How statistical demand curves are constructed, 213. — The theory of the demand-and-supply curve analysis applied to a period of time, 217. — Statistical curves which would result under hypothetical conditions, 218. — Data used do not necessarily reflect influence of demand more than of supply, 222. — Whether fitted curve approximates a demand or supply curve depends on the relative variability of demand and supply, 224. — Slope of the fitted curve may not correspond to the true demand curve, 225. — In what sense may statistical demand curves be "general" demand curves? 228. — Distinction between consumer and dealer demand, 230. — Fitted curves are "static" in the sense of showing an "average" relationship, or relationship at a "typical" point of time, 231. — Do statistical demand curves assume all other things equal? 233. — Conclusions, 234.

Foreign exchange in relation to token coinage, 644. — Essence of gold-exchange standard, 645. — Its origin, 646. — The Lindsay Plan, 648. — Gold-exchange standard a failure in India, 650. — This standard in the Dutch East Indies, 651. — Operation of this standard in the Philippines, 654. — The Straits Settlements, 657. — The experience of Mexico, 658. — The validity of the principles, 660.

Classification of property for taxation needs to be extended to land, 95. — Land value exceeds capitalization of economic rent, 96.— How tax on market value of land promotes wasteful utilization, 98.— What is the remedy? The Single Tax Solution, the Socialist Solution, 101.—The income tax, 103. — The European cadastral method of taxing land, 104. — A modification of the European method proposed, 107. — Benefits illustrated from subdivision land, 109. — A classified land tax and city planning, 112. — Desirability of an increment tax, 115.

The article focuses on the valuation of intangibles in business practices for the purpose of purchase and sale. There have been a large number of variable factors that have to be taken into account in the process. However, there are several general considerations which are to a greater or less extent taken into account in all case of valuation of intangibles. In buying a business with an established earning power in excess of what is considered ordinary in the particular line of industry, the purchaser expects to pay for the capitalized value of the estimated excess earnings which may be judged to continue for a fairly definite number of years. In computing this value, a number of factors have to be considered, like, the earnings of the concern; the value of investment or which a normal rate of income is to be allowed; normal rate of earnings for the industry concerned; the amount of the excess earnings that can be transferred; the number of years during which the transferable excess earnings may be expected to accrue; and the rate for capitalizing the excess earnings thus determined.

Reviews the book "Questions and Problems in Accounting," by R.A. Stevenson and R. Emmett Taylor.

Reviews the book "Bank Audits and Examinations," by John I. Millet.

Reviews the book "Consolidated Balance Sheets," by George H. Newlove.

Reviews the book "Accountancy--Theory and Practice," by J.F. Sherwood.

In recent times, many companies have cut selling cost materially because of better accounting control particularly of the field organization. Also, an increasing interest has been shown by sales executives in sales-cost accounting. The author attempts to show how sales-cost accounting can be made to aid sales executives. The discussion centers around defining and grouping, budgeting, and apportioning selling overhead costs. Various items which are charged to selling expense by some concerns are not so included by others. The wide variation in selling expense items no doubt to a large extent is due to the difference in the sales policies of organizations as well as a lack of a common conception of the functions of the sales department. Effective budgeting of expenses presupposes proper charting of the functions of an organization so that the responsibility of performing each function can be definitely fixed. It has been noted that cost of operating in each territory and the profit and loss of each give the sales manager a basis for reorganizing his sales districts so as to make the efforts of the sales people more effective.

Professional speaker Dean Marshall made a notable contribution to business literature in the "Journal of Political Economy" for June, 1926, entitled "The Collegiate School of Business at Erehwon." In a somewhat allegorical form Dean Marshall traces the development of collegiate business education in the United States during the last ten years. He is correct in his statement that nowhere is found exactly such courses as he proposes. But the general trend of collegiate commercial education has followed his plan. His conclusions are evolutionary rather than revolutionary. The evolution of business education is stated in the following words: "The organization of material is now being modified, not because it was a failure, it was a distinct success, but because conditions seem to justify taking the next step. For one thing, in the last decade there has been a great increase in the amount of factual economic material available for use in the high schools and there will certainly be a still greater increase in the future. This seems to justify looking forward to a somewhat more mature and generalized presentation of our economic organization at the junior college level. For another thing, the materials of Instruction which Erehwon has developed in the various subdivisions of this field can now rather readily be arranged so as to give in a single course a more organic presentation of economic organization than was possible in the half-dozen somewhat specialized courses."