F OLLOWING several years of relatively easy money, the year I928 was marked by a more vigorous upward movement of interest rates than any year since the post-war inflation period. The discount rates of the Federal Reserve Bank of New York and of a number of other reserve banks were raised three times in the course of the year, carrying these rates from 3'2 per cent at the beginning of the year to 5 per cent at the end. The relative levels of money rates at the two year-ends are shown in the following table: (Per Cctt)

I N September I92I, the Harvard Economic Service first published its Unadjusted Monthly Index of the Volume of Manufacture. This unadjusted index was published currently until the following March when the adjusted monthly index was first presented. It was not until August I922, however (shortly after preliminary data from the I9I9 Census of Manufactures became available), that the index appeared as a combination of the three subordinate indexes registering fluctuations in the physical volume of output of (I) basic materials, (2) equipment and vehicles, and (3) consumption

extent and direction of the month-to-month fluctuations were substantially accurate, the general level of the index was somewhat too low. The current revision was undertaken therefore in order to correct this discrepancy in level and, at the same time, to improve the several industry indexes. Chart i presents the revised mining index, monthly, for the period since August 1922, in comparison with the unrevised index which is shown for the interval since January 19I9. The tie-on between the old and the new index was made in August 1922, the closing month of the prolonged coal strike in the bituminous coal and anthracite fields. The two indexes were then practically coincident. The higher level of the revised index is accounted for in the main by revisions in the normal lines for output of anthracite and bituminous coal and for shipments of iron ore. The technique of the analysis has in general been similar to that of the revision of the index of the volume of manufacture which was discussed in detail in the May 1929 REVIEW. The revised index, like the old, is a weighted arithmetic average of relatives, the weights being based upon average values of the minerals over a period of years. The fuels and metals group indexes have been retained and are shown in graphic form on Chart 2. The fluctuations in the

Journal Article Senior's Social Economy Get access Redvers Opie Redvers Opie Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 43, Issue 2, February 1929, Pages 363–375, https://doi.org/10.2307/1882479 Published: 01 February 1929

Journal Article Academic Economics in Present Russia Gelesnoff, Grundzüge Get access M. M. Bober M. M. Bober Lawrence College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 43, Issue 2, February 1929, Pages 352–363, https://doi.org/10.2307/1882478 Published: 01 February 1929

Abstract There is an evident tendency nowadays to crystallize accounting standards and essentials of business and financial practice in the form of explicit legal statement. State corporation acts, for example, have been steadily becoming more exhaustive and technical with respect to such subjects as form of capitalization, issuance of shares, dividends, valuation of assets, sale of property, and so on. The following is an outline of points which may well be covered in the dividend code or which should, at any rate, be carefully considered by those charged with the duty of framing the dividend section or sections of the act. The source and measure of dividends is profit, current or accumulated, or,.in special cases, increase in value of assets not yet converted through sale or other disposition. Disbursements by corporations in excess of this measure are reductions in capital and should be labeled as such, and should be charged to stated capital or to a special contra account modifying stated capital. There should be no exception to this definition in the case of wasting enterprises such as mines.

Reviews the book "Gano's Commercial Law."

Reviews the book "Handbook of Corporate Management and Procedure," by Earl H. Salters.

Reviews the book "Principles and Exercises in Accounting," by Nathaniel Filfus.

Reviews the book "Mergers and the Law ."