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Volume InformationSource: Journal of Political Economy, Vol. 24, No. 1 (Jan., 1916), pp. i-xiiPublished by: The University of Chicago PressStable URL: http://www.jstor.org/stable/1819405 .

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THE JOURNAL OF POLITICAL ECONOMY



THE UNIVERSITY OF CHICAGO PRESS CHICAGO, ILLINOIS

2.gents

THE CAMBRIDGE UNIVERSITY PRESS LONDON AND EDINBURGH

THE MARUZEN-KABUSHIKI-KAISHA TOKYO, OSAKA, KYOTO, FUKUOKA, SENDAI

THE MISSION BOOK COMPANY SHANGHAI

KARL W. HIERSEMANN LBIPZIG



THE JOURNAL

OF

POLITICAL ECONOMY

VOLUME XXIV

JANUARY-DECEMBER I9I6

THE UNIVERSITY OF CHICAGO PRESS CHICAGO, ILLINOIS



Published January, February, March, April, May, June,

July, October, November, December, I9I6

Composed and Printed By The University of Chicago Press

Chicago, Illinois, U.S.A.



INDEX

GENERAL INDEX PAGE

Agreements between American and European Molders' Unions Frank T. Stockton 284

Agricultural Economics, What is? ...................... E. G. Nourse 363 Agricultural Products, The Nature of Demand for, and Some Important

Consequences ................ ............... John G. Thompson I58 American Business and Finance after the War . H..... . H. Parker Willis 572 American History, Economic Interpretation of ....... William E. Dodd 489 American Security Prices and Interest Rates ..... . . Wesley C. Mitchell I26

Anthracite Industry, The Settlement of Disputes under Agreements in the Edgar Sydenstricker 254

Appeal to "The Sober Reader," An .................. Frank A. Fetter 596 Bill Market in the Seventeenth Century, The Parisian

Abbott Payson Usher 985; Business, War Finance and American. H. J. Davenport 97 Buying South American Goods as a Factor in Selling to South America

Walter S. Tower 897 Changing Basis of Economic Responsibility, The ...... J. Maurice Clark 209

Concentration of Water Powers, The .................H arley W. Nehf 775 Control of Interstate Utility Capitalization by State Commissions, The

Ralph E. Heilman 474 Critique of Index Numbers of the Prices of Stocks, A. . Wesley C. Mitchell 625 Development of Hoxie's Economics, The .......... Walton H. Hamilton 855 Dislocations in the Foreign Trade of the United States Resulting from

the European War ............................. Lewis C. Sorrell 25

Economic Interpretation of American History ..... . . William E. Dodd 489 "Economic Principles," Fetter's .....................H . J. Davenport 3I3

Economics and Legality of Premium Giving, The .... .... C. S. Duncan 921

Elevator Movement in the Pacific Northwest, The... . Howard T. Lewis 794 England under Elizabeth, Purveyance in ........... Louis Martin Sears 755 Failure of Government Ownership in Canada, The ... . Samuel 0. Dunn 547 Federal Reserve Check Clearings and Collections ....... Ray M. Gidney 6o6 Fetter's "Economic Principles" ....................... H. J. Davenport 3I3

Foreign Trade of the United States Resulting from the European War, Dislocations in the ............ Lewis C. Sorrell 25

General Electric Company, and the Panic of I907, The Westinghouse Electric and Manufacturing Company, The

Niles Carpenter, Jr., I 230, II 382; Correction 50I V



vi INDEX PAGE

German War Finance .............................. M. Chase Going 5I3

Government Ownership in Canada, The Failure of ..... Samuel 0. Dunn 547 Hoxie, Robert F.: Investigator and Interpreter .......... John P. Frey 884 Hoxie's Economics, The Development of .......... Walton H. Hamilton 855 Hoxie's, Robert F., Published Works, A Tentative Bibliography of .... . 894 Immigration Problem, The Relation of the Literacy Test to a Construc-

tive .................................... Homer Hoyt 445 Index Numbers of Prices of Stocks, A Critique of... . Wesley C. Mitchell 625 Insurance, The Organization of Workmen's Compensation

E. H. Downey 95I

Interest Rates, American Security Prices and ........ Wesley C. Mitchell I26

International Mercantile Marine Company, The War and the Earl A. Saliers I003

Ireland, Trade and Industry in, in the Sixteenth Century Susan M. Lough 7I3

Labor Welfare, Scientific Management and ............ Robert F. Hoxie 833 Literacy Test, The Relation of the, to a Constructive Immigration Prob-

lem .................................H omer Hoyt 445 Molders' Unions, Agreements between American and European

