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indexed, it is possible, with some limitations, to make use of the product approach as well as the institutional or functional approaches to the study of marketing.

Mr. Clark has performed a valuable service in assembling under one cover in usable form a wide variety of information. Considering the complexity of the subject and the dearth of information about certain phases of it, he has accomplished a highly creditable task. There are many things left untouched or handled incompletely. It would be desirable to have a more thorough and systematic treatment of manufactured products, and a more exhaustive and orderly survey of those basic commodities, such as the grains, upon which the author purposely places stress. It would be desirable to have a convincing discussion of market price. But these defects are not the fault of the author; the same weaknesses would necessarily appear in any book of readings on marketing at the present time.

The readings are well selected and, with but few minor exceptions, are just as well arranged. They are taken from authoritative sources such as Federal Trade Commission Reports, and the works of authors of well-known marketing texts. On the whole, Mr. Clark has handled remarkably well an extremely broad and complex subject about which surprisingly few definite facts are known.

UNIVERSITY OF CHICAGO

JAMES L. PALMER

Accounting. By W. A. PATON. New York: The Macmillan Co. Pp. xvi+894. 1924. $3.50.

The aim of the author is "to provide a satisfactory textbook for an intensive course in principles a course to be followed by two years of advanced and specialized work." This aim has been creditably accomplished.

At least two features of the book merit special comment. The descriptive balance sheet approach, which has found favor widely in recent publications, is not utilized. Instead, the principles underlying the double-entry system of accounting are introduced immediately through the expansion of the "assets equals equities" equation. This exposition of the oft maltreated theory of debit and credit is most refreshing, but, like the treatment of some other problems, is slightly lacking in balance due to excessive stress on the unity of the equities group. Several chapters are devoted to accounting for income, a point

THE ST. LAWRENCE NAVIGATION AND POWER

PROJECT: A REJOINDER

IN THE June issue of this Journal there appeared a reply by Harold G. Moulton, Charles S. Morgan, and Adah L. Lee, of the

I

Institute of Economics, to my review, in the February issue, of the Brookings Institution book on the St. Lawrence Waterway. The courtesy of the editor of the Journal permits me to make now a brief rejoinder. In order to facilitate the comparison of this rejoinder with the reply I shall follow the headings which they used.

1. Allocation of costs.-In spite of all that Dr. Moulton and his colleagues have said the fact remains that their estimated capital cost to be allocated to navigation in a combined navigation-power development is too large. In such a combined enterprise (which presumably ought to bring some capital benefit both to navigation and to power) they have chosen without discussion a method of capital-cost distribution by which the estimated capital cost distributable to navigation is larger than if the river were developed solely for navigation. Not only has navigation enjoyed no benefit by the combined construction but it has apparently been penalized. I think that this fact bears out my original contention that the distribution used by them with no discussion was hardly fair to navigation. I regret that I used the words "no indication," though other portions of my original review indicate clearly that I realized that the point had been mentioned but not discussed.

2. Raising the engineers' estimates.-I thoroughly agree with the authors that the magnitude of the work on the St. Lawrence is almost unprecedented. I did not for a moment state that the actual cost cannot overrun the estimates, but I did adduce certain reasons why these estimates are a great deal more likely to be correct (already including 122 per cent contingency allowance as they do) than any arbitrarily raised estimates produced by a group who have not lived intimately for many years with the engineering aspects of the project. I pointed out that the estimated navigational capital cost that I believe to be fair in a combined navigation-power development is already 20 per cent larger than that given by one particular method of reaching a navigational capital charge. To add another 20 per cent surely savors, does it not, of "loading" the estimate?

3. Lake harbors.-The quotation from my review on this point has

ject. The problems and questions at the end of each chapter are valuable for discussion purposes.

The authors first emphasize to the student that the salesman should know thoroughly his company, his offering, his territory and prospects, and methods of distribution. In a second division of the text the need for specific preparation for the sale is pointed out. The four steps in the selling process, attention, interest, desire, and action are discussed here. Part III is entitled "The Sale" and deals with such technical matters as obtaining the interview, presenting the sales talk, and overcoming resistance. In two following chapters comprising Part IV, the authors discuss the personal equation in selling. Part V treats of special problems such as the use of price as a sales instrument and the attitude of the salesman towards advertising. In the sixth and final division of the text the special aspects of various types of selling are considered.

