Periodicals

American Economic Association

PeriodicalsSource: The American Economic Review, Vol. 16, No. 4 (Dec., 1926), pp. 737-766Published by: American Economic AssociationStable URL: http://www.jstor.org/stable/36 .

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PERIODICALS

The REVIEW is indebted to R. S. Saby for abstracts of articles in Danish, Dutch, and Swedish periodicals, and to Ralph Radcliffe Whitehead for abstracts of articles in Italian periodicals.

Theory (Abstracts by Morris A. Copeland)

BLAKI, R. M. Why not hedonism? A protest. Internat. Jour. Ethics, Oct., 1926. Pp. 18. Finds current objections to a hedonistic ethic invalid.

BROWN, H. G. Land rent and population growth. Jour. Pol. Econ., June, 1926. Pp. 15. Land rent may accompany increased population without lowering the marginal productivity of labor and capital. It is clearly reasonable to tax such rent. And even where it is due to the decreased marginal productivity of a larger labor supply, a heavy land tax may encourage industry and thrift more than it penalizes them.

CANNAN, E. Adam Smith as an economist. Economica, June, 1926. Pp. 12. Smith (1) substituted annual produce for metallic treasure as a measure of national wealth, (2) shifted from total to per capita wealth for international comparisons, and (3) fathered the tradition of eulogizing industry and trade.

CARLI, F. Introduzione ad una teoria sociologica del valore. Giorn. d. Econ., June, 1926. Pp. 22. An attempt to find what the author calls a sociological basis of value.

COBB, J. C. Quantitative analysis and the evolution of economic science. Am. Econ. Rev., Sept., 1926. Pp. 8.

COPELAND, M. A. Desire, choice and purpose from a natural-evolutionary standpoint. Psych. Rev., July, 1926. Pp. 23. The theory of marginal utility (or desiredness) conflicts with a natural-evolutionary theory of desire and choice. It is dangerous for an economist to develop any theory of individual choice without a study of general psychology. For purposes of economics and the other social sciences, what is needed for a useful understanding of such values as market price-offers, is to study their social evolution.

DIAMOND, H. M. Property and the cult. Am. Jour. Soc., Sept., 1926. Pp. 7. Property taboos arise subsequent to the accumulation of wealth, and so as to preserve social harmony.

DUPRJEEL, E. La valeur du progre's (deuxieme partie). Rev. de l'Inst. de Soc., Jan., 1926. Pp. 44. Technological progress often leads to the exploitation of man by man and has war as a normal consequence. Hence it is necessary "travailler a assurer la predominance de la technique sociale sur la technique materielle."

FARis, E. The nature of human nature. Am. Jour. Soc., July, 1926. Pp. 15. Human nature is a collective phenomenon. It begins in the primary group and is constantly being altered, notably so under the influence of social movements.

GBAHAM, F. D. Relation of wage rates to the use of machinery. Am. Econ. Rev., Sept., 1926. Pp. 9.

KAUFMANN, F. Logik und Wirtschaftswissenschaft. Eine Untersuchung iiber die Grundlagen der okonomischen Theorie. Archiv f. Sozialwis. Band 54, H. 3, 1925.

KAWAwi, H. On Marx's "forms of social consciousness." Kyoto Univ. Econ. Rev., July, 1926. Pp. 11. "A study of the economic structure of society means a study of the domiuating forms of social consciousness."



738 Periodicals [December

KEYNEs, J. M. The end of laissez-faire. New Repub., Aug. 25, Sept. 1, 1926. Pp. 3, 5. Outlines the history of laissez-faire theory and the part played in it by political economists. Denies coincidences of private and public interests. Suggests need for government action regarding investments, population, and the business cycle, but claims a "tendency of big enterprise to socialize itself."

LAVINGTON, F. An approach to the theory of business risks. Econ. Jour., June, 1926. Pp. 12. Uncertainty and immobility cause actual prices to deviate from what would yield a normal return, though in the long-run average the two may approximately coincide. Technical risks are important directly to the producer and also indirectly for others through affecting their market conditions.

LAwRENcE, F. W. P. Distribution of national income. Econ. Jour., June, 1926. Pp. 3.

MARTIN, P. W. Ove-production and underconsumption: a remedy. Internat. Lab. Rev., July, 1926. Pp. 18. Suggests reinforcement of purchasing power or scientific inflation based on indices of prices and unemployment, to offset the short- circuiting of money back into industry a second time before being used in consumption.

MooRE, H. L. Pantaleoni's problem in the oscillation of prices. Quart. Jour. Econ., Aug., 1926. Pp. 12. Assuming the "partial flexibilities of prices" and "partial elasticities of demand [sales?]" to be constant, one type of index number of prices would be most affected by commodities of high flexibility (or low elasticity). If commodities of high flexibility are subject to an eight-year cycle, this should appear in the index.

PIGou, A. C. A contribution to the theory of credit. Econ. Jour., June, 1926. Pp. 13. Seeks to elucidate Robertson's discussion of (1) the proportion of national income claimed by banks when expanding the currency, (2) the question whether this levy is "forced," (3) the possibility of banks' supplying circulating capital without raising the price level.

SELIGMAN, E. R. A. The social theory of flscal science. Pol. Sci. Quart., Sept., June, 1926. Pp. 36, 30. Fiscal science is a part not only of social science but of political science. The social theory of fiscal science offers a precise differentiation between private and political groups. It finds special spheres both for the principle of ability to pay and for that of benefit, and finds that to some extent the two are inter-dependent.

SIMPSON, K. Average or marginal cost for tariff. Jour. Pol. Econ., Aug., 1926. Pp. 9. It depends on which is greater.

TAJIMA, K. New theory of surplus value and the harmony of the variou classes of society. Kyoto Univ. Econ. Rev., July, 1926. Pp. 14. The four co-partners of production, the landowners, capitalists, labourers, and entre- preneurs, all get a surplus value."

WEBB, S. The end of laissez faire. Econ. Jour., Sept., 1926. Pp. 8. Keynes is too generous with the laissez faire economiists, is unfair to "the opponent proposals," and inclines to underestimate the need for national supervision of his "sublimated capitalism."

WILLOUGHBY, W. W. Juristic theories of Krabbe. Am. Pol. Sci. Rev., Aug., 1926. Pp. 15. A summary and criticism of his political and legal philosophy.

WRIGHT, B. F., JR. American interpretations of natural law. Am. Pol. Se. Rev., Aug., 1926. Pp. 24. Finds natural law and natural rights play a decreasing part in American political theory.



1926] Economic History (United States) 739

Economic History (United States) (Abstracts by Amelia C. Ford)

BLEGEN, T. C. Minnesota life as revealed in newspaper advertisements. Minn. Hist., June, 1926. Pp. 23. Describes certain aspects of life in St. Paul and St. Anthony, chiefly in years 1849 to 1851, on the basis of contemporary advertisements.

BOCK, C. A. A history of floiod control in Ohio. Ohio Arch. and Hist. Quart., Oct., 1926.

BRANo.NS, G. Flour mills in Indiana. Indiana Mag. of Hist., March, 1926. Pp. 8. Details the location, construction and operation of the early flour mills in that state.

BRETZ, J. P. Early land communication zeith the lower Mississippi Valley. Miss. Valley Hist. Rev., June, 1926. Pp. 27. Traces the development of communication by land between the gulf ports on the one hand and the north Atlantic seaboard and the upper Mississippi Valley on the other. "It is hardly too much to say that the history of communication with the lower Mississippi Valley is a history of the extension of postal service into that quarter."

BROWN, C. K. History of the Piedmont Railroad Company. No. Carolina Hist. Rev., April, 1926.

BROWN, E. E. No man's land: notes on the early settlement. Chron. of Okla., June, 1926. Pp. 11. Describes some of the economic hardships of the first settlers in western Oklahoma at the time cattle ranges were giving way to farms.

DANIELS, J. History of pig iron manutfacturing on the Pacific Coast. Washington Hist. Quart., July, 1926. Pp. 21. Sketches the various attempts to manu- facture pig iron in California, Oregon, and Washington; optimistic of future success.

ELLIsoN, J. The mineral land question in California, 1848-1866. Southwestern Hist. Quart., July, 1926. Pp. 22. The question of the control and disposition of the mineral lands was an agitating subject for about eighteen years; the general government floundered from one plan to another until, compelled by the ex- haustion of the placer mines and the heavy cost of the Civil war, it finally adopted a policy to derive some revenue from the mines.

EMERY, J. Q. The Szvss cheese indutstry in Wisconsin. Wis. Mag. of Hist., Sept., 1926. Pp. 11. An oratorical address in which are references to the founding in Wisconsin of the Swiss colony at New Glarus, and the cheese-making there developed.

HAFEN, L. R. Pioneer struiggles for a Colorado road across the Rockies. Colo. Mag., March, 1926.

JACKSON, R. L. The Pearsons and their mills. Essex Instit. Hist. Coll., Jan., 1926. Pp. 16. Brief references to the milling business in which this Newbury (Ma.ss.) family was engaged for five generations from 1775 to 1845.

KwA-uSS, J. 0. The farmers' alliance in Florida. So. Atlantic Quart., July, 1926. Pp. 16. Traces the rise and fall of the alliance movement, giving reasons in each case.

KNOBLOCK, 0. M. Early navigation of the St. Joseph River. Ind. Hist. Soc. Pubs., vol. VIII, nos. 3 and 4.

PELZER, L. A cattleman's commonwealth on the western range. Miss. Valley Hist. Rev., June, 1926. Pp. 20. Sketches the main activities centered at Cheyenne, of the Wyoming Stockgrowers' Association, from 1873 to 1887.




Pripps, H. Some aspects of the agrarian question in Mexico. Univ. of Texas Bull., April 15, 1925. Pp. 157. Quoted from the Amer. Hist. Rev., July. For "an understanding of the agrarian problem as it has developed within a century or less, the author has found it necessary to make a study of the land tenure of the colonial period, and even prior to the conquest, inasmuch as colonial institutions have persisted through the centuries and are still deeply rooted in the life of Mexico."

Rom, W. The passing of the country store. Scribner's Mag., Oct., 1926. Pp. 6. "The old-time country store developed under a regime of low prices, low wages, hard times, and slow and tedious individual transportation." A comparison of the old methods in a general merchandise store and the new trade conditions.

Ross, E. D. The evolution of the agricultural fair in the Northwest. Iowa Jour. Hist. and Pol., July, 1926. Pp. 36. Outlines the gradual changes in cattleshows up to the present. "The years of trial in war and reconstruction have demon- strated that the modernized agricultural fair like the agricultural college has a definite field and a permanent mission."

SALzs, MRS. A. W. The old mills of Sangamon County. Jour. Ill. State Hist. Soc., vol. xviii, no. 4., Jan., 1926. Pp. 8. Lists various mills, one of which was for a time under the supervision of Abraham Lincoln; chiefly interesting for the seven illustrative drawings.

Sixz, H. Commerce between France and the United States, 1783-1784. Am. Hist. Rev., July, 1926. Pp. 21. Nine documents from the papers of the Chamber of Commerce of Nantes, dated 1783-1784, telling of the plans of the government of France and merchants of her ports at the close of the American Revolution, to avail themselves of the new market open to French commerce.

STEPHENsow, G. M. Background of the beginnings of Swedish immigration, 1850-1875. Am. Hist. Rev., July, 1926. Pp. 16. Describes the religious and economic evils in Sweden in the "fifties and later" which set in motion and accelerated migration to the United States on a scale that threatened to depopulate the old country.

SWINGLE, F. B. The invention of the twine binder. Wis. Mag. of Hist., Sept., 1926. Pp. 7. A reminiscent account by the inventor himself, John F. Appleby.

VANDERBLUE, H. B. Changes in the localization of the pig-iron industry, 1901-1926. Harvard Bus. Rev., July, 1926. Pp. 8. Discusses the economic and technical influences operating to change the localization of iron production on the basis of statistical material regarding (1) location of furnaces, (2) furnace capacity, (3) actual output. Maps and tables.