Frank T. Stockton 284 Movement for Tax Reform in Virginia, The ....... Thomas Walker Page 737 National Problems, Some Impending ...... ............. Irving Fisher 694 Nature of Demand for Agricultural Products and Some Important Con-

sequences, The .............................. John G. Thompson I 58 Organization of Workmen's Compensation Insurance, The

E. H. Downey 95I Panic of I907, The Westinghouse Electric and Manufacturing Company,

the General Electric Company and the Niles Carpenter, Jr., I 230, II 382; Correction 50I

Parisian Bill Market in the Seventeenth Century, The Abbott Payson Usher 985

Premium Giving, The Economics and Legality of ........ C. S. Duncan 92I

Probable Financial and Industrial Effects after the War Theodore E. Burton I

Purveyance in England under Elizabeth ......... . Louis Martin Sears 755 Railroad Employee Is Hurt: the Legal Tangle, When a

Lindley D. Clark 805 Relation of the Literacy Test to a Constructive Immigration Problem,

The ................................... Homer Hoyt 445 Responsibility, The Changing Basis of Economic ...... J. Maurice Clark 209

Scientific Management and Labor Welfare ............. Robert F. Hoxie 833 Settlement of Disputes under Agreements in the Anthracite Industry,

The ....................... ........ Edgar Sydenstricker 254



INDEX vii PAGE

Some Impending National Problems ........ ............ Irving Fisher 694 Some Larger Aspects of the Trade in War Materials ... .Shailer Mathews I4 South American Goods as a Factor in Selling to South America, Buying

Walter S. Tower 897 Stonecutters' Union and the Stone-Planer, The ....... George E. Barnett 4I7

Tax Reform in Virginia, The Movement for ...... Thomas Walker Page 737 Tentative Bibliography of Robert F. Hoxie's Published Works, A. 894 Trade and Industry in Ireland in the Sixteenth Century

Susan M. Lough 7M3 Unions, Agreements between American and European Molders'

Frank T. Stockton 284 Utility Capitalization by State Commissions, The Control of Interstate

Ralph E. Ileilman 474 War, American Business and Finance after the ........ H. Parker Willis 572 War and the International Mercantile Marine Company, The

Earl A. Saliers I003

War, Dislocations in the Foreign Trade of the United States Resulting from the European ............................. Lewis C. Sorrell 25

War Finance and American Business ................. H. J. Davenport 97 War Finance, German .............................. M. Chase Going 5I3

War Materials, Some Larger Aspects of the Trade in... .Shailer Mathews I4

War, Probable Financial and Industrial Effects after the Theodore E. Burton I

Washington Notes ........... 76, I83, 299, 400, 496 IOI2

Banking Opportunities in South America, i88 Broadening the Reserve Banks, 8i Changes in the Federal Reserve Act, IOI5 Colorado Coal Report, The, 496 Earnings of Federal Reserve Banks, 403

Government Ownership of Ships, 1012

Income Tax Decision, The, 299

Investigation of Pipe-Lines, An, 404

New Period of Railroad Regulation? A, 79 New Rural Credit Plan, The, I84

New Study of Index Numbers, A, I83

New System of National Taxation, A, 76 New Tariff Commission, The, 1014 New Tariff Commission Plan, A, 402

Our International Balance, I87

Philippine National Bank, The, 500 Railway-Mail Pay Situation, The, 78 Refunding the National Debt, 406

Second Report of the Federal Reserve Board, 30I

Supplementary Income Tax Decisions, The, 400

Trading-Stamp Decisions, The, 498



viii INDEX PAGE

Water Powers, The Concentration of ................. Harley W. Nehf 775 Westinghouse Electric and Manufacturing Company, the General Elec-

tric Company, and the Panic of I907, The Niles Carpenter, Jr., I 230, II 382; Correction 50I

What Is Agricultural Economics? ...................... E. G. Nourse 363 When a Railroad Employee Is Hurt: the Legal Tangle

Lindley D. Clark 8o5 Workmen's Compensation Insurance, The Organization of

E. H. Downey 95I

AUTHOR'S INDEX

BARNETT, GEORGE E. The Stonecutters' Union and the Stone-Planer... 417 BURTON, THEODORE E. Probable Financial and Industrial Effects after

the War .................................................... I CARPENTER, NILES, JR. The Westinghouse Electric and Manufactur-

ing Company, The General Electric Company, and the Panic of I907 I 230, II 382; Correction 5oi

