York, D. Appleton and Company, 1911; xvi, 249 pp.) goes over familiar ground in an interesting manner. A wide range of topics is covered the origin of corporations, trusts and public policy toward them, banking corporations, federal incorporation (here the author expounds and defends President Taft's program) and the recent Supreme Court decisions. The book is based on lectures delivered at the University of Pennsylvania.

An interesting, even if not convincing, defence of stock-watering is to be found in W. H. Lyon's Capitalization: A Book on Corporation Finance (Boston, Houghton, Mifflin Company, 1912; vii, 296 pp.). The author, a New York corporation attorney, is also professor of finance in the Amos Tuck School of Administration and Finance at Dartmouth College, and the book grows out of his work in both capacities. The range of topics is restricted, when the book is compared with, say, Meade's Corporation Finance, but the topics selected for discussion are treated with vigor and clarity.

Railroad Finance, by Frederick A. Cleveland and Fred Wilbur Powell (New York, D. Appleton and Company, 1912; xv, 463 pp.), is a trifle heavier in style than such a book need be. It is a useful manual, however, containing a wealth of descriptive detail, and giving some attention to questions of public policy. There is an excellent bibliography, covering nearly eighty pages.

Professor Ernest L. Bogart's Economic History of the United States has appeared in a second edition (New York, Longmans, Green and Company, 1912 ; xv, 597 pp.). So radical has been the revision that, as the author remarks in the preface, the book may almost be regarded as new. Currency, labor and conservation are some of the topics which receive more extended treatment. In its new form the book deserves and will doubtless enjoy even wider popularity than it has previously attained.

State banking before the Civil War would hardly be adjudged an inspiring theme of investigation. Yet for that period there is needed an intensive study of this subject in each of the states of the Union. For the state of Indiana a beginning has been made by Logan Esarey, in his State Banking in Indiana, 1814-1873 (Indiana University Studies, Volume X, number 2, April, 1912; pp. 217-305). The author, however, is more interested in the political and legislative aspects of the subject than in its economic aspects. Thus, while his study is interesting and valuable so far as it goes, it leaves room for a comprehensive economic survey that will deal with the development of banking principles and with the contemporaneous influence of the banks on economic progress.

A fourth edition of Professor David R. Dewey's Financial History of the United States (New York, Longmans, Green and Company, 1912; xxxvii, 544 pp.) has recently appeared. The excellence of this work. is attested by the fact that it has gone through four editions (not including two reprints) since it first appeared in 1903. The new edition brings the fiscal history of the country down to the current year.

Under the collective name of " Forces productives de la France" the Société des Elèves et Anciens Elèves de l'École des Sciences Politiques has been publishing a series of papers presented at periodical conferences. This year the section on finance and legislation arranged a most interesting conference on the great financial markets of the world. Papers were presented by Professor Raphaël-Georges Lévy, M. Albert Aupetit of the Banque de France, Professor Lucien Brocard, M. Jacques Armagnac, M. Gabriel Delamotte, M. Georges Aubert and other well-known authorities. Professor Lévy's paper dealt with the New York money market. The proceedings of the conference are now available in printed form, Les Grands Marchés financiers (Paris, Félix Alcan, 1912; 363 pp.). While the facts that are presented in the papers are for the most part familiar, the wide field that they cover and the interpretation put upon the facts by distinguished scholars make the collection a valuable one.

A new and promising medium for the publication of scientific material is afforded by a series of monographs entitled: The University of Illinois Studies in the Social Sciences (Urbana-Champaign, published by the University, 1912; numbers 1, 2, and 3; 358, 126 pp.). The University is to be congratulated, both upon the attractive appearance of the series and upon the quality of the work presented in the first numbers. Professor Bogart's Financial History of Ohio (numbers I and 2) sets a worthy standard for what may follow. Like all of his work, this monograph is thorough and scholarly. The third number is a doctoral dissertation in municipal finance, by Lent D. Upson. It gives the results of an interesting investigation of the sources of revenue in the cities of Illinois. The new series will help to win a wider recognition of the value of the work that is being carried on at the University of Illinois in the social sciences.

The French tariff revision of 1910 produced a large output of literature on customs policy. Les régimes douaniers (Paris, Armand Colin, 1910; 320 pp.), by Marcel Moye and Bertrand Nogaro, is an unpretentious little work, of which the first part deals with customs tariffs in general, tracing briefly the development of modern systems, especially that of France, while the second half takes up in some detail the French

administration of customs. A series of appendices give half a dozen recent documents. The book is primarily descriptive and is well written. Of a somewhat different type is Augier's and Marvaud's La Politique douanière de la France (Paris, Félix Alcan, 1911; vi, 406 pp.) with a preface by M. Klotz. Written from a protectionist point of view, it sketches the development of French policy from 1892 to 1910 and discusses the policies of the more important states and their reaction on France. It then considers the actual commercial relations of France with other countries, as determined by economic conditions and by conventions. Twenty-one countries are taken up in as many chapters, which deal with the state regulation of commerce and the actual condition of trade in each. The authors' conclusion is favorable to the maintenance of the conventional system and to further specialization of the general tariff.

