The theory of industrial location, 254.— Preliminary deductions in the case of the shoe industry, 255.— History of the distribution of the industry. Period 1630–1760: non-localized hand work, 257.— Period 1760–1860: localization of the hand industry, relation of railroads to factors of transportation and labor cost, 259.— Period 1860–1900: effect of mechanization, shifts in the tanning industry, changes in financing; equalization of regional advantages, 264.— Period since 1900: rapid style changes, foreign markets, labor organization, 269.— Outlook for the future, 273.— The theory in the light of experience in the shoe industry, 274.

I. Marginal productivity ignores important forms of investment, 627; and is inaccurate even for "productive" investment, 628.— The "law" of diminishing productivity vague and subject to serious exceptions, 630.— Marshall's doctrine of marginal net product does not explain general wages, 631; but throws light on the process of equilibrium-seeking, 632.— The application of labor to land, 633.— II. "Demand for labor" a misleading expression, 634.— Factors which determine it, 635.— The "method of increments" not involved, 638.— In what sense wages are residual, 639.— III. Practical implications: for changes in working hours, 640; consumer borrowing, 641; raising of wages above equilibrium rate, 642; elasticity of demand for labor, 643.

Abstract The principal effect of a corporation law on financial statements is in the presentation of the net worth accounts. This effect arises from the definitions, sometimes implied, of capital and surplus, and from prescribed methods of establishing, and of increasing or decreasing capital and surplus. It is essential that an accountant, properly to serve and protect the interests of his client, interpret for that client and for the public which relies on the client's financial statements, the effect produced by law on such statements. Only by making a study of the law of the states of incorporation and residence may he determine how the facts may be best displayed. Certain requirements of the Michigan and Delaware Corporation Acts with regard to the capital and surplus accounts of corporations are worthy of special note. By a study of certain sections, and by amplifying and clarifying, the accountant may display the facts in a manner which will more clearly inform clients on important matters, and enable them properly to chart their future course. The discussion in the article deals only with the net worth section of financial statements, such as the display of information showing changes in capital and surplus, and the effect on the balance sheet of a corporation by the purchase of its own capital stock.

Reviews the book "Want and Plenty," by Jacob H. Hollander.

Reviews the book "The New York Money Market ," vol. 1, "Origin and Development," by Margaret G. Myers, vol. 2, "Sources and Movements of Funds," by Benjamin Haggott Beckhart and James G. Smith, vol. 3, "Uses of Funds," by Benjamin Haggott Beckhart and vol. 4, "External and Internal Relations," by Benjamin Haggott Beckhart, James G. Smith and William Adams Brown.

Reviews the book "American Business Leaders," by F.W. Taussig and C.S. Joslyn.

Abstract The last two decades have witnessed an enormous increase in the use of the holding company as a device for financing and welding together hitherto independent units of business operation, as of March 1933. In no field of business endeavor has the growth of holding companies been so pronounced as in the field of public utilities. The motives prompting its use have often been of questionable character. Financial history is replete with instances in which the purpose apparently has been to achieve individual objectives at the expense of the balance of society. Even a superficial study of the economic losses resulting from holding company collapses raises a serious question as to their social desirability. Some students of business insist that the holding company is a by-product of a period of stable price levels when increased outputs with declining costs were the order of the day. They insist that during trying times disintegration will take place and that the successful business of the immediate future will be the small business unit which has shaken itself free from expenses entailed by heavy overheads and idle plants found in the larger organizations.

Reviews the book "The Banking Situation in the United States."

Reviews the book "Quelques documents et quelques ouvrages français antérieurs au règne de Louis XIII, ayant trait à la morale, à la doctrine et à la comptabilité commerciales," by Albert Dupont.

Reviews the book "Prices," by George F. Warren and Frank A. Pearson.