of the economic problems associated with lumber from tree to ultimate user. A rather novel method of employing relative prices was made necessary by the character of the source material to which the author had access. One important chapter treats the organization of the lumber industry for production; a second deals with the organization for distribution, while a third has to do with the ownership and prices of standing timber. A reader becomes somewhat annoyed that an otherwise careful work is impaired by the ineffectiveness of the essential charts. The author frequently tries to show too many things on one chart and forgets to make the cross-square lines of the graph paper. As a consequence, the charts fail to convey the maker's idea and the curves hang unattached in mid-air. In other respects the book is unusually good. M. K. COTTER, ARUNDEL. The Authentic History of The United States Steel Corporation. Pp. x, 231. Price, $2.00. New York: The Moody Magazine and Book Company, 1916. This book narrates the principal events preceding and leading up to the incorporation of the greatest industrial enterprise in the world. It also sets forth the objects and policies of the company and the results therefrom upon labor and industry in general. Most of the story is drawn from the testimony in the government suit for the dissolution of the Corporation, but this already published material is supplemented by information obtained personally from the promoters and officers of the Company. Some of the salient features of the book are descriptions of the Tennessee Purchase, the development of export trade, the integration of the Corporation, the artificially created steel towns and the movement for safety, sanitation and welfare within the steel works. When one takes into consideration that the book is dedicated to Elbert H. Gary and that the author is frankly prejudiced in favor of the Corporation, and when one makes allowances for such freely admitted bias, one finds that there is much in the book that is commendable. It might be unfortunate to give wide circulation to this "authentic" history if it were the only one extant, but as long as one may consult Bridges' History of the Carnegie Steel Company for the facts that Cotter left out of his particular work, then it is highly desirable in the interest of fair-mindedness to have a book that gives a plain and interesting statement of the Corporation's side of the case. The book is admirably illustrated. M. K. STATISTICS DUDLEY, WILLIAM A. Finance and Life Insurance. Pp. 227. Price, $5.00. Mexico, Missouri: Missouri Printing and Publishing Company, 1916. The plan of the book is excellent, but the workmanship is extremely careless. Mr. Dudley's purpose is the brief presentation of the elementary principles of logarithms, interpolation, probability, compound interest and discount, annuities and life contingencies,—an excellent idea, for where is the business man who, though he has not the time or training to study these topics thoroughly, does not often find need for an elementary knowledge that will enable him to make intelligent use of interest, discount or bond valuation formulae? His approach to each of these subjects is simple and direct, but his careless and incorrect statement of many formulae makes it a dangerous book for the beginner to use. For instance, on page twenty-five in the chapter on compound interest he transforms the equation_S=(1+i)" to express the value of "i" in terms of the other quantities as follows: No less than eight errors were found in this particular chapter. The book contains apparently valuable tables of interest, discount and annuities at interest rates from 1 to 10 per cent, but errors found elsewhere make one hesitate to depend on the accuracy of these tables. B. D. M. TRANSPORTATION BROWN, HARRY G, Principles of Commerce. Pp. xxiii, 207. Price, $1.75. New York: The Macmillan Company, 1916. Part I analyzes the laws of money and describes in detail the mechanism of foreign exchange. Part II explains the advantages of foreign trade and presents an indictment of protective tariffs and other artificial barriers to the natura! development of commerce. Part III contains a discussion of the theory of transportation rates. T. W. V. M. DROEGE, JOHN A. Passenger Terminals and Trains. Pp. vii, 410. Price, $5.00. New York: McGraw-Hill Book Company, 1916. This work is a worthy companion to Freight Terminals and Trains, by the same author, published in 1912. Of the many improvements in all branches of the railroad service which have taken place in recent years none has invited wider attention than the improvements of the equipment employed in the transportation of passengers. The huge passenger terminals in the leading large cities, the great number of new stations in smaller cities, the progress of electrification, the introduction of steel cars of varying types with improved methods of heating, lighting and ventilation, are striking testimonials of the efforts of the carriers to provide a higher degree of comfort and convenience for the traveling public. In addition to these more obvious evidences of progress are countless improvements in the mechanical equipment connected with train operation, and in the organization of the operating service, which help to solve the difficult problem of handling the rapidly growing passenger traffic with speed, promptness and safety. This volume contains an interesting description of the physical equipment of the passenger service, and tells how it is operated. Because of the extreme diversity of practice in construction the author has found it impossible to describe in detail all the important terminals of the country, but by the judicious selection of certain prominent types for detailed discussion, and by calling attention to the unique features of particular variations, he has succeeded in presenting a remarkably comprehensive picture of the entire passenger service. A special chapter is devoted to the passenger terminals of New York City, and another to the trains and terminals of foreign countries. Not the least interesting feature of the work is the large number of excellent cuts, charts and diagrams of virtually all the important passenger terminals of the United States. Columbia University. NELSON, JOHN H. T. W. VAN METRE. (Compiled by.) Interstate Commerce Commission Law. Pp. 168. Price, $1.00. Washington: John Byrne and Company, 1916. PHELPS, EDITH M. (Compiled by.) Selected Articles on the American Merchant Marine. Pp. xxviii, 218. Price, $1.25. Idem. Selected Articles on the Government Ownership of Railroads. (3rd Ed., rev.) Pp. xxxvii, 201. Price, $1.25. White Plains, N. Y.: The H. W. Wilson Company, 1916. These volumes are