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ton of wrought iron, 1277-1918; of a ton of lead, 1270-1918; of cattle and sheep, 1260-1918; average daily wages of carpenters and masons 1263-1918; average purchasing power of an artisan's wages,
1268-1918. ESCHER, F. Foreign exchange explained. (London: Macmillan.
1919. 75.) FAVRE, J.-F. La bourse clairement expliquée. (Paris: Bibliothèque
Financière. 1919.) FREDERICK, J. G. Modern salesmanagement. A practical handbook
and guide. (New York: Appleton. 1919. Pp. xix, 393. $2.50.) FREY, A. B. American business law. (New York: Macmillan. 1919.) GANSE, F. W. and MANNING, E. G. Your estate intact; being an er
planation of new conditions which have arisen affecting estates and a method for meeting the change. New edition. (Boston: F. W.
Ganse. 1919. Pp. 25. $2.) GIBSON, T. Simple principles of investment. (New York: Doubleday, Page. 1919. Pp. 191. $1.50.)
There are chapters on What to buy; What not to buy; When to buy; When to sell; Diversification of investments; Various classes of bonds; Notes, car trusts, acceptances, etc.; Railroad stocks; Industrial stocks; Mining and oil stocks; Discounts and maturities; Employment of securities as collateral. The author dissents from some of the popularly accepted principles of investment: “To strike at the sanctity of first mortgages; to deny or even modify the theory that safety of principal must decrease in inverse ratio to increase in income; to suggest the employment of securities as collateral; to tolerate the use of the pernicious words 'speculate' or 'margin'; to confidently proclaim that the prevalent and almost unanimous view regarding the decadence of railroad property is a popular delusionthese and other apostasies must inevitably subject their exponent to criticism." The style is clear and vigorous and the volume, though
brief, covers a wide range with apt illustrations. GOEHRING, W. H. Erfahrungen mit der Sozialisierung in Vergagen
heit und Zukunft. (Gotha: F. A. Perthes. 1919.) GRANT, R. Law and the family. (New York: Scribner's. 1919, Pp. vii, 264. $1.50.)
Contains chapters on: Women and Property; The Third Generation and Invested Property; and Perils of Will Making. There are entertaining illustrations of sudden freaks of fortune in the handling
of estates. Ivey, P. W. Elements of retail salesmanship. (New York: Mac
millan. 1919. $2.25.) LATIMER, H. G. Certified liberty bond interest calendar, covering all
issues of liberty bonds and victory notes. (Auburn, N. Y.: Author, 410 Savings Bank Bldg. 1919. $1.25.)
LAURIE, J. High-rate tables of simple interest at 5, 6, 7, 8, 9, and
12 per cent per annum from 1 day to 100 days, 1 month to 12 months; also copious tables of commission or brokerage from 1/8 to
10 per cent. (New York: Dutton. 1919. Pp. 238. $6.) MacGREGOR, T. D. Bank advertising experience; practical ideas for
financial publicity as used by hundred of banks and trust companies in the United States and Canada. (Detroit: Burroughs Clearing
House. 1919. Pp. 376. $2.) MERRICK, D. V. Time studies as a basis for rate setting. (New York: Engg. Mag. Co. 1919. Pp. xiv, 366. $6.)
The book rightly reflects the spirit of the Taylor system of management inasmuch as it indicates a thoroughness of subject treatment and mastery of detail from a technical standpoint which marks it as a fundamental treatise on the subject of time study.
The subject-matter is well assembled and presents concrete information of practical value in place of the superficial generalizations in which such a large part of our present-day literature abounds. The first section of the book, dealing with the principles, methods and implements of time study presents the exact procedure of the work using actual studies as examples. This displays a high standard of analytical reasoning. The second section, which has to do with studies applied to a line of machine tools, describes the method of obtaining and classifying time study data in such a way as to allow of the determination of standard operating times upon new work fabricated upon the machines which have been studied, without the need of further observations. Every step in the determination of these fundamental operation tables is clearly presented, the text being illustrated with views of the machines and tools used. An appendix, which comprises about half of the book content, offers much valuable material concerning the organization of time study departments, the design of instruction cards and rate tables and a series of descriptive chapters concerning rate-setting procedure in various kinds of industrial work, the treatment being concluded with a discussion of wage payment plans.
