Forging Ahead in Business Alexander Hamilton Institute 791 downloads.pdf

The Project Gutenberg eBook of Forging Ahead in Business
This eBook is for the use of anyone anywhere in the United States and most
other parts of the world at no cost and with almost no restrictions
whatsoever. You may copy it, give it away or re-use it under the terms of
the Project Gutenberg License included with this eBook or online at
www.gutenberg.org. If you are not located in the United States, you will
have to check the laws of the country where you are located before using
this eBook.

Title: Forging Ahead in Business

Author: Alexander Hamilton Institute

Release date: November 5, 2011 [eBook #37924]
Most recently updated: January 8, 2021

Language: English

Other information and formats: www.gutenberg.org/ebooks/37924

Credits: Produced by Charlene Taylor, Henry Gardiner and the Online
Distributed Proofreading Team at https://www.pgdp.net (This
file was produced from images generously made available
by The Internet Archive/American Libraries.)

*** START OF THE PROJECT GUTENBERG EBOOK FORGING
AHEAD IN BUSINESS ***

Transcriber's Note: The original publication has been
replicated faithfully except as listed here.

Modern Business

FORGING AHEAD IN BUSINESS

Modern
Business

Alexander Hamilton Institute
Astor Place New York City

Canadian Address, C. P. R. Bldg., Toronto.
Australian Address, 8a Castlereagh Street, Sydney.

Copyright, 1921, by Alexander Hamilton Institute

CONTENTS
PAGE

Foreword—The Law of Success 7
CHAPTER
I The Modern Business Course and Service 9
II The Danger of Specializing Too Early 30
III Pushing Beyond the Half-way Mark 35
IV A Personal Problem 43
V The Question Before You 69
VI Descriptive Outline of the Course 72
VII Advisory Council, Lecturers and Staff 97
—Advertisements 121

Organization of the Alexander Hamilton Institute

Advisory Council

Joseph French Johnson, D.C.S., LL.D.
Dean, New York University School of Commerce, Accounts and
Finance
Frank A. Vanderlip, A.M., LL.D.
Financier
T. Coleman duPont, D.C.S.
Business Executive
John Hays Hammond, D.Sc., LL.D.
Consulting Engineer
Jeremiah W. Jenks, Ph.D., LL.D.
Research Professor of Government and Public Administration, New
York University

Special Lecturers

Erastus W. Bulkley, Member of the firm, Spencer Trask and Company
Herbert S. Collins, Vice-President, United Cigar Stores Company
Henry M. Edwards, Auditor, New York Edison Company
Harrington Emerson, Efficiency Engineer
Charles Ernest Forsdick, Controller, Union Oil Company
Orlando C. Harn, Chairman of Sales, National Lead Company
A. Barton Hepburn, Chairman, Advisory Board, Chase National Bank, New
York
Frederic H. Hurdman, Certified Public Accountant
Lawrence M. Jacobs, Vice-President, International Banking Corporation
Jackson Johnson, Chairman, International Shoe Company, St. Louis
Fowler Manning, Director of Sales, Diamond Match Company
Finley H. McAdow, Past President, National Association of Credit Men

General Charles Miller, Former Chairman of the Board, Galena-Signal Oil
Company
Melville W. Mix, President, Dodge Manufacturing Company
Emmett H. Naylor, Secretary-Treasurer, Writing Paper Manufacturers'
Association
Holbrook F. J. Porter, Consulting Engineer
Welding Ring, Exporter
Arthur W. Thompson, President, The Philadelphia Company of Pittsburgh
Frederick S. Todman, General Manager, Hirsch, Lillienthal & Company
John C. Traphagen, Treasurer, Mercantile Trust and Deposit Company of
New York
John Wanamaker, Merchant
Walter N. Whitney, Vice-President, Continental Grocery Stores, Inc.

