Le transport des marchandises et la responsabilité des chemins de fer allemands pendant la guerre. Bull. Transp. Inter. par chemins de Fer, May, 1920. Pp. 12.

The transportation needs of the country. Ry. Rev., May 29, 1920. Pp. 7. Summary of rate hearings before Interstate Commerce Commission.

Die württembergischen Staatsbahnen in den Jahren 1916 und 1917. Archiv f. Eisenbahnw., Mar.-Apr., 1920. Pp. 9.

Commerce

(Abstracts by Harry R. Tosdal)

BAUER, G. F. Trade restrictions now in effect in European commerce. Americas, Mar., 1920. Urges prospective investors in internal European securities to consider taxation and currency problems.

BERGLUND, A. The war and world's mercantile marine.
June, 1920. Pp. 30.

Am. Econ. Rev.,

BEVERIDGE, W. British exports and the barometer. Econ. Journ., Mar., 1920. Presents a new hypothesis, based upon study of statistical correlation, that there is connection between barometric pressure and volume of exports. BOYLE, J. E. Solving the problems in the new field. Quart. Journ. Univ. N. Dak., Apr., 1920. Refers to problem of marketing agricultural products. Two developments are emphasized, coöperation among farmers and collective bargaining, as in milk distribution in larger cities.

CLAPP, E. J. A New York experiment in business coöperation. Am. Econ. Rev., Mar., 1920. Pp. 12.

KAUFMAN, H. R. Norway's trade centers. World's Markets, May, 1920. Describes the excellent harbors and efficient shipping facilities as aid to Norway's foreign trade.

LITMAN, S. The past decade of the foreign commerce of the United States. Am. Econ. Rev., June, 1920. Pp. 20.

MILLS, J. K. How swollen dollars expand our export record. Annalist, May 10, 1920. Shows that while increase in foreign trade in terms of money is very great, in volume of commodities, the increase is much smaller. PAYEN, E. Le caoutchouc sa production, son marché et ses perspectives. L'Econ. Franç., May 1, 1920. Deals with the quantities of production, the market and the prospects of rubber.

PAYEN, E. Le pétrole: sa production, sa consommation. L'Econ. Franç., Mar. 6, 1920. Brief statistical statement of petroleum production and consumption.

SOURS, E. W. The Mexican-American trade conference. World's Markets, Apr., May, 1920. Two articles giving the gist of papers and discussions at the United States-Mexico Trade Conference, held in Mexico City. YVES-GUYOT. Le commerce de la Chine. Journ. Soc. Stat. de Paris, Mar., 1920. Brief resumé of China's foreign commerce including statistical study of recent developments.

British Indian foreign trade, 1907-1919. Econ. World, Apr. 17, 1920. Statistical study showing British supremacy in India's foreign trade and indicating approaching changes.

Cutting the excessive handling costs that hamper foreign trade.

Americas,

Apr., 1920. Describes attempts to cut down trading and unloading costs by improved equipment.

Development of American port facilities. Comm. Mo., Apr., 1920. Urges greater efficiency at shipping terminals as aid to foreign commerce.

Foreign commerce of the Philippine Islands. Comm. Mo., Apr., 1920. Interesting analysis of Philippine trade.

Foreign trade trend is in the direction of the Orient. Americas, Apr., 1920. Adduces evidence to show that America's foreign trade interest is turning toward the Orient.

Plant expansion and export trade. Comm. Mo., Apr., 1920. Concludes that considering one industry as a whole, plant expansion during the war did not proceed at a more rapid rate than in peace times, but expansion was irregular.

La question du fer. L'Econ. Moderne, Mar. 12, 1920.
Franco-German iron problem and the peace settlement.

Accounting

(Abstracts by Martin J. Shugrue)

Discussion of the

EPPSTON, H. A. Process costs. Journ. Account., Apr., 1920. Pp. 8. An aeroplane motor company that had been compiling costs according to the special order or job system changed to the process system. Explains by concrete examples how the costs of the different operations are computed. FISCHER, A. K. Accounting for a cast iron pipe foundry. Journ. Account., Mar., 1920. Pp. 11. A general presentation of the accounting methods for a cast iron pipe foundry.