E. H. SCHELL. Moody, J. How to analyze railroad reports. Fifth edition. (New
York: Moody's Investors Service. 1919. Pp. 218.) Moody, J. Moody's analysis of investments, 1919. Part 2, Public
utilities and industrials. (New York: Moody's Investors Service.
1919. Pp. 2500. $15.) MOORE, J. H. and Houston, C. A. Problems in business law. (New
York: Appleton. 1919. $2.50.) Prouty, C. A. Railway accounting under federal control. (Wash
ington: Railway Accounting Officers Assoc. 1919. Pp. 14.) RITTENHOUSE, C. F. and CLAPP, P. F. Accounting theory and pracROBINS, K. N. The farm mortgage as an investment. (New York:
tice. Unit 2. Revised edition. Manual and 9 books of forms. (New York: McGraw-Hill. 1919. $3.)
Scribner. 1919. Pp. vii, 40.) ROGERS, J. Building newspaper advertising, selling the by-product of
the newspaper, printed salesmanship; management and organisation of the selling force-development of new lines of business.
(New York: Harper. 1919. Pp. 550.) Ross, G. E. Cost keeping and construction accounting. Second and
enlarged edition. (Salem, O.: Ross System Co. 1919. Pp. 171.
$2.50.) SELDEN, G. C. Investing for profit. (New York: Magazine of Wall
St. 1919. Pp. 150.) America's opportunity in foreign investments. (New York: Guaranty
Trust Company. 1920. Pp. 12.) Copper. Cost reports of the Federal Trade Commission. (Washing
ton: Supt. Docs. 1919. Pp. 26.) Cost accounting in shipbuilding. Report for the committee on uniform
cost accounting, adopted June 4, 1919. (New York: Atlantic Coast
Shipbuilders' Assoc. 1919. Pp. 182.) The growth of an ideal, embracing the history of the Goodrich Com
pany, and the economy of factory and branch organisation and oper
ation. (Akron, O.: Goodrich Rubber Co. 1918.) Manual of United States Reclamation Service. Edition of 1918. Vol.
II, Accounting. (Washington: Dept. of the Interior. 1919. Pp. 467.)
The accounting practice described in this volume is the result of fifteen years' experience in the application of accounting principles to the special work of the Reclamation Service. The material is divided into four parts: I, General accounting; II, Fund accounting; III, Cost and property accounting; and IV, Forms used in the United States Reclamation Service. It is quite evident from reading this report that a well organized accounting system has been
developed in this particular branch of our government. Methods of paying salesmen and operating expenses in the wholesale
grocery business in 1918. Publication of the Graduate School of Business Administration, Harvard University, vol. V, no. 1. Bureau of Business Research bull. no. 14. (Cambridge: University Press. 1919. Pp. 23. $1.)
The study is based upon the reports of 114 wholesale grocers reporting on methods of paying salesmen and 145 wholesale grocers on operating expenses. The different methods of paying travelling salesmen are statistically summarized. The sales force expense is the largest single item in operation charges, a common figure amounting to 2.2 per cent of net sales. For 57 wholesale houses the average rate of stock turn was 5.2 times.
Office manual and self-instructor. (Chicago: Laird & Lee. 1919.
Pp. 852. 60c.) Special report on municipal accounts. (Albany: Municipal Accounts
Bureau of New York. 1919.)
Capital and Capitalistic Organization
NEW BOOKS ARENT, L. Electric franchises in New York City. Columbia Univer
sity studies in history, economics, and public law, vol. LXXXVIII.
(New York: Longmans, Green. 1919.) LEIFMAN, R. Die Kartelle in und nach dem Kriege. (Berlin: Deit
rich Reimer. 1919.) PAYEN, E. Les monopoles. (Paris: Doin. 1919. Pp. 450. 7.50 fr.) ZEDERMANN, F. Rechtsanwalt und syndikus in München, "Wirtschaft
liche Gefahren eines Kohlenmonopols.” (Berlin-Friedenau: Ver
lag Freie Wirtschaft. 1919.) Trade combines and industrial organisation. (London: Garton Foun
dation. 1919. 1s.)
