OXTOBY, J. V. Legal phases of central station rate making for electric supply, including the status of the wholesale customer, the status of the special customer, and reasonable profit, its definition, collection, and distribution. (New York: Printed by the Association of Edison Illuminating Companies. 1911. Pp. 225.)

A revision of papers read by the author at the annual meetings of the Association of Edison Illuminating Companies.

PENNIMAN, H. G. Manual of fidelity insurance and corporate suretyship. Descriptive of surety and fidelity bonds with their practical uses, and the conditions under which they should be written, with hints to agents. (New York; Chicago: The Spectator Co. 1911. Pp. viii, 268. $2.00.)

POLEY, A. P. and GOULD, F. H. C. The history, law, and practice of the stock exchange. Second edition, revised. (London: I. Pitman. 1911. Pp. 354. 5s.)

PORRITT, H. W. and NICKLIN, W. Pitman's higher book-keeping and accounts; a manual for advanced students and adapted for class use or for private tuition. (New York: Pitman, 1911. Pp. vi, 299. $1.00.)

ROWE, H. M. Bookkeeping and accountancy; presenting the art of bookkeeping in accordance with the principles of modern accountancy. (Baltimore: H. M. Rowe Co. 1911. Pp. vi, 263. $1.50.) TAYLOR, F. W. Shop management. Introduction by HENRY H. TOWNE. (New York: Harper & Bros. 1911. Pp. 207, illustrations, tables. $1.50.)

To be reviewed.

SCOTT, W. D. Influencing men in business; the psychology of argument and suggestion. (New York: The Ronald Press Co. 1911. Pp. 168.)

SHEPPERSON, A. B. Cotton futures. (New York: A. B. Shepperson, Cotton Exchange Building. 1911. Pp. xii, 66. 50c.)

Describes the method of buying and selling cotton for future delivery on the exchanges of New York, New Orleans and Liverpool; and shows the advantages of such dealings, to farmers as well as to manufacturers. Contains letters from merchants and bankers in opposition to the Scott Anti-option bill.

SCHILLING, T. London als Anleihemarkt der englischen Kolonien. Münchener volkswirtschaftliche Studien, No. 110. (Stuttgart: J. G. Cotta, Nachf. 1911. Pp. ix, 101. 2.50 m.)

Deals with the status of the colonies and their relation to the mother country, the colonial state loan, its negotiation, etc. WILLISTON, S. Lectures on business law and the negotiable instruments law. American Institute of Banking, Boston chapter. (Chelsea, Mass.: Bay State Press. 1910, 1911. Pp. iv, 288. $5.00.) "Standard" bond descriptions. No. I, vol. I. (New York. Standard Statistics Bureau. 1911. Pp. 749. $70.00.)

Capital and Capitalistic Organizations

American Corporations. The Legal Rules Governing Corporate Organization and Management. By JOHN J. SULLIVAN.

(New York: D. Appleton and Company. 1910. Pp. 455, with forms and illustrations.)

According to the author's preface he has written for three distinct classes of readers: namely, (1) "a large number of general readers who are concerned about any matter of current note"; (2) "those whose daily affairs bring them into contact with corporations"; and (3) "it is hoped that the book will commend itself to the teaching profession." The last of these statements evidently refers to the use of the book as a text-book and not as a simple aid to teachers. The work deals primarily with private corporations.

I doubt very much if the three classes of readers referred to can be satisfactorily served by a single small volume of 380 pages (apart from the appendices). Furthermore, the private corporations are not the ones that appeal most strongly to the general public. To lessen his chance of success the author has deserted his alleged purpose and devoted 60 pages to semi-public, and public corporations, quasi-corporations and various forms of partnerships and associations. This necessitates a brevity in the treatment of any one topic such as to make the work of but little value to any but the general reader. For example, the whole subject of the power of taxation by public corporations is covered in a single paragraph of seventy words. The fact that the author is dealing with something like fifty jurisdictions makes it necessary (where he has not space to call attention to or explain exceptions) for him to use very general, and even vague statements.

Internal evidence convinces me that the book was intended primarily for a text-book for economic students preparing for a business career. It is too summary, general, and brief for an ordinary college course. Furthermore, it does not contain the necessary apparatus in the way of illustrative material and references to cases from which no citation is made. There are in all very brief quotations from 203 legal cases to which specific reference is made. There are no other lists of authorities, citations, or references of any kind. If the book is meant for college students in economics fuller references to the historical development and the economic basis and bearing of many of the legal decisions and doctrines are desirable. As illustrations, take voting by proxy

(p. 155), and the right of the state to annul a charter (p. 269). Mr. Sullivan makes no attempt to demonstrate the economic doctrines asserted by him, nor do such doctrines always square with those current among professional economists. For example, one would infer that it is always contrary to the public interests to permit so-called competing railroads to combine (p. 286).