A balanced view of the gains and losses of protection cannot reasonably be looked for in the organ of the International Free Trade League. The Burden of Protection (London, P. S. King and Son, 1912; vii, 126 pp.), edited by G. M. Baskett, secretary of the league, consists of fifteen short essays by writers in all parts of the world, each trying to show the evil protection has done in his own country. The spirit of the work may be indicated by a quotation from the editor's introduction: "It should be as ridiculous to say that Free Trade benefits here and would not benefit there, or that it was profitable then and harmful now, as it would be to say that the law of gravitation is operative in England and not in France, or that it once used to act. If it is a law, it is universal; it must profit everywhere, if anywhere." Notwithstanding their bias, several of the contributions are distinctly good and informing, though necessarily short. The articles of Koedt on Denmark, Brentano on Germany, Matlekowitz on Hungary, Pulsford on Australia and Evans on South Africa are all worth reading; and Lord Welby, the chairman of the Cobden Club, makes an interesting attempt to explain Great Britain's acceptance of free trade and France's continuance in protection by the alleged more difficult fiscal and industrial situation of the former following the Napoleonic struggle. The explanation might be important if true. The indefatigable Daniel Bellet furnishes a contribution charging the high price and small consumption of meat in France to protection, and Byron W. Holt attributes to the same cause pretty much everything that is wrong in our social and industrial affairs. Most of the writers appear rather hopeful as to the future of free trade.

Another attack on the protective system is made by J. J. Harpell in

his book on Canadian National Economy: The Cause of High Prices and their Effect upon the Country (Toronto, The Macmillan Company of Canada, 1911; 182 pp.). Like most thinkers of his type, the author is confident that Canada's protective tariff is the main cause of high prices and of the growth of combinations in that country. He undertakes to show that protection is making the extractive industries unprofitable and is piling up great fortunes in the hands of the few who control the centralized manufactures. Incidentally, he is much displeased with Canada's branch banking system, which he charges with aiding the process of concentration, and he urges the development of coöperative production and distribution, though its relation to the tariff is a little hard to see. The political evils of protection also are emphasized. It cannot be said that the book is a weighty contribution to the subject with which it deals.

The origin of the factory system and its relation to the modern democratic movement is the theme of Mr. Jonathan Thayer Lincoln's little book, The Factory (Boston and New York, Houghton, Mifflin Company, 1912; xiv, 109 pp.). The essay is based on a series of lectures delivered by Mr. Lincoln at the Amos Tuck School of Administration and Finance, of Dartmouth College. Mr. Lincoln is a socially minded business man who is sympathetic toward the modern democratic movement in industry and politics. He is gifted with insight as well as with breadth of view, and his interpretations of modern industry reflect both these admirable qualities. His previous work, The City of the Dinner Pail, was noticed in volume xxv of this Quarterly, page 186.

In October, 1911, there was held in the Crystal Palace in London an important" National Congress on Rural Development and Small Holdings." The object of the congress was to discuss ways and means of furthering the interest and providing for the extension of small-scale agriculture. Henry W. Wolff, the author of People's Banks, the most comprehensive study in English of coöperative credit, read an excellent paper on that subject. There were other papers on coöperation among small farmers, on the productive possibilities of English land, on the equipment of small holdings and last, and perhaps most important, on rural education. These papers, together with the discussion that they occasioned, are presented in a little volume entitled Rural Development and Small Holdings (London, P. S. King and Son, 1912; xii, 247 pp.). While the book will naturally be of particular interest to Englishmen, there are contained in it many suggestions of value to American students of agriculture.

A report of the thirteenth session of the International Statistical In

stitute, held at The Hague, September 4-8, 1911, together with other information of value to those interested in statistics, is contained in the first three numbers of volume xix of the Bulletin de l'Institut International de Statistique (The Hague, W. P. Van Stockum and Sons, n. d.; 442, 475, 323, xc pp.). Among the papers of international interest presented were: "The Fecundity of Marriages," by Dr. Edmond Nicolai, with a discussion of the subject by Dr. Jacques Bertillon, Dr. Georg von Mayr and others; "International Statistics of Finance," by Dr. Friedrich Zahn, director of the Bavarian Statistical Office; "The Movement of Prices," by Dr. Alfred de Foville (in another part of the volume will be found tables of index numbers for various countries presented by other statisticians); "Criminality and the Causes of Crime," by MM. de Roos and Yvernès; "International Statistics of Unemployment," by Dr. Louis Varlez; "Mortality and Morbidity of Infants," by Dr. Henri Willem Methorst; and the report of Dr. Jacques Bertillon on the progress of the international classification of occupations and of the causes of death. The first number of the volume contains appreciations of the life and works of Sir Francis Galton, who died January 17, 1911; of Emile Levasseur, who died July 10, 1911; and of Sir Robert Giffen, who died April 12, 1910. In the second number is a list of the members of the Institute on January 1, 1912, together with their places of residence, their titles and honors and the year of their admission to membership. This information will prove valuable to statisticians and others for purposes of referAn analysis by subject and author of all the reports, papers, and discussions published in the first nineteen volumes of the Bulletin of the Institute is printed in the third number of this volume. This analysis furnishes a valuable reference index to important statistical information of wide and growing interest.

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