Authors, Collaborators and Staff Members

Albert W. Atwood, A.B., The Stock and Produce Exchange
Bruce Barton, General Publicity
Dwight E. Beebe, B.L., Collections
Ralph Starr Butler, A.B., Marketing and Merchandising
Geoffrey S. Childs, B.C.S., Office Methods
Edwin J. Clapp, Ph.D., Transportation and Terminal Facilities
Raymond J. Comyns, B.C.S., Personal Salesmanship
Herbert F. deBower, LL.B., Business Promotion
Roland P. Falkner, Ph.D., Business Statistics
Major B. Foster, M.A., Banking Principles
Charles W. Gerstenberg, Ph.B., LL.B., Finance
Leo Greendlinger, M.C.S., C.P.A. (N. Y.), Financial and Business
Statements
J. Anton deHaas, Ph.D., Foreign Trade and Shipping
John Hays Hammond, Consulting Engineer
Edward R. Hardy, Ph.B., Fire Insurance
Warren F. Hickernell, Ph.D., Business Conditions
Solomon S. Huebner, Ph.D., Marine Insurance
Charles W. Hurd, Business Correspondence
Jeremiah W. Jenks, Ph.D., LL.D., Relation of Government to Business

Joseph French Johnson, D.C.S., LL.D., Economic Problems; Business
Ethics
Walter S. Johnson, B.A., B.C.L., Commercial Law
Edward D. Jones, Ph.D., Investments
John G. Jones, Sales Management
Dexter S. Kimball, A.B., M.E., Cost Finding; Factory Management
Bernard Lichtenberg, M.C.S., Advertising Principles
Frank L. McVey, Ph.D., LL.D., Economics
John T. Madden, B.C.S., C.P.A. (N. Y.), Accounting Practice
Mac Martin, Advertising Campaigns
G. F. Michelbacher, M.S., Compensation and Liability Insurance
T. Vassar Morton, Litt.B., Credit Practice
Bruce D. Mudgett, Ph.D., Life Insurance
E. L. Stewart Patterson, Domestic and Foreign Exchange
Frederic E. Reeve, C.P.A., Accounting Principles
Jesse H. Riddle, M.A., Banking
Frederick C. Russell, B.C.S., Auditing
Bernard K. Sandwell, B.A., International Finance
William W. Swanson, Ph.D., Money and Banking
John B. Swinney, A.B., Merchandising
William H. Walker, LL.D., Corporation Finance

THE LAW OF SUCCESS
During the winter of 1883 a slim, studious young man was working as
assistant foreman in a greasy little machine shop at Aurora, Illinois. He was
saving money with a view to spending the next year at the State University,
and he was devoting every minute of his spare time to thought and reading.
He was not making much of a stir in the world, and only a few of his close
friends ever gave a second thought to his ambitions or prospects.
One of these friends was a newspaper reporter, a recent Harvard
graduate. He, too, was interested in study, especially of financial questions,
and he found it a pleasure to guide the reading of the young foreman. Many
an evening the two friends spent in the discussion of great economic and
financial problems. Though both men had their ambitions and dreams, it did
not occur to either one that he would ever play a big part in solving these
problems.
A few years later the Harvard graduate became financial editor of the
Chicago Tribune and brought in the younger man as his assistant. During
their years of newspaper work together they continued to study and think,
and their knowledge of business principles and methods gradually
broadened. They were fitting themselves almost without knowing it to step
forward into positions of leadership.
Today, the former reporter is the head of a great university school of
commerce; the assistant foreman became the president of the largest bank in
the United States. One of these men is Joseph French Johnson, now Dean of
the New York University School of Commerce, Accounts and Finance. The
other is Frank A. Vanderlip, the great financier.
The life histories of most men who have succeeded in a large way are
equally simple. They have looked ahead, they have planned, they have
equipped themselves with all the business knowledge available, and success
has followed. Success must follow. The law of success is as definite as the
law of gravity. Here it is:

Prepare in advance for opportunities.
It is not the dramatic moments of life that count. It is the quiet planning
and reading of the man who is getting ready now for what is going to
happen two, five or ten years from now.

Chapter I
THE MODERN BUSINESS COURSE AND SERVICE
As Dean of New York University School of Commerce, Accounts and
Finance, Joseph French Johnson had for many years continually received
letters requesting advice on what to read on business.
These demands came not only from young men, but from mature and
able executives, and sometimes even from the most successful business
leaders. To all such requests Dean Johnson was obliged to reply that the
only practical way to study the fundamental principles of business in a
systematic manner was to attend the lectures in university schools of
commerce.
At that time the literature of business was scanty and for the most part of
doubtful value. Working alone, a man could get but little help in his efforts
to widen and deepen his knowledge of business principles.
It became evident that there was a great need for an organized, logical
statement of the basic principles on which successful business is founded. It
was determined to establish an institution which should meet the demand.
After years of preparation the Alexander Hamilton Institute was established
in 1909.

The name

In selecting the name, it was agreed that none could be so suitable as that
of Alexander Hamilton.
Hamilton is perhaps chiefly remembered for his masterly statesmanship;
but he was equally conspicuous as soldier, financier, author, organizer and
practical economist.

