In every business the executive deals with a great variety of reports, statements, statistics and charts. This volume is designed to set forth the principles and to describe the methods by which they should be interpreted.

In the discussion of private and public budgets is included data that will be of the utmost value to every business man. You will find a thorough discussion of budget making and a clear outline of what should and what should not be done.

Instructions for the a.n.a.lysis of the reports and financial statements of industrial organizations and railway companies are set forth.

INVESTMENTS

_Farm mortgages_ _Urban real estate_ _Public bonds of domestic origin_ _Bonds of foreign origin_ _Bonds and stock contrasted_ _Bonds and stock cla.s.sified_ _Railway securities_ _a.n.a.lysis of railroad securities_ _Public utility securities_ _Industrial securities_ _Mining securities_ _Oil securities_ _The cycle of trade_ _Investment barometers_ _The dream land of finance_ _General rules_

Every successful business man at some time in his career has occasion to seek gilt-edge investments--either for his own surplus funds or for those of his company.

The daily losses of investors' capital are evidence of the need for a volume which aims to qualify you to make the critical a.n.a.lysis of securities which is necessary to an intelligent estimate of their value.

Such topics as farm mortgages and urban real estate are thoroughly discussed and the opportunities in this new field for the investor are clearly explained. Domestic bonds, foreign bonds, securities of industrials, railways and public utility corporations are a.n.a.lyzed in a way to help you make an intelligent estimate of their value.

In this volume you will find a thorough study of the subjects of security fluctuation and trade cycles, together with information on the general rules and technique of trading.

BUSINESS AND THE GOVERNMENT

_Business and the public in partnership_ _Taxation and business_ _Government, natural resources and the farmer_ _Government encouragement of industries and commerce_ _Public inspection of business_ _Problems of employment_ _Public service corporations_ _Local public utilities_ _Trusts and combinations_ _The postal service_ _Should public management be extended?_ _The great war: its effects, its influence, its lessons_

The Course opens with the personal relations of a man to a business and continues with an a.n.a.lysis of the various activities which const.i.tute modern business. In this section it closes with the manifold relations of business to government.

Business is, as it were, in partnership with the government. In this partnership the government is active, as there are government departments aiming to promote business in manufactures and in trading.

Business, of course, cannot exist without government, and as the war demonstrated, government cannot exist without business. Business is restive, however, under the close supervision wrought of war necessities.

How far is such supervision justified in times of peace?

This is a question both of principle and expediency and all its aspects are brought out in the discussion of specific problems, the tariff, trusts and corporations, public utilities, national and local, and the like.

Chapter VII

ADVISORY COUNCIL

_The Advisory Council has general supervision and direction of the policies and activities of the Inst.i.tute._

=Joseph French Johnson, D.C.S., LL.D.= _Dean, New York University School of Commerce, Accounts and Finance_

Graduated Harvard University, 1878; studied political science and economics in Europe; began newspaper work on the Springfield _Republican_, 1881; moved to Chicago, 1883, and became financial editor of the Chicago _Tribune_; established the Spokane (Wash.) _Spokesman_, 1890, sold his interest, 1893, and became Professor of Finance in the University of Pennsylvania; appointed Professor of Political Economy in New York University, 1901; Dean of the School of Commerce, Accounts and Finance since 1903; Secretary of the Special Currency Committee of the New York Chamber of Commerce in 1906; appointed by the National Monetary Commission to investigate and report on the Canadian banking system, 1909; Treasurer of the Economic Club of New York since 1908; Director of the Merchants' a.s.sociation of New York since 1908; received degree of Doctor of Commercial Science from Union College, 1909; member, New York Chamber of Commerce; member of Mayor Gaynor's Commission on New Sources of Revenue for New York City, 1912; member of Van Tuyl Commission to Revise the Banking Law of State of New York, 1913; received degree of Doctor of Laws from Hobart College, 1915; author of "Money and Currency,"

and "Syllabus of Money and Banking," and author of the Modern Business Text on "Business and the Man" and "Economics--the Science of Business."

