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BUCHMANN, E. Die Entwickelung der grossen Berliner Strassenbahn und ihre Bedeutung für die Verkehrsentwickelung Berlins. (Berlin: J. Springer. 1910. Pp. viii, 140. 2 m.)
CORPORATIONS, BUREAU OF.
Report on transportation by water in the
tember 26, 1910. Pp. xxi, 436. 1 pl.; 18 maps.)
To be reviewed.
FLETCHER, R. A. Steamships. The story of their development to the present day. (Philadelphia: Lippincott. 1910. Pp. xx, 422.
GORDON, W. J. Our home railways: how they began and how they are worked. 2 vols. (London: Warne. 1910.)
The volumes are generously illustrated. Each railway system is described in turn. Volume II includes a history of the Underground Electric.
OVERMAN, DR. Jos. Das Eisenbahnwesen in Holland. Mit besonderen Berucksicht des Personenverkehrs. (Munster: Univ.-Buchh. F. Coppenrath. 1910. Pp. vii, 228.)
PRATT, E. A. Irish railways and their nationalisation; A criticism of the report of the Vice-Regal Commission. (London: King. Pp. 44. 6d.)
Trade, Commerce, and Commercial Crises
DIETZ, A. Frankfurter Handelsgeschichte, Vol. I. (Frankfurt a. M. H. Minjon. 1910. Pp. xvii, 425. 26 m.)
Frankreichs koloniale Handelspolitik.
Trenkel. 1910. Pp. 212. 4 m.)
GOULIER, L. Le commerce du blé et specialement de son organisation en France. (Poitiers: M. Bousrez. 1910. Pp. 231.)
This thesis gives an historical sketch of the commerce in wheat, an account of the modern organization of the wheat industry in France, and descriptions of the industry in the United States, Russia, and Argentina as exporting countries, and of England and Germany as importing countries. It is shown that France at the present time provides only her own needs for this cereal; that the principle of tariff protection has enabled France to develop other lines of agriculture to the great advantage of the country; and that if this protective policy is maintained she will in the future develop into a wheat exporting country. A bibliography of French literature is included.
HELLAUER, J. System der Welthandelslehre, Vol. I, Allgemeine Welthandelslehre. Puttkammer und Muhlbrecht. Pp. 482.
JOHLINGER, O. Die Praxis des Getreidegeschäftes an der Berliner Börse. Ein Hand und Lehrbuch für den Getreidehandel. (Berlin: J. Springer. 1910. Pp. viii, 386.)
NORDEN, A. Die Berichterstattung über Welthandelsartikel. (Leipzig: Glöckner. 1910. 4.50 m.)
Accounting, Business Methods, Investments, and the Exchanges
Work, Wages, and Profits: Their Influence on the Cost of Living. By H. L. GANTT. (New York: The Engineering Magazine. 1910. Pp. 194.)
A new art or profession slowly developing in obscurity for some years has suddenly come into the full light of publicity. Everybody is now asking "What are those 'scientific principles' of management, which Mr. Brandeis said would save the railroads one million dollars a day"? The book here under review to a considerable degree satisfies that curiosity. By reading it, moreover, one gets near the fountain head of information, because its author was long associated with Mr. F. W. Taylor, the man of genius who originated the whole movement.
The word "efficiency" much used in this connection, means broadly the maximizing of the economy of production through a more purposeful aiming at a definite mark. The elimination of waste of labor is especially sought. Any piece of work is carefully analyzed into its constituent elements and studied with a view to ascertaining the best possible method for performing it, which is commonly considerably different from the traditional method. Next the workman is instructed exactly how to do the work by this best method; and, by a unique sort of investigation, known as the study of "unit times," the maximum time he should require for its performance is accurately determined. Finally, upon the basis of this "standard time" the workman is paid liberal wages which increase in some proportion according to the time he saves. There are in use several varieties of this method of paying wages ("buying labor by specification"), but they all come under the general head of "gain sharing" in contrast to "profit sharing," which last is now quite out of date.
Mr. Gantt is to be regarded both as the practitioner of a new art, in part created by himself, and as the writer of a book describing it. In the former capacity his standing is of the highest. Whatever is said in his book, bearing directly upon his subject,
is with authority. But not enough is said. Things are constantly touched upon with insufficient explanation; the full ground of the subject is not covered. Chapter viii on "Fixing habits of industry" is full, complete, and altogether admirable. Also in other chapters we learn considerable of importance as to the causes of militant trades unionism and as to the superiority of the new methods of managing and rewarding labor. This information, however, is for the most part too general. It seems to have been addressed definitely neither to an audience of engineers nor to one of unsophisticated laymen. The book that is thoroughly adequate for those seeking enlightenment on this most important aspect of production remains to be written. Unfortunately for the progress of the world the great doers are not often also the great talkers.
University of Vermont.
C. W. MIXTER.
BEWES, W. A. Stock exchange law and practice. (London: Sweet and Maxwell. 1910. 12s. 6d.)