He was without doubt the greatest manager ever employed by the United
States Government. When he became the first Secretary of the Treasury, he
found a chaotic government, without money, without credit, and without
organization. He secured order, provided funds and created prosperity. He
investigated the industries and directed the early commercial development
of the United States. "He touched the dead corpse of the public credit, and it
sprang upon its feet. He smote the rock of the nation's resources and
abundant streams of revenue gushed forth."
Hamilton was a great executive and systematizer; he himself worked out
an accounting system for the United States Government which, with but
slight modifications, remained in force for more than a hundred years.

The plan

The Modern Business Course and Service is a systematic, time-saving
method of bringing to any man's office or home that business knowledge
and training which he needs, but which he cannot acquire through his own
experience.
It is designed for the benefit of two groups of men:

(1) those who already are in executive or semi-executive positions;
(2) young men who have brains and the ambition to become
business executives.

It is intended, in general, for the men who are looking and moving ahead;
for live, keen-witted, energetic men; for men who are not satisfied to remain
in the ranks or in subordinate positions. These men may or may not have
had a thorough school and college training; that is not an essential. They
may or may not have wealth and high position; that is unimportant. But
they must have ability and enough serious purpose to spend a portion of
their spare time in reading and thinking about business problems.

The organization

The Modern Business Course and Service is conducted by an
organization made up of business and professional men and of university
specialists in business subjects. Inasmuch as such an institution derives its
strength almost wholly from the men who are identified with it, a complete
list of these men, with brief biographical notes to show who they are and
what they have accomplished, is given in Chapter VII, on pages 97 to 118.
The Institute organization consists of four groups:

Advisory Council
Authors and Collaborators
Special Lecturers
Institute Staff
a. Consultant Staff
b. Administrative Staff

Business and educational authority of the highest standing is represented
in the Advisory Council of the Institute.
This Advisory Council consists of Frank A. Vanderlip, the financier; T.
Coleman duPont, the business executive; John Hays Hammond, the eminent
engineer; Joseph French Johnson, Dean of the New York University School
of Commerce; and Jeremiah W. Jenks, the statistician and economist. The
Council has general supervision and direction of the policies and activities
of the Institute. No important move of any kind is made without the
sanction of this body.
The Authors and Collaborators are men prominent in educational and
business circles. As authors, co-authors and collaborators they are
responsible for the Modern Business volumes. Their writing is done under
the guidance and with the cooperation of the Institute's Editorial Board.
Each one is chosen because of his particular training and ability in the field
he covers.
The Special Lecturers, whose business connections are stated on pages
111 to 118, are men of high commercial standing who have devoted time
and thought to preparing written lectures for the Modern Business Course
and Service. These lectures present some of the results of their successful
business experience.

The Institute Staff actively conducts the Modern Business Course and
Service. Many of the members of the Staff are also members of the faculties
of university schools of commerce. Every member of the Staff is a
specialist who in some one business subject is entitled to rank as an
authority. Their names, business and university connections and official
duties in the Institute are stated on pages 100 to 110.
(a) The Consultant Staff are the experts who do not give their entire time
to the Institute, but who are called upon for special information and advice
whenever the occasion requires.
(b) The Administrative Staff consists of the Senior and Junior Executives
who are active in the administrative work of the organization. These men
are heads of the departments responsible for the successful management of
the Alexander Hamilton Institute.

Subjects covered

The Modern Business Course and Service brings to a subscriber the
essential business knowledge that he does not acquire in his own
experience. The subject matter of the Course and Service is treated under
the following 24 heads:

1. Business and the Man
2. Economics—the Science of Business
3. Business Organization
4. Plant Management
5. Marketing and Merchandising
6. Salesmanship and Sales Management
7. Advertising Principles
8. Office Administration
9. Accounting Principles
10. Credit and Collections
11. Business Correspondence
12. Cost Finding
13. Advertising Campaigns
14. Corporation Finance

15. Transportation
16. Foreign Trade and Shipping
17. Banking
18. International Exchange
19. Insurance
20. The Stock and Produce Exchanges
21. Accounting Practice and Auditing
22. Financial and Business Statements
23. Investments
24. Business and the Government

Simple, elastic, workable

The Modern Business Course and Service covers the essential subjects
on which every business man should be well informed.
When an enrolment is accepted, the Institute undertakes,
1. To supply the subscriber with the Modern Business Text—the
most complete and best organized treatment of business principles
and practice that has yet been produced.
2. To guide and illuminate his reading of the Text by a series of
Modern Business Talks.
3. To bring him into touch with the ideas and methods of some of
the foremost business and professional men in the country through a
series of Modern Business Lectures.
4. To give him facilities for applying and testing his knowledge of
business principles through a series of Modern Business Problems.
5. To keep him informed on current business events and the trend
of future affairs in the commercial world by means of Monthly
Letters on Business Conditions.
6. To acquaint him with important events covering the production
and prices of general commodities and the current security market.

