fective control is difficult or impossible. The situation demands federal control, and it may be necessary to secure an amendment to the Constitution with this end in view. In the first place, there should be a national corporation law, with provision for reasonable publicity and accountability. Secondly, the weapon of tariff reform should be held in reserve. Discrimination in railway rates should also be prevented, and some limitation of the power of the Standard Oil Company could be secured by control of transportation by pipe lines.

M. Saint-Léon favors the cartell rather than the trust. Monopoly, he says is not the necessary end of the cartell. It preserves the independence of its members, there is no undue inflation of capital, and the benefits of organized production are usually secured by a conservative and moderate policy. Monopoly, on the other hand, is an anti-social phenomenon the exploitation of the weak by the strong.

Wherever the trust is found [the author says] it tends to a régime of industrial tyranny, which, while enriching the few beyond all reasonable limits, is prejudicial to the general welfare.

With regard to both forms of industrial combination we have two extreme theories: on the one hand glorification of the trust as the necessary product of economic evolution, on the other indiscriminate denunciation of the slightest tendency toward monopoly. Economic truth lies midway between these two extremes. We must seek for a principle of reconciliation between the interests of industry and those of society at large. This principle is necessarily contingent, varying with changes of place and time. It nevertheless exists and cannot long be hidden from conscientious investigation. Economic preeminence will belong to the nation that shall discover this principle and take it as the rule of her industrial politics.

UNIVERSITY OF DENVER.

J. E. LEROSSIGNOL.

BOOK NOTES.

In J. e. the groemor of Massachusetts appointed, at the fozace of the state legislature, a committee on the relations between employer and employee, which in tioded among its members such men as the Hon. Carroll D. Wright and Professor Davis R. Dewey. Its report, published in a pamphlet of 118 pazes, presents a valuable review of the questions which arise between employer and employee and which call for legislative interference. Such topics as proft sharing, arbitration, the attachment and assignment of wages, the regulation of the hours and conditions of labor, employers' Hability and the use of the injunction in labor disputes, are discussed and amendments to the present Massachusetts laws suggested. The recommendations of the committee are favorable to a further restriction of the hours of labor of women and children; to continued reliance on purely voluntary arbitration, supplemented, however, by cumpulsory investigation through the state board of arbitration for the settlement of labor disputes; to the discontinuance of "omnibus" injunctions, and provision that punishment for crime shall take into account any punishment for contempt of court that may have been imposed in connection with the commission of the crime; and a workmen's compensation act similar to that adopted by Great Britain in 1897. These recommendations are reenforced by cogent arguments and by appendices giving the laws of other countries. If followed up by the state legislature, the work of this committee should serve to confirm to Massachusetts its wellearned title of leader in the field of labor legislation in the United States.

The Economic Seminary of Johns Hopkins University has compiled and published under the direction of Dr. George E. Barnett, a Trial Bibliography of American Trade-Union Publications (Baltimore, The Johns Hopkins Press, 1904; pp. 117). All of the documents referred to are to be found either in the Johns Hopkins University Library, the John Crerar Library at Chicago, the Library of Congress, or the Library of the United States Department of Labor at Washington, or at the central offices of the unions themselves, and letters are used to indicate the source of each particular title. The bibliography refers to more than one hundred different unions and includes, in addition to their periodical publications, references to their constitutions of different dates, to the proceedings of their congresses and conventions, and

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to printed agreements between employers and employees. Students of the labor problem owe a debt of gratitude to Dr. Barnett and his associates for this valuable aid to the discovery of such an elusive body of literature as that published by American trade unions.

It would be much to expect that a body of foreigners, in a hasty trip through the United States, should in the intervals of dinners and sightseeing manage to gain a very profound insight into the conditions of labor and industry here. Nevertheless, there is much that is of general interest to American readers in the Reports of the Mosely Industrial Commission (London, Cassell & Company, Ltd., 1903; 279 pp.). As American industry is rapidly advancing toward a state in which the foreign market will be of vital importance, it is interesting to us to know how our labor force compares in skill and efficiency with that of our chief foreign competitor, and whether our social and industrial organization is to prove a handicap or an aid to us. On matters of this kind, the Report offers numerous valuable suggestions, and our only regret is that it could not have been made more thoroughgoing than the limited time allotted to the investigation permitted.

