Knowledge that Transforms

From the beginning of federal regulation of combination there has been an insistent demand on the part of the farmers for the exemption of their organizations. The political history of the past thirty years is full of party promises to the farmers, but the laws on the statute books reveal a rather niggardly performance of the promises made.

A tax on commodities is wholly or partly shifted upon consumers according as the taxed goods are produced under conditions of constant or increasing cost, respectively, and according as the demand for these goods-if they are produced under conditions of increasing cost-is absolutely inelastic, or is more or less elastic. If the conditions of production of a taxed commodity are those of constant cost, and if the industry is a competitive one, all of those in the business (with their land and capital) would leave and go into some other line or lines of production rather than bear any special tax.' If the demand for a taxed article is absolutely elastic, all the consumers will refuse to buy rather than pay an appreciably higher price. Usually both demand and supply are somewhat elastic. Some of the persons engaged in producing the taxed article are unwilling to continue so doing unless they can shift substantially the entire tax; but others may be willing to continue producing though they can shift but a part or none. Likewise, some buyers will not purchase a taxed good, or will purchase appreciably less of it, if the tax is shifted to them in any noticeable degree; but others will purchase though they have to pay some or all of the tax in the form of a higher price. A tax on commodities, therefore, or on a given commodity, while it is usually borne chiefly by consumers, may frequently be borne in part by producers of the goods or good taxed. The case of taxes on sales of land or capital goods or on mortgages or loans is analogous. But while taxes on commodities fall upon consumers as such, regardless of the various sources of their incomes, and so rest on interest, wages, and rent,2 we may find that

With the increased attention which is being given by universities to the training of students for business there has come an increased interest among both college authorities and employers in the problem of adjusting the inexperienced graduates of the schools of commerce to the practical affairs of business. College teachers and administrators understand fully that their graduates are not qualified to assume at once the duties of responsible business executives. They know that every man must pass through an apprenticeship in order to acquire an intimate personal knowledge of general business practices, to develop sound judgment or business sense, to gain skill in dealing with men, and to learn, in addition, the technique of the particular industry or occupation with which he is to be connected. It is their belief, however, that the period of such an apprenticeship will be materially shortened by the training which the college graduate has received and that ultimately he will have a broader view of business because of the foundation which he has laid in college. Business men are coming to have a more considerate attitude toward the college man, not because of his immediate usefulness but because of his potential value. They are realizing, also, that any growing industrial or financial concern which requires a large

With scarcely a notice from the press and but little attention from public men, except those concerned in preparing the legis? lation, there was passed in Congress, in June, 1920, an act which is bound to have a great and growing influence in the general industrial development of the United States and in the extent to which the states and their various municipalities will accept the opportunities offered of controlling their own public services. This act creates what is known as the Federal Power Commission.