EDITORIAL COUNCIL: J. C. BALLAGH, THOMAS CONWAY, JR., C. H. CRENNAN,
S. S. HUEBNER, CARL KELSEY, CLYDE LYNDON KING, J. P. LICH-
TENBERGER, ROSWELL C. MCCREA, SCOTT NEARING,

E. M. PATTERSON, L. S. ROWE, ELLERY C.

STOWELL, T. W. VAN METRE, F. D.
WATSON, JOSEPH H. WILLITS

Editor in Charge of this Volume
JOSEPH H. WILLITS, Ph.D.

Instructor in Industry, Wharton School of Finance and Commerce
University of Pennsylvania

THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE
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Copyright, 1917, by

AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE

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