of continuous travel made it necessary to unite the many short lines into a continuous system. Professor Dozier lays much stress on the rivalry of growing towns and cities in the South as a cause in the development of railroads. This cause has been in evidence everywhere in the United States as one of the great stimulating factors in inaugurating communication enterprises of all kinds. Questions of chartering, operation, and methods of construction are discussed in sufficient detail to give the student a good idea of the conditions under which the roads were brought into existence and operated throughout the earlier years of their history. Many of the evils complained of in later years of railroad operation made their appearance before 1860 in some of the lines which were to become the Atlantic Coast Line System. Thus were raised the questions of rates on long and short hauls, the effect of water competition on railway rates, and the use of passes as a reward for past favors and of securing new ones. Higher charges for short than for long hauls were justified at that time on the basis that "frequently the regular through train could not carry all the produce and it was necessary to run a train empty from Wilmington to within a short distance of Weldon, and receive pay for the last thirty miles only." When shippers along the main lines complained that farmers or merchants on the feeders were obtaining lower rates the railroad officials replied that "the carrying of additional freight and passengers attracted from territory which would not have patronized the road otherwise cost very little more and the income was almost clear gain. This gain could be applied to paying dividends and operating expenses and local rates thereby reduced." According to Professor Dozier, the integration of the Atlantic Coast Line roads reveals practically every phase of railway development elsewhere in the United States except cut-throat competition. The absence of that feature was due in large measure to the destruction wrought by the Civil War from which southern roads made slow recovery, and to the unfortunate results of the panic of 1873. The retarding of southern railway development due to these causes enabled the South to escape many of the evils of cut-throat competition and the rate wars of the late seventies and eighties. Profiting by the experience of the northern and western roads they were spared many of the evils of high finance, with the result that there is nothing in the history of the Atlantic Coast Line System comparable to the practices outlined by Mr. Charles Francis Adams in his A Chapter of Erie. Professor Dozier's volume is well documented and is provided with maps and tables to illustrate the development of the Coast Line railroads. Washington University. NEW BOOKS ISAAC LIPPINCOTT. ACWORTH, W. M. Historical sketch of state railway ownership. (London: John Murray. 1920. 3s. 6d.) BRADLEY, G. D. The story of the Santa Fe. (Boston: Badger. 1920. Pp. 288. $3.) EMERSON, H. The railroad situation. Why 30 per cent rate increase is not enough. (New York: Emerson Engineers, 30 Church St. 1920. Pp. 47.) GIESE, K. Das Seefrachttarifwesen. (Berlin: Springer. 1919. Pp. xvi, 379.) HUEBNER, G. G. Ocean steamship traffic management. (New York: Appleton. 1920. Pp. xv, 273. $3.) A clear and systematic statement of the technical side of ocean traffic procedure. The three parts cover the traffic organization of ocean shipping, ocean shipping documents, and ocean rates and regulation. Among the topics discussed are the organization of the freight traffic department of a steamship line, freight brokerage, rate and traffic agreements, freight forwarding business, and government regulation of ocean rates and services. There are some eighty different forms inserted, also charts. The material is exceptionally well arranged. LEE, E. Some human factors in railroad earning power. (Philadelphia: Pennsylvania System. 1920. Pp. 12.) MACKLEY, A. R. An outline of federal rate regulation. (Washington: Author. 1919. Pp. 96.) NORTHROP, C. B. Reparation under commerce act. (Washington: B S. Adams. 1920. Pp. 156.) OGILVIE, P. M. International waterways. I. Evolution of the principle of international waterways. II. Reference-manual to the treaties, conventions, laws, and other fundamental acts governing the inter-use of inland waterways. (New York: Macmillan. 1920. Pp. 424. $3.) PROUTY, C. A. Address before the Associated Industries of Massachusetts, Boston, February 2, 1920. (Washington: Bureau of Railway Economics. 1920. Pp. 38.) RUSH, T. E. The port of New York. (Garden City, N. Y.: Double1920. Pp. 361. $3.50.) day, Page. SABIN, E. L. cott. 1919. Building the Pacific Railway. (Philadelphia: Lippin- SAKOLSKI, A. M. Railroad situation in the light of the new legislation. (New York: Equitable Trust Co. 1920. Pp. 3.) SEYDEL, J. Die Organisation der preussischen Staatseisenbahnen bis zum Kriegsausbruch. (Berlin: Springer. 1919. Pp. 67.) VANDERBLUE, H. B. Railroad valuation by the Interstate Commerce Commission. (Cambridge: Harvard Univ. Press. 1920. Pp. 119.) VINSON, T. Reorganization of the railways. (Washington: J. Byrne, 715 14th St. 1920. Pp. 252. $1.) America's merchant marine; a presentation of its history and development to date. (New York: Bankers Trust Co. 1920. Pp. 257.) National freight traffic manual; foreign trade; ocean transportation; maritime terms. Second edition. (New York: Foreign-American Shipping Corp., 11 Broadway. 