CLARK, J. MAURICE. The Changing Basis of Economic Responsibility. . 209

CLARK, LINDLEY D. When a Railroad Employee Is Hurt: the Legal Tangle ..................................................... 805

DAVENPORT, H. J. Fetter's "Economic Principles" ................... 3I3 --. War Finance and American Business ...................... 97

DODD, WILLIAM E. Economic Interpretation of American History .... 489 DOWNEY, E. H. The Organization of Workmen's Compensation Insur-

ance ....................................................... 95I DUNCAN, C. S. The Economics and Legality of Premium Giving ...... 921

DUNN, SAMUEL 0. The Failure of Government Ownership in Canada. . 547 FETTER, FRANK A. An Appeal to "The Sober Reader" ................ 596 FISHER, IRVING. Some Impending National Problems ............... 694 FREY, JOHN P. Robert F. Hoxie: Investigator and Interpreter ....... 884 GIDNEY, RAY M. Federal Reserve Check Clearings and Collections ... 6o6 GOING, M. CHASE. German War Finance .......................... 513 HAMILTON, WALTON H. The Development of Hoxie's Economics ..... 855 HEILMAN, RALPH E. The Control of Interstate Utility Capitalization

by State Commissions ............ ............................ 474 HOXIE, ROBERT F. Scientific Management and Labor Welfare ....... 833 HOYT, HOMER. The Relation of the Literacy Test to a Constructive

Immigration Problem ........... ............................. 445 LEWIS, HOWARD T. The Elevator Movement in the Pacific Northwest 794 LOUGH, SUSAN M. Trade and Industry in Ireland in the Sixteenth

Century .................................................... 7I3 MATHEWS, SHAILER. Some Larger Aspects of the Trade in War

Materials ................................................... I4 MITCHELL, WESLEY C. A Critique of Index Numbers of the Prices of

Stocks ..................................................... 625



INDEX ix

PAGE

American Security Prices and Interest Rates ............... I26

NEHF, HARLEY W. The Concentration of Water Powers ..... ........ 775 NOURSE, E. G. What is Agricultural Economics? ..... .............. 363 PAGE, THOmAS WALKER. The Movement for Tax Reform in Virginia. . 737 SALIERS, EARL A. The War and the International Mercantile Marine

Company ................................................... I003 SEARS, Louis MARTIN. Purveyance in England under Elizabeth ...... 755 SORRELL, LEWIS C. Dislocations in the Foreign Trade of the United

States Resulting from the European War ....................... 25

STOCKTON, FRANK T. Agreements between American and European Molders' Unions ............................................. 284

SYDENSTRICKER, EDGAR. The Settlement of Disputes under Agree- ments in the Anthracite Industry .............................. 254

THOMPSON, JOHN G. The Nature of Demand for Agricultural Products and Some Important Consequences . ........................... I58

TOWER, WALTER S. Buying South American Goods as a Factor in Selling to South America ........... 897

USHER, ABBOTT PAYSON. The Parisian Bill Market in the Seventeenth Century .................................................... 985

WILLIS, H. PARKER. American Business and Finance after the War ... 572

BOOK REVIEWS AND NOTICES

ADAMS, A. B. Marketing Perishable Farm Products ................. 8ii

ASHBY, HUGH T. Infant Mortality ............................... 8i8 BARNETT, JAMES DUFF. The Operation of the Initiative, Referendum,

and Recall in Oregon ......................................... 831

BECKER, CARL LOTUS. Beginnings of the American People ........... 5I0

BIDWELL, PERCY WELLS. Rural Economy in New England at the Begin- ning of the Nineteenth Century ............................... 828

BLACKMAR, FRANK W., AND GILLIN, JOHN LEWIS. Outlines of Sociology 5I2

BOGART, ERNEST L. Business Economics .......................... 46

BOWLEY, A. L. The Nature and Purpose of the Measurement of Social Phenomena ................................................. 408

BRADBEER, WILLIAM WEST. Confederate and Southern State Currency I023

BUTLER, R. S., GALLOWAY, LEE, AND McLEAN, S. J. Selling, Credit and Traffic ..................................................... 94

CAHN, HERMAN. Capital To-Day ................................. 734 COHEN, JULIUS HENRY. Law and Order in Industry: Five Years'

Experience .................................................. 6II

COLLIER, PAUL STANLEY. Minimum Wage Legislation in Australia .... 736 COMMONS, JOHN R., AND ANDREWS, JOHN B. Principles of Labor Legisla-

tion ........................................................ 903 CONSTANT, PAUL H. B. D'ESTOURNELLES DE. America and Her Prob-

lems ....................................................... 204



x INDEX PAGE

CRESSY, EDWARD. An Outline of Industrial History: with Special Reference to Problems of the Present Day ....................... 829

