Knowledge that Transforms

Reviews two volumes of the book "Valuation of Public Service Corporations," by Robert H. Whitten.

Reviews the book "Money," by Frederick A. Bradford.

Reviews the book "Post-War Monetary Stabilization," by Gustav Cassel.

Reviews the book "Introduction to the Mathematical Theory of Finance," by C.H. Forsyth.

Reviews the book "Gano's Commercial Law."

Reviews the book "Principles of Business Law," by Essel R. Dillavou and Charles G. Howard.

Reviews the book "Manual of Pathfinder Accounting System for Municipalities."

The article focuses on the effect of business policy upon accounting and vice-versa. The most pressing problem facing large enterprises is the problem of controlling the organization through co-ordination, so as to achieve teamwork in executing a united program. Natural growth, consolidations, development of chain systems, and other influences have increased the size, complexity, and territorial dispersion of individual concerns and have created a situation out of which methods of managerial control arise from necessity. The growth of knowledge as to "best" ways of business operation has thrown into the spotlight the tendency of individuals to follow their own inadequate methods. Gains from adopting methods of "best" practice, together with the value of consistency of action within the fields set by sound organization, is rapidly forcing the deliberate adoption of company and departmental policies to establish control over objectives and operating methods. Departmental policies are concerned with procedures instead of objectives, are determined systematically if not scientifically and are changeable to cope with changing conditions or the increasing knowledge of principles of business practice

This article presents news related to universities in the U.S., as of September 1929. W.H. Rowe, assistant professor of finance and accounting at University of Akron, is leaving the department to enter the Division of Finance of the Bureau of Agricultural Economics at Washington. W.F. Smith, certified public accountant of Upleger and Co., who has been a lecturer in the department at Baylor University, is resigning his position and D. Hudson, cashier of the university, will assume this work. Professor M.S. Carroll has been continuing his graduate study at the University of Chicago this summer. Students majoring in accounting have organized a society to promote further interest in the subject of accounting. Associate professor at University of California C.C. Staehling will be on sabbatical leave to complete work on a book on partnerships and their accounting problems. Lewis Lilly, certified public accountant at McLaren and Goode, will assume some of professor Staehling's work. L.O. Foster, instructor in accounting at University of Illinois, goes to Western Reserve University as assistant professor of economics to take charge of the work in accounting.

This article focuses on the problem of whether every corporation should be compelled by law to publish detailed reports of internal affairs. The article considers the objections to this proposed legislation, makes some general observations on the problem, and draws conclusions from the survey conducted as of September 1929. Among the arguments in support of this proposed legislation a considerable amount of propaganda was encountered. Very convincing theories were put forth in some instances which upon close scrutiny proved wholly fallacious. The same deceptiveness will be found among the objections in a still greater degree. In fact a discussion of the objection is a grand expose of misleading arguments that have been broadcast by the defense in order to develop a strong public opinion against the proposed law. Salient among defense arguments stands the objection that a law which required publication of corporate affairs would be in violation of the private rights of corporations. The private business corporation, it is said, is a private concern just like a personal enterprise or partnership and the public is not justified in meddling in its affairs.