VINETTE, B. Early lumbering on the Chippewvt. Wis. Mag. of History, July, 1926. Pp. 6. Reminiscences of a veteran logger as to keelboating, and getting out strings of hewed timber to raft down the river during the 50's and 60's.

WARE., C. F. The effect of the American embargo, 1807-1809, on the New England cotton industry. Quart. Jour. Econ., August, 1926. Pp. 17. "The embargo can be regarded as a favorable factor in the establishment of the industry only in so far as it stimulated western migration, and in New England released labor and capital which turned to an industry already prosperous." The boom in mill building during the embargo years was due to the appearance of a new market. "To the expansion of population in the middle Atlantic and trans-Allegheny regions can be directly traced the survival and growth of both pre-embargo and embargo mills."

WHITFORD, N. E. Effects of the Erie Canal on New York history. Quart. Jour. N. Y. State Hist. Assoc., April, 1926.

Journal, by Robert Campbell, of an expedition (Nov., 1832, to Sept., 1833) from Hudson's Bay Country into Kentucky and return with a flock of sheep. Annals of Iowa, April, 1926. Pp. 6.



1926] Economic History (Foreign) 741

Economic History (Foreign) Asn'rox, T. S. The growth of textile businesses in the Oldham district, 1884-1924.

Jour. Royal Stat. Soc., May, 1926. Pp. 13.

BROWw, V. L. The South Sea Company and contraband trade. Am. Hist. Rev., July, 1926.

DAVIDON, D. Tyska skadestdndsproblemet. Ek. Tids., Feb.-Mar., 1926. Pp. 29. Treats of the German reparations problem and includes an analysis of the Dawes plan.

HoNJTo, E. On peculiarities of the economic development of Japan. Kyoto Univ. Econ. Rev., July, 1926. Pp. 8.

KRETsCHMANN, J. G. Lo stato economico o agricolo della Russia dei Soviet. Giorn. d. Econ., June, 1926. Interesting details as to the industry and agriculture of Russia down to 1925.

LAm, M. Hugo Stinnes. Rev. des Sci. Pol., April-June, 1926. Pp. 33.

LA TERZA, P. Verso l'abolizione dei privilegi d'exterritorialita in Cina. Riv. Internaz. d. Sci. Soc., May, 1926. Pp. 20. An account of "exterritoriality" in China, and the steps taken towards its modification since 1919.

MAHAIEM, E. La restauration 4conomique de la Belgique. Rev. de l'Inst. de Soc., Jan., 1926 Pp. 16.

POPELKA, F. Geschichte des Handwerkes in Oberateiermark bis zum Jahre 1527. Vierteljahrschr. f. Soz. und Wirtschaftsgeschichte, Band XIX, 1-3 Heft.

SEi, H. L'4volution du capitalism eon Angleterre, du XVI siQcle au commencement du XIX. Rev. de Synthese Hist., nos. 118-120.

Vow ECKARDT, H. Die Kontinuittit der russischen Wirtschaftspolitik von Alt- Moskau bis zur Union der S. S. R. Archiv f. Sozialwis. und Sozialpolitik, Band 55, 3 Heft.

La situation financiUre et 6conomique en Hongrie. L'Econ. Franc., June 26, 1926.

Agricultural Economics (Abstracts by A. J. Dadisman)

BEAw, L. H. Measures of agricultura1 purchasing power. Jour. Farm Econ., July, 1926. Pp. 11. The forms of agricultural purchasing power and their significance as a measure of the farmer's welfare and general business activity.

BJOaRxA, K. Index numbers of Iowa farm products prices. Iowa Cur. Econ. Rep. 3, June, 1926. Pp. 16. Monthly index numbers and price relatives of Iowa farm products from 1910 to date.

BosL&xD, C. C. Forecasting the price of wheat. Jour. Am. Stat. Assoc., June, 1926. Pp. 13. Of the data available, "world production plus carry-over seems to be of most significance in explaining changes in price."

BANNOw, C. 0. Farm mortgage acnd commercial loans to farmers in Arkansas. Ark. Exp. Sta. Bull. 208, June, 1926. Pp. 37. Data are presented showing sources of farm credit, terms upon which it is obtained, and costs involved in making loans.

CA9E, H. C. M. Farm bureau-farm management service project in Illinois. Jour. Farm Econ., July, 1926. Pp. 13. Development and progress of a project to aid 240 farmers in keeping financial records of the farm business and interpreting the results.



742 Pertodicals [December

CLAYTON, C. F. Index numbers of the prices of farm products. Jour. Farm Econ., July, 1926. Pp. 9. A summary of index numbers of prices of farm products constructed by the U. S. Dept. of Agriculture and the various states.

COWAN, D. R. G. Missouri farm prices and purchasing power. Mo. Exp. Sta. Research Bull. 84., Feb., 1926. Pp. 34. Monthly prices and index numbers of thirteen Missouri farm products are given for sixteen years.

DURAND, E. D. The world's cotton supply. Proc. Acad. Pol. Sci., July, 1926. Pp. 7. A discussion of the probable future supply of cotton, expressing an optimistic view.

ELLINGER, T. U. H. Trends in slaughter and value of livestock since 1921. Jour. Farm Econ., July, 1926. Pp. 23. Seasonal, secular and cyclical trends are considered for cattle, calves, hogs and sheep. Production and price trends are shown in diagrams. Data on animals slaughtered by months are given.

EZEKIEL, M. Factors affecting farmers' earnings in southeastern Pennsylvania. U. S. Dept. Agr. Bull. 1400, April, 1926. Pp. 64. This bulletin is concerned primarily with the kind of farming which was most profitable in 1922-23, and the best type for the future. Data are from 422 farm survey records and milk distributors' books.

FAUSER, I. German approach to farm economic investigations. Jour. Farm Econ., July, 1926. Pp. 9. The development and present conception of farm economics in Germany.

FIsKE, G. B. Marketing barreled apples. U. S. Dept. Agr., Bull. 1416, June, 1926. Pp. 100. A comprehensive study of harvesting and marketing the commercial apple crop in the barreled apple region. 25 statistical tables are appended.

FISKE, G. B. and PAILTIIORP, R. R. Marketing western boxed apples. U. S. Dept. Agr., Bull. 1415, June, 1926. Pp. 96. A comprehensive study of harvesting and marketing the commercial apple crop in the boxed apple region. 22 statistical tables are appended.

FORSTER, G. W., SAVILLE, R. J. and HUTSON, J B. Profitable farm organization for the coastal plain of North Carolina. N. C. Exp. Sta. Research Bull. 1, June; 1926. Pp. 33.

FUNK, W. C. and others. Agricultural production and marketing in Atlantic County, New Jersey. N. J. Exp. Sta. Bull. 416, July, 1925. Pp. 39. An analysis of data secured from 500 farmers on production and disposition of crops and general farm practice.

HAUCK, C. W. Marketing lettuce. U. S. Dept. Agr. Bull. 1412, June, 1926. Pp. 45. The practices in putting lettuce on the markets are described in detail.

HENDERSON, B. State policies in agricultural settlement. Jour. Land and Public Utility Econ., July, 1926. Pp. 13. The article summarizes what the states are doing officially about the constant migration of people from city to country, and increase in farming operations.

HENSLEY, H. C. Incorporation plans for fruit marketing associations. Mo. Agr. Ext. Cir. 168, May, 1925. Pp. 32. Instruction for incorporating cooperative marketing associations, suggested articles of incorporation, by-laws, and the coioperative marketing act are given.

HUME, F. W. Canadian pulp wo;od and the American paper industry. Proc. Acad. Pol. Sci., July, 1926. Pp. 5. The interdependence of Canada and the U. S. upon each other for pulp wood and markets.

JENSON, W. C. Price economics of what farmers sell. S. C. Exp. Sta. Bull. 226, May, 1926. Pp. 69. A statistical price study of farm commodities for the U. S. and South Carolina. Data are presented in 120 statistical tables.



1926] Agricultural Economics 743

KING, W. I. What can the government do for the farmer? Burroughs Clearing House, June, 1926. Pp. 4$. A discussion of the causes of the agricultural depression, proposed remedies, and supply and demand.

KARWAL, G. D. The problem of low agricultural production in India. Indian Jour. Econ., Jan., 1926. Pp. 9. The causes of low agricultural production, how they act, and suggested methods of bringing about needed changes.

KAWADA, S. Tenant systems in Japan and Corea. Kyoto Univ. Econ. Rev., July, 1926. Pp. 36. The typical tenant systems in Japan and Corea are explained.

LLOYD, F. E. Plantation rubber; its source and acquisition. Sci. Mo., Sept., 1926. Pp. 11. The tree from which the raw rubber of commerce is obtained and methods of acquiring it are described. Illustrated with 26 photographs.

MISNER, E. G. Economic studies of dairy farming in New York, IV. N. Y. (Cornell) Exp. Sta. Bull. 441, Aug., 1925. Pp. 76. An analysis of the farm business on 121 farms which produce cash crops and milk for shipping stations.

Economic studies of dairy farming in New York, V. N. Y. (Cornell) Agr. Exp. Sta. Bull. 442, Sept., 1925. Pp. 50. The system of farming reported is the production of milk for cheese factories in Jefferson county. Detailed farm organization and operation are shown in 50 tables and discussions.

MuuttY, D. R. The corn belt's next move. New Repub., July, 1926. Pp. 3. A discussion of the possible methods of securing farm relief for corn-belt farmers.

RATrO, M. 0. II malessere agrario e la politica alimentare nella Grain Bretaigrni Riv. di Pol. Econ., May, 1926. Pp. 12 The agrarian depression in England and the nation's food supply.

RAUCHENWTEIN, E. and Ross, R. C. Cost of producing field crops in three areas' of Illinois, 1913-1922. Ill. Sta. Bull. 277, June, 1926. Pp. 29. The relative profitableness of crops under prevailing farm practices are shown. Costs are summarized by areas and periods, and for different farms.

REW, H. Agricultural tenancies in England. Internat. Rev. of Agri. Econ., Apr.- June, 1926. Pp. 66. The gradual evolution of the relations of landowner and occupier is traced; the present land system is described; and the probable future development is pointed out.

SCHNEIDER, F. The world's rubber supply. Proc. Acad. Pol. Sci., July, 1926. Pp. 6. A discussion of prices and present and future supply of raw rubber.

SHEPHERD, G. S. The bumper corn crop surplus. Iowa Cur. Econ. Rep. 4, June, 1926. Pp. 23. A study of cash corn disposal, attempting to determine when it is profitable to store corn.

STRATTON, G. F. How i8 Canada seduqcing our farmers? Independent, July 17 1926. Pp. 2.

TAYLOR, E. A., and YODER, F. R. Rural social organization in Whitman county. Wash. Exp. Sta. Bull. 203, June, 1926. Pp. 47. A study of trends and movements of rural social life, and rural and urban institutions of interest to farmers. Data were from about 1000 farm homes.

TOMLINSON, F. L. The reclamation and settlement of land in the United States. Internat. Rev. Agri. Econ., Apr.-June, 1926. Pp. 48. The nature and situation of waste lands are pointed out, and the present status and possibility of reclamation work shown.

WEAVER, H. G. The development of a basic purchasing power index by counties. Jour. Farm Econ., July, 1926. Pp. 20. A method is worked out for determining the purchasing power of a county from available data.




YOUNG, A. A. The economics of farm relief. Independent, July 17, 1926. Pp. 3. An argument against the proposed Haugen farm relief legislation.

YOUNGBLOOD, B. Studies in ranch economics. Jour. Farm Econ., July, 1926. Pp. 13. Problems and methods are outlined and some preliminary results given.

Commerce (Abstracts by H. R. Tosdal)

BOSSIIARD, J. Lage und Aussichten einiger Exportindustrien der Schweiz: Did Stickerei-Industrie. Jour. de Stat. et Rev. Econ. Suisse, Fasc. 2. The conditions and prospects of machine, watch, silk, and embroidery industries in Switzerland.

CRAWFORD, G. G. The South's part in American exports. Bankers Mag., June, 1926. A short summary of the present condition and possibilities of export trade in the South.