=Frank A. Vanderlip, A.M., LL.D.= _Financier_

Educated at the Universities of Illinois and of Chicago; after his graduation reporter on the Chicago _Tribune_, and later financial editor; also part owner and a.s.sociate editor of the Chicago _Economist_; became private secretary to Secretary of the Treasury Gage, March, 1897; appointed a.s.sistant Secretary of the Treasury, June, 1897; appointed Vice-President of the National City Bank of New York, 1901; delegate to the International Conference of Commerce and Industry held at Ostend, Belgium, 1902; served as President of the National City Bank of New York, 1909-1919; member, New York Chamber of Commerce; trustee, Carnegie Foundation; member of the Council of New York University; Director, Union Pacific Railroad Company, and of various industrial and banking corporations; author of "Chicago Street Railways," "The American Invasion of Europe" and "Business and Education"; Chairman, Board of Directors, American International Corporation.

=Jeremiah W. Jenks, Ph.D., LL.D.= Research Professor of Government and Public Administration, New York University

Graduated University of Michigan, 1878; admitted to the Michigan Bar; graduate student, receiving degree of Ph.D., University of Halle, 1885; Professor of Political Science, Knox College, 1886-1889; Professor of Political Economy, Indiana University, 1889-1891; Professor of Political Economy and Politics, Cornell University, 1891-1912; Professor of Government and Director of the Division of Public Affairs, New York University, 1912-1918; President of the American Economic a.s.sociation, 1906-1908; expert agent of United States Industrial Commission engaged in the investigation of trusts and industrial combinations in the United States and Europe, 1889-1901; expert adviser to the United States Department of Labor, 1901-1902; special commissioner of the United States War Department to investigate questions of currency, labor and taxation in the Orient, 1901-1902; special expert on currency reform for the Government of Mexico, 1903; member of the commission on International Exchange to advise government of China on Currency, 1903-1904; Director of the Far Eastern Bureau, since 1913; member of the United States Immigration Commission, 1907-1910; member, High Commission of Nicaragua, since 1918; author of "The Trust Problem," "The Immigration Problem," "Citizenship and the Schools," "Great Fortunes--the Winning, the Using," "The Principles of Politics," "Great American Issues" (written with John Hays Hammond), and of numerous government reports; and author of the Modern Business Text on "Business and the Government."

=T. Coleman duPont, D.C.S.= _Business Executive_

Educated at Urbana University, Chauncy Hall School and Ma.s.sachusetts Inst.i.tute of Technology; later Surveyor for the Louisville & Southern Exposition and Engineer for the Central Coal & Iron Company; afterward engaged in extensive coal and iron mining, construction and management of public utilities; for thirteen years President of E. I. duPont de Nemours Powder Company; President, Central Coal & Iron Company; President, McHenry Coal Company; President, Johnson Coal Company; President, Main Jellico Mountain Coal Company; President, Johnstown Pa.s.senger Railway Company; Vice-President, Greeley Square Hotel Company; Director, Union National Bank of Wilmington; Director, Empire Trust Company; Director, National Surety Company; member, Republican National Committee; Chairman, Republican State Committee of Delaware, 1904. Launched a comprehensive plan for remodeling Central City. Chairman of the Inter-Racial Council. Interested in one of the largest hotel companies in America, controlling Waldorf-Astoria, Claridge, McAlpin, New Willard. New York University, D.C.S., 1919.

=John Hays Hammond, D.Sc., LL.D.= Consulting Engineer

Educated in public and private schools; graduated from Sheffield Scientific School (Yale), 1876; appointed by the United States Geological Survey in 1880 to examine California and Mexican gold fields; consulting engineer to Union Iron Works, San Francisco, and to Central and Southern Pacific Railroads; has made extensive examinations of properties in all parts of the world; became consulting engineer for Barnato Bros. in 1893 and later for Cecil Rhodes, with whom he was closely a.s.sociated,; consulting engineer, Consolidated Gold Fields Co. of South Africa and the Randfontein Estates Gold Mining Co.; was one of the four leaders in reform movement in the Transvaal, 1895-1896; after varied experience in London, he returned to the United States and became a.s.sociated with some of the most important financial groups in this country, purchasing and promoting mining properties in this country and Mexico; lecturer at Columbia, Harvard, Yale and Johns Hopkins Universities; President of the National Republican League; President, American Inst.i.tute of Mining Engineers; Fellow A.A.A.S.; member National Civic Federation, and other civic and political bodies; contributor to many scientific magazines; appointed by President Taft as special amba.s.sador and representative of the President at the Coronation of King George V; President of the World Court Congress. Honorary degrees: Yale, A.M., 1898; Stevens Inst.i.tute of Technology, D.E., 1906; St. John's College, LL.D., 1907; University of Pittsburgh, D.Sc., 1915; collaborator on the Modern Business Text "Business and the Government."