GOWER, W. B. Unsold goods and the income account. Journ. Account., Mar., 1920. Pp. 9. Points out certain objections to the generally accepted basis of valuing inventories at cost or market price, whichever is the lower. Maintains that the valuation rule to be adopted for a given class of goods should depend upon the character of the business and the manner in which the unsold goods are acquired-whether by purchase or manufacture. HAWKINS, L. G. Appraisals and their relation to accounts. Journ. Account., Mar., 1920. Pp. 8.

HOFFORD, G. M. Accounting for railroad construction. Journ. Account., Mar., 1920. Pp. 7.

HOOKER, J. C. Auditing features of the mining industry. Journ. Account., Apr., 1920. Pp. 9. Principal points considered are: nature of the business, special characteristics of accounting books used, mining assets, special features about mining liabilities, proprietorship accounts, balance

sheets, specal features of expense and income, cost accounts, and profit and loss statements.

LITTLE, A. S. Computation of coupon values. Journ. Account., Apr., 1920. Pp. 16. By a series of mathematical examples shows how the values of bond coupons may be accurately computed.

MCKAY, C. W. What is your plant worth? VI. Appraisals and annual depreciation. Factory, May, 1920. Pp. 22. In calculating depreciation for federal income tax purposes the burden of proof rests on the plant or organization taxed. This and other uses of industrial appraisals are discussed.

PATON, W. A.

Some current valuation accounts. Journ. Account., May, 1920. Pp. 16. Among questionable accounting procedures and usages are certain practices in the treatment of two kinds of discounts: (1) cash discounts, and (2) those discounts on promissory notes which are sometimes labeled "prepaid interest."

REA, G. Municipal accounts—their preparation and audit. Journ. Account., Mar., 1920. Pp. 10. Particular attention is paid to the requirements of small municipalities. Some of the topics dealt with are: books of record, sources of income, subdivisions of expense account, bonded debt, and general procedure in conducting an audit.

ROBERTS, J. W. Taxable income and profit and loss. Journ. Account., May, 1920. Pp. 7. Shows how a concern may reduce the amount of labor required in restating its own profit and loss account for purposes of the income tax return.

ROBOTKA, F. How to make and analyze an annual report for country grain elevators. Univ. Minn. Agr. Ext. Div. Spec. Bull. 42, 1919. Pp. 14. Suggests a form for an annual report and ways of analysis of the information contained. Recommends adoption of a uniform system of grain elevator accounting as set forth in the United States Department of Agriculture bulletin no. 811.

SALIERS, E. A. Cost, fair value, and depreciation reserves. Am. Econ. Rev., June, 1920. Pp. 11.

Valuation and depletion of oil lands. Am. Econ. Rev., Mar., 1920. Pp. 2.

SHANNON, T. J. Accounts of a paper box factory. Journ. Account., Mar., 1920. Pp. 8.

Public Utilities

(Abstracts by Charles S. Morgan)

BURDICK, C. K. Regulating franchise rates. Yale Law Journ., Apr., 1920. Pp. 16. A careful analysis of legal problems involved in the regulation by states of franchise rates. Conclusion is reached that there is a tendency to recognize that under its police power and on the theory that the municipality is acting as an agent of the state in entering upon rate contracts, the state

may, with the consent of the utility, alter franchise rates or otherwise modify contracts between a municipality and a company. As a matter of administration the exercise of this power to change franchise rates is commonly in the hands of commissions.

BYERS, M. L. The prospective competitor method of valuation of property. Proc. Am. Soc. Civil Engrs., Apr., 1920. Pp. 47. Statement of objections to cost of reproduction method of valuation and an outline of a suggested new basis of valuation.

CLARK, H. C. Fares continue upward trend. Aera, June, 1920. Pp. 5. Further statistics on changes in electric railway fares with consideration of some of the legal problems therein involved. Five-cent fare remains in 66 out of 273 cities of over 25,000 population.

CLARK, H. C. Service-at-cost agreements. IX. The Dallas Railway Company. X. Memphis Street Railway Company. Aera, Apr., May, 1920. Pp. 16, 5. Further instalments in a series of detailed uniform analyses of service-atcost-agreements. The Memphis act was instituted by the Railroad and Public Utilities of Tennessee and is unique in this particular. CLARK, H. C. Trolleys solve congestion problem. Aera, Mar., 1920. Pp. 4. A well reasoned statement of the need for a proper determination of the respective fields of steam, water, electric, and motor transportation and a coördination of their services to the end that the maximum use may be made of existing transportation facilities.