To one who accepts the plan and aim of this work, it is a successful book. I believe it will prove of chief interest, however, to the general reader who wants a little information of a general sort on this subject, and wants that in a pleasing, concise and attractive style. One serious slip in proof reading occurs on p. 371 The publishers have done their work well.

University of Minnesota.

JOHN H. GRAY.

Organisationsformen der Eisenindustrie und Textilindustrie in England und Amerika. By THEODOR VOGELSTEIN. (Leipzig: Duncker und Humblot. 1910. Pp. xv, 277. 6.50 m.) In this work the author seeks to determine the factors which coöperate in the integration or diffusion of the different stages of production in the iron and textile industries of Great Britain and the United States and to investigate their influences on free competition or monopolistic concentration. While primarily a description of present day conditions the work treats at considerable length the historical development of these factors, especially during the past century. The theoretical aspects of this industrial development are reserved for another volume.

Considerably over one third of the book is devoted to the British iron and steel industry. After an illuminating treatment of the improvements in the technique of the industry during the nineteenth century, the conditions of iron and steel production in different parts of Great Britain and the growth and influence of cartells, the writer finds in general a wasteful separation of the different stages of production which would hardly be durable in a time of extraordinary competition. Excepting the rail pool, which is international in scope, he concludes that cartells have not yet won a pronounced firmness and durability in the British industry, although he perceives a growing disposition to follow the example of American and German organizations. The textile industries of Great Britain are treated with comparative brevity. Of

the combinations in these industries the greatest in Great Britain, and indeed in the world, is the sewing-thread trust. The development of this business is traced from its beginnings at Paisley, whither the industry had gone after the decline of the manufacture of shawls, to its present international organization.

In discussing American conditions the writer finds little danger of monopoly from organizations in the textile industries. The English Sewing Cotton Company, through its subsidiary, the American Thread Company, is indeed dominant in one branch of the trade. The great American Woolen Company, however, though an important factor in market conditions, exerts no monopolistic influence. In fact the author declares that the textile industry is evidence of how one-sided is the attitude of considering concentration and monopolistic organization a characteristic of American industry in general.

In iron and steel manufacture the combination of the successive stages of production from the mining of ore to the output of finished material has attained practically complete development in the United States. The writer very correctly interprets the policy of the Steel Corporation in the light of the existence of several independent concerns which technically are not behind the big company itself. It is only in agreement with these smaller organizations that the Steel Corporation can in all cases be a deciding factor in market conditions. The lease of the Great Northern ore properties, the policy of which is seriously questioned, is explained as an effort on the part of the Steel Corporation not to secure needed ore, but to prevent at all hazards other capitalists from gaining possession of this raw material.

The writer's interpretation of the industrial development of this country, while on the whole correct, is occasionally marred by extreme statements. For example, his assertion that the American colonies at the time of the Declaration of Independence were in industrial respects about 500 years behind West Europe (page. 152) is rather sweeping even after making due allowance for the influence of that industrial anachronism-slavery. On the whole, however, the book is both scholarly and interesting, and shows the writer's keen appreciation of organization as a factor in production and market conditions.

Bureau of Corporations, Washington.

ABRAHAM Berglund.

Kartell und Trust. By DR. S. TSCHIERSCHKY. (Leipzig: G. J.

Göschen. 1911. Pp. 195.)

Kartell-Probleme. By WILHELM KANTOROWICZ.

Heymann. 1911. Pp. 108. 2 m.)

(Berlin: Carl

These two publications approach the subject of trusts from opposite points of view and discuss it by different methods. Tschierschky's book is a methodical exposition of the German cartells; Kantorowicz's brochure is a polemic against them. The former aims to give the general reader the essential facts and has value chiefly for such persons; the latter gives the standpoint of a merchant, and, as representing in some degree the ideas of that class, is of interest to the special student.

Tschierschky, who is editor of the Kartell-Rundschau takes the usual German view in favor of cartells. He declares them necessary for German industry on account of its capitalistic character, the expansion of trade beyond the domestic market and the severity of competition. The exercise of a monopolistic influence on the market is said to be an essential feature of cartell polity. The circumstances affecting the formation of cartells and their legality are discussed. German courts declare them innocuous provided they do not strive for absolute monopoly, which, except for industries based on the control of natural resources, is said to be impossible in a permanent way.

The greater part of this handbook discusses the effects of cartells, beginning with their internal policy and their attitude toward other producers and customers. Domestic prices are said to have been reasonable, with some exceptions, and low export prices are defended. While marked tendencies exist toward direct selling, the cartells cannot entirely eliminate the dealers nor would they desire to. They have a greater influence in labor matters than their formal organization indicates but through promoting industrial prosperity cartells on the whole are beneficial to labor. The discussion of government policy presents nothing noteworthy. Administrative regulation of prices is declared impracticable while publicity is credited with no remedial value. The chapter on American trusts is of little interest.

Kantorowicz regards cartells as the product of protection and not as a necessary economic evolution, and asserts that the chief difference between the cartell programme and that of social democracy is that the former makes the beneficiaries of the destruction of