CROWELL, JOHN F. Trusts and Competition ........................ 96 CUNNINGHAM, WILLIAM. Christianity and Politics .................. 825 CUSHING, HARRY A. Voting Trusts ................................ 206 DAWES, CHARLES G. Essays and Speeches ......................... 624 DEVINE, EDWARD T. The Normal Life ............................ 4I5 DEWITT, BENJAMIN PARKE. The Progressive Movement .......... . 93 DICEY, A. V. The Law of the Constitution ........................ 829 DIEMER, HUGO. Industrial Organization and Management ........... I023

DODD, WM. E. Expansion and Conflict ............................ 5IO DOOLITTLE, F. W. Studies in the Cost of Urban Transportation Service 9IT DURAND, EDWARD DANA. The Trust Problem ...................... 412

EDGEWORTH, F. Y. On the Relations of Political Economy to War. ....... 5o8 EVANS, MAURICE S. Black and White in the Southern States; a Study

of the Race Problem in the United States from a South African Point of View .................................................... 304

FRANKLIN, BENJAMIN A. Experiences in Efficiency .................. 824 GERSTENBERG, CHARLES W. Materials of Corporation Finance ....... 89 GHOSH, H. HEMANTAKUMAR. Theory of Co-operative Credit.207 GOODSELL, WILLYSTINE. A History of the Family as a Social and

Educational Institution ...................................... 732 GOWIN, ENOCH BURTON. The Executive and His Control of Men: A

Study in Personal Efficiency .................................. 3IO GRAs, NORMAN SCOTT BRIEN. The Evolution of the English Corn

Market from the Twelfth to the Eighteenth Century ............. I9I GRAY, HOWARD L. English Field Systems ......................... 64 GROAT, GEORGE GORHAM. An Introduction to the Study of Organized

Labor in America ........... e 906 GUENTHER, LOUIS. Investment and Speculation .................... 827 HADLEY, ARTHUR TWINING. Undercurrents in American Politics .... 92

HAMILTON, WALTON HALE. Current Economic Problems: A Series of Studies in the Control of Industrial Development ................ 505

HASKINS, CHARLES H. The Normans in European History ............ 87 HECKER, JULIUS F. Russian Sociology. A Contribution to the History

of Sociological Thought and Theory ............................ 6i8 HEFT, LOUIS. Holders of Railroad Bonds and Notes: Their Rights and

Remedies ....................................................9I9

HEPBURN, A. BARTON. A History of Currency in the United States ... 3II

Artificial Waterways of the World ........................ 96 HILL, JOHN PHILIP. The Federal Executive ........................ 83I

HOARE, H. J. Old Age Pensions .................................. 208 HOWE, FREDERIC C. Socialized Germany .......................... go HOXIE, R. F. Scientific Management and Labor ..................... I94



INDEX xi PAGE

Hsu, MONGTON CHIH. Railway Problems in China .................. 206 HUEBNER, GROVER G. Agricultural Commerce: The Organization of

American Commerce in Agricultural Commodities ............... 8i6 HUNTINGTON, CHARLES CLIFFORD. Banking and Currency in Ohio

before the Civil War ......................................... 735 HUSBAND, JOSEPH. America at Work ............................. 208 Industrial Home Work in Massachusetts ........................... 62I

JEVONS, H. STANLEY. The British Coal Trade ...................... 306

JOHNSON, ALLEN. Union and Democracy .......................... 5IO KIBLER, THOMAS LATIMER. The Commodities Clause ............. . 830 KING, CLYDE LYNDON. Lower Living Costs in Cities: A Constructive

Program for Urban Efficiency ................................. I98 KING, WILLFORD ISDELL. The Valuation of Urban Realty for Purposes

of Taxation ................................................. 95 LAPP, JOHN A., AND MOTE, CARL H. Learning to Earn ............... I023

LAUT, AGNES. The Canadian Commonwealth ...................... 4I5 LEAKE, ALBERT H. The Means and Methods of Agricultural Education 84 McFALL, ROBERT JAMES. Railway Monopoly and Rate Regulation. . . 733 MACY, JESSE, AND GANNAWAY, JOHN W. Comparative Free Govern-

ment ....................................................... 6I8 MACY, JOHN. Socialism in America ............................... 623 MELVIN, FLOYD J. Socialism as the Sociological Ideal ................ 94 MILLIOUD, MAURICE. The Ruling Caste and Frenzied Trade in Germany IOI9