two among the many that comprise the Debaters' Handbook Series. They contain a brief or outline of both sides of the following resolutions: (1) that the United States should have a government-owned merchant marine, and (2) that the United States should own and operate its interstate railways. Each volume contains a bibliography and a number of selected articles, reports or papers by writers on both sides of the questions at issue. The volumes do not constitute additions or original contributions to the literature on government ownership. They, however, present reprints of many standard articles and papers in a convenient form, and indicate to the student or debater where more detailed information may be obtained. The bibliographies were carefully selected so as "to give the reader access to the most usable and most easily obtainable material." This new edition of Government Ownership of Railroads contains a number of recently published articles and a fully revised bibliography. G. G. H. ECONOMICS CANNAN, EDWIN. Wealth: A brief Explanation of the Causes of Economic Welfare FETTER, FRANK A. Economics. (Volume II, Modern Economic Problems.) Pp. xi, 498. Price, $1.75. New York: The Century Company, 1916. The arrangement of this two-volume text on economics is apparently dictated by the present demand in many colleges for a one-semester course in the theory of economics, followed by a possible second semester's work taking up the general applications of the theory. Professor Fetter's second volume meets this existing demand for a text suitable for a continuation course in general economics. The title, Modern Economic Problems, is scarcely adequate to cover the scope of the work. A large part of the book is devoted to a description of existing economic institutions with appropriate historical settings for each. This descriptive matter is valuable for many purposes other than the solution of the particular problems brought forth by the author. In most instances, the author has succeeded in bringing out the economic laws at work rather than the surface phenomena connected with the problem. While occasional inaccurate statements appear, their number has been reduced to a minimum. The sentiment of the book is thoroughly modern and progressive, but the policies advocated are based upon scientific principles throughout rather than upon the popular reform policies of the hour. The wisdom of confining references to other works, and bibliographical material in general, to a separate manual, may be questioned. Many readers of the text will, presumably, never see the Manual but still will need guidance to further study of those problems in which they are particularly interested. On the whole, the book may be commended to those seeking scientific instruction rather than propagandist literature. W. I. K. GIRAULT, ARTHUR. The Colonial Tariff Policy of France. (Edited by Charles Gide.) Pp. viii, 305. Price, $2.50. New York: Oxford University Press, 1916. Arthur Girault, Professor of Political Economy at the University of Poitiers, presents his careful investigation of the question, "What customs' régime should control the relations between a colony and the colonizing state on the one hand, and foreign countries on the other?" Although the thesis is general in terms, the material deals exclusively with French colonial policy. The author explains that two systems may be followed: one of exclusion, which arouses the jealousy of others and discontent of the colonies, thus doubly compromising the peace of the world, or a liberal policy, that of the open door or tariff personality, which removes from other nations all pretext for jealousy. This is likewise the best way to maintain friendly relations between the colonies and the mother country. Part I is an investigation of the evolution of the colonial tariff policy of France. In that policy are shown six more or less clearly defined stages in French colonial policy and a chapter is given to each: (1) The ancient régime until 1789 was dominated by the theories of the mercantile system of colonial monopolies, privileged companies and exclusion. (2) The Physiocrats and the Revolution brought liberalism. (3) Under Napoleon the policy of exclusion was restored, but without privileged companies, and lasted until the second Empire. (4) In 1866 under the free trade influence of the Manchester School, colonial tariff autonomy was adopted. (5) The fall in prices and the protective tariff agitation in the eighties ended with the law of January 11th, 1892, which established a customs' union. It regards the colonies as a territorial part of France. This established free trade between France and most of the colonies, but subjected the colonies to the same high tariffs as France in commerce with non-French countries. (6) The recent movement is towards a policy of "tariff personality." Each colony should have its tariff adjusted according to its own peculiarities. In part II, the results of the colonial tariff policy in France are shown by analyses of the good or bad effects of tariff assimilation vs. tariff personality, in the case of each colony. The author concludes that with the exception of Algeria, which under assimilation has actually become a part of France, all the other colonies, especially Indo-China, have been injured by this policy. Tariff assimilation has been a delusion. It has been inflexible. A coat will not fit every man regardless of size and age. The colonies differ from one another and from France. Each must be treated according to its personality, whether the tariff adopted be ⚫ protectionist or liberal. The development of the sales from the mother country to the colonies depends upon the purchasing power of the colony. If the colony is prosperous its trade will increase in all those commodities which the mother country is able to supply. The colony should be left free to buy and sell all other commodities in the best market. R. S. MACELWEE. Columbia University. JUGLAR, CLEMENT. A Brief History of Panics (trans. and ed. by De Courcy W. Thom). Pp. 189. Price, $1.00. New York: G. P. Putnam's Sons, 1916. A third edition of this standard work is most welcome. The second edition brought the study through the year 1891 and this one brings it down to date. The editor, Mr. De Courcy W. Thom, has himself prepared about one-half of the volume. E. M. P. POLITICAL SCIENCE BARKER, J. ELLIS. The Foundations of Germany. Pp. ix, 281. Price, $2.50. New York: E. P. Dutton and Company, 1916. The present volume is complementary to the author's earlier volume Modern Germany, the fifth and enlarged edition of which appeared in 1915. The latter deals exclusively with recent political and economic problems of Germany, while |