Thus, the chapter on "The business of agri- culture" gives little information concerning the size, growth, geographical distribution and position in world trade, of our principal farm products.

As is to be expected, there are several statements of fact of a non-statistical nature to which exception might be taken in a review of greater length-for instance the statement that "In establishing piece rates for any industry it has been customary to take the previous daily rate and then divide this amount by the number of units produced in one day by the average worker."

There is a real question as to the advisability of including a survey course of business in the curriculum of those who are going to take up specialized studies of the major phases of conducting a business enterprise in addition to the study of many of the topics in this book in the regular course on the principles of economics. There are many students, however, entering other fields of activity, who could pursue with interest and profit a brief course of study on phases of business and industry not ordinarily included in the elementary course in economics; and as a text for a supplementary course of this nature, the book will be found useful. The breadth of scope of the book is unique; and this feature will appeal to many.

HUDSON B. HASTINGS. MOODY, J. Profitable investing: fundamentals of the science of investing.

(New York: B. C. Forbes Pub. Co. 1925. Pp. ix, 257.)




NEWLOVE, G. H. C. P. A. accounting: theory, questions and problems. Second edition. (Washingtoin: White Press Co. 1926.)

PICKEN, J. H., editor. Business correspondence handbook. (Chicago: Shaw. 1926. Pp. 846. $7.50.)

"Ways in which business letters are used today, and the rules and standards which bring the best results."

REEVES, A. Budgeting the family income: advantages to the public of automobile time payment selling. Address delivered before the Brooklyn Motor Vehicle Dealer's Association, June, 1926. (Brooklyn: Brooklyn Motor Vehicle Dealers' Assoc., 998 Bergen Ave. 1926. Pp. 15.)

ROBERTSON, E. C. Use of standard labor costs in the manufacture of men's clothing. Official pubs. vol. VII, no. 21. (New York: National Asso- ciation of Cost Accountants. 1926. Pp. 7.)

ROBINsoN, L. R. Investment trust organization and management. (New York: Ronald. 1926. Pp. xii, 448.)

ROTH, F. Forest valuation. Michigan manual of forestry, vol. II. Second edition revised. (Ann Arbor: George Wahr. 1926. Pp. v, 176.)

RUSSELL, G. Nuntius: advertising and its future. (London: K. Paul, Trench, Trubner & Co. (New York: Dutton. 1926. Pp. 96.)

RYALL, R. J. H. Dictionary of costing. (New York: Pitman. 1926. Pp. 389. $3.)

SCHLUTER, W. C. Credit analysis. (New York: Prentice-Hall. 1925. Pp. xiii, 439. $5.)

This is written for the more mature mind and for the financier and business executive who would probe deeply into the economic and business basis of credit risks. Here is a thoroughgoing and scholarly investi- gation of the factors underlying and influencing the assumption of credit risk, a study amply reenforced with convincing case material and helpful tabulations and forms.

An introductory chapter on the nature of credit serves as a running start for an excellent discussion of credit interchange service and reports. Credit policies and the business cycle, the significance of working capital in credit analysis, and the credit aspects of business budgeting merit, respectively, a separate chapter of well-balanced, informative material. Practically all of the remainder of the book-some 160 pages-is given over to credit ratio-analysis under the subdivisions of five fundamental credit factors, viz., the source and nature of capital employed in the business, uses of capital invested, the supply and position of working capital, potential productivity of capital and assets, and the rate of fixed expansion. Carefully selected ratios are thus utilized to unfold for the credit investigator the significant conditions prevailing in each of these five categories of business operations.

J. E. McDONOUGH.

SIGERSON, W. C. Digest of accounting organization and practice. (New York: Elliott-Fisher Co., 342 Madison Ave. 1926. Pp. 72. Gratis.)

SNOW, A. J. Psychology in busines,s relations. (Chicago: Shaw. 1926. Pp. xv, 562. $6.)

An edition, in flexible leather, of the volume reviewed in the September, 1925, issue of this magazine.




SNOW, A. J. Psychology in personal selling. (Chicago: Shaw. 1926. Pp. xvi, 620. $6.)