DANA, E. The public trusteeship of the Boston Elevated Railway. Gen. Elec. Rev., Apr., 1920. Pp. 7. Brief historical sketch of conditions which preceded the appointment of the board of trustees with an analysis of the trusteeship act.

EDGERTON, E. O. Public utility financing. Elec. World, May 8, 1920. Pp. 2. President of California Railroad Commission suggests the use by regulating commissions of capitalization rather than valuation as the basis of rate making, with a cash reserve to afford necessary elasticity and a sharing by the company and public of increased net earnings due to increased efficiency and economy of management.

FITZGERALD, T. An incentive for good management. Elec. Ry. Journ., May 15, 1920. Pp. 2. A proposal for securing efficiency in utility management through allowing companies an increased return proportioned and graduated to increase in number of passengers carried per year properly attributable to efforts of management. Tying such a reward up with capital cost per dollar of revenue per annum also suggested. GOLDMARK, G. The struggle for higher public utility rates because of wartime costs. Cornell Law Quart., Mar., 1920. Pp. 20. Thorough analysis of legal questions involved with conclusion that under the theory of the police power of the state and the agency relationship between state and municipality the latter in most jurisdictions has found it largely impossible to control local utility rates.

GRISWOLD, R. G. Three-part charge for gas service. Gas Age, May 10, 1920.

Pp. 4. Description of so-called Doherty three-part rate with discussion of advantages and illustrative examples.

GRUNSKY, C. E. Public utility rates as affected by fluctuating unit prices. Journ. Elec., Mar. 15, 1920. P. 1. Suggests use of a commodity unit as a correction factor in cost of reproduction estimates.

HANSEN, O. Some firsthand information on public utility operation by Seattle. Engg. & Contracting, Apr. 21, 1920. Pp. 2. Mayor of Seattle discusses difficulties encountered in Seattle's experience with municipal ownership and declares for private ownership and operation.

HARTMAN, H. H. Value of public utilities for taxation and rate making. Bull. Nat. Tax Assoc., Mar., 1920. Pp. 2. Discussion of the extent to which valuations for rate purposes are useful for purposes of taxation. HENRY, C. L. The transportation act of 1920. Aera, Apr., 1920. Pp. 6. Argument that relatively few interurban electric railways are subject to the Transportation act of 1920.

HOWSON, L. R. High cost and waterworks valuation. Pub. Service, May, 1920. Pp. 2. Unit costs in determining reproduction costs should be based on prices somewhat between the low pre-war level of prices and the present high post-war level.

HUNGERFORD, E. Series of articles on salient phases of the electric railway situation. I. On the Toledo situation with some reference to conditions in New York City and Massachusetts. II. Kansas City. III. Boston. IV. Cleveland. Elec. Ry. Journ., Apr. 24, May 1, 22, June 26, 1920. Pp. 7, 5, 6, 5.

JACKSON, C. D. The trend of public utility regulation. Pub. Service, June, 1920. Pp. 3. Chairman of Wisconsin Railroad Commission expresses his belief in private as against municipal ownership of utilities, especially in view of present tendency toward the interconnection of generating plants in electric utility field. Changed economic conditions make it necessary for regulators to consider sympathetically the needs of the utilities.

JACKSON, W. The place of the bus. III, IV, V. Elec. Ry Journ., Apr. 24, May 29, July 3, 1920. Pp. 4, 5, 5. III. Further consideration of principles involved in the determination of the proper relationship of bus to other forms of local transportation. IV. Detailed discussion of situation in New York City with some reference to situation in Chicago and St. Louis. V. Difficulties of and experiences in various localities with regulation of motor bus service.

KEALY, P. J. 1920. Pp. 3. railway.

Future of the electric railway. Elec. Ry. Journ., Apr. 10,
Uncommonly frank discussion of the needs of the electric

NASH, L. R. Accounting for public utility replacements. Stone & Webster Journ., June, 1920. Pp. 7. Argues for the use of smaller replacement reserves than those commonly required and suggests the use of a flexible system of replacement accruals in order to stabilize return to investor.