Fuller, "die maerkischen Wasserstrassen" are "the waterways of the Mark Brandenburg," and not "marsh canals". The latter translation must be phonetic. The examples given are typical of his hitand-miss treatment of the subject.

HUARD, A. La réorganisation des ports de commerce. Rev. Econ. de Bordeaux, Mar.-Apr., 1911.

The author criticizes the Millerand project (since become a law) for placing the improvement and administration of seaports under a Council, composed of men appointed principally by the local chambers of commerce and by various state ministers. He contends that the state retains the upper hand in that it appoints too large a number of the members of the Council and retains for the Minister of Public Works a veto over all its proceedings. Thus the desired decentralization in the management of seaports would be frustrated and the proffered local autonomy would be restricted to the matter of raising money.

Corporations and Trusts

(Abstracts by M. H. Robinson)

EINAUDI, L. Fiscalismo sociale ed acqua potabile. Rif. Soc., Mar.-Apr.,

1911.

Public and private water service companies of the Italian cities would be unequally hit by the incidental taxation provisions of a proposed national law, which is therefore denounced.

HECKSCHER, E. F. Aktiebolagens räutabilitet. Ekonomisk Tidskrift, No. 3, 1911.

A criticism of a statistical report published by the Swedish finance department. Discusses difficulties encountered in determining the productiveness of capital invested in corporate enterprises.

HUDSON, S. D. M. Federal incorporation. Pol. Sci. Quart., March, 1911.

Concludes from an examination of court decisions, that Congress has power to charter commercial corporations, to license corporations and individuals to conduct interstate and foreign business, and to exempt such corporations and individuals from state control.

KREUZKAM, DR. Aluminiumindustrie und Aluminiumsyndikat. Kartell-Rundschau, Feb., 1911.

Although the aluminium industry is naturally risky, no permanent combination has as yet been established. The trust syndicate formed last year may lead to an international aluminium trust. KREUZKAM, DR. Kaliindustrie und Kalisyndikat.

1911. Pp. 7.

Kartell-Rundschau, Jan.,

Germany possesses a natural monopoly of the potash industry and is assisting the potash kartell in its competition with the American fertilizer trust. Suggests the Hague act as a possible arbitrator between the two governments.

MOLDENHAUER, P. Das Kartellproblem im Versicherungswesen.

Rundschau, April, 1911. Pp. 11.

Kartell

Combinations between property insurance companies in Germany grew out of natural conditions. They have been instrumental in maintaining rates but have been prevented from misusing their power by the growth of semi-public mutual insurance companies and by organization of the insured.

MOLL, E. Die Geschaftsergebnisse der deutschen Aktiengesellschaften im Jahr 1908-9. Jahrb. f. Nat. Oek., Jan., 1911.

A review of the new German official statistics of corporations. MONTAGUE, G. H. German and British experience with trusts. Atlantic, Feb., 1911.

Compares policies of England and Germany with that of the United States. By excessive restrictive legislation this country has only aggravated evils.

RIPLEY, W. Z. Stock watering. Pol. Sci. Quart., March, 1911.

Based upon a sound definition of stock watering. The author discusses at some length the various methods by which the process is accomplished and concludes by a discussion of the Massachusetts policy of controlling the issues of capital stock and accounts. ROBERTS, E. German good-will toward trusts. Scribner, March, 1911.

The Berlin banks have become the center of the banking business of Germany and through their control of the banks in the other cities, have exercised a very large influence in industrial affairs. The government is also largely interested in industry and the combined influence of the banks. The capitalists and the government have brought about and fostered a policy favorable to the consolidation movement. The chief object of this policy is to secure international preeminence in industry and commerce.

WEIS, DR. Die Konzentration der Elektrizitätsindustrie. Kartell-Rundschau, March, 1911.

A discussion of the present status of consolidation in the electric industry in Germany, the relations of the consolidations to the financial interests, and their economic and social effects.