This book is a rare contribution to the subject: it is sound psychology, consonant with the most recent research, yet subscribing to no immature speculations; and at the same time, it bears pertinently on the critical factors of salesmanship. Dr. Snow has culled from a surprising variety of sources the psychological facts and illustrations essential to his topic, and has demonstrated their use and value with unusual skill. Part 1 bears the caption, Psychology in personal selling; Part 2, The salesman; Part 3, The sale; and Part 4, Selection and training of salesmen. Many excellent references for further reading are appended to the various chapters. C. L. STONE.

STEPHENSON, J. The principles of business economics. (New York and London: Pitman. Pp. x, 496. $3.)

The purpose of this book as stated by the author is to provide "a useful framework around which to build a more detailed study of industry and commerce. It will also be found useful by those in England preparing for civil service and other examinations in the subjects of economics and business organization."

The text is divided into nine sections as follows: general principles; the business undertaking; money and the money market; labour and the labour market; the production of goods; the distribution of goods; volun- tary organizations; the municipality; the state.

On account of the wide scope of the work, the treatment of each division is rather brief and in general confined to a description of the practices and procedure of the above phases of economic activity as they are found in England. Very few statistics are included.

In discussing co6perative consumers' societies the author leaves the reader with the impression that the lower prices quoted by them, in contrast with private undertakings of similar size, arise from the elimination of the profits of the wholesaler and retailer; whereas the research work which has been done in this field indicates that such lower prices are largely due to economies resulting from restricted service. This typical feature of co6peratives is not mentioned.

In his description of banking the author fails to point out the fundamental difference between a commercial bank and a savings bank, in that the former, by making use of the banking principle, may lend several times the amount of money deposited by its customers, while the latter may not make loans in excess of such deposits.

In accounting for a large growth in the use of the check as a means of settling monetary obligations, the author states that: "The development of money economy, however, demands such large amounts of media of exchange that the substitution of bank notes is totally insufficient to cover the buying and selling transactions and the turnover of money and capital." The real reason, however, for the use of the check in preference to currency rests in the economy, convenience and safety of this method of payment of the great bulk of business obligations.

Space limitations as well as the general character of the book predlude the author from all but very brief discussions of economic theory. In most cases the theoretical considerations are stated as facts without supporting analysis; and students of, economic theory will in many cases not agree with such statements as: "The splitting up of the earth and its




treasures into private hands, together with the law of inheritance, tends to lead to the increase of that class of person who, in the market, has nothing else to offer but his labour-power"; "The price of labour-power is measured chiefly by the costs of reproduction, that is, by the expenditure necessary in a certain market area for the satisfaction of the worker's wants"; "The cycle generally takes up a fairly constant period of three- and-a-half years. The trade cycle is usually brought about as follows: It usually commences after a series of good harvests which cheapen the cost of food"; "But the small undertaking is unable to show a similar financial success per unit of turnover as the large undertaking, since it is exposed to more competition."

The book is, of course, intended primarily for use by Englishmen; but American readers will find it a valuable source of reference for the study of English business procedure. It is written in a style which makes for interesting and easy reading.

HUDSON B. HASTINGS.

STEVENSON, R. A. and TAYLOR, R. E. Questions and problems in accounting. (New York: Macmillan. 1926. Pp. viii, 234.)

A good book. It gets away from the traditional policy of spending a deal of time on the mechanism of the double entry. Particular emphasis is given to tracing various transactions and policies to their effects on the balance sheet and profit and loss statement. Analysis ratios are also given prominence. A bit on certain phases of law comes in too.

For those who wish to teach matters of significance but have not two or three courses in which to do the task, here is a suggestion worth con- sidering. Supplementary readings would be necessary. It is too bad the authors have not gathered together something of this sort to round out their volume. M. J. S.

SWICK, E. Cost accounting reports for executives. Official pubs. vol. VII, no. 24. (New York: National Association of Cost Accountants. 1926. Pp. 6.)

TINSLEY, J. F. New phases of industrial management: an assembling of addresses given before financial, industrial, and educational groups. (Worcester, Mass.: Author. 1926. Pp. 198.)

TOULMIN, H. A. Trade-mark profits and protection. (New York: Van Nostrand Co. 1926. Pp. xv, 258. $4.)

VANDERBLUE, H. B. Problems in business economtics. (Chicago: Shaw. 1924. Pp. xix, 631. $5.)

