tracing historically the growth of the system in control of the surface lines from the days of horse-cars to the point where electric surface facilities have become inadequate, the author treats topically the franchise history of the company, its finances, labor conditions among its employees, the fare policy and the relation of street-railway development to the growth of the city. The last third of the book deals with the difficulties in the present situation -the congestion of street-railway lines on account of the limited number of available thoroughfares from one section of Berlin to another, the irresponsiveness of the monopoly owning the surface lines to urgent public needs, the want of harmony and coöperation in the transit policies of the city and its independent suburbs, the problem of coördinating surface railways with rapid transit elevated and subway lines, the obstacles to progress arising from the claims of the surface company for damages on acount of losses occasioned by the construction of rapid transit railways, and the uncertainties as to the duration of the franchise rights of the company.

Dr. Buchmann's work is devoted specifically to the problems of Berlin. It deals only incidentally with the general problems of transit planning, the questions of franchise policy, and the merits and demerits of municipal ownership or operation. The book is, however, none the less instructive to the American student. It reveals in Berlin's history greater concern than was usual with us for the interests of the city. This is exemplified in a relatively shortterm franchise policy on the part of the municipal authorities, in provisions for the reversion of the road-bed to the city, for compensation for the use of streets and profit sharing, and for favorable treatment of employees. The reader will miss a discussion of graft as a factor in railway history. On the other hand, there is illustrated in Berlin's experience the difficulty of handling transit problems expeditiously and with effectiveness under a system of divided if not conflicting authority in the granting of franchises and rights. Most impressive, however, is the impossibility of securing a unified and systematic development of transit facilities through the agency of a private monopoly, entrenched behind its franchises and naturally more concerned with dividends than with public needs.

The chapter on the labor force merits attention from students not concerned primarily with transit problems. Here is described a re

markable number of agencies concerned with the welfare of the employees and their families, not only compulsory governmental activities, but voluntary organizations initiated either by company or by the workers. These embrace insurance against sickness, old age, disability, accidents and death, a pension system, emergency relief, loan funds, vacation camps, a building association, and similar institutions.

The book contains a bibliography and index and a statistical appendix covering important financial and traffic data for the period 1872-1909.

New York City.

H. G. FRIEDMAN.

NEW BOOKS

BRIGHT, C. Imperial telegraphic communication. (London: King. 1911. 3s. 3d.)

Describes the various systems of cable communication, and in the appendix gives a table of rates. Author advocates uniform and lower rates in the interest of imperial unity and trade.

CAMPAGNAC, C. Le port de Cette. Son rôle économique, son avenir. Preface by B. Nogaro. (Montpellier: Coulet et fils. Pp. 264. 5 fr.) ESCH, R. Uber den Einfluss der Geschwindigkeit der Beförderung auf die Selbstkosten der Eisenbahnen. (Jena: Fischer. 1911. 8 m.) A technical and economic study based on the experience of the State railways of Prussia and Hesse.

HARTNELL, F. S. All about railways. (New York: Cassell & Co. 1911. $1.50.)

HOWELLS, C. S. Transport facilities. In the mining and industrial districts of South Wales and Monmouthshire. Publications of the Department of Economics and Political Science in the University College of South Wales and Monmouthshire. Edited by H. STANLEY JEVONS. (London: P. S. King & Son. 1911. 2s.)

Contents: the South Wales coalfield; contour of the country and its effect on transportation; routes in relation to surface features; canals; railways; seaports; The Taff Vale fusion scheme. HUART, A. Les ports de commerce français. Préface by M. DANIEL BELLET. (Paris: Berger-Levrault. 1911. Pp. xxi, 240. 2.50 fr.) LAPORTE, P. Etude sur les causes de l'infériorité des ports de commerce français. (Paris: R. Chapelot. 1911. Pp. 65.)

ROSCHER, M. Die Kabel des Weltverkehrs, hauptsächlich in volkswirtschaftlicher Hinsicht dargestellt. (Berlin: Puttkammer & Mühlbrecht. 1911. Pp. x, 240, map. 6.60 m.)

WEBB, L. The development of the telephone in Europe. (London: The Electrical Press. 1910. 1s.)

A severe criticism of government management of the telegraph in England.

Comparative analysis of railroad reports for the fiscal year ended June 30, 1910. (New York: H. H. Copeland & Son. 1911. 10 charts.)

Based on analysis of the reports of railways and those made by the Interstate Commerce Commission, in order to bring them into harmony.

Die Verwaltung der öffentlichen Arbeiten in Preussen 1900 bis 1910. (Berlin: Julius Springer. 1911. Pp. 370; 23 illus. and 42 tables; maps.)

Reviews briefly the administration of the Prussian Department of Public Works, covering railways, canal and river improvement, harbor construction, shore protection, building work, etc. It is accompanied by maps of the Prussian-Hessian State Railways, and navigable waterways in Prussia and adjoining territory.