WILDEN, J. Preisvereinbargungen im Handwerk. Kartell-Rundschau, Feb., 1911.

Price combinations among cabinet makers, blacksmiths, etc., are becoming numerous in Germany, but are difficult to operate owing to their numbers and the lack of a common standard of quality.

Investigation of alleged combine in shoemaking machinery. Labour Gazette (Ottawa), March, 1911.

This investigation will be the first undertaken under the provisions of the Combines Investigation Act of 1910. The judicial order for the investigation is reprinted in full.

Neuseeländisches Gesetz für Unterdruckung von Trusts vom

21 Nov., 1910. Kartell-Rundschau, April, 1911. Pp. 2.

Gives substance of the act of 1910 which went into operation Jan. 1, 1911.

Securities

(Abstracts by A. A. Young)

ARTOM, V. Le cause reali del marasma dei mercati finanziari italiani. Rif. Soc., Feb., 1911.

The evils of stock exchange speculation in Italy are not such as could be corrected by a proposed measure to check fluctuations of security prices by quasi-public valuation of securities.

BOND, F. D. The priority of stock prices. Moody's Mag., Feb., 1911.

Comparisons with statistics of bank clearings and of railway gross earnings are held to indicate that periods of business depression and recovery are foreseen and partially discounted in the stock market. DEWING, A. S. The position of income bonds, as illustrated by those of the Central of Georgia railway. Quart. Journ. Econ., Feb., 1911.

The various faults of income bonds and especially the opposition of the interests of income bond holders and stockholders are illustrated by this recent case.

FRANCOIS, G. La bourse de Paris. Rev. d'Econ. Polit., Jan., Feb., 1911. GILISSEN, P. M. J. American securities in Holland. Moody's Mag., May, 1911. Gives some information about the nature and amount of American securities held in Holland and describes the certificates issued by socalled administration offices, by which the titles to registered American shares are made transferable.

LAGERQUIST, W. E. The security of irrigation bonds. Moody's Mag., Apr.,

1911.

An elementary but discriminating account. Emphasis is placed on the generally too small proportion of stock liabilities to bonded debt. MITCHELL, W. C. Rates of interest and the prices of investment securities: 1890-1909. Journ. Pol. Econ., Apr., 1911.

A careful statistical study of interest rates on various kinds of long and short time securities, their correlation with one another and with business conditions. Index numbers for bond values are computed by an ingenious method. There are some comparisons with interest movements in other countries.

NEYMARCK, A. Les chemineux d'l'épargne. Journ. Soc. Statist., April, 1911.

A discussion of the available statistics of the French holdings of government and corporate securities, with consideration of the inferences which may be drawn from these facts as to the distribution of wealth.

NUSSBAUM, A. Die Bewegung gegen die Bucketshops. Die Bank, May, 1911. Bucketshops have become numerous in Germany only within the last few years. The writer describes their methods and mentions the measures taken against them by the administration, by the banks, and by the exchanges.

PANNETT, H. H. The continued increase of dividend coupons with a proposal for a system of clearing. Journ. Inst. Bankers, May, 1911. As many of the bankers affected are not members of the London clearing house a separate establishment would be necessary. RIPLEY, W. Z. Stock watering. Pol. Sci. Quart., Mar., 1911.

Gives numerous examples of different methods of inflating railway capitalization and describes the Massachussetts method of control. Assumes that capitalization affects rates. Stock dividends are condemned, but stockholders' "rights" to subscribe to new issues at low prices are held to be justifiable if the company nets not less than par for the shares.

Issue of stock below par and sale of bonds at a discount. Railway Age Gazette, June 9, 1911.

A discussion of testimony before the federal Railway Securities Commission. Considers the possibility of substituting certificates of participation (without a par value) for stock.