GIGNOUX, C. J. La politique douaninre et les traites de commerce. Rev. d'Econ. Pol., Mar.-Apr., 1926.

GRErLING, W. Reformvorschlkge zur deutschen Handelspolitik. Wirtschaftsdienst, June 25, 1926. Proposals for reform of German commercial policy, urging extension of "most favored nation" agreement.

MAEAuD, H. La legislation commerciale interne. Rev. d'Econ. Pol., Mar.-Apr., 1926. A synopsis of the internal industrial and commercial legislation passed by France during the year 1925.

MERcER, A. The trade and finances of Japan. Finan. Rev. Rev., July-Sept., 1926. A, short description of the present trade and finances of Japan and her future outlook.

MILLER, E. M. Competition in the international sugar market. Comm. Mo., Aug., 1926. Concise summary of world sugar producers and their competition for the world market. Declares restriction of production in certain areas will not long affect volume.

NIGGLI, T. Lage und Aussichten einiger Exportindustrien der Schweiz: Die schweizerische Seidenindustrie. Jour. de Stat. et Rev. Econ. Suisse, Fasc. 2.

OLtrviR, M. Le commerce exterieur. Rev. d'Econ. Pol., Mar.-Apr., 1926. Analysis of France's foreign trade during 1924, with numerous statistical tables.

SANDOZ, H. Lage und Aussichten einiger Exportindustrien der Schweiz: L'Industrie horloglre. Jour. de Stat. et Rev, Econ. Suisse, Fasc. 2.

ULMiER, H. Les dchanges intdrieurs. Rev. d'Econ. Pol., Mar.-Apr., 1926. Brief treatment of several phases of domestic exchange in France.

Markets of the United States. Annals, Sept., 1926. Pp. 203. The articles in this volume aim to show the present status of our export trade in general and in selected lines, and to discuss the influences of various governmental policies on such trade.

Post-war tendencies in empire trade. Round Table, Sept., 1926. A critical survey of the tendencies in the trade of the United Kingdom since the war, showing, according to the author, Great Britain's need of a new co6perative economic policy to promote imperial power and development.



1926] Railways and Transportation 745

Railways and Transportation (Abstracts by J. H. Parmelee)

BAIJER, J. Rate base for effective and non-speculative railroad and utility regulation. Jour. Pol. Econ., Aug., 1926. Pp. 35. Analysis of H. G. Brown's "Railroad Valuation and Rates Regulation," with reply by Brown, and additional comment by Bauer.

BEYER, 0. S. Three years of the "B. and 0. Plan." New Repub., Aug. 4, 1926. Pp. 3. Collective bargaining in a big railway line.

BLOCH, E. Verkehrsprobleme des Staats Sao Paulo. Archiv f. Eisenbahnw., Sept.- Oct., 1926. Pp. 17. With map of sections of Brazil, and statistics.

BUCKLAND, E. G. Transportation in New England. Am. Rev. Rev., June, 1926. Pp. 4.

COUNTY, A. J. Improving human relations in the transportation industry. Ry. Age, Sept 11, 1926. Pp. 5. Progress in right direction, with relief and benefit departments, and steps toward industrial peace on the railways.

DUNN, S. 0. Railroad efficiency. Proc. St. Louis Ry. Club, Sept. 10, 1926. Pp. 11.

Wages and traffic show like growth in 20 years. Rock Island Mag., Sept., 1926. Pp. 3. Railway capital, service, and wages (measured in purchasing power) have increased at closely corresponding rates since 1906.

GORDON, L. V. He untangled a railway system. Am. Rev. Rev., Sept., 1926. Pp. 3. American who reorganized South Australian government railways.

HUNGERFORD, E. The plight of the little railroad. Country Gentleman, Aug., 1926. Pp. 4. Proposed abandonments of short lines.

KITTEL, T. Die Eisenbahnen Finlands, 1923. Archiv f. Eisenbahnw., July-Aug., 1926. Pp. 4.

LEE, E. Mutual basis for rail labor peace. Savings Bank Jour., Oct., 1926. Pp. 4. Describes the new Railway Labor act of 1926.

MAINCENT, J. Investigation into the principal causes of railway accidents. Bull. Internat. Ry. Congress, Aug., 1926. Pp. 17.

PAYEN, E. Les grandes compagnies de chemins de fer en 1925; les recettes brutes. L'Econ. Franq., July 3, 1926. Pp. 3.

. Leg grandes compagnies de chemins de fer en 1925: les d4penses et les b6n4fices. L'Econ. Franq., July 10, 1926. Pp. 5.

POWELL, T. C. Why motor transport regulation is needed. Ry. Age, Sept. 25, 1926. Pp. 3.

RIPLEY, W. Z. The problem of railway terminal operation. Harvard Bus. Rev., July, 1926. Pp. 8. Second of a series of three articles; first was reviewed in September issue of these abstracts.

ROESNER, E. Die Eisenbahnen des englischen Kolonialre;ichs in den Jahren 1913, 1920 und 1921. Archiv f. Eisenbahnw., July-Aug., 1926. Pp. 6. Statistics from British India, Malay States, North Borneo, Sarawak, Ceylon, Mauritius, Hongkong, Australia, New Zealand, Fiji Islands, Africa, Eygpt, Canada, Newfoundland, West Indies, British Guiana, Malta, and Cyprus.

. Eisenbahnen und Schiffahrt in der belgischen Kongokolonie in den Jahren 1923 und 1924. Archiv f. Eisenbahnw., Sept.-Oct., 1926. Pp. 5.

. Litanens Eisenbahnen und Binnenschiffahrt. Archiv f. Eisenbahnw., Sept.-Oct., 1926. Pp. 5. Map and statistical record of Lithuanian railways.

. Die Osterreichischen Bundesbahnen in den Jahren 1923 und 1924. Archiv f. Elsenbahnw., July-Aug., 1926. Pp. 8.




SACiS, P. A solution of the transportation problem in New York City. Jun. Engineers Jour., Fourth quart. issue, 1925. Pp. 84.

SHRINER, G. M. Some railroad problems. Ry. Age, Sept. 4, 1926. Pp. 4.

SNow, F. Recapturing the rail passenger. Ry. Age, Aug. 21, 1926. Pp. 3.

TAYLOR, E. M. Employee representation on American railroads. Am. Fed., Sept., Oct., 1926. Pp. 6, 17.

TISDALE, F. S. The silent revolution in railroading. Nation's Bus., Sept., Oct., 1926. Pp. 4, 3. Cooperation between railroads and shippers, through regional advisory boards; team work in breaking the "grape jam" in California in 1926.

TmxnuuLL, A. D. John Stevens. No. Am. Rev., Oct.-Nov., 1926. Pp. 16. Sketch of early American who in 1812 proposed a railroad line across New York State.

WANG, C. C. The Chinese eastern railway. Far Eastern Rev., June, 1926. Pp. 6. Diplomatic and financial background.

WHEELER, W. B. Furnishing transportation to the world's greatest city: problems of the operators of surface railways in New York City; cod6rdination of efforts of all departments vital, and friendly codperation of all employes; some of the details explained. Aera, Apr., 1926. Pp. 3.

WILLIAMS, E. P., JR. The Yunnan Kopei railway. Baldwin Locomotives, Oct., 1926. Pp. 8. With map and illustrations of this railroad in the southernmost province of China.

WiNsLow, S. E. The new Railway Labor act. Ry. Age, Sept. 18, 1926. Pp. 2. Analysis by chairman of U. S. Board of Mediation created by the act.

WOODARD, W. E. Cutting down the operating costs. Ry. Rev., Sept. 25, 1926. Pp. 3. Improvements in locomotive design and utilization.

Die Eisenbahnen Canadas in den Jahren 1923 und 1924. Archiv f. Eisenbahnmr., Sept.-Oct., 1926. Pp. 6.

Die Eisenbahnen des Deutschen Reichs, 1923 und 1924. Archiv f. Eisenbahnw., July-Aug., 1926. Pp. 20.

Die Eisenbahnen in Norwegen in den Jahren 1923-4, und 1924-5. Archiv f. Eisen- bahnw., Sept.-Oct., 1926. Pp. 8.

Die fnanziellen Ergebnisse der vier grossen englischen Eisenbahngesellschaf ten. Archiv f. Eisenbahnw., Sept.-Oct., 1926. Pp. 17. Statistics for each of the four amalgamated British railway companies, 1924 and 1925.

Freight rates in Belgium. Engineer (London), May 28, 1926. Pp. 2.

Growth and present status of employee representation. Ry. Age, Aug. 28, Sept. 4, 1926. Pp. 5, 4.

Die italienischen Staatsbahnen im Rechnungsjahr 1923-24. Archiv f. Eisenbahnw., July-Aug., 1926. Pp. 18.

Die japanischen Eisenbahnen in den Rechnungsjahren 1922-3 und 1923-4. Archiv f. Eisenbahnw., Sept.-Oct., 1926. Pp. 15.

Murder on the rails. No. Am. Rev., Sept.-Nov., 1926. Pp. 7. Anonymous attack on Interstate Commerce Commission and the railroads for delay in installing automatic train control devices of a certain type.

The new railways of Manchuria. Far Eastern Rev., Aug., 1926. Pp. 3. With map.

Transportation costs on the New York State Barge Canal. Ry. Age, Aug. 7, 1926. Pp. 3. Abstract of a bulletin of Bureau of Railwav Economics, showing the total cost of canal transportation to be more than twice the total cost of rail transportation.



1926] Public Utilities 747

Public Utilities (Abstracts by Charles S. Morgan)

BAKER, B. Electric interconnection and power development in the Middle Atlantic states. Annalist, July 16, 1926. Pp. 3.

. Electric interconnection in the Ohio-West Virginia-Pennsylvanio region. Annalist, Sept. 17, 1926. Pp. 3. Further articles in a series describing power development in different sections.

BAUER, J., and BROWN, H. G. Rate base for railroad and utility regulation. Jour. Pol. Econ., Aug., 1926. Pp. 35. A joining of issues on the respective merits of the actual cost and the reproduction cost basis of valuation.

BICKELHAUPT, C. 0. Service from customer's viewpoint. Telephony, Sept. 4, 1926. Pp. 3. Customer's ideas on what constitute good standards of telephone service.

BICKLEY, J. H. The amortization of discount, premium and expenses on funded debt of public utilities. Jour. Land and Public Utility Econ., July, 1926. Pp. 11. Why the "periodic amortization" of these items is preferable to the "arbitrary amortization" permitted by present commission accounting regulations.

BONBRIGHT, J. C. Value of the property as the basis of rate regulation. Jour. Land and Public Utility Econ., Julv, 1926. Pp. 5. A plea for the establishment of valid distinctions between "value," "present value," "market value," and "reproduction cost."

CABOr, P. C. Interest rates and utility . tock prices. Harv. Bus. Rev., July, 1926. Pp. 9. An attempt to measure the relationship between earnings, money rates and stock prices.

DAHL, G. M. The truth about the surface lines in New York City. Aera, July, 1926. Pp. 9. Street railways render more service and contribute less to con- gestion than do other surface vehicles; their abandonment would require more costly and much less satisfactory substitutes.

GILLETTE, H. P., and MALCOmSON, A. S. The investment yield of public utility securities. Annalist, July 2, 1926. Pp. 2. Brief explanation of a method of determining "the actual market rental rates of money," which, worked into a composite figure, give "the only logical and incontrovertible proof of the rate of fair return."

GULINELLI, A. Cenni sullo sviluppo dell' industria elettrica italiana. Riv. di Pol. Econ., May, 1926. Pp. 2. The development of electric power in Italy.

HARuIs, F. M. The efficiency reward for public utilities. Nat. Elec. Light Assoc. Bull., Sept., 1926. Pp. 7. An excellent statement of some of the problems of securing and rewarding efficiency in utility management.

HERRMANNw, R. R. Effect of rate changes on revenues. Elec. World, July 17, 1926. Pp. 3. Comprehensive statement of a method of determining change in revenue with change in complex rate structures.