Labor and Labor Organizations
AsKwITH, LORD. Industrial problems and disputes. (New York:
Harcourt, Brace & Howe. 1919. $8.50.) BAKER, J. S. Industrial relations; or twenty years of coöperation be
tween capital and labor. An address given before the second annual industrial service conference at Milwaukee, April 28, 1919. (Evans
ville, Wis.: Baker Mfg. Co. 1919. Pp. 12.) BLOOMFIELD, D. Modern industrial movements. (New York: H. W.
Wilson. 1919. $1.80.) BUDISH, J. M. and Soule, G. The new unionism. (New York: Har
court, Brace & Howe. 1919. $8.50.) CAVAILLÉ, J. La journée de huit heures. La loi du 23 avril 1919,
l'historique, l'esprit, le mécanisme d'application. (Paris: Rivière.
1919. Pp. 146.) CLIFFORD, J. and others. The industrial future. In the light of the
brotherhood ideal. (London: Allen & Unwin. 1919. 2s. 6d.) COLE, G. D. H. Labour in the commonwealth. (New York: Huebsch.
1919. Pp. 223. $1.50.) FRIEDMANN, E. L. The federation, an industrial movement. (New
York: Woman's Press. 1919. Pp. 62. 35c.) HAMMOND, M. B. British labor conditions and legislation during the
war. Carnegie Endowment for International Peace. Preliminary economic studies of the war, no. 14. (New York: Oxford Univ.
Press. 1919. Pp. ix, 885.) HARRIS, L. I. Industrial hygiene. (New York: Dept. of Health.
1919. Pp. 12.) HODGEN, M. Factory work for girls. (New York: Woman's Press.
1919. 90c.) Husslein, J. Democratic industry. A practical study in social his
tory. (New York: Kenedy. 1919. Pp. ix, 362. $1.50.) IOTEYKO, J. The science of labor and its organisation. (London: Routledge; New York: Dutton. 1919. Pp. 199. $1.60.)
A pocket volume of less than 200 pages on so pretentious a subject as the science of labor can at best be no more than an outlined bibliography or a sketchy survey of scientific research bearing on the physiological and psychological aspects of labor. Dr. Ioteyko's book is disappointingly less than either of these possibilities. Lacking organization, it consists of: first, a collection of varied facts and theories pertaining to muscular action, fatigue, alimentation, ambidexterity, and manual reëducation; second, a discusion of the Taylor system; and last, an interesting account of the Belgian methods of technical education.
One should, perhaps, partly condone the author for his superficiality of treatment in a book of so few pages, but certainly not for hasty conclusions. In the fore part of his book, under the caption The Human Motor, the author states and quotes a considerable number of facts either without the intent or without the ability to organize them and to draw conclusions applicable to labor. In a later chapter his inability rightly to interpret his data is signally evidenced: from figures showing the greater acceleration of pulse attending work with the left arm over that attending work with the right, he builds up a theory of right-handedness as a defensive mechanism to protect the heart; and because simultaneous work with both arms results in a lesser acceleration than the same amount of work for one hand, he subscribes to an ambidextrous education. Gould's Right-handedness and Left-handedness is a happy corrective for these two fallacies.
In his commendable but brief discussion of the Taylor system one of the criticisms which Dr. Ioteyko makes is the lack of appreciation of the psychology of the individual workingman. Though the author frequently refers to the psychological aspects of the organization of labor, he nowhere treats of the motive power of human behavior. That side of the science of labor, presente in Veblen's The Instinct of Workmanship and in Tead's Instincts in Industry, is a phase of industrial organization and industrial problems no longer, if ever, negligible.
CHARLES LEONARD STONE. KAHN, O. H. Capital and labor. A fair deal. (New York: Author,
52 William St. 1919. Pp. 20.)