The authors' ideas about business organization certainly do not conform to those of most business men and students of organization. Where the attempt is made to develop breadth of view, the result in numerous instances is decidedly superficial treatment. This is true of chapter iv, on "Sales Routes and Factors from Produce to Consumer." At times the authors, in laying down principles of general application, although intending otherwise, are obviously thinking only of consumer's goods. In emphasizing the importance of information to the salesman it apparently is assumed that the task of collecting it should fall to him. It certainly may be argued that salesmen should spend their time selling, and that market research should be left to a research department.

There are numerous statements made by the authors to which exception might be taken. To quote but one: "It must be remembered that only the large manufacturer can afford to sell directly to the retailer." Inaccuracies are confined, however, to statements concerning the broad subject of marketing rather than to matters of salesmanship.

The authors are at their best when discussing the technique of selling. The book would be more impressive had they either confined themselves to that or given more thorough treatment to related material. JAMES L. PALMER

UNIVERSITY OF CHICAGO

CHAPTERS ON THE THEORY AND HISTORY OF BANKING, by Professor Charles F. Dunbar, late of Harvard University. Fourth revised edition, with supplementary material presenting the record of the Federal Reserve Board, by Professor H. Parker Willis, of Columbia University. Price $1.85. A book which has firmly established its place in the literature of banking. It gives a clear statement of ordinary banking operations supplemented by a series of historical chapters on certain of the great banks and banking systems. In use for years in various educational institutions.

FORTY YEARS OF AMERICAN FINANCE, by Alexander Dana Noyes, LL.D., Financial Editor of the New York Times. Price $2.50. This well known book gives the story of American financial markets from the post Civil War period down to 1908. It is a complete and thorough history of this extraordinary and dramatic chapter in finance. An interesting and authoritative text. PLAIN TALKS ON ECONOMICS, by Fabian Franklin, formerly Professor in Johns Hopkins University. Price $2.50. The author presents as briefly and simply as possible; the leading principles of economic science and discusses the great economic questions of the time in the light of these principles and of the large human issues involved. Will be found useful as a textbook or as collateral reading, in both colleges and high schools.

THE TARIFF HISTORY OF THE UNITED STATES, by Professor F. W. Taussig of Harvard University. Seventh Edition, revised and enlarged, containing an analysis of the Tariff Act of 1922. Price $2.50. Conceded to be an authoritative source for the authentic record and critical estimate of our tariff history. It has been a standard text in colleges for years.

THE LAW OF THE AMERICAN CONSTITUTION, by Professor Charles K. Burdick of Cornell University. Price $6.00. On publication this volume assumed its place immediately in the first rank of works on the subject. It is in use in many colleges and professional schools. A scholarly and exhaustive treatment of the Constitution, explaining clearly the conditions under which it was made, the Federal System it set up, the powers and limitations of the various governmental departments, and the division of powers between the national and state governments.

THE GOVERNMENT OF ENGLAND, by Professor D. D. Wallace, of Wofford College. Second Edition, recently off press, entirely revised, rewritten and reset. Price $2.50. A comprehensive, authoritative and untechnical discussion of the various departments of the British government as they are today. The preceding edition, the first, was widely used as a class text. It is expected that this new book, which brings the record up to the present, will be even more popular. POLITICAL PARTIES AND PARTY PROBLEMS IN THE UNITED STATES, by Professor James A. Woodburn of Indiana University. Price $3.50. A sketch of American party history and of the development and operation of party machinery together with a consideration of certain party problems in their relations to political morality. The third revised and enlarged edition, recently published, of this important volume which has firmly established itself in the literature of political education, and of which, in its successive editions, thousands of copies have been sold. The present edition has been entirely rewritten and reset, and brings the record down through the party Conventions of 1924. An ideal college textbook on American politics.

We welcome correspondence with educators in regard to these and other
titles in our Educational Catalogue, which will be sent at once on request.

G. P. PUTNAM'S SONS

Educational Department

2 West 45th St.

New York City

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HOW TO STUDY

Some Suggestions for Students

By A. W. KORNHAUSER

Do your students know how to study? It cannot be taken for granted that they do. The technique of study must be learned just as much as any other complex activity. Incoming Freshmen particularly will need guidance in the formation of good study habits. You can help them by recommending the use of this handbook in which a well-known psychologist points out the best way to study.

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Why not put this pamphlet into the hands of your students? It is small, paper-bound, and is for sale at 25 cents, postpaid 27 cents.

THE UNIVERSITY OF CHICAGO PRESS

CHICAGO ILLINOIS

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