MITCHELL, WESLEY CLAIR. Business Cycles ........................ 609 MONTGOMERY, ROBERT H. Auditing Theory and Practice ............ 734 MORGAN, DICK T. Land Credits: A Plea for the American Farmer.... .. 3I2

MOULTON, HAROLD G. Exercises and Questions for Use with " Principles of Money and Banking" ....................................... ioi8

* . Principles of Money and Banking ......................... IOI8 MUNRO, WILLIAM BENNETT. The Principles and Methods of Municipal

Administration .............................................. 8I3 MYNSTERBERG, HUGO. Business Psychology ....................... 205

NEARING, SCOTT. Anthracite ........... .......................... I022

O'GRADY, JOHN. A Legal Minimum Wage ......................... 830 ORFIELD, MATTHIAS NORDBERG. Federal Land Grants to the States,

with Special Reference to Minnesota ........................... 73I ORTH, SAMUEL P. Readings on the Relation of Government to Property

and Industry ............................................... 920

PALMER, BEN. Swamp Land Drainage with Special Reference to Minnesota . ................................................ 624

PAXSON, FREDERIC L. The New Nation ........................... 5IO PEDDIE, J. TAYLOR. On the Relation of Imports to Exports .......... 203

PLEHN, CARL C. Government Finance in the United States .......... 96 PRATT, EDWIN A. The Rise of Rail Power in War and Conquest ...... 820



xii INDEX

PAGE

PRESTON, W. T. R. The Life and Times of Lord Strathcona .......... 502

RIPLEY, WILLIAM Z. Trusts, Pools, and Corporations ............... 62I

Riverside History of the United States, The (edited by William E. Dodd) 5I0

ROBINSON, EDWARD VAN DYKE. Early Economic Conditions and the

Development of Agriculture in Minnesota ...................... 623 Ross, EDWARD ALSWORTH. South of Panama . 202

RUBINOW, I. M. A Standard Accident Table . 86

RUSSELL, BERTRAND. Justice in War Time . 622

SECRIST, HORACE. An Economic Analysis of the Constitutional Re-

strictions upon Public Indebtedness in the United States. . 5II SELIGMAN, EDWIN R. A. An Economic Interpretation of the War. 509

SHARFMAN, I. LEO. Railway Regulation . 4I4 SHAW, A. W. Some Problems in Market Distribution. 409

SHERRILL, CHARLES H. Modernizing the Monroe Doctrine . 823 SHURTLEFF, FLAVEL, AND OLMSTED, F. L. Carrying Out the City Plan 4I3

SMITH, J. RUSSELL. Commerce and Industry . 736 SPALDING, WILLIAM F. Foreign Exchange and Foreign Bills in Theory

and Practice ................................................ 507 STODDARD, T. LOTHROP. The French Revolution in San Domingo . 827 STOWELL, ELLERY C. The Diplomacy of the War of I9I4: The Begin-

nings of the War ............................................ 622

TAFT, WILLIAM HOWARD. Our Chief Magistrate and His Power ....... 920

TANGORRA, VINCENZO. Trattato di scienza della finanza ............. 308

TAUSSIG, F. W. Inventors and Money-Makers ..................... 41I TAYLOR, GRAHAM R. Satellite Cities .200

TERRY, SCHUYLER B. The Financing of the Hundred Years' War . 20I

THoMpSON, C. MILDRED. Reconstruction in Georgia. 6I9 WALD, LILLIAN D. The House on Henry Street. 4I6 WARBER, GUSTAV P. Social and Economic Survey of a Community in

Northeastern Minnesota .832 WATARAI, TOSHIHARU. Nationalization of Railways in Japan .620

WERGELAND, AGNES MATHILDE. Slavery in Germanic Society during the Middle Ages ............................................. I024

WESTERFIELD, RAY BERT. Middlemen in English Business, Particularly between i66o and I760 ....................................... 9I4

WIEST, EDWARD. The Butter Industry in the United States. An Eco-

nomic Study of Butter and Oleomargarine .... .................. 102I

WILLIS, H. PARKER. American Banking .i6

WILLSON, BECKLES. The Life of Lord Strathcona and Mount Royal .. 502

WOLMAN, LEO. The Boycott in American Trade Unions. 6i6 WOODBURN, JAMES ALBERT. Political Parties and Party Problems in

the United States .832 YOUNG, ARTHUR NICHOLS. The Single Tax Movement in the United

States ...................................................... 9o8



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