Holland Land Company and the Erie canal. (Buffalo: Buffalo Historical Society.

1910.)

Includes paper by Dr. Matthews of Vassar College on "The Erie Canal and the settlement of the West," presented at the meeting of the American Historical Association

Trade, Commerce, and Commercial Crises

The Commercial Power of Congress Considered in the Light of its Origin. An Essay in Constitutional History. By DAVID WALTER BROWN. (New York: G. P. Putnam's Sons. 1910. Pp. ix, 284.)

The energetic activities of the Roosevelt administration inspired deep research of the authorities and precedents involving the ultimate powers of the federal government. While each side of the controversy thus precipitated claims a measure of satisfaction in the results, the country has benefitted by the flood of light thus turned upon these problems so vital to the success or failure of our institutions. The volume under consideration deals with the federal power to regulate commerce delegated to Congress by the Constitution. It is an historical argument for a broad interpretation of the grant of power, and employs with telling effect examples of the exercise of that power. The non-importation and embargo laws of the early years of the Constitution, the construction of highways of interstate commerce, the laying of protective duties anď the incorporation of the United States bank are fully developed as

functions of the commercial power. It is well to recall these statutes as many, especially lawyers, are inclined to think that vigorous exercise of the federal power over commerce began in 1824 with John Marshall.

The author argues that the real compelling force which brought about the Constitution was the fear of anarchy and the destruction of property values on the part of the great proprietors and capitalistic leaders of that time. This theory is in opposition to the one that the moving cause was the demand for an effective regulation of commerce. When the Department of Commerce and Labor was established in 1903, at the instance of its first Secretary, the writer made a search through the many storehouses of firsthand information in Washington with a view to presenting this matter officially in what might appear to be its true light. The results seemed conclusive that the demand for national commercial regulation not only contributed greatly toward forcing the calling of the Constitutional Convention, but that commercial considerations drove one or two hesitating states to adopt the instrument after they had first chosen to remain out of the Union.1

It is a surprise to find a work going so fully and creditably into the genesis of the subject of the commercial power yet overlooking entirely the fact that the Mount Vernon convention was just as responsible for the Annapolis convention as the latter was for the Constitutional Convention. If the connection and interdependence of these assemblies, which were really commercial conventions, had not been overlooked, it is believed that the reader would get a more comprehensive and accurate idea of the germ which finally developed into the Union.

While the work professes to be historical in its nature, it could well have called attention to the outlook for the employment of the commercial power in securing federal control over industrial corporations engaged in interstate commerce in a similar manner to that already exercised over railroad corporations. Again, if we are to have a development of federal legislation on matters of social welfare, as has taken place in other countries, it is certain that the commercial power will be called into play as a basis therefor. There can be no question as to the public benefit of a book of the character of this one. The historical development of a subject so important makes possible a comprehensive and orderly understand1Organization and Law, Department of Commerce and Labor, chap. I.

ing of just what has gone before, and thus lays a foundation for the application of our institutions to present day problems. C. R. HILLYER.

Washington.

NEW BOOKS

BIACH, R. Englands Schatz durch den Aussenhandel. (Leipzig: G. Freytag. 1911. Pp. 211.)

FISCHER, W. Das Problem der Wirtschaftskrisen im Lichte der neuesten nationalökonomischen Forschung. (Karlsruhe: G. Braun'sche Hofbuchdruckerei. 1911. 1.80 m.)

HERVET. Le commerce extérieur de L'Afrique occidentale française. (Paris: E. Larose. 1911. Pp. 173. 3.50 fr.)

MARTIN SAINT-LEON, E. Le petit commerce français, sa lutte pour la vie. (Paris: Lecoffre. 1911. Pp. xii, 289. 2 fr.)

Accounting, Business Methods, Investments and the Exchanges

Investment and Speculation. By THOMAS CONWAY, JR., in collaboration with ALBERT W. ATWOOD. (New York: Alexander Hamilton Institute. 1911. Pp. xxix, 443.)

This is volume eight of the Modern Business Series, edited by Professor Joseph French Johnson. The book may be shortly characterized as a description of the machinery of investment and certain forms of speculation, and an account of the different kinds of securities that may be dealt in. The point of view is generally that of the investor or the speculator; so that the book has a double purpose, first, an analysis of investment and speculative phenomena; second, a guide to those who contemplate entering upon the business activities indicated. The first motive is indicated by the chapters on Organization and Operation of the Stock Exchange, Relation of Banks to the Security Market, Methods of Trading and their Consequences, The Science of Speculation, and the dozen chapters on kinds of investment securities. The second motive is indicated by chapters on the Dangers of Speculation, How to Invest Wisely, How not to Invest. The space given to the first is much greater than that given to the second. The whole discussion contributes at least to one result: a new appreciation of the hazards of speculation. Great emphasis is laid upon patience