The Office International du Travail has recently added to its useful publications, monographs under the editorship of Professor Étienne Bauer of Basle (Jena, Gustav Ficher, 1903), upon the Night Employment of Women in Industry and upon Dangerous Trades. The former contains an exhaustive account of the restrictions on the night employment of women in the leading countries of the world. These accounts are written by specialists in the respective countries and may confidently be accepted as accurate. In addition to editing the volume, Professor Bauer adds greatly to its value by contributing a fifty-page introduction, tracing the history of restrictions on the night employment of women and comparing the present laws of different lands. The monograph on Dangerous Trades refers especially to the match and white lead industries. It also is a collection of essays by specialists on the different phases of the subject as they appear in different countries. Professor Bauer contributes a helpful historical introduction also to this monograph.

About two years ago a series of letters appeared in the London Times ascribing the industrial troubles to the excesses of trades unions. These articles, which created quite a stir, have now been reprinted in book form by their author, Edwin A. Pratt, under the title, Trade Unionism and British Industry (New York, Dutton).. As a one-sided presentation of the case, there is no doubt that the essays contain a vigorous and apparently justifiable indictment of union methods. For the stu

My with the ingentem for bare tage v. Dr. Bern fortka skallista przÅ Å ta alataya wild both Inda and Eunge bewys dead ban the change, and a study of his chapters is wel kal data to kuliritage. See who advocate a similar reform for MexJean (bina

The student of American railway economics owes a debt of gratiBude to My 6 6. Tunell for an admirable study of railway rates and service in Kailumy Mail Service (Chicago, 1901). The first chapter is # reprint of a statement submitted to the Joint Congressional Com

don on postal affairs by the vice president of the Chicago and Northwestern railway The authorship of this concise summary was not at Hout Houtablished. The remaining portion of the book consists of

reprints of three articles published in 1899 in the Journal of Political Economy. The entire collection is undoubtedly the most convenient summary of the question available. The development of the problem has also been treated suggestively by Dr. Tunell in a pamphlet reprint outlining the development of the railway mail service-a lecture delivered at the University of Chicago in 1902. This excellent work of Dr. Tunell's in connection with the voluminous reports of the Joint Congressional Commission constitutes an important contribution to the economic history of the United States.

The schools of commerce in various universities are beginning to show some fruits of their labors in the shape of collections of addresses by men of affairs. Two such volumes lie before us, the Lectures on Commerce, delivered at the College of Commerce of the University of Chicago (University of Chicago Press), and British Industries (Longmans), delivered to students in the Faculty of Commerce in the University of Birmingham. The American volume is edited by Professor Hatfield, the English by Professor Ashley, who also furnishes an introduction. In the American volume, however, Professor Laughlin gives the introductory address. The lectures in both works are by experts in their respective fields. The American work is about equally divided into three parts, treating respectively of railways, trade and industry and banking and insurance. The industrial part includes talks on the steel industry, the art of forging, advertising, wholesale trade and the credit department. The English work goes somewhat more fully into the various industries like iron and steel, cotton, woollen and worsted, linen and flax; but also comprises a chapter on railways and shipping, and on the trust movement. On the whole, the American volume is the more varied, the breezier, and the more interesting; the English one the more solid, the more instructive, and of greater permanent value.

Combinations of farmers for the purpose of controlling the prices of their products seem to the American student of economics foredoomed to failure. Limitation of production, upon which effective price control obviously depends, is hardly conceivable when producers are so numerous that each feels that a slight increase or decrease in his own operations can affect the whole in only an infinitesimal degree. Nevertheless, agricultural cartells have been formed in Germany, and have attained at least a limited measure of success, and an unlimited measure of unpopularity. A sympathetic account of these cartells will be found in A. Souchon's Les Cartells de l'agriculture en Allemagne (Paris, Librairie Armand Colin, 1903; 351 pp.).