photograph of existing conditions, that we have in this country not one, but many standards, varying with nationality, occupation, and locality, and that there is still need for much intensive study of these group-standards in all parts of our land. ROBERT COIT CHAPIN.

Beloit College.

NEW BOOKS

BLOOMFIELD, M. The vocational guidance of youth. Introduction by PAUL H. HANUS. (Boston and New York: Houghton Mifflin Co. 1911. Pp. xii, 123. 60 c.)

Contains three pages of bibliography.

CLEMENT, H. Habitations à bon marché et caisses d'epargne. (Paris: Bloud et Cie. 60 fr.)

EARP, E. L. The social engineer. (New York: Eaton and Mains. 1911. Pp. 23, 326. $1.50.)

Author is professor of Christian Sociology in Union Theological Seminary. Three pages of references.

FERRAND, L. L'habitation ouvrière et à bon marché. (Paris: Lecoffre. 1.90 fr.)

JAUSSON, W. Die Zustände im deutschen Fabrikwohnungwesen. Ergebnisse einer von der Kommission zur Beseitigung des Kost- und Logiszwanges veranstalteten Erhebung. (Berlin: Buchhandlung Vorwärts. 1910. Pp. 112. 8 m.)

MONTGOMERY, H. E.

Christ's social remedies.

Christ's social remedies. (New York: Put

nam. 1911. Pp. ii, 433. $1.50.)

SCHACHNER, M. R. Die soziale Frage in Australien und Neu Seeland. (Jena: Fischer. 1911. Pp. vi, 894.)

Author spent nearly two years in Australia.

Insurance and Pensions

Property Insurance.

By SOLOMON S. HUEBNER. (New York and London: D. Appleton and Company. 1911. Pp. xxii, 421. $2.00.)

Insurance and Real Estate. By EDWARD R. Hardy and WALTER LINDNER. Modern Business, Vol. VIII. (New York: Alexander Hamilton Institute. 1911. Pp. xxv, 505.)

It is only within the last twelve or fourteen years that the subject of insurance has been considered sufficiently disciplinary in character as to be given a place in the curricula of our colleges and universities. Recently, however, the spread of this study

among the higher institutions of learning has been remarkably rapid. The extent to which general or specialized courses in insurance are now being offered to the American college student has been given publicity as the result of an investigation which recently has been completed by the Association of Life Insurance Presidents, and need not be enlarged upon here. Although there is no dearth of literature covering the more technical aspects of the business, it is, nevertheless, a fact that those who have been called upon to give instruction in the courses in insurance have been handicapped considerably owing to the scarcity of suitable text-books. Happily, some of those who have had to cope with this very problem have been prompted to prepare just such volumes as have been and now are greatly in demand.

Professor Huebner's book, as the title indicates, deals with the various forms of insurance which give protection against loss of property. As stated in the preface, it was prepared chiefly as a text-book for students of insurance in colleges and universities "who either intend to enter that profession or who wish to understand its nature as a business and its usefulness to the property owner." For this primary use it is well adapted; it cannot fail, however, to be helpful to the practical insurance man in clarifying his mind on numerous points arising in the daily office or field routine.

Part I, constituting two thirds of the text proper, is given over to a consideration of the more important questions in fire insurance. Among other matters, the writer explains in non-technical language the function of fire insurance, the nature of the policy contract and the risk assumed under the standard policy, the nature of reinsurance and the reinsurance reserve, coinsurance, the various methods of rating, fire prevention, and state supervision and regulation. The method of treatment is logical and the style easy. Part II is concerned with marine insurance. Inasmuch as only sixty-three pages are devoted to this ancient and important line of insurance, the treatment is necessarily incomplete and superficial at times. Part III occupies the same space as Part II, and treats of corporate suretyship, title insurance, and credit insurance. These chapters are especially interesting and constitute a distinct contribution. A commendable feature of the volume and one which facilitates its easy and intelligent reading is the inclusion of a goodly number of forms, illustrations, and tables in their appropriate places in the text.

The writer has added a well-selected and classified bibliography which cannot fail to be helpful to the teacher in the assignment of supplementary readings.

The volume on Insurance and Real Estate consists of two parts written respectively by the authors mentioned above. Part I is given over entirely to a discussion of Fire Insurance, so that it bears an intimate relation to Part II which deals with the subject of Real Estate. The author of the former, who is both a teacher and a practical insurance man, has succeeded in presenting an exceedingly clear and concise account of the more practical side of the fire insurance business. The chapters on rating are an excellent presentation of this complicated subject. Among the more important chapters in Part II are those on liens, taxes and assessments, deeds, bond and mortgage, leases, methods employed in arriving at valuation of real estate, the surveyor's relation to real estate, and the work of the architect. Considering the function which the volume, as one in the well-known series on Modern Business, is expected to perform, it is worthy of commendation. At the close of the text, is an extensive list of questions and problems arranged by chapters and based on the numbered sections in the text.

