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An Advertisement of the American Telephone and Telegraph Company

SO THAT YOU may telephone from house to house in a Southern village, from farm to farm in the Middle West, or from the Pacific to the Atlantic Coast-the Bell Telephone System must be large. Its work is to give adequate telephone service to one of the world's busiest and most widespread nations. There is 4000 million dollars' worth of telephone plant and equipment in the Bell System, any part of which is subject to your call day or night.

Every resource of this system is directed to the end that you may have quick, clear and convenient telephone service.

In order to meet the telephone needs of the country most effectively, the operation of the Bell System is carried on by 24 Associated Companies, each attuned to the area it serves. Working

TELEPHONE

AMERICAN TELL

BELL

SYSTEM

with these companies is the staff of the American Telephone and Telegraph Company, giving them the benefit of its development of better methods. The Bell Laboratories and the Western Electric Company utilize the talents of thousands of scientists for constant research and improvement in the material means of telephony. Western Electric, with its great plants and warehouses in every part of the country, contributes its specialized ability for the precise and economical manufacture of equipment of the highest quality for the entire system.

The Bell System is vigorously carrying forward its work of improving the telephone service of the country.

TELEGRAPH

It is building for today and tomorrow-for the benefit of every one who lives and works in America.

AND ASSOCIATED

COMPANIES

McGraw-Hill

brings to your attention

ECONOMIC FOREIGN POLICY of the UNITED STATES

By BENJAMIN H. WILLIAMS

Associate Professor of Political Science
University of Pittsburgh

429 PAGES, 6×9, $4.00

Dr. Williams' book offers a thorough, scholarly, interesting body of text material for courses in political science and in the international aspects of economics. It discusses the causes and forms of the new American economic diplomacy.

The book has been widely and favorably reviewed. A few brief excerpts from reviews follow.

American Economic Review:

"The work has been well done. The volume is generously documented and shows discriminating use of official and private publications covering a wide range. It is carefully organized and thoroughly readable. It is realistic and fairly critical, but well-poised and unsensational."

Political Science Review:

"It is easily the best that has yet appeared on the subject.”

American Journal of International Law:

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.. admirable in tone, clear and readable in style, and adequately equipped with facts both historic and current.'

The Economist (London):

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"An admirable introduction to a complex and difficult subject.”

Journal of Political Economy:

"A systematic and valuable text."

Send for a copy on approval

MCGRAW-HILL BOOK COMPANY, INC.

PENN TERMINAL BUILDING

370 SEVENTH AVE.

NEW YORK

MOV A

POLITICAL
ECONOMY

Volume XXXVIII

OCTOBER 1930

Number 5

A Mathematical Theory of Price and Production Fluctuations and Economic Crises

A Culture Theory of Population Trends

C. F. Roos 501

E. T. Hiller 523

Economic Influences Upon the Corporation Laws of New
Jersey

Harold W. Stoke 551

Gold Camps and the Economic Development of Western
Montana

The New Conception of the "Standard of Value"

Some Aspects of Mexican Immigration

Book Reviews

S. J. Coon 580

W. C. Schluter 600

Paul S. Taylor 609

616

Keezer and May, The Public Control of Business (Lewis), 616.-Wright, The Tariff on Animal and Vegetable Oils (Alsberg), 619.—Lyon, Hand-to-Mouth Buying, (Kuznets), 621.—King, The Small Loan Situation in New Jersey in 1929 (Robinson), 622.-Davie, The Evolution of War (Wright), 624.— Vanderblue and Crum, The Iron Industry in Prosperity and Depression (Richter), 626.

Books Received

628

THE UNIVERSITY OF CHICAGO PRESS CHICAGO, ILLINOIS, U.S.A.

THE JOURNAL OF

POLITICAL ECONOMY

EDITED BY JACOB VINER AND F. H. KNIGHT, WITH THE CO-OPERATION
OF THE OTHER MEMBERS OF THE DEPARTMENT OF ECONOMICS
OF THE UNIVERSITY OF CHICAGO

The Journal of Political Economy is published bi-monthly, by the University of Chicago at the University of Chicago Press, 5750 Ellis Avenue, Chicago, Illinois. The subscription price is $4.00 per year; the price of single copies is 75 cents. Orders for service of less than a half-year will be charged at the single-copy rate. Postage is prepaid by the publishers on all orders from the United States, Mexico, Cuba, Porto Rico, Panama Canal Zone, Republic of Panama, Dominican Republic, Canary Islands, El Salvador, Argentina, Bolivia, Brazil, Colombia, Chile, Costa Rica, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Haiti, Uruguay, Paraguay, Hawaiian Islands, Philippine Islands, Guam, Samoan Islands, Balearic Islands, Spain, and Venezuela. Postage is charged extra as follows: for Canada, and Newfoundland, 25 cents on annual subscriptions (total $4.25); on single copies 4 cents (total 79 cents); for all other countries in the Postal Union, 35 cents on annual subscriptions (total $4.35), on single copies 6 cents (total 81 cents). ¶ Patrons are requested to make all remittances payable to the University of Chicago Press in postal or express money orders or bank drafts.

The following are authorized agents:

For the British Empire, except North America, India, and Australasia: The Cambridge University Press, Fetter Lane, London, E.C. 4, England. Yearly subscriptions, including postage, 195. 6d. each; single copies, including postage, 3s. 10d. each.

For Japan: The Maruzen Company, Limited, Tokyo.

For China: The Commercial Press, Ltd., Paoshan Road, Shanghai. Yearly subscriptions, $4.00; single copies, 75 cents, or their equivalents in Chinese money. Postage extra, on yearly subscriptions 35 cents, on single copies 6 cents.

Claims for missing numbers should be made within the month following the regular month of publication. The publishers expect to supply missing numbers free only when losses have been sustained in transit and when the reserve stock will permit.

Business Correspondence should be addressed to The University of Chicago Press, Chicago, Ill. Communications for the editors and manuscripts should be addressed to the Editors of THE JOURNAL OF POLITICAL ECONOMY, The University of Chicago, Chicago, Ill.

The articles in this Journal are indexed in the Reader's Guide to Periodical Literature, New York,

New York.

Entered as second-class matter January 16, 1893, at the Post-office at Chicago, Illinois, under the Act of March 3, 1879.
Acceptance for mailing at special rate of postage provided for in Section 1103, Act of October 3, 1917, authorized on

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1

METHODS IN SOCIAL SCIENCE

A Case Book

Edited by STUART A. RICE

is now in press. The inquiry and report undertaken in June, 1927,
by the Committee on Scientific Method of the Social Science Re-
search Council will be ready January, 1931. It contains the most sig-
nificant material yet produced on the subject, both from the point of
view of method and of content, both for individual and class study.
Copies of the first printing will be reserved on your order.

$4.50

THE UNIVERSITY OF CHICAGO PRESS

CHICAGO

AN EXPERIMENT IN SOCIAL SCIENCE RESEARCH

Edited by

T. V. SMITH and LEONARD D. WHITE

Using Chicago's multiform life as a social laboratory, the
Local Community Research Committee of the University
of Chicago has devoted five years of intensive study to im-
portant manifestations of urban life.

Nine of the people most intimately acquainted with the re-
search and its findings have written a report of the projects
completed and under way.

THE UNIVERSITY OF CHICAGO PRESS

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