LASSALE, E. Significant financial ratios of public utilities. Annalist, Aug. 20, 1926. P. 1. Distinguishing ratios and trends for gas and electric utilities.

LILIENTHAL, D. E., and RosENnAum, I. S. MIotor carriers and the state: a study in contemporary public utility legislation. Jour. Land and Public Utility Econ., July, 1926. Pp. 19. A comprehensive summary of statutes and interpretation of cases and regulatory practices thereunder.

MAITLAND, G. H. The fate of the five-cent fare. II. Toronto under municipal ownership. Nat. Munic. Rev., Sept., 1926. Pp. 6. Progress made since railways were taken over in 1921.

MuuRpiy, E. J. Why some electric railway lines have been abandoned. Aera, Sept., 1926. Pp. 13. Abandonments have been much less extensive than commonly




believed and confined to smaller communities, where chances of successful operation, even before the coming of the private automobile, were not great. Many concrete examples.

NEWTON, F. A. New rate forms being tested in Michigan. Gas Age-Record, July 3, 1926; Pub. Service Manag., Aug., 1926. Pp. 3, 3. Experiments looking to the development of more extensive and varied sales of gas.

PArroN, A. E., and GREssENs, 0. A study of utility financial structures: current position. Jour. Land and Public Utility Econ., July, 1926. Pp. 18. The "current ratio" of public utilities is altogether different from that of other types of business and in fact lacks significance as a standard of good financial administration.

POND, 0. L. Advantages of the indeterminate permit. Elec. Ry. Jour., Aug. 7, 1926. Pp. 4. Comprehensive statement of advantages and analysis of court decisions clarifying the status of the indeterminate permit.

RANSOM, W. L. Comments upon Professor Bonbright's article. Jour. Land and Public Utility Econ., July, 1926. Pp. 2. A rather general reply to J. C. Bonbright's article (see above), with some remarks on what the economist can contribute to the solution of the valuation problem.

R:ADY, L. S. Public relations under public regulation. Jour. Electricity, July 16, 1926. Pp. 4. A thoughtful discussion of the mutual rights and obligations of public and utility.

REINIcicER, C. E. Plant and operating costs as determining fair rates. Gas Age- Record, Aug. 14, 21, 1926. Pp. 2, 3. A clear statement of the elements of cost that must be compensated for in rates.

RICHTER, M. C. Public utility financing during flrst quarter, 1926. Jour. Land and Public Utility Econ., July, 1926. Pp. 2. Amount and yield of new issues, 1925- 1926, and monthly and quarterly index of volume of financing since 1919.

ROBINSON, 0. K. The fate of the five-cent f are. I. Pittsburgh: a new contract brings mutual understanding. Nat. Munic. Rev., Aug., 1926. Pp. 6. Operating under a carefully drawn service-at-cost franchise and with an unusual "will to do," the Pittsburgh Railways Company has effected a profound improvement of transportation conditions.

RUGGLES, C. 0. Why state regulation of utilities is best. Annalist, Sept. 3, 1920. Pp. 2. State commission regulation is far better calculated than local to solve the problems of public control and to make for progress in the rendering of utility service.

SHOEMAKER, F. S. Municipal light and power in Tacoma. Nat. Munic. Rev., July, 1926. Pp. 3. Success is attributed to good management and favorable natural conditions.

STEWART, D. The dividend record of preferred stocks of electric utilities. Jour. Land and Public Utility Econ., July, 1926. Pp. 2. Average, by years, 1887-1924.

STEWART, E. A. Rural electrification and the Canadian Hydro. Nat. Elec. Light Assoc. Bull., July, Aug., Sept., 1926. Pp. 3, 6, 2. An important discussion and appraisal of what has been accomplished in rural electrification by the Ontario Hydro-Electric Commission and of the methods of cost allocation and rate fixing.

THOMPSON, C. D. Power for the farm at cost. Public Ownership, May, 1926. Pp. 8. An attempt to show how the farmer can get at a low cost the electricity he needs.

VICKERS, L. What is the gross-net tax? Elec. Ry. Jour., Oct. 2, 1926, Aera, Aug., 1926. Pp. 2, 7. The "gross-net tax" (a percentage of gross revenues which varies with ratio of net to gross) would afford much-needed relief from onerous utility tax burdens.



1926] Accounting 749

Wmcox, D. F. The indeterminate permit as a type of public -utility franchise. Jour. Land and Public Utility Econ., July, 1926. Pp. 15. At present neither the indeterminate permit nor state regulation affords the public adequate pro- tection. The need is for a system of decentralized control with provisions giving the municipality effective power of taking over utility properties when such action is regarded as necessary.

WING, L. S. Rural electriflcation from an economic and engineering standpoint. Jour. Electricity, Sept. 1, 15, 1926. Pp. 6, 5. A discussion of proper rate structures, written from the farmer's angle.

Consolidated transportation and subways recommended for Chicago. Elec. Ry. Jour., Sept. 4, 1926. Pp. 4. A remarkable report rendered by a special commission of downtown business men, recommending subways for only the most congested district, codrdination of surface, elevated and subway lines, and financing the project in large part by assessments against the benefited property.

German superpower growth and state participaltion. Annalist, Sept. 3, 1926. P. 1. Review of recent developments. Increasing state participation and importance of political boundaries afford interesting contrasts with American conditions.

Public utilities. Am. City, July, Aug., Sept., Oct., 1926. Pp. 3, 2, 3, 3. A new department devoted to current utility problems.

Public utilities. Nat. Munic. Rev., July, Aug., Sept., 1926. Pp. 5, 5, 4. A depart- mRent devoted to "the public aspects of the whole utility problem."

Retail prices of electricity in the United States. Mo. Labor Rev., Aug., 1926. Pp. 5. Detailed statistics for 51 cities, 1913-1926.

Retail price of gas in the United States. Mo. Labor Rev., Aug., 1926. Pp. 3. Detailed statistics for 51 cities, 1913-1926.

Tabulation showing comparative rates for gas and electric light and power in ac number of Virginia cities. Va. Mun. Rev., Sept., 1926. Pp. 2.

Accounting (Abstracts by Arthur W. Hanson)

AUMISTEAD, G. Auditing counties in Texas. Jour. Accountancy, July-Aug., 1926. Pp. 26. Sound, practical advice as to auditing municipal accounts anywhere.

CASTENHOLZ, W. B. Defects of the monthly profit and loss statement. Accounting Rev., June, 1926. Pp. 8. "When, therefore, in the monthly profit and losc statement, following the allocation of the proper amount of cost of sales agains sales, we do not make any kind of proper allocation of the commercial expenses. which include the costs of selling, administration, and financing, the result is naturally a distorted picture of the monthly operations and of monthly profits."

DAVIS, W. S. Genesis, growth and aims of the Institute. Jour. Accountancy, Aug., 1926. Pp. 6. Concerns the American Institute of Accountants.

ELLIS, J. A. Uniform municipal accounting. Munic. World, Sept., 1926. Pp. 2.

FINNEY, H. A. and BAUMANN, H. P. Solutions to American Institute of Ac- coutants examination in accounting theory and practice, May 13, 1926. Part 1. Jour. Accountancy, July-Aug., 1926. Pp. 27.

Solutions to American Institute of Accountants examination in accounting theory and practice, May 14, 1926. Part 2. Jour. Accountancy, Sept., 1926. Pp. 14. Solutions to first two problems only.

FLECK, L. H. The incidence of abandonment losses. Accounting Rev., June, 1926. Pp. 11.




HOHMAN, E. P. Wages, risk, and profits in the whaling industry. Quart. Jour. Econ., Aug., 1926. Method of wage payment; assumption of risk by employee and employer; types of employer's risks; measures designed to offset risks; fluctuations of profits; relative proportions of profits and wages; necessity for business ability.

IWSOLERA, F. Base economiche e equazioni generali della matematica flnanziaria. Rif. Soc., May-June, 1926. Pp. 11. Mathematical formulas of interest, discount, amortisation and the laws of capitalization.

JACKSON, J. H. Present tendencies in commercial education. Accounting Rev., June, 1926. Pp. 11.

LAIRD, T. P. T'he practice of an accountant, with special ref erence to banking. Scottish Bankers Mag., July, 1926. Pp. 16. Deals with bankruptcy; trust deeds, sequestrations and company liquidations; states of affairs for creditors.

LxAcx, H. Classifying "reserve," "surplus," and "fund" in the general ledger. Bankers Mag., July, 1926. Pp. 4. Elementary; adheres to the best practice.

LE CLEAR, W. M. Consolidated balance-sheets and contingent liabilities. Jour. Accountancy, July, 1926. Pp. 4. Under what circumstances consolidated balance sheets should be prepared, and how contingent liabilities should be shown on the balance sheet.

LITrLETOw, A. C. Italian double entry in early England. Accounting Rev., June, 1926. Pp. 12. "In Great Britain, the adoption of the Italian method was accompanied by certain modifications in the manner of analyzing transactions, even though most of the basic ideas and practices were accepted as designed."

MASON, P. The use of costs in setting selling prices. Accounting Rev., June, 1926. Pp. 4.

MOWTGOMERY, R. H. Legislation for the accountancy profession. Pace Student, July, 1926. Pp. 7.

SCHMIEL, E. J. C. Cash discounts. Jour. Accountancy, Sept., 1926. Pp. 11. Their nature and treatment in books of account.

TAGGART, H. F. Construction company accounts. Accounting Rev., June, 1926. Pp. 12. "The kind of concern which the writer has in mind does most of its building on order and on land owned by the parties for whom the building is being done."

VOKE, A. F. Accounting methods of colonial merchants in Virginia Jour. Accountancy, July, 1926. Pp. 11. Considers the accounting records of a mer- chant, trading for himself in a retail way accepting either cash or tobacco in payment, and shipping the tobacco received to merchants in Great Britain.

WALKER, R. G. The governmental budget as an instrument of control. Ac- counting Rev., June, 1926. Pp. 15.

Amendments to National Bankruptcy act. Pace Student, Sept., 1926. Pp. 2. A review of the discussion of the amended act as set forth in Letter Bulletin no. 6 of the American Institute of Accountants on "Bankruptcy Problems."

Business Management Co?rvEzuS, P. D. Some notes on marketing functions. Jour. Pol. Econ., June,

1926.

COPELAND, M. T. Standardized resale prices. Harvard Bus. Rev., July, 1926.

CRum, W. L. Advertising of dry goods and of boots and shoes. Annalist., July 8, 1926.



1926] Labor and Labor Organizations 751

GRIFFIN, C. E. The evolution of the automobile market. Harvard Bus. Rev., July, 1926.

POMEROY, D. A. The uniform mortgage act. Jour. Pol. Econ., June, 1926.

WATKINS, M. W. The Federal Trade Commission: a critical survey. Quart. Jour. Econ., Aug., 1926. Pp. 25.

Proceedings of management week, 1925. II. Production management and time study section. April 10, 1926. Pp. 75.

Proceedings of management week, 1925. III. Marketing Section. Ohio State Univ. Bull., April 10, 1926. Pp. 59.

Testimony of Frederick WT. Taylor at hearings before special committee of the House of Representatives, Jan., 1912. Bull. Taylor Soc., June-Aug., 1926. Pp. 196.

Labor and Labor Organizations (Abstracts by Selig Perlman and Walter J. Couper)

APPLETON, W. A. British trade unionism. Am. Fed., July, 1926. Pp. 5. A con- servative interpretation of its development.

AUFHUSEER, S. Die Bedeutung ausreichender Freizeit. Reichsarbeitsblatt, June 16, 1926. Pp. 2.

BERMAN, E. Labor and production. Am. Fed., Aug., 1926. Pp. 7. Reasons for labor's traditional restrictive policies and the possibility of an "administrative" policy of co6peration that will promote production if unionism is first taken for granted.

BERRIDGE, W. A. Your labor turnover: good or bad? Factory, Sept., 1926. Pp. 3. Cooperation with the Metropolitan Life Insurance Company's plan to compute a representative index will make individual labor turnover figures "a real measure of your efforts to stabilize your labor force."