STAFF

_The members of the Staff conduct the Modern Business Course and Service_

=Bruce Barton= _General Publicity_

Graduated from Amherst College. Managing editor _Home Herald_, Chicago, 1907-1909; managing editor _Housekeeper_, 1910-1911; a.s.sistant sales manager P. F. Collier and Son, 1912-1914; editor _Every Week_, 1914-1917; publicity director United War Work Campaign; President of Barton, Durstine and Osborne, Inc., advertising agents. Author of "More Power to You," "It's a Good Old World," "The Making of George Groton," and contributor to leading magazines and business papers.

=Dwight E. Beebe, B.L.= _Collections_

Graduate of the University of Wisconsin; for three years a.s.sistant to the Sales Manager of the Westinghouse-Nernst Lamp Company of Pittsburgh; for three years connected with the Publicity Department of Allis Chalmers Company, Milwaukee; later a.s.sociated with Charles Austin Bates, New York City; appointed Bursar of the Alexander Hamilton Inst.i.tute in 1911. Director of Service since October, 1918. Collaborator on the Modern Business Text on "Credit and Collections."

=Geoffrey S. Childs, B.C.S.= _Office Methods_

Educated at Bryn Athyn Academy; graduate of New York University School of Commerce, Accounts and Finance. Formerly with Trackless Trolley Company; and British and American Mortgage Company, New York City. a.s.sistant Chief Clerk, Alexander Hamilton Inst.i.tute, 1914-1915. Office Manager of Alexander Hamilton Inst.i.tute since June, 1915. Collaborator on the Modern Business Text on "Office Administration."

=Edwin J. Clapp, Ph.D.= _Transportation and Terminal Facilities_

Graduate of Yale University; after graduation spent one year teaching at Hill School, Pottstown, Pa.; two years as factory a.s.sistant and traveling salesman with the Robin Hood Ammunition Company; Instructor in Political Economy, Yale University, 1911-1912; a.s.sistant Professor of Trade and Transportation, School of Commerce, New York University, 1912-1914; Special Traffic Commissioner to the Directors of the Port of Boston, 1914; Special Adviser to the Mayor and Harbor Commissioners of Troy; Professor of Economics, New York University and Lecturer on Transportation in the School of Commerce, Accounts and Finance, New York University, 1914; Special Adviser to the Legal Department of the New York, New Haven and Hartford Railroad in its Sound Lines Cases; author of "The Navigable Rhine," "The Port of Hamburg," "Economic Aspects of the War," "The Port of Boston," the Modern Business Text on "Transportation."

=Raymond J. Comyns, B.C.S.= _Personal Salesmanship_

Educated at New York University School of Commerce, Accounts and Finance; connected with branch of the Equitable Life a.s.surance Society, 1900-1901; Accessionist, New York Botanical Gardens, 1902; entered Tenement House Department, New York City, 1903; Acting Chief Inspector of Tenements, Bronx Borough, New York City, 1907; Examiner of Charitable Inst.i.tutions, New York City, 1909-1910; Lecturer on Salesmanship and Sales Management, New York University School of Commerce, Accounts and Finance; representative in Colorado of the Alexander Hamilton Inst.i.tute, 1911-1913; appointed Staff Secretary in charge of Enrolments, 1913; a.s.sistant Director of Sales since 1915; Co-author, Modern Business Text on "Salesmanship and Sales Management."

=Herbert F. deBower, LL.B.= _Advertising and Sales Policies_ _Business Promotion_