The management of business enterprises is still largely in the state of an art. Due to the great variety of surrounding conditions, it may never become a science; but enough case material has already been collected and analyzed by various research agencies and individuals to indicate that the scientific approach to business problems promises to yield increasingly valuable results.

Many of the most far-reaching problems arise out of the non-seasonal fluctuations in general business activity which we call the business cycle. To the methods of analysis of such problems, this book is devoted.

Part 1 "presents a summary of the business cycle, its significant phases, the theories of crises, the cyclical movement of profits, costs and output, forecasting, cyclical variations in manufacturing and mining, employment, advertising, retail merchandising, bond yields and money rates, control of




an industry in the business cycle." Part 2 gives "in detail, problems in financing, production and distribution" and Part 3 "includes explanations of the method of analysis of time series, and various statistical tables on finance, industry, merchandising and trade."

Parts 1 and 3 are largely reprints and adaptations of numerous publi- cations by the Harvard University Committee on Economic Research. This material has been carefully selected and well arranged; and it is a valuable contribution to economic literature to have so much of it incor- porated in a single volume and made available for the general reader.

The author has refrained from including comments on the relative merits of the statistical methods described or on the significance of the charts and tables which are presented. This caution is typified by the statement that: "Although the formal arithmetical operations described below would undoubtedly, even in such cases, yield certain numerical results, the apparent significance of such numbers might be quite mis- leading." In a like vein Mr. Howard Coonley, in his chapter on "The control of an industry in the business cycle," in speaking of the close correlation between the business of the Walworth Manufacturing Company and building construction states: "We did not infer from this that building was the cause of Walworth demand, but rather that the same cause which determined an advance for Walworth, determined an advance for building." The reader is left to draw his own conclusions.

There are, however, two statements to which ;exception may be taken. The first is one by the author that prices of short term bonds "tend to remain relatively stable, since the expected repayment of the principal is the ruling factor." It is largely due to another factor mentioned later by the author that: "As the maturity date draws near, a very small change in the price of a bond" means "a relatively large fluctuation in the yield."

The second statement to which exception may be taken is one by Mr. Coonley that: "It is generally conceded that more is to be learned with reference to normal business cycles from the pre-war years than from later ones." At the time this statement was made the present policies of the federal reserve banks, which have been followed since about 1922 with respect to their rediscount rates and open market operations, had not been well developed. If these are continued it is clear that the business cycles of the future will be quite different from those of the past. Fluctuations in general business activity and prices will be much less severe; and some of the clearly marked characteristics, which recent research has shown might have been used for forecasting purposes, will be lacking. The average length of the business cycle will also be much shorter.

Therefore while the methods of statistical analvsis of seasonal, secular, and cyclical changes in business activity which are described in this book will still be found of much value, any correlations worked out for cyclical changes prior to 1922 will have to be accepted with caution.

The problems presente-d in Part 2 are well selected from the point of view of illustrating the wide variety of situations constantly before a business executive which call for decisions of far-reaching importance. The internal facts given in each case are quite complete; but in many instances the determining factor in the solution would appear to lie in the external situation, about which it is often impossible to secure adequate information. It would have been helpful to students of business problems




if the author had pointed out more of these external factors which should be taken into consideration in each instance, even though it was impossible to give the desired information.

Altogether the book constitutes a notable addition to the literature on modern methods of business analysis and control; and it should find a wide use as a text in college courses in business economics.

HUDSON B. HASTINGS.

VANNAIS, L. E. Distributing administration costs. Official pubs. vol. VII, no. 20. (New York: National Association of Cost Accountants. 1926. Pp. 11.)

VAN STRUM, K. S. Investing in purchasing power. (Boston and New York: Barron's. 1925. Pp. xv, 248.)

WADE, A. S. Modern finance and industry: a plain account of the British financial system and of its functions in relation to industry and commerce. (London: Pitman. 1926. 5s.)

WAGNER, H. K. Damages, profits, and accounting in patent, copyright, trademark, and unfair competition cases. (St. Louis: Thomas Law Book Co. 1926. Pp. xiii, 535.)

WEED, W. X. Practical real estate law under the Civil Practice act of the state of New York. Second edition. (Albany: M. Bender & Co. 1926. Pp. xxxi, 1611. $15.)

WHITE, P. Business management: an introduction to business. (New York: Henry Holt. 1926. Pp. x, 731.)