BRISSENDEN, P. F. Labor economics. Am. Econ. Rev., Sept., 1926. Pp. 7.

CARPENTER, N. A sociological approach to the study of problems of labor and wage relations. Social Forces, June, 1926. Teaching of labor problems in America needs to be freed from its monopolization by economists and should be made part of "a systematic social science ...... capable of leading to significant generalizations." A syllabus of such a tentative course is appended.

COMMONS, J. R. Karl Marx and Samuel Gompers. Pol. Sci. Quart., June, 1926.

Cox, J. D., JR. What determines wages in industry? Manuf. Industries, Apr., 1926. Pp. 4. Supply and demand.

CuMmiINS, E. E. Jurisdictional disputes of the carpenters' union. Quart. Jour. Econ., May, 1926. Pp. 30.

DALGAARD, K. Arbejderklassens dkonomiske Kaar i Danmark i de sidste 59 Aar. Nat. ok. Tids., no. 3, 1926. Pp. 112. This essay won the prize offered by the National Economic Society (Danish). It deals in a very satisfactory manner with the economic condition of the laboring class in Denmark during the last 50 years.

DEVINAT, P. The Americain labour movement and scientific management. Internat. Lab. Rev., Apr., 1926.

DIETZ, C. F. Building worker-management relations on full sharing of facts. Factory, Apr., 1926. Pp. 4.

ELIASBERG, W. Richtungen und Entwicklungstendenzen in der Arbeitswissenschaft, 1. Archiv f. Sozialwis. und Sozialpolitik, Band 56, 1 Heft. Pp. 45. This part




of the discussion of tendencies in labor economics covers the subject from the following points of view: physiology; individual psychology; the purely economic- personnel management. It will be continued from the standpoint of social psychology.

F.EHLIWGER, H. Einfluss der internationalen Arbeitsorganisation auf die Sozial- politik der Staaten. Archiv f. Sozialwis. und Sozialpolitik, Band 55, 3 Heft. Pp. 10. An excellent summary of the present status of international labor legislation.

F. P. Aspetti e problemi dell' economia Ita.liana: Le industrie del cotone in Italia. Giorn. d. Econ., May, 1926. Pp. 42. The cotton industry in Italy, its growth and prospects.

Fuss, H. Unemployment in 19,25. Internat. Lab. Rev., Aug., 1926. Pp. 28. Statistics of the general trend in 21 countries. Only a few exceptions to the general law of inverse correlation between fluctuations in prices and employment. International trade a secondary but important factor.

GLEESOW, J. J. Bricklayers' old-age benefits. Am. Fed,, Apr., 1926.

GooD, E. T. Trade unionism and industry. Finan. Rev. Rev., July-Sept., 1926. Pp. 7. "Ninety per cent of England's industrial troubles" due to the vicious trade unions and the Labour Party.

GRAHAMI, F. D. Relation of wage rates to the use of machinery. Am. Econ. Rev., Sept., 1926. Pp. 9.

HEIMANw, E. Die Problematik der Arbeitszeitfrage. Schmollers Jahrb., 50 Jahrg., 2 Heft. Pp. 21.

HOHMAx, H. F. The use of cost-of-living figures in wage adjustments. Jour. Pol. Econ., Aug., 1926. Pp. 5. (a) To adjust wages to changing price levels. (b) To determine "fair" wage. Acceptance of even vague "living wage" principle of great educational value.

HOOPINGARNER, D. L. Some practical aspects of the voluntary arbitration of labor. Harvard Bus. Rev., Apr., 1926. Pp. 6. "One or both sides, knowing the situation, may with a splendid gesture proffer arbitration of any or all points that may arise, thus appearing to be ultra-eager and sincere in their endeavor to reach a settlement when they know inwardly that such a proposal by its all- encompassing nature would throw into the 'jack-pot' issues already considered settled, perhaps after years of struggle or negotiations, and which the other side could ill afford and will not permit to be brought into the question again."

HuTT, W. H. The factory system of the early 19th century. Economica, Mar., 1926.

JOWES, J. H. The report of the Goal Commission. Econ. Jour., June, 1926. Pp. 15. A critical digest. Commends the Commissioners but criticizes their discussion of wages and reorganization plans.

KUMMER, F. Trade-union movement of Germany and its problem. Mo. Lab. Rev., Mar., 1926.

LAMBERT, E., Pic, P. and GARRAuD, P. The sources and interpretation of labour law in France. Internat. Lab. Rev., July, 1926. Pp. 36. A necessary and interesting prolegomenon to the study of French labor legislation and enforce- ment.

LoRwiN, L. L. and FLEXNER, J. A. International 1Transport Workers' Federation. Am. Fed., June, 1926. Pp. 8.

MACGREGOR, D. H. Family allowances. Econ. Jour., Mar., 1926. Pp. 10. An adverse treatment.



1926] Labor and Labor Organizations 753

McCoRMIcK, C., JR. The practical results of employee-representation. Factory, June, 1926. Pp. 4. An enthusiastic endorsement of employee representation based on 7 years of experience at the plants of the International Harvester Company.

MELSnACH. Der Arbeitskampf im Bergbau unnd der Generalstreik im England. Reichsarbeitsblatt, July 9, 1926. Pp. 4.

MILNE-BAILEY, W. After the general strike. Am. Rev. Rev., July, 1926.

PicARD, R. The legal minimum wage of women home workers in France. Internat. Lab. Rev., Aug., 1926. Pp. 24. The law of July 10, 1915, has enabled wages to increase eight-fold over those of 1914, while the general average of wages in France has increased barely five-fold and the cost of living not quite six-fold. Nevertheless the wage scale for these workers is still unreasonably low. Necessary reforms.

. Le mouvement ouvrier. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 23. A review of events in the French labor movement and industrial relations in 1925.

ROKER, P. and SCOTT, H. C. Juvenile unemployment in West Ham. Economica, Mar., 1926.

RowEs, J. W. F. The coal mining industry in Great Britain and the United SWates. Economica, June, 1926. Pp. 13. A very convenient comparison based on What the Coal Commission Found and the Report of the Royal Commission on the Coal Industry, 1925.

SJ6STRAND, E. Den engelska generalstrejken. Soc. Med., no. 8, 1926. Pp. 28. An account of the general strike in England from a Swedish official's point of view.

SMITH, R. H. Conciliation procedure in the administration of justice in Norway. Mo. Lab. Rev., June, 1926. Pp. 10.

STEWART, E. Are average wage rates keeping pace with the increased cost of living? Mo. Lab. Rev., Apr., 1926. Pp. 4.

TAYLOR, E. M. Employee representation on American railroads. Part 1. Am. Fed., Sept., 1926. Pp. 6. "Co6perative," anti-union policies. From the Erdman act to the Adamson act.

THALMANN, W. Der materielle Wert der menschichen Arbeitskraft. Zeitschr. f. Schweizerische Stat. u. Volkswirtsch., 62 Jahrg., 1 Heft. Pp. 9.

THOMAS, A. The eight hour day: "taking a reckoning." Internat. Lab. Rev., Aug., 1926. Pp. 21. A reply to critics of the International Labour Office. Reports progress towards ratification of Washington Convention despite reactionary tendency of the recent British Eight Hour act for coal mines and Fascist extra hour decree.

TOWNROE, B. S. How a London borough fought the strike. Am. Rev. Rev., July, 1926.

YvES-GuYO'r. Pr4c4dents et solutions de la grave gdn4rale britannique. Jour. des Econ., June 15, 1926.

Arbetsldnernas fluktuationer i Sverige aren 1913-1925. Soc. Med., no. 5, 1926. P. 5. A comparison of real wages, money wages per hour and per year, and cost of living during the years 1913-1925.

Bibliography no. 35: theory of the general strike. Bull. British Lib. Pol. and Econ. Sci., Aug., 1926. Pp. 3.

Canada's experience with private employment offices, Lab. Gazette (Canada), Apr. 1926. Pp. 5.




Coal mining industry dispu&te. Ministry of Lab. Gazette (Great Britain), Aug., 1926. Pp. 4. Its origin and progress through futile conference. The Coal Mines bill (hours) of July and the Mining Industry bill (partial reorganization) of August.

Les cons4quences de la journ6e de huit heures en SutWde. Rev. Internat. du Travail, June, 1926.

Cooiperative workshops in the United States. Mo. Lab. Rev., Aug., 1926. Pp. 3. "An inclusive study of workers' production societies of the country," based on 21 returns from questionnaires sent to 39 existing organizations.

The eighth session of the International Labour Conference. Internat. Lab. Rev., Aug., 1926. Pp. 27. Summarizes the discussion of the Draft Convention for the Simplification of the Inspection of Emigrants on Board Ship, of some questions of procedure and of internal organization, and of the annual report of the director of the office.

The general strike. Bankers' Mag. (London), June, 1926. Pp. 17. "Concerning the labor leaders, little need be said beyond, perhaps, the fact that next time that they disavow in public any sympathy with the extremists of their party such disavowal will not carry much weight with the country."

The [British] general strike. Ministry of Lab. Gazette (Great Britain), July, 1926. Pp. 3.

Kvinnors och min-derarigas anvdndande inom industrien i Sverige ar 1924. Soc. Med., no. 5, 1926. Pp. 4. This tabulated report shows that, while the number of women and children employed in Swedish industry increased, the percentage of the whole number of workers that these constitute decreased during the period 1922-1924.

Labor and the business cycle: some industrial aspects. Rev. Econ. Stat., July, 1926.

Labour legislation of 1923. Jour. Comp. Legis. and Internat. Law, Feb., 1926.

League of Nations International Labour Organization. Proceedings at eighth and ninth sessions. Lab. Gazette (Canada), July, 1926. Pp. 20. Texts of Draft Conventions concerning: seamen's articles of agreement and rights of repatriation; inspection of emigrants on board ship.

The new wage act in South Africa. Internat. Lab. Rev., Mar., 1926. Pp. 16. "The main effect on wages will almost certainly be to reduce the 'spread' of wages." Formerly "there was apt to; be no resting place for the white worker who falls below skilled standards until he reaches colored levels. The men who fell down- stairs generally fell right to the bottom."

Organization and membership of American trade-unions, 1926. Mo. Lab. Rev., Aug., 1926. Pp. 16. An excellent summary of a forthcoming bulletin of the bureau of Labor Statistics, a comprehensive "Handbook of American Trade Unions." Total membership is 4,443,523; 3,383,997 in the A. F. of L., and 1,059,526 in independent organizations.

Present situation of Japanese labour unions. Internat. Lab. Rev., Aug., 1926. Pp. 4. Steady growth in membership 1922-1925.

Money, Prices, Credit, and Banking (Abstracts by William 0. Weyforth and George H. Evans)

AFTALION, A. Les theories dominants dui change. Rev. d'Econ. Pol., May-June, 1926. Pp. 27. Calls attention to the opposition between the generally accepted theories of exchange rates and the numerous factors taken into account by practical exchange men in explaining fluctuations in rates. The present article is a critical examination of the balance of accounts, and of the purchasing power parity theories. It is to be followed by a'n article explaining the so-called positive, theory of exchanges.



1926] Money, Prices, Crdit, and Banking 755

BAUTDIN, L. Les causes profondes du malaise britannique dapres les banquiers anglais. Rev. d'Econ. Pol., May-June, 1926. Pp. 17. Reviews the various ex- planations offered by English bankers of her economic difficulties. Concludes that the real difficulty is the desire for comfort and leisure and an aversion towards work.

. The inner significance of forward exchange rates. Bankers' Mag. (London), July, 1926. Pp. 5. A study of the relationship between spot and forward exchange rates between two countries and the money rates of those countries.

. L'or du Transvaal. Rev. d'Econ. Pol., Jan.-Feb., 1926. Treats various factors affecting the production of gold in the Transvaal, and comments upon the future of the mines.

CABIATI, A. La bilancia dei pagamenti ed it commercio dei cambi in regime di moneta deprezzata. Giorn. d. Econ., Aug., 1926. Pp. 20. A criticism of the policy of the government with regard to foreign exchanges.