1919. Pp. 320. $7.50.) The new railroad legislation and railroad securities, with special ref- Trade, Commerce, and Commercial Crises International Commerce and Reconstruction. By ELISHA M. FRIEDMAN. (New York: Dutton. 1920. Pp. xi, 432. $5.) Mr. Friedman's volume deals chiefly with the conditions of foreign trade before and during the war, and with the proposals which have been made in the various countries for dealing with the after-the-war situation. Copious extracts are given from official reports and documents, and from the writings of various individuals, showing the trend of opinion. An appendix gives the text of important documents; among these are the Paris Resolutions of 1916, the Official Report (December, 1917) of the British Committee on Commercial and Industrial Policy after the War, the Covenant of the League of Nations, and the Economic and Related Clauses of the Treaty with Germany. Statistical tables show the imports and exports of the several countries before the war and during the war. It will be seen that here is material of much value. Of necessity it is largely provisional material. The world is far from having settled down. International politics and international trade are in a stage of transition. Much that is contained in this volume will fast become obsolete, and indeed some is already obsolete. The Paris Resolutions of 1916 may safely be said to be a dead letter. None the less the student will turn with interest to this helpful collection, and will find in it much that would otherwise be difficult of access. Mr. Friedman's own position is stated in the first chapter. He points out the present need of an extension of credits by the United States, both in order that aid may be given to European countries and in order that this country's transition from war conditions to those of peace may be made easier. As concerns the permanent course of events, he believes that imminent tendencies in economic development push this country toward an extension of exports and an increasing importance of international trade, and that our fiscal and commercial policy should be framed with reference to this future. In one passage he quotes with approval List's theory of the four periods of the economic development of nations, and seems to think that the ideal international relations can only be reached when a large number of countries have reached the same stage of industry, civilization, and power. The same view is expressed in a concluding passage, which runs as follows: In a more than superficial sense the war has prepared the world for an inevitable League of Nations. A degree of development, more uniform at the present time than at any other time in history, makes possible its formation. As the backward countries of the world become more industrialized, as the density of their populations tends to increase by migration, the economic dominance of Europe will probably decline still further but the interdependence of the nations of the world will increase. The process of economic decentralization will prepare for a truer political federalism. Nations commercially interdependent and politically independent alone can constitute a League of Nations. For myself, I am skeptical about standardized or uniform laws of economic development; and I am not convinced that a League of Nations is possible only between nations commercially interdependent in the sense here intimated. But these are matters of speculation, on which the reader will exercise his own judgment. F. W. TAUSSIG. Harvard University. NEW BOOKS AINSCOUGH, T. M. Report on the conditions and prospects of British trade in India at the close of the war. (London: Wyman. 1920. 2s.) AUSTIN, O. P. Trading with our neighbors in the Caribbean. (New York: National City Bank. 1920. Pp. 63.) DENJEAN, F. Le commerce russe et le révolution. (Paris: Payot. 1920. 5 fr.) Dix, A. Wirtschaftskrieg und Kriegswirtschaft. (Berlin: Mittler. 1920. Pp. vi, 369.) DUDENEY, F. M. The exporter's handbook and glossary. (London: Putnam. 1920. Pp. 254. 6s.) FORD, T. F. and L. C. The foreign trade of the United States. (New York: Scribner. 1920. Pp. xiv, 325. $3.) VON GERNET, B. Die Entwicklung des Rigger Handels und Verkehrs im Laufe der letzten 50 Jahre bis zum Ausbruche des Weltkrieges. (Jena: Fischer. 1920. Pp. ix, 168.) HENIUS, F. The A B C of foreign trade. (Indianapolis: BobbsMerrill. 1920. $2.50.) LOINBERGER, I. H. Commercial crises; a discussion of the present economic situation and the origin of crises. (St. Louis: American Credit-Indemnity Co. 1920. Pp. 131.) MCHUGH, J. A plan for the financing of America's foreign trade. (New York: Author, Am. Bankers Assoc. 1920. Pp. 14.) MEYER, E., JR. Address on the foreign trade outlook to the Industrial Club of Chicago. (Chicago: Industrial Club. 1920. Pp. 18.) MOLES, O. C. Foreign laws and regulations affecting the export of American leather. (New York: Tanners' Council. 1920.) MOREL, E. D. Red rubber. A story of the rubber slave trade on the Congo. Revised edition. (New York: Huebsch. 1919. Pp. 225. $1.25.) PLAUT, T. England auf dem Wege zum Industrieschutz. Schlüsselindustrien und Handelspolitik. (Hamburg: Braunschweig. 1919. Pp. viii, 104.) PRATT, E. E. Foreign trade; a review of the economics of foreign trade in its relation to the individual trade. Second edition. (New York: Business Training Corp., 185 Madison Ave. 12 vols. $55.) PRECIADO, A. A. Exporting to the world. (New York: McCann. $5.) RHEA, F. Far eastern markets for railway materials, equipment and supplies. (Shanghai: Kelley & Walsh. 1920. $1.) |