7. To supply him with four Modern Business Reports on
important problems; the reports to be selected by him from an
extensive list.
8. To render personal service through answers to all inquiries in
connection with his reading of the Course.
An enrolment for the Modern Business Course and Service covers a
period of two years. During that time each subscriber is constantly in touch
with the members of the Institute Staff. There are no rigid rules—no red
tape—to restrict or annoy; instead, there is personal guidance and sincere
cooperation.
The more carefully you consider the plan, the more clearly you will see
how well it is adapted to the needs of busy men who must make every
minute and every ounce of effort produce the greatest possible results.
You will see more clearly the actual scope of the Modern Business
Course and Service if you keep in view its eight main features:

1—Text
2—Talks
3—Lectures
4—Problems
5—Monthly Letters
6—Financial and Trade Reviews
7—Reports
8—Service

1—Text

The basis of the Course and Service is a series of twenty-four text-books
prepared under the careful supervision of its editors, assisted by well-known
authorities. In some cases the latter appear as authors, in others as
collaborators in the preparation of the Texts.
Dean Joseph French Johnson is Editor-in-Chief of the Course. The
managing editor is Dr. Roland P. Falkner. Associated with them is a large

editorial staff which takes an active share in the writing and preparation of
the Course. The authors and collaborators are specialists who rank as
authorities in their particular field. The series is widely recognized as the
most important contribution yet made to business literature.
The volumes in the Modern Business Series are sold apart from the
Institute Course only to universities for use as prescribed text-books in
classroom work. Among the universities which have used the Institute's
volumes as texts are:

Boston University
Brown University
Cedar Crest College
Coe College
College of the City of New York
College of William and Mary
Colorado College
Columbia University
Cornell University
Dartmouth College
Denver University
Drake University
Duquesne University
Elmira College
Georgetown University
Georgia School of Technology
Grinnell College
Kansas State Agricultural College
Lawrence College
Marquette University
Miami University
Middlebury College
New Hampshire College
New York University
Northwestern University
Ohio State University
Ohio University
Oregon Agricultural College

Pennsylvania State College
Purdue University
Queens University
Rose Polytechnic Institute
South Dakota State College
State College of Washington
Syracuse University
Toledo University
Trinity College
Tulane University
Vanderbilt University
Virginia Polytechnic Institute
University of Alabama
University of Akron
University of Arizona
University of British Columbia
University of California
University of Chicago
University of Cincinnati
University of Colorado
University of Illinois
University of Indiana
University of Iowa
University of Kansas
University of Michigan
University of Minnesota
University of Nebraska
University of Oregon
University of Pittsburgh
University of Texas
University of Washington
University of Wisconsin
Washington and Lee University
Yale University

There are about three hundred and fifty pages in each of the twenty-four
volumes. Each volume is carefully indexed and contains, in addition to the

text, a few review suggestions after each chapter which are of great value in
mastering the subject.
Questions of Commercial Law as they affect each subject are discussed
in the volume pertaining to that particular unit of the Course.
Volume 1
Business and the Man
By Joseph French Johnson, D.C.S., LL.D., Dean of
New York University School of Commerce, Accounts
and Finance; Chairman of the Advisory Council,
Alexander Hamilton Institute.

Economics—the Science of Business Volume 2
By Joseph French Johnson, D.C.S., LL.D., in
collaboration with Frank L. McVey, Ph.D., LL.D.,
President, University of Kentucky.

Business Organization Volume 3
By Charles W. Gerstenberg, Ph.B., LL.B., Professor
of Finance, and Head of the Department of Finance,
New York University School of Commerce, with the
collaboration of Walter S. Johnson, B.A., B.C.L.,
Member of the Bar of the Province of Quebec,
Lecturer on Railway and Constitutional Law, McGill
University.
Volume 4
Plant Management
By Dexter S. Kimball, A.B., M.E., Dean, Engineering
College, Cornell University.