CAIOT, P. C. Interest rates and utility stock prices. Harvard Bus. Rev., July, 1926. Pp. 8. A study of certain utilities to show how stock prices vary with earnings and with interest rates.

CAUBOUE, P. Les banques et l'inflation. Jour. des Econ., July 15, 1926. Pp. 21. A study of the effect of inflation upon the capital, the business, and the profit, of banks. Its effect is to destroy their capital, restrain their business and diminish their profits.

. Du caractUre des op4rations de banque dane les principaux pays europ4ens. Jour. des Econ., Mar. 15, 1926. While the principles of banking are the same the world over, banking operations vary considerably from country to country in accordance with the mentality of the inhabitants, the degree of civilization, and the commercial customs.

CRosARt, A. Studio sul mercato flnanziario tedesco nell' ultimo periodo di de- prezzamento del marco. Riv. Internaz. di Sci. Soc., July, 1926. Pp. 25. On the apparent paradox of the rise in the gold prices of shares in German industrials during the depreciation of 1922.

DuNwBA, A. Instalment buying. Bankers Mag., July, 1926. Pp. 6. Enumerates principles that should govern installment selling. Writer thinks that excessive growth of practice will be prevented through lack of credit accommodations at the banks.

GEIssER, A. Del caro vita in Italia, Rif. Soc., July-Aug., 1926. Pp 11. Some of the causes of the high cost of living in Italy and the remedy.

HANCH, C. C. Financing motor vehicle installment sales. Am. Bankers Assoc. Jour., June, 1926. Pp. 2. Presents figures showing extent of installment business. Writer thinks amount is not excessive and defends the practice.

HARGE, C. M. Better days for western banks. Am. Rev. Rev., June, 1926. Pp. 4. Too large a number of banks with too little capital and a not sufficiently experienced and capable management have been responsible for the great crop of bank failures in the West. But banks in these states are entering on a newer and sounder financial era.

HoC, M. Le monnayage de Philippe II en Flandre. Rev. Belge de Numismatique et de Sigillographie, nos. 1-2, 1925.

HORN, E. La reforme monetaire en Ilongrie. L'Econ. Franq., Mar. 27, 1926. It is regretted that, in returning to the gold standard,Hungary has decided to change its monetary unit. The date of the return has been set for January 1, 1927, in spite of the fact that July of this year was for many reasons a better date.




J. V. Les caisses d'Jpargne. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 14. Analyzes the course of savings deposits in France in 1925 as compared with previous years since the war.

KEMMERER, E. W. Chile returns to the gold standard. Jour. Pol. Econ., June, 1926. Pp. 9. Describes currency conditions in Chile prior to laws passed in the latter part of 1925 providing for a Central Bank and for a new monetary system. The main features of the new laws, resulting in a return to the gold standard, are explained. The new Central Bank opened for business January 11, 1926; and Chile is now squarely on the gold standard.

KOESTLER, E. J. Are you familiar with tr-ade acceptances? Pace Student, June, 1926. Pp. 3. Uses, advantages and merits of trade acceptances.

LASSALE, E. Financial analysis of joint stock land banks. Annalist, June 25, 1926. Pp. 2. Analyzes combined balance sheet of ten joint stock land banks and also of the federal land bank system.

LAZARD, J. P. Les r4centes theories monetaires anglaises. Rev. d'Econ. Pol., May- June, 1926. Pp. 19. An examination of English monetary theory since the war. This article deals with the quantity theory and particularly with the statements of that theory by Hawtrey and Keynes. The next article will deal with the theory of purchasing power parities.

LIESSE, A. Les devoirs de l'etat envers la banque de France. L'Econ. Franc., June 19, 1926. Pp. 2. The duty of the state to the Bank of France is in the first place to have no further recourse to inflation and in the second place to make provisions for carrying out the agreement of December, 1920, to make annual reimbursements to the Bank.

Questions de cr4dit en Allemagne. L'Econ. Franc., Apr. 17, 1926. The Industrieschaft, which appeared before the war, is reappearing in a modified form to furnish industry with the long time credit which is sorely needed. In some instances these establishments have been fostered by the state; but such state activity is generally considered undesirable.

. Sur la stabilisation mon4taire: une exp6rience nouvelle a' son ddbut. L'Econ. Franc., Mar. 27, 1926. Discusses the conditions which attend monetary stabilization as seen in the experiences of Austria, Poland and Belgium.

LORIOT, J. Les banques. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 15. Shows development in the accounts of principal French banks from 1919 to 1925.

MCFADDEN, H. Chain bank crash in Georgia. Am. Bankers Assoc. Jour., Sept., 1926. Pp. 2. Explains causes of crash of chain of 80 small banks in Georgia.

MARCH L. Les formes de la cherte. Scientia, July, 1926. Pp. 13. Analyzes the differences in price fluctuations in various economic categories.

MARVIN, D. M. Canada and the gold standard. Econ. World, Mar. 6, 1926. The first part of an address in which, with a view to determining the practicability of Canada's returning to the gold standard, the financial position of this country is analyzed under the following topics: degree of inflation; currency structure; financial structure; foreign indebtedness; and balance of trade.

MITCHELL, W. F. How should a bank use its funds? Bankers Mag., Aug., 1926. Pp. 7. As opposed to the old theory of commercial banking which would limit use of bank funds to short-time, self-liquidating, commercial loans, the writer advocates the "shiftability" theory in determining the uses of bank funds. The important thing is that a bank's funds should be so invested that they may be converted readily into cash by being shifted to some other investor.

OU.ALID, W. La ban que de Madagascar. Rev. d'Econ. Pol., Jan.-Feb., 1926. A consideratioTi of the terms of the act under which the bank of Madagascar is created.



1926] Money, Prices, Credit, and Banking 757

PAYEw, E. L'or: sa production et sa r4partiytion. L'Econ. Franc., July 31, 1926. Pp. 2. Gives figures for production of gold in 1925 with comparisons for previous years. Comments upon certain international gold movements, especially the exports and imports of the U. S.

PUGLIESE, M. Note -sui trasferimenti internazionali di capitale. Giorn. d. Econ., June, 1926. Pp. 28. An important paper on the effect which foreign loans have on prices with some criticism of Professor Taussig's writing on the same subject.

REED, S. Indian currency and finance. Bankers' Mag. (London), Sept., 1926. Pp. 16. A review of the proposals of the recent Royal Commission for the reform of the Indian currency. The Commission's proposals, including the establishment of a gold bullion standard and of a central bank, are approved.

REMER, C. F. International trade between gold and silver countries: China, 1885- 1913. Quart. Jour. Econ., Aug., 1926. Pp. 47. A study of the statistics of the international trade of China with the purpose of testing the theory concerning the relationship between exchange rates, prices, and exports and imports. In China the period of adjustment of prices to exchange rates is long.

RIST, C. Chronique de la stabilisation moneitaire. Rev. d'Econ. Pol., Jan.-Feb., 1926. Comments upon the French situtation; criticizes those sections of the Belgian monetary reform law which are concerned with the bank's note circulation; and summarizes the principal provisions of the Finnish monetary law of December 10, 1925.

RODD, F. The deferred payments system in the United States. Econ. Jour., June, 1926. Pp. 11. Describes the system of installment financing principally as applied to automobiles. Writer thinks that there is nothing inherent in the system itself likely to cause a crisis but that it might aggravate a crisis resulting from other causes.

SAKUDA, S. The gold-paper standard in the monetary system of Japan. Kyoto Univ. Econ. Rev., July, 1926. Pp. 29. Proposes a currency system for Japan according to which paper money would be exchanged at fixed rates for gold bullion.

SAMALDAs, L. Development of banking in India. Bombay Co-op. Quart., June, 1926. Pp. 8. Sets forth the requirements for the development of banking in India. Financing of petty trade and small agriculturist is the field for indigenous private banks and for coioperative banks.

SAwDERS, F. K., JR. The exchange problem in sales in China. Harvard Bus. Rev., July, 1926. Pp. 6. Fluctuations in Chinese exchange rates resulting from variations in value of silver present a problem to American exporter to China which needs careful consideration.

SILVERSTOLPE, G. Guldproduktionens elasticitet. Ek. Tids., nos. 4-5, 1926. Pp. 10. Author discusses the extent to which the production of gold varies with prices.

STEINER, W. H. Rediscount at federal reserve banks. Jour. Pol. Econ., June, 1926. Pp. 22. Analyzes the problems which the Federal Reserve Board has faced in applying the section of the Federal Reserve act defining the type of paper eligible for rediscount.

TISMER, A. Darstellung und Kritik des Keynes'schen Wiihrungs programmes. Archiv f. Sozialwis. u. Sozialpolitik, Band 55, 3 Heft. Pp. 50. Keynes' plan for a managed currency is described. Author believes that the successful working out of the plan for stabilizing the price level presupposes stability in the course of industry.

WESTERFIELD, R. B. Loss of our gold neither likely nor desirable. Annalist, July 23, 1926. Pp. 2. Reaches the conclusion that the general restoration of the gold standard over the world is unlikely to require much gold from the U. S.




Our gold and the balance of international payments. Annalist, July 2, 1926. Pp. 2. Writer is of opinion that our trade balance will continue favorable.

WETTACK, F. S. Deposit guaranty in Kansas. Bankers Mag., Sept., 1926. Pp. 5. Decision of the Supreme Court of Kansas, April 10, 1926, means an end of the system of deposit guaranty in Kansas. The system led to the reckless organization of new banks under the management of incompetent officials. As a result of the crisis of 1920, one out of every ten guaranteed banks in Kansas closed its doors. The assets of the guaranty fund are far from sufficient to pay the: depositors of insolvent banks.

Bank deposits as a forecaster of general prices. Rev. Econ. Stat., July, 1926.

La circulation mon4taire en 1925. L'Econ. Fran~., Feb. 27, 1926. Gives tables showing the coinage effected in France in 1925, and also condensed comparative data for a period of years.

Currencies and exchanges. Acceptance Bull., June 30, 1926. Pp. 8. Summarizes recent currency and exchange developments in the leading countries of Europe and several South American countries.

Currency under the federal reserve system. Fed. Res. Bull., July, 1926.

Gold production: a survey and forecast. Rev. Econ. Stat., July, 1926.

L'intervention de la Banque de France sur le marche des changes. L'Econ. Franc., Aug. 21, 28, 1926. Pp. 3, 2. Points out the difficulties to be faced by the Bank of France in attempting to control exchange by purchases and sales. Opposes foreign loans as a means of stabilizing the franc.

La loi mon4taire finlandaise et la rAglement de la banque de Finlande. L'Econ. Franq., Mar. 6, 1926. The texts of the monetary law of December 21, 1925, of the law of the same date on certain measures provoked by the return to the gold standard, and of the regulations of the Bank of Finland.

Progress of banking in Great Britain and Ireland during 1925. Bankers' Mag. (London), June, July, Aug., 1926. Pp. 12, 12, 15. An analysis of balance sheets of 53 banks in Great Britain and Ireland for 1925. An analysis of the profits of British banks in 1925. Profits showed further recovery from low figure of 1923 accompanying higher money rates.

Public Finance (Abstracts by Charles P. Huse)

ALLEMfiS, F. The problem of double taxcation. Economica, June, 1926. Pp. 15. Confiscatory in the Middle Ages, taxation of the foreigner became comparatively light in the middle of the last century, but even before 1914 had increased on account of growing expenditures.

BENHAM, F. C. The Australian tariff and the standard of living. Econ. Record, May, 1926. Pp. 23. Believes it would be to Australia's advantage to revert gradually toward free trade.

BtA&KEY, R. G. Revenue act of 1926. Am. Econ. Rev., Sept., 1926. Pp. 25.

BUEHLER, A. G. New tax law a forward step in French finance. Annalist, Aug. 13, 1926. Pp. 1. Though the new taxes, which are largely indirect, appear in- adequate in view of the tendency toward inflation and the debt problem, they are a step in the right direction.

COLE, S. T. Review of tax legislation in New York in 1926. Bull. Nat. Tax Assoc., June, 1926. Pp. 6. Notable changes were the reductions in the personal income tax and in the direct state tax on real property.