Deals with the legal aspect of stock exchange business. Technical terms are explained, and there is an analysis of the laws relating to gambling and wagering.
CHURCH, A. H. Production factors in cost accounting and works management. (New York: Engineering Magazine. 1910. Pp. 187. $2.)
To be reviewed.
CROZIER, J. B. The first principles of investment. (London: Financial Review of Reviews. 1910. Pp. viii, 168. 3s., 6d.)
Considers the geographical distribution of capital.
DUCKWORTH, L. The law relating to trade customs, marks, secrets, restraints. (London: Pitman. 1910. Pp. 124. 1s.)
GREENWOOD, W. J. Foreign stock exchange practice and company laws of all the chief countries of the world. (London: Simpkin. Pp. 304. 5 s.)
HARVEY, E. J. Land law and registration of title: A comparison of the old and new methods of transferring land. (London and New York: Longmans. Pp. x, 278. $2.50.)
LOWN HAUPT, F. Series on bonds: facts regarding their issue and their security. Pamphlets. (New York: Moody's Magazine. 1910. 10c. each.)
Small pamphlets from 16 to 30 pages each, treating of railroad, public utility, industrial, municipal, irrigation and timber bonds. Information clearly and concisely stated; serviceable for students.
SCHARF, G. Die Tätigkeit und Entwicklung der Handelskammern. (Stuttgart: Ferdinand Enke. 1910. Pp. x, 221. 4.40 m.) WILDMAN, J. R. Cost accounting problems. (New York: Accountancy Publishing Co. 1910. Pp. 54. $3.)
WITHERS, H. Stocks and shares. (New York: Dutton. 1910. Pp. xii, 372. $2.)
To be reviewed.
Capital and Capitalistic Organizations
Lords of Industry. By HENRY DEMAREST LLOYD. (New York: G. P. Putnam's Sons. 1910. Pp. vi, 355. $1.50.)
Under the above title the literary executors of the late Henry D. Lloyd have brought together ten essays which were, for the most part, prepared as occasional addresses or as articles for the popular magazines of the better sort.
It is not clear that any useful purpose has been subserved by the republication of these essays. Their author undoubtedly performed a useful work in calling the attention of both economists and the public at an early date to the fact that combination and not competition was fast becoming the rule in modern industry, and he also emphasized the monopolistic character of such combinations. Indeed, the first essay in the present volume, which describes the growth and power of the Standard Oil Company, appeared as early as 1881, one year before the formal organization of the oil "trust" and some years before the influence of this corporation had made itself felt by many other persons than oil producers. The essay has therefore an historical interest and it foreshadowed the better known and more enlarged treatment of the same subject in the author's book, Wealth Against Commonwealth. There has been, however, so much more complete and accurate data collected on the subject of industrial consolidations since the appearance of Mr. Lloyd's essays and books, that no scholar would to-day go to his writings for information on the subject. Even the reader of popular literature who desires to learn about the dangers of monopoly and the abuses of corporations will probably prefer the fresher information furnished by the pages of the "uplift magazines", to that contained in this volume.
The essays all deal in one way or another with the subject of monopoly. The anthracite coal trust probably receives the most
detailed discussion and the most bitter denunciation, but the oil trust, the sugar trust, various railway combinations, and the Chicago Board of Trade do not escape the author's condemnation.
Mr. Lloyd's treatment of these subjects is always denunciatory and brilliantly sarcastic. Many striking aphorisms and cutting phrases are scattered throughout these essays. The political economists of his day who sought to explain industrial life on the basis of free competition receive their due share of attention. Yet Mr. Lloyd was not a constructive philosopher. He furnishes no analysis of industry by which we are able to explain this movement toward consolidation and his sole remedy is summed up in the phrase, national ownership, and he would not have been too particular about compensation for the property seized. M. B. HAMMOND.
Ohio State University.
FLETCHER, W. M. Incorporation, organization and management of general business corporations in Illinois. (Chicago: Callaghan. 1910. $7.50.)
MEADE, E. Corporation finance.
To be reviewed.
NOUEL, R. Les sociétés par actions, la reforme. (Paris: Alcan. 3.50 fr.)
L'intégration du travail. (Paris: Larose et Tenin.
1910. Pp. xxiii, 342. 7.50 fr.)
Analyses the process of integration; an inductive study.
SULLIVAN, J. J. American corporations. (New York: Appleton. 1910. Pp. xiii, 455. $2.)
To be reviewed.
THALLER, E. Syndicats financiers d'émission, organisation, responsabilité. (Paris: Rousseau. 1910. Pp. 56. 2 fr.)
WARSCHAUER, O. Die monographische Darstellung der Aktiengesellschaften. (Berlin: Vahlen. 1910. Pp. 42. 1 m.)
Labor and Labor Organizations
A History of California Labor Legislation. By LUCILE EAVES. (Berkeley: The University Press: 1910. Pp. xv, 461. $4.) Practically all investigators of labor conditions have confined their studies to eastern and middle western communities and have