Labor and Labor Organizations

(Abstracts by George E. Barnett)

A. J. Spörsmaalet om Kvinders Natarbeide, bedömt af de arbeidende Kvinder selv. Nationalökonomisk Tidsskrift, Mar.-Apr., 1911.

Points out that in Finland in 1909 a majority of women night workers did not favor prohibition of night work for women.

BARKER, E. The rights and duties of trade unions. Econ. Rev., April, 1911. Favors conceding political activity to the unions, but only for trade union objects. The unions should be legally responsible for their

acts.

BRANDEIS, L. D. Organized labor and efficiency. Survey, Apr. 22, 1911. DECHESNE, L. Origine des syndicats ouvriers. Rev. d'Econ. Polit., Mar.-Apr.,

1911.

DELANO, F., MORRISSEY, P. H., CARTER, W. S., and others. Arbitration of railway labor disputes. R. R. Age Gaz., Apr. 7, 21, 28, May 12, 1911. A discussion centering around Mr. Delano's proposal for the creation of a national board for the arbitration of railway labor disputes. FITCH, J. H. Judicial basis for legislative restriction of hours of labor of adult males. N. Y. Dept. of Labor Bull., March, 1911. A general survey of the decisions. Concludes that the courts will hold such legislation to be constitutional, if they are convinced that it is for the public welfare.

GOMPERS, S. The McNamara case. Am. Federationist, June, 1911.

A defense of the position of the labor leaders in the McNamara

case.

GUYOT, Y. La police du travail. Journ. des Econ., May 15, 1911.

A criticism of the French labor laws and their administration by a strong individualist.

HANS, P. Le travail à domicile. Réf. Soc., Apr. 16, 1911.

HUBERT-VALLEROUX. Le chômage et les remèdes étatistes. L'exemple de l'Angleterre. L'Econ. Franc., Apr. 29, 1911.

An unfavorable review of the activities of the English distress committees.

IRWIN, W. Industrial indemnity. Century, May, 1911.

JEVONS, H. S. Insurance and training for the unemployed. Contemp. Rev., April, 1911.

KELLOGG, C. W. The cause and prevention of accidents. Electric R. R. Journ., May 6, 1911.

LARGARDELLE, H. Les services publics et le syndicalisme. Mouv. Soc., March,

1911.

LIESSE, A. L'organisation du travail dans un service municipal de Paris. L'Econ. Franç., Apr. 15, 1911.

Attributes the increasing cost of street cleaning in Paris to the influence of the unions of municipal workers.

MEHRING, F. Aus der Frühzeit der deutschen Arbeiterbewegung. Archiv. f. Geschichte Sozial., No. 1, 1911.

Sketches of F. A. Lange, J. B. v. Schweitzer, W. Liebknecht and A. Bebel.

MICHELS, R. Die exklusive Arbeiterpartei in Norditalien 1882-1892. Archiv. f. Geschichte Sozial., No. 2, 1911.

A historical sketch.

PERSONS, W. M. Recent publications on women in industry. Quart. Journ. Econ., May, 1911.

A review.

PEZZOTTI, A. Un parti syndicaliste en Italie. Mouv. Soc., March, 1911.

PRICE, G. Factory introspection. Survey, May 6, 1911.

The results of the shop survey of the cloak and suit trade of New York City carried out by the Board of Sanitary Control. This Board was established by agreement between the employers and union. ROGERS, C. F. and BETHELL, E. H. Two studies in unemployment. Charity Organ. Rev., May, 1911.

The complexity of the problem of unemployment is illustrated by a number of C. O. S. cases, and stress is laid upon the development of moral qualities.

SCHIAVI, A. Saggio di un'inchiesta sul lavoro a domicilio in Milano. Rif. Soc. (Supplement), May, 1911.

A careful inquiry into the sweated industry of Milan shows that the same conditions exist there as elsewhere, in regard to health, hours, wages, competition of workpeople, etc. Fifty monographs of special cases, and an ample bibliography of Italian works supplement the study.