1926] Public Finance 759

EDMONDs, F. S. The states are cleaning house. Bull. Nat. Tax Assoc., June, 1926. Pp. 4. New Jersey has just repealed her inheritance tax on the intangible personal property of non-resident decedents.

E. P. Les discussions de la Soci6t4 d'Economie Politique de Paris: la r4fo-rme douaniWre. L'Econ. Franc., July 24, 1926. Unfavorable exchanges, the destruction of production centres, and the loss of markets have made the need of tariff changes imperative.

FAIRCHILD, F. R. Research in forest taxation. Bull. Nat Tax Assoc., June, 1926. Pp. 7. Professor Fairchild outlines the work he has undertaken to carry on under the auspices of the United States Forest Service.

GIRAUD, E. La legislation fiscale. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 13. Tells the provisions of the law of April 4, 1926, which it is expected will add over four billion francs to the French revenues.

HARDY, C. 0. The cost of federal tax exemption of bonds. Annalist, Sept. 3, 1926. Pp. 2. The federal government has been granting to local governments an indirect annual subsidy, based on 1923 data, of about $75,000,000.

HARIsTOY, J. La loi a;mericaine sur la r4duction des impots. Rev. de Sci. et de Leg. Finan., April-June, 1926. Pp. 77. The new tax law, adapted to business conditions, attests the financial soundness of the United States and is a new proof of the employment of the expert in framing legislation.

HINRICHS, A. F. The cost of tax-exempt securities. Pol. Sci. Quart., June, 1926. Pp. 10. Finds from calculations that the gain from better rates on loans does not offset the loss in taxes.

HOPKINS, A. L. The United States Board of Tax Appeals. Am. Bar Assoc. Jour., July, 1926. Pp. 6. It has already justified its existence.

JEZE:, G. Histoire du remboursement de la dette publique en France. Rev. de Sci. et de Leg. Finan., April-June, 1926 Pp. 68. The July monarchy, by its selfish, short-sighted fiscal policies paved the way for the financial and economic break- down in 1848.

JOUvET, A. A. Les finances des principaux 4tats depuis la guerre. XI. La Belgique. Rev. des Sci. Pol., Apr.-June, 1926. Pp. 25. Since the war Belgium has been confronted with deficits and unfavorable exchanges. The occupation of her territory made her problem of restoration a very difficult one.

KAMBE, M. Proposal for a personal tax on luxury consumption. Kyoto Univ. Econ. Rev, July, 1926. Pp. 11. Advocates a progressive lump tax in addition to existing consumption taxes.

KING, W. I. Effect of war debt collection. Burroughs Clearing House, Aug., 1926. Pp. 4. Though it might have political advantages, cancellation would bring no economic advantages to the American people.

LuTz, H. L. The federal debt since the Armistice. Jour. Pol. Econ., Aug., 1926. Pp. 45. Large natural resources and a vigorous taxation policy have made possible the repayment of five billions in six years.

MARTCHEIUKE. Les imp6ts du paysan russe en 1926. L'Econ. Franq., Aug. 7, 1926. Pp. 3. In order to win the support of the peasants, the government has modified the agricultural tax which is the mainstay of local revenues.

RIST, C. Le tr4sorerie et le budget. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 28. Seven ministers of finance succeeded one another in 1925 without bringing about the balancing of the French budget.

SALDAHA, Q. Nuevas sanciones fiscales. Rev. Nac. de Econ., May-June, 1926. Pp. 31. Gives the present law relating to such offenses against tlle public treasury as smuggling, false declaration and omission.




ScAGNErrI, G. Dodici anni di storia flnanziaria degli Stati Uniti di America, 1914- 1926. Riv. Pol. Econ., July-Aug., 1926. Pp. 22. A continuation of the account of the finances of the United States from 1914 to 1926.

SIMPsoiN, K. Average or marginal costs for tariff. Jour. Pol. Econ., Aug., 1926. Pp. 11. The flexible provision of the act of 1922.

TILsoiN, J. Q. The growing cost of government. Am. Rev. Rev., Aug., 1926. Pp. 4. Both our federal and local governments are rapidly increasing the number of persons on public pay-rolls.

VAIN GiJN, A. Hervorming van de Staatsbegrooting. De Econ. (Dutch), July- Aug., 1926. Pp. 20. Discusses principles involved in budget making.

WALRADT, H. F. State expenditures, tax burden and wealth. Nat. Mun. Rev., Sept., 1926. Pp. 6. Reviews the report of the New York State Committee on Taxation and Retrenchment.

ZAINGERLE, J. A. Modern tax assessing and collecting administration. Bull. Nat. Tax Assoc., June, 1926. Pp. 7. Recommends the election of assessors on non- partisan tickets for longer terms with better remuneration, and the use of standardized methods of assessing.

The budget. Bankers' Mag., June, 1926. Pp. 14. Mr. Churchill secures new revenues largely by a tax on betting and increased customs, and maintains the payment of fifty millions to the Baldwin sinking fund.

Inter-allied debts. Round Table, Sept., 1926. Pp. 12. Maintains that the United States loaned England for war and not commercial purposes.

Les nouvelles resources flscales. L'Econ. Franc., Aug. 14, 1926. Pp. 3. Gives the rates of the new French taxes and the expected revenue.

Population (Abstracts by A. B. Wolfe)

ALLEiN, G. C. The population problem in Japan. Economica, June, 1926. Pp. 17. Survey of population, agriculture, foreign trade, manufacturing, and standard of living. The difficulties of Japan's food problem, complicated by social, political, and religious prejudices, are adequately indicated.

AMERY, W. B The migration problem. United Empire, Aug., 1926. Pp. 5. Address by the British Government representative for migration for Australia. Defense of the Empire Settlement act and policy.

BOAK, A. E. R. Irrigation and population in the Faiyum, the Garden of Egypt. Geog. Rev., July, 1926. Pp. 12. Historical and engineering data.

BOIJRDOIN, J. Le mouvement de la poputlation. Rev. d'Econ. Pol. Mar.-Apr., 1916. Pp. 20. Statistical review of 1925 data, with historical comparisons, and reference to other countries as well as France. The reconstitution of the French population depends about one-fourth on reducing mortality and three-fourths on increasing the birth rate. But there is little reason to look for such increase.

BOWEN, E. Mixing the issue in immigration. Sci. Mo., Jan., 1926. Pp. 3. "Immi- gration and emigration, except for short sharp eddies and flows, have no quantitative bearing; the problem they present is mainly one of qualities."

BOWEN, E. Over-population and the living standard. Sci. Mo.. July, 1926. Pp. 3. "Population varies according to the amount of annually available wealth; in areas that produce equal amounts of wealth, population varies inversely with the height of living standards."



1926] Population 761

BRowN, H. G. Land rent and population gr owth. Jour. Pol. Econ., June, 1926. Pp. 15. A well-reasoned argument against the idea that all, or most, land rent is due to a lowering of the margin of cultivation through population increase. While this case is recognized, it is shown to afford no very strong argument against social appropriation of land rent through taxation.

CALLON, G. Le movement de la, population dans la region du Plateau Centra a1u cours de la pdriode 1821-1920. Le Musee Soc., Jan.-Feb., 1926. Pp. 22, 13.

CONNOR, L. R. Fertility of marriage and population growth. Jour. Royal Stat. Soc., May, 1926. Pp. 13. Mathematical theory of the relation between births per marriage and rate of population growth. This relation is a loose one, but under stabilized conditions is capable of numerical measurement over short periods within a margin of error that mlay be approximately defined.

COULTER, W. A dot map of the distribution of population in Japan. Geog. Rev., April, 1926. Pp. 2. With folding map.

Cox, H. A league of low birth rate nations. Birth Control Rev., June, 1926. Pp. 2.

DOUGLAS, P. H. The family allowance system as a protector of children. Annals Am. Acad., Sept., 1925. Pp. 9. A general review of the family allowance idea, with reference to the standard of living. The "family-of-five" standard is attacked. It leads to overpayment of some and underpayment of others. The underlying basis of wage-justice is needs rather than product.

EAST, E. M. Fecundity and civili.ation. Birth Control Rev., June, 1926. Pp. 2.

E. C. La conferenza di Ginevra e l'ispezione degli emigranti. Riv. di Pol. Econ., May, 1926. Pp. 3. The inspection of emigrants and the regulations proposed at the Geneva conference.

EDGEz, P. G. The growth of mortality due to motor vehicles in England and Wales, 1904-23. Jour. Royal Stat. Soc., May, 1926. Pp. 29. Detailed statistics. The motor fatalities (per 100,000) in 1923 were 10.8 in London, compared to 20.2 in Chicago and 35.6 in Los Angeles.

ELSTER, A. Qualitative Bev&lkerungspolitik. K6lner Vrtljh. f. Soziologie, 5 Jahrg., Heft 3, 1926.

FOCKIEMA, R. A. Zuid-Afrika als emigratiegebied voor Nederland. De Econ. (Dutch), May, 1926. Pp. 16. Discusses the South African need of white immigration and of its possibilities for Dutch emigrants.

GARTH, T. R. The industrial psychology of the Mexicant immigrant. Industrial Psych., Mar., 1926. Pp. 5. Available intelligence tests and the experience of Colorado industrial companies indicate a favorable view of the Mexican immigrant worker

HALL, D. Population and the food supply. Birth Control Rev., Oct., 1926. Pp. 1. Reprinted from London Times. Digest of an address by the President of the Agricultural Section of the British Association for the Advancement of Science.

HANKINS, F. H. The rationality of birth control. A reply to Dr. Dublin. Birth Control Rev., May, 1926. Pp. 3.

HERMAN, C. Infant mortality and survival of the fittest. Sci. Mo., Jan., 1926. Pp. 5. From statistics of New York City it is concluded that child welfare programs do not interfere with natural selection. By proper distinction betwel-n congenital defects and environment factors the views of Pearson and Newsholme can be seen to be mutually compatible.

HUNTINGTON, E. The effect of overpopulation on Chinese character. Birth Control Rev., July, 1926. Pp. 3. Low mentality of villagers. Selection of the unfit. Selling pretty girls. More competent die out.




JACOBS, A. A generation of birth control in Holland. Birth Control Rev., May, 1926. Pp. 3.

JANES, G. M. Malthus and the essay on population. Quar. Jour. Univ. No. Dakota, March, 1926. Pp. 17. Covers familiar ground.

LITTLE, C. C. Unnatural selection and its resulting obligations. Birth Control Rev., Aug., 1926. Pp. 3. The eugenist's demands. Prevention or cure? Artificial selection.

MERTZKE, A. J. Land values and population. Jour. Land and Public Utility Econ., July, 1926. Pp. 12. Finds a marked lack of correlation in land values and changes of population in Wisconsin cities.

MORTON, P. Aspects of birth control in Latin-America. Birth Control Rev., July, 1926. Pp. 2.

OLDHAM, C. H. Reform of the Irish census of population. Econ. Jour., March, 1926. Pp. 6. Proposes the publication of analyses as well as raw statistics, and pleas for comparison with pertinent data of other countries.

OUALID, W. Die Einwanderung nach Frankreich und ihre probleme. Archiv f. Sozialwis. u. Sozialpolitik, 56 Band, Heft 1. Pp. 26. Outline and somewhat pessimistic forecast of probable dangers from immigration. Description of the French official machinery and meticulous regulation of immigration.

RICE, S. A. and WILLEY, M. M. College men and the birth rate. A note on the present day undergraduate mores relating to) family size. Jour. Heredity, Jan., 1926. Pp. 2. What undergraduates think of large and smnall families.

RUSSELL, A. J. H. The vitality of the peoples of southern India. Its conservation and promotion. Sci. Mo., July, 1926. Pp. 11. Contains vital statistics for Madras.

SIBLEY, E. The size of families, a discussion of sampling. Jour. Am. Stat. Assoc., Sept., 1926. Pp. 2.

THOMPSON, W. S. Britain's population problem as seen by an American. Econ. Jour., June, 1926. Pp. 14. Britain can no longer keep up her export trade in competition with rising industrialism in other countries. Consequently her funda- mental problem is that of overpopulation.

