OPPORTUNITY

The Annals

VOLUME LIX

MAY, 1915

EDITOR: CLYDE LYNDON KING

ASSISTANT EDITOR: T. W. VAN METRE

EDITOR BOOK DEPT.: ROSWELL C. MCCREA

EDITORIAL COUNCIL: J. C. BALLAGH, THOMAS CONWAY, JR., S. S. HUEBNER, CARL
KELSEY, CLYDE LYNDON KING, J. P. LICHTENBERGER, ROSWELL C.
MCCREA, SCOTT NEARING, E. M. PATTERSON, L. S. ROWE,
ELLERY C. STOWELL, T. W. VAN METRE,
F. D. WATSON

PHILADELPHIA

Copyright, 1915, by

AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE

All rights reserved

EUROPEAN AGENTS

ENGLAND: P. S. King & Son, Ltd., 2 Great Smith St., Westminster, London,
S. W.

FRANCE: L. Larose, Rue Soufflot, 22, Paris.

GERMANY: Mayer & Müller, 2 Prinz Louis Ferdinandstrasse, Berlin, N. W.

ITALY: Giornale Degli Economisti, via Monte Savello, Palazzo Orsini, Rome.
SPAIN: E. Dossat, 9 Plaza de Santa Ana, Madrid.

THE RESOURCES OF UNITED STATES AND THEIR RELATION

TO OPPORTUNITY.....

R. Malcolm Keir, Wharton School of Finance and Commerce, University

of Pennsylvania.

1

PROLONGING LIFE AND DEVELOPING PERSONAL POWERS.. 29

J. Pease Norton, West Haven, Conn.

THE IMPORTANCE OF RESEARCH AS A MEANS OF INCREAS-

ING AGRICULTURAL PRODUCTION..

M. B. Waite, Pathologist in Charge, Fruit Disease Investigations,

United States Department of Agriculture.

AGRICULTURAL

EDUCATION AND AGRICULTURAL PROS-

40

PERITY..

51

A. C. True, Ph.D., Director of United States Office of Experiment Sta-

tions.

THE EFFICIENCY MOVEMENT IN ITS RELATION TO AGRI-

CULTURE...

W. J. Spillman, Agriculturist in Charge, Office of Farm Management,

United States Department of Agriculture.

THE SCIENTIFIC STUDY OF MARKETING..

Selden O. Martin, Harvard University, Cambridge, Massachusetts.

THE RELATION OF RESEARCH TO THE PROGRESS OF MAN-

UFACTURING INDUSTRIES...

W. R. Whitney, Research Laboratory, General Electric Company,

Schenectady, N. Y.

65

77 /

86

MOTION STUDY AS AN INCREASE OF NATIONAL WEALTH.... 96

Frank B. Gilbreth, Providence, R. I.

..... 104

PART II-EMPLOYMENT AND UNEMPLOYMENT

LOW WAGES AND THE LOW WAGE ENVIRONMENT...

Frank P. Walsh, Chairman, United States Commission on Industrial

Relations.

THE ADEQUACY OF AMERICAN WAGES....

Scott Nearing, Ph.D., Wharton School of Finance and Commerce, Uni-

versity of Pennsylvania.

111

283970

INDUSTRIAL OUTPUT AND SOCIAL EFFICIENCY..

Charles Ervin Reitzel, Instructor in Economics, Wharton School of

Finance and Commerce, University of Pennsylvania.

THE THEORIES ADVANCED IN EXPLANATION OF ECONOMIC

CRISES.

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

University of Pennsylvania.

125

133

TAXATION OF LAND AS A REMEDY FOR UNEMPLOYMENT... 148

Bolton Hall, New York City.

SOCIALISM AS A CURE FOR UNEMPLOYMENT...

157

John Spargo, Author of Socialism.

STATUTORY PROVISIONS FOR AND ACHIEVEMENTS OF PUBLIC

EMPLOYMENT BUREAUS.

165

Henry G. Hodges, Harrison Fellow in Political Science, University of

Pennsylvania.

PUBLIC BUREAUS OF EMPLOYMENT........

185

Charles B. Barnes, Director, New York State Bureau of Employment.

CASUAL AND CHRONIC UNEMPLOYMENT....

194

Morris Llewellyn Cooke, Director, Department of Public Works, Phil-

adelphia.

PROFIT SHARING AS AN INFLUENCE IN INDUSTRIAL RELA-

TIONS.

200

A. E. Pfahler, Late Member, Abram Cox Stove Company, Philadelphia.

SOME THOUGHTS ON INDUSTRIAL UNREST.

209

Daniel Guggenheim, New York City.

PART III-NECESSARY READJUSTMENTS

THE NEW GOVERNMENT REGULATION OF BUSINESS...

James T. Young, Wharton School of Finance and Commerce, Univer-

sity of Pennsylvania.

212

THE INFLUENCE OF THE FEDERAL RESERVE ACT UPON COM-

MERCIAL BORROWING....

226

Thomas Conway, Jr., Ph.D., Professor of Finance, Wharton School of

Finance and Commerce, University of Pennsylvania.

THE FREE PORT AN AGENCY FOR THE DEVELOPMENT OF

AMERICAN COMMERCE...

236

Frederic C. Howe, Commissioner of Immigration at the Port of New York.

THE MODERN TERMINAL PORT....

245

William Joshua Barney, Consulting Engineer, New York City.

THE WATERWAYS AND COMMERCIAL EVOLUTION.......

Ralph H. Hess, Ph.D., Associate Professor in Political Economy, Uni-

versity of Wisconsin.

259

THE RECONSTRUCTED CITY

J. Russell Smith, Ph.D., Wharton School of Finance and Commerce,

University of Pennsylvania.

283

PART IV-FOREIGN TRADE

THE ATTITUDE OF BUSINESS TOWARDS FOREIGN TRADE...

Edward Ewing Pratt, Ph.D., Chief, Bureau of Foreign and Domestic

Commerce, Washington, D. C.

291

BRANCH BANKS AND OUR FOREIGN TRADE.

301

William S. Kies, National City Bank of New York.

SOUTH AMERICAN MARKETS...

309

Charles M. Pepper, Former Foreign Trade Adviser, Department of

State, Washington, D. C.

THE UNITED STATES' OPPORTUNITY TO INCREASE ITS FOR-

EIGN TRADE WITH SOUTH AMERICA...

316

BÖHM-BAWERK-Kapital und Kapitalzins (p. 333); BRINTON-Graphic
Methods for Presenting Facts (p. 334); Colson—Railway Rates and Traffic (p. 334);
CROCE-Historical Materialism and the Economics of Karl Marx (p. 334); DRYS-
DALE—The Small Family System: Is It Injurious or Immoral? (p. 335); ELIOT—
The Juvenile Court and the Community (p. 335); FERRERO-Between the Old World
and the New (p. 335); FURLONG—The Gateway to The Sahara (p. 335); GETTELL—
Problems in Political Evolution (p. 335); GOLDER-Russian Expansion on the
Pacific 1641-1850 (p. 336); GrAHAM-With Poor Immigrants to America (p. 336);
HOLLAND-Germany (p. 336); HULME-The Renaissance, The Protestant Revo-
lution and the Catholic Reformation in Continental Europe (p. 337); JAMES-Applied
City Government (p. 337); LEWIN-British Railway System (p. 338); LowELL-
The Governments of France, Italy, and Germany (p. 338); McCALL-The Life of
Thomas B. Reed (p. 338); MORSE-Samuel F. B. Morse: His Letters and Journals