Marketing and Merchandising Volume 5
Prepared by the Alexander Hamilton Institute in
collaboration with Ralph Starr Butler, A.B.,
Advertising Manager of the United States Rubber
Company, and John B. Swinney, A.B., Superintendent
of Merchandising, Winchester Stores.

Salesmanship and Sales Management Volume 6

By John G. Jones, Vice-President and Director of
Sales and Advertising, Alexander Hamilton Institute.

Advertising Principles Volume 7
By Herbert F. deBower, LL.B., Vice-President,
Alexander Hamilton Institute.
Volume 8
Office Administration
By Geoffrey S. Childs, B.C.S., Office Manager of the
Alexander Hamilton Institute.

Accounting Principles Volume 9
By Frederic E. Reeve, C.P.A., and Frederick C.
Russell, Controller, Alexander Hamilton Institute.

Credit and Collections Volume 10
By Dwight E. Beebe, B.L., Director of Service of the
Alexander Hamilton Institute, and T. Vassar Morton,
Litt.B., Bursar, Alexander Hamilton Institute.
Volume 11
Business Correspondence
By Charles W. Hurd, Associate Editor, Alexander
Hamilton Institute, in collaboration with Bruce
Barton, President, Barton, Durstine & Osborn, Inc.

Cost Finding Volume 12
By Dexter S. Kimball, M.E., Dean, Engineering
College, Cornell University.

Advertising Campaigns Volume 13
By Mac Martin, President of the Mac Martin
Advertising Agency.
Volume 14
Corporation Finance
By William H. Walker, LL.D., Dean of Duquesne
University School of Accounts, Finance and
Commerce.

Transportation Volume 15
By Edwin J. Clapp, Ph.D., formerly Professor of
Economics, New York University.
Volume 16
Foreign Trade and Shipping
By J. Anton deHaas, Ph.D., Professor of Foreign
Trade, New York University.

Banking Volume 17
By Major B. Foster, M.A., Assistant to the Executive
Committee, Alexander Hamilton Institute, in
collaboration with Jesse H. Riddle.

International Exchange Volume 18
Prepared by the Alexander Hamilton Institute in
collaboration with E. L. Stewart Patterson,
Superintendent of the Eastern Townships Branches,
Canadian Bank of Commerce.

Insurance Volume 19
Prepared by the Alexander Hamilton Institute, in
collaboration with Edward R. Hardy, Ph.B., Lecturer
on Fire Insurance, New York University School of
Commerce, Assistant Manager, New York Fire
Insurance Exchange; S. S. Huebner, Ph.D., Professor
of Insurance, University of Pennsylvania; G. F.
Michelbacher, M.A., Actuary of the National
Workmen's Compensation Service Bureau, and Bruce
D. Mudgett, Ph.D., Associate Professor of
Economics, University of Minnesota.

The Stock and Produce Exchanges Volume 20
By Albert W. Atwood, A.B., Associate in Journalism,
Columbia University.

Accounting Practice and Auditing Volume 21

By John Thomas Madden, B.C.S., C.P.A. (N. Y.),
Professor of Accounting and Head of the Department
of Accounting, New York University School of
Commerce.

Financial and Business Statements Volume 22
By Leo Greendlinger, M.C.S., C.P.A. (N. Y.),
Secretary and Treasurer, Alexander Hamilton Institute;
formerly Assistant Professor of Accounting, New York
University School of Commerce.

Investments Volume 23
By Edward D. Jones, Ph.D., formerly Professor of
Commerce and Industry, University of Michigan.
Volume 24
Business and the Government
By Jeremiah W. Jenks, Ph.D., LL.D., Research
Professor of Government and Public Administration,
New York University, Member of Advisory Council,
Chairman of the Board, Alexander Hamilton Institute,
in collaboration with John Hays Hammond, consulting
engineer and publicist.

2—Talks

The Modern Business Talks, which are sent fortnightly, are informal
discussions of the principles treated in the Text. As the name indicates,
these Talks bring up many specific points and cases, and show more clearly
why and how the underlying principles of scientific business should be
applied. They are particularly direct, practical and stimulating. Their
periodic visits serve to keep every subscriber in touch with the Institute
Staff and alive to the importance of following the Course systematically.
The Talks are prepared by members of the Institute Staff or other
authorities.

In the pamphlet which contains the Talk the reading assignment for the
following two weeks is suggested. On receiving the fortnightly instalment
of new material, the subscriber will