WIKSELL, S. D. Sveriges framtida befolkning under olika fdrutsdttningar. Ek. Tids., nos. 4-5, 1926. Pp. 33. Estimates the future population of Sweden assuming different birth and death rates and notes an attempt at prophecy but as a series of statistical problems.

WISE, S. S. The attitude of the synagogue toward birth control. Birth Control Rev., May, 1926. Pp. 2.

Insurance (Abstracts by F. E. Wolfe)

BIONDI, C. La pratique medico-le gale en matiere d'assurances sociales et le probleme de l'unification. Rev. Internat. du Travail, June, 1926. Pp. 16. Difficulty of demarcation as between occupational diseases, ordinary diseases, and industrial accidents, about which even physicians are uncertain, may be diminished, and other inconveniences avoided by unification of social insurance.

BISHoP, A. L. The settlement of claims under lapsed life insurance policies. Harvard Bus. Rev., July, 1926. Pp. 6. Brief restatement of well-known optional settlements in case of lapsed contracts.

Courrs, C. R. V. On, the distribution of life office profits. Jour. Inst. Actuaries, July, 1926. Pp. 32. On the basis of plausible assumptions as to actual mortality,



1926] Insurance 763

interest, and expense a prima facie case is made against the rigidity of present methods of distributing profits.

Dz MmIMONDE, A. P. Les assurances. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 9. Fire and life insurance companies with long contracts have suffered sharply from monetary depreciation, but accident companies have adapted themselves rapidly so as to profit from increase of French production. Shareholders lost income rather than capital.

GOLDMAN, M. Einschluss der Versicherung gegen wirtschaftlichen Notstand in die Lebensversicherung. Zeitschr. f. d. ges. Versicherungswis., July, 1926. Pp. 5. Outlines risk conditions and the terms of disability insurance, which now operates as an impetus to growth of life insurance.

HEYER, F. Der heutige Stand der sozialen Versicherung in England. Archiy f. Sozialwis. u. Sozialpolitik, Band 56, 1 Heft. Pp. 11. Outlines scope and organization, and shows financial results of management of sickness, unemployment, old-age, widows, orphans, and industrial accident insurance.

HUTNTER, A. Mortality in India among insured lives. Jour. Inst. Actuaries, July, 1926. Pp. 15. Distinctly higher mortality among insured natives than among insured Europeans. Effect of medical selection for both endures for probably not more than one year. Mortality varies greatly with types of persons.

KATZ, W. Zinsfuss und Uberschussbildung in der Lebensversicherung. Zeitschr. f. d. ges. Versicherungswis., July, 1926. Pp. 10. Examines the main sources of surplus. Existing schedules are as low as security permits, and the interest rate of four and one-half per cent as a basis of calculation should under no circumstances be reduced.

MALEK, K. Die Erntevertragsversicherung gegen Elementarschaden in Nord- amerika. Zeitschr. f. d. ges. Versicherungswis., July, 1926. Pp. 17. Recounts course of progress of crop insurance in various parts of U. S. Based on bulletin no. 1043, Dept. of Agriculture, Jan., 1922.

PORTE, M. La mutualit5 et les assurances sociales. Rev. d'Econ. Pol., Mar.-Apr., 1926. Pp. 10. Shows from reports the strength, resources and services of approved and free mutual societies.

REcKNELL, G. H. On the business earning power of a new business fund. Jour. Inst. Actuaries, July, 1926. Pp. 39. Whole life assurances are relatively more profitable than endowment assurances in the proportion of rather more than 2 to 1; and the whole life class policies affected at the older ages at entry are more favorable to the company than at younger ages. Based on data from 11 British companies.

WARREN, C. F. An investigation into the mortality experienced by pensioners of the staffs of banks and insurance companies, with a note on the mortality experienced by deferred annuitants. Jour. Inst. Actuaries, July, 1926. Pp. 28. Data covering period 1900-1924 for 5,228 individuals from 5 banks and for 7,764 from 25 insurance companies.

L'assurance-chomage et le placement en France. Rev. Internat. du Travail, June, 1926. Pp. 6. Favorable results of unemployment insurance are shown. Average net cost of placements declined from 7 francs in 1921 to 4.74 in 1924.

Proposed reform of national health insurance in Great Britain. Internat. Lab. Rev., July, 1926. Pp. 15. National health insurance performs indispensable task in promotion of social welfare. Royal Commission's terms of reference did not include problem of unification, yet it urges a service organized on a single local basis, favors reconsideration of fitness of approved societies for administrative purposes and recommends adding increased allowances to present sickness and disablement benefits.




Pauperism, Charities, and Relief Measures (Abstracts by George B. Mangold)

BRADEN, A. S. Case work and its application to state aid. Jour. Delinquency, Mar., 1926. The opportunity is being provided in California to apply methods of case work to the problems of children receiving state aid. The plan of giving relief has been supplemented with constructive case work with the result that the cases of a large number of the children are being handled as to make financial assistance from outside sources unnecessary. The demonstration is proving that case work can be carried out in the field of public philanthropy.

DOUGHERTY F. D. A study of the mechanical ability of delinquent children of the Los Angeles Juvenile Court. Jour. Delinquency, Mar., 1926. This report summarizes the result of psychological examination made of children brought before the Juvenile Court of a California county. According to the investigation, the average intelligence quotient is 82 per cent and the children are also retarded educationally. The boys outnumber the girls 3 to 1; and their intelligence quotient is higher. About 44 per cent of the cases come from broken homes.

HURLIN, R. G. Social work salaries. Dept. of Stat., Russell Sage Found., 1926. This report gives a brief history of the salaries of social workers, 4 grades of positions having been studied. A considerable increase in salaries has occurred among executives, but the gain among staff workers has been comparatively small. The figures seem to indicate that the typical elementary school teacher's wage in 1925 was $300 higher than that of the typical social worker. The report closes with the question whether professional social work can make progress unless social workers receive ample compensation.

Public pensions for aged dependents. Mo. Lab. Rev., June, 1926. This article summarizes the situation in this country at the present time in respect to old-age pensions. 3 states now have such laws,-Nevada, Wisconsin and Montana. The better test will be made in Wisconsin because of its large population. There is also a brief review of the old-age pension system as it exists in other countries. Separate consideration is given to the English law.

Statistics (Abstracts by Harry Jerome)

BARaER, J. H. Stock market fluctuations no barometer. Reprinted from Manuf. Industries, Aug., 1926. Pp. 4. Stock market movements are "the child of two parents, business conditions and money conditions," and are not a reliable and timely business guide. Industrial managers should pay more heed to the statistical position of their own industries and share the findings of their statistical research.

BOSLAND, C. C. Forecasting the price of wheat. Jour. Am. Stat. Assoc., June, 1926. Pp. 13. A study of the relation between various supply factors and the price of wheat indicates that a regression equation based on world production plus carry-over gives a forecast of wheat prices which has been accurate to within about 12 per cent on tlre average.

CANNING, J. S. The formation of freq tency distributions. Jour. Am. Stat. Assoc., June, 1926. Pp. 16. Illustrates the degree of error involved in using the respective mid-value of the several classes in a frequency distribution as representative of the individual variates in tihe class, and suggests methods of testing what choice of class limits in arranging a distribution will minimize this error.

EELLS, W. C. Relative merits of circles and bars for representing component parts. Jour. Am. Stat. Assoc., June, 1926. Pp. 14. An experimental test indicates that,



1926] Statistics 765

contrary to the usual statemients in textbooks on statistics, circular diagrams showing component parts, though judged by different methods by the various observers, can nevertheless be read as quickly and more accurately than sub- divided bar charts.

FISHER, I. Les relations statistiques entre le cho6mage et le mouvement des prix. Rev. Internat. du Travail, June, 1926. Pp. 9. Author argues, along the lines of his article in the Journal of the American Statistical Association, June, 1925, that if employment is compared, not with the price level, but with the rate of changes in that level and a distributed lag assigned to the effect of price change, a very high degree of correlation is obtained, indicating the importance of monetary stabilization as ra remedy for unemployment.

GUMBEL, E. J. Spurious correlation and its signiflcance to physiology. Jour. Am. Stat. Assoc., June, 1926. Pp. 16. This article deals with the spurious correlation arising in the case of a functional coefficient with repetition of variables, that is, in the coefficient of correlation between two variables which are themselves functions of other variables, at least one of which original variables appears in both the new ones.

HALBWACHS, M. La population et les trarces de voies a Paris depuis cent ans. Metron, vol. V, no. 2, 1925. Pp. 23. The author analyzes the changing population of districts and quarters of Paris, severally and in groups, and concludes that social forces underlie and direct the conscious plans of the government authorities, engineers, and speculators to direct the population of the city along certain channels.

HIALL, L. W. The determination, of past and present secular trends. Jlour. Am. Stat. Assoc., June, 1926. Pp. 11. Suggests the computation of trends, particularly for irregular series, by a moving three-year straight line method, with the use of longer periods in some cases for smoothing purposes.

KREPS, T. J. Import and export prices i the United States and the terms of international trade, 1880-1914. Quart. Jour. Econ., Aug., 1926. Pp. 13. The evidence, though not entirely conclusive, gives hints that both the "net barter" and "the gross barter terms of trade" were more favorable to the United States after 1900.

NOVOSSELSKI, S. and PAEVSKE, V. Life tables of the city of Leningrad for the years 1910-11, 1918, 1920 and 1923. Metron, vol. V, no. 2, 1925. Pp. 16. Compu- tations based upon censuses indicate that the death rate in Leningrad, which was heavy before the war, due largely to unsanitary conditions, rose enormously in 1918 and 1920, but by 1923 showed improvement even as compared with the pre- war rate.

ROBERTSON, M. E. Ratio and graphic analysis. Bankers Mag., June, 1926. Pp. 3. A brief discussion of the value of comparing the balance sheet ratios of a given firm with a model set of ratios based on the experience of a group of firms in the same industry, and of the graphic method of presenting such ratios.

ROFSLE, E. and VAx BUREN, G. H. Cla ssifcation of causes of deaths and death registration. Jour. Am. Stat. Assoc., June, 1926. Pp. 11. Dr. Roesle stresses what he considers defects in the present practice, particularly with regard to the use of short lists of causes of death, and the failure to provide adequately for joint causes and for a clear separation of violent from natural causes. Mr. Van Buren points out some of the practical difficulties in complying with these sug- gestions.

SHiioMI, S. A study in the index numbers of the Bank of Japan. Kyoto Univ. Econ. Rev., July, 1926. Pp. 33. The author reconstructs the wholesale price index number of the Bank of Japan by shifting the base of each of the 56 constituent relatives from October, 1900, to July, 1923; and also studies the dis- persions and asymmetries of the relatives of 14 basic commodities in each year and their year to year variations.




TAKARABE, S. Suicide statistics in Japan classified according to sex. Kyoto Univ. Econ. Rev., July, 1926. Pp. 15. The ratio of female to male suicides in Japan far exceeds that of European nations, a fact which may be explainable by variances between the oriental and occidental ideas concerning the importance of life and the ethics of suicide.

WRIGHT, S. A frequency curve adapted to variation in percentage occurrence. Jour. Am. Stat. Assoc., June, 1926. Pp. 17. A method for fitting curves to frequency distributions in which the variates are percentages restricted to the range 0 to 100 by transforming the scale to a curve of unlimited range approaching the normal curve in form, thus bringing this family of distributions under a common viewpoint.

Index of productivity of labor in the steel, automobile, shoe, and paper industries. Mo. Lab. Rev., July, 1926. Pp. 19. By dividing an index of output by an index of employment computed from census figures with intercensal interpolations based on the Bureau of Labor Statistics employment indexes and corrected so far as possible for changes in hours worked, an estimate has been made of the year-to- year change in output per hour of labor in each of these four industries. The result indicates a large increase in productivity, particularly in the automobile industry.

The physical volume of prodtuction in the United States for 1925. Rev. Econ. Stat. July, 1926.



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