AVARD L. BISHOP.

Yale University.

Report of an Investigation by the Director of the Bureau of Statistics as to the Cost to the Commonwealth and the Counties of the Establishment of Retirement Systems for Employees. House Report No. 1400. (Boston: Wright and Potter. 1911. Pp. 101.)

The Massachusetts Commission on Old Age Pensions recommended the establishment of a retirement system for employees of the commonwealth and of the counties in that state. As a result of this recommendation, the legislature in 1910 provided for an investigation into the cost of such a scheme, the investigation to be conducted by the Bureau of Statistics. Professor Baldwin of Boston University, secretary of the former commission, was employed as expert. As the retirement system proposed is entirely voluntary, and provides for several variations in the rate of payment and of the corresponding pensions, it was found impossible to make an accurate estimate of its cost. It was, however, found

practicable to make estimates based upon several possible contingencies. The statistical tables upon which the estimates are based are given in full, together with a statement of the method used in making the calculations. The report has an appendix containing the text of the several bills proposed in the original report, and also of the various amendments which were introduced while the bills were under discussion in the legislature. Like the preceding report, the work is carefully planned, comprehensive in scope, and well carried out.

NEW BOOKS

MAURICE H. ROBINSON.

BAAB, A. Zur Frage der Arbeitslosenversicherung, der Arbeitsvermittelung und der Arbeitsbeschaffung. (Leipzig: Deichert. 1911. Pp. vii, 389. 7.50 m.)

Deals with the different schemes that have been tried in German towns. Includes a statistical appendix.

CRUCIGER, G. Das Versicherungswesen.

Transport-Versicherung.

Vol. I. (Munich: M. Steinebach. 1910. Pp. 130.)

GIBBON, I. G. Unemployment insurance. Detailed account and analysis of all experiments and proposals made for insurance against unemployment. (London: King. 1911.)

To be reviewed.

HOFFMAN, F. L. Insurance science and economics. (New York: The Spectator Co. 1911. $3.00.)

To be reviewed.

LEFORT, J. L'assurance contre les grèves. (Paris: Fontemoing et Cie. 1911. 8 fr.)

LEFORT, J. Prime en matière d'assurance sur la vie. (Paris: Fontemoing et Cie. 1911. 2.75 fr.)

RICHARD, P. J. Etude sur l'assurance complémentaire de l'assurance sur la vie avec nombreux développements sur les assurances contre la maladie et l'invalidité. (Paris: A. Hermann et fils. Pp. 110. 8.50.)

VERKAUF, L. Die Sozialversicherung als Organisationsproblem. (Vienna: Wiener Volksbuchh. 1911. Pp. vii, 303.)

Deals with Austrian experience.

Socialism and Cooperative Enterprises

Constructive Socialism. By HAROLD A. RUSSELL. (London: Swan, Sonnenschein and Company. 1910. Pp. ix, 228.) One is reminded of Ruskin's faith in his own philosophy as expressed in the introduction to Unto This Last in reading the preface. With refreshing frankness the author expresses his faith in

his doctrine, "The Law of Social Justice," and "with every confidence" sends the book forth knowing that the teaching "will make its way, slowly perhaps for a while, but eventually to become recognized by all, when men will marvel at its simplicity and wonder why it has not always been understood."

In stating the problem, Mr. Russell contrasts the imperturbable complacence of prosperity, illustrated by a quotation from J. Laurence Laughlin, with the rashness of the revolutionary socialist who "is willing to destroy what the centuries have evolved, and without knowledge or plan, to enter upon a task for which even his foremost leaders are unable to formulate a plan." The essential feature of individualism is "its emphasis of the positive aspect of the relation of reward to merit." The less fortunate man is not inclined to expatiate over the eternal justice which gives to the sons of earth the exact position which is at once the measure of and the reward for service rendered. He chafes under the dispensation which gives secured oppulence to one, while another begs for the privilege of earning a pittance.

The kernel of Mr. Russell's argument is a principle common to both individualism and socialism, namely, the fundamental conception of justice in "the recognition of the relation between reward and merit"; "socialism emphasizes the negative aspect and individualism the positive aspect of this one and the same truth.”

The author's tenets are formulated as follows: The value of any man's labor in exchange varies with the demand for the production of that labor; and "the value of labor varies with the supply of the commodity which it produces." It is necessary that competition amongst workmen be absolutely free so that the consumer may get the most for his money, that the most skillful is able to provide. This gives the law of justice: "The value of any man's labor shall be determined by the demand and supply of labor in a market in which competition is universal."

This condition is brought about by the abolition of all private industry. Profits go entirely to consumers in the form of lower prices, there is no profit distribution among workers; they get merely full pay for the service performed. Government enterprise is to be financed by the issue of credit money, the quantity and value of which will automatically take care of itself; "the sum total of prosperity, consisting either of capital or commodities in the possession of the state, will always be equal to the amount of credit outstanding, diminishing with each purchase