. Forecasting, planning and budgeting in business management. First edition. (New York: McGraw-Hill. 1926. Pp. vii, 267. $2.50.)

WITHERS, H. Hints about investments. (London: Eveleigh Nash & Grayson. 1926. 6s.)

WOOLF, J. D. Writing advertising. (New York: Ronald. 1926. Pp. 294. $3.50.)

Adequate tables of bond values. (Boston: Financial Pub. Co. 1926. Pp. 456. $18 each.)

Better retailing: a handbook of a number of things which have helped retail stores to become successf ul. Third edition. (Dayton, Ohio: National Cash Register Co. 1926. Pp. 112. Gratis.)

Business survey of Florida, a record of Florida's permanent development. (Miami, Fla.: Trust Co. of Florida. 1926. Pp. 70.)

Commercial handbook of the Union of Soviet Socialist Republics. (Wash- ington: Author. 1926. Pp. 40.)

Commercial travelers' guide to the Far East. Dept. of Commerce, trade promotion series no. 29. (Washington: Supt. Docs. 1926. Pp. viii, 384. 85c.)

The current ratio in public utility companies. Bureau of Business Research bull. no. 9. (Urbana, Ill.: Univ. of Ill. 1926. Pp. 28.)

Laws of Maryland relating to business corporations. Seventh edition. (Baltimore: State Tax Com. of Md. 1925. Pp. x, 154.)




Methods of conducting f amily budget enquiries. Studies and reports, series N, no. 9. (Geneva: Internat. Lab. Office. 1926. Pp. 100. 40c.)

Operating expenses in department stores in 1925. Bull. no. 57. Bureau of Business Research, Harvard Univ., in cooperation with the National Retail Dry Goods Assoc. (Cambridge: Grad. Sch. of Bus. Admin., Harvard Univ. 1926. Pp. 132. $1.50.)

Shares without par value: synopses of state laws authorizing their issue. (New York: Corporation Trust Co. 1926. Pp. 32.)

Weights and measures in the United States: arguments for and against a change. Spec. rep. no. 34. (New York: Nat. Industrial Conf. Board. 1926. Pp. 30.)

Year book of the American Institute of Accountants. (Hammond, Ind.: W. B. Conkey Co. 1925. Pp. 225.)

Capital and Capitalistic Organization NEW BOOKS

HUBBELL, C. H. A story of gas and electric rates: written f or the man in the street. (New York: Author, Box 124, Wall St. P. 0. 1926. Pp. 28. 25c.)

MCLEAN, C. Public utilities: a plea for present cost of reproduction as the just basis of valuation. (Dubuque, Iowa: Author. 1926. Pp. 48. $1.)

This is a lawyer's brief which succeeds in establishing certain shortcomings in Mr. Justice Brandeis' formulation of the prudent investment theory. Were we, however, to accept its fundamental thesis that "a community is entitled to be served for what it would cost that community to serve itself if it should undertake to duplicate the property of the existing public utility at the time of the rate inquiry," we should have to admit that most of the efforts made to date to put regulation on a perma- nently satisfactory basis have counted for naught. The author, using ordinary competitive business enterprises as his standard, sees in the prudent investment basis only encroachments on the rights of private property. It is not difficult to understand this position; on the contrary, it suggests verv strongly that the public has responsibilities which it has not yet recognized if it seeks to use the prudent investment rule.

C. S. M. METZNER, M. Kartelle und Kartellpolitik. (Berlin: C. Heymann. 1926.

Pp. viii, 104. M. 5.) TOGGWEILER, J. Die Holding Company in der Schweiz. (Zurich: Girs-

berger & Co. 1926. Pp. viii, 143. M. 6.80.)

Labor and Labor Organizations NEW BOOKS

ADAMS, W. W. Metal-mine accidents in the United States during the calendar year 1924. U. S. Dept. of Commerce, Bureau of Mines, bull. 264. (Washington: Supt. Docs. 1926. Pp. v, 98. 15c.)

AYUSAWA, I. F. Industrial conditions and labour legislation in Japan. Studies and reports, series B, no. 16. (Geneva: International Labour Office. 1926. Pp. 119. 50c.)



Date post:	05-Jan-2017
Category:	Documents
Upload:	phungduong
View:	212 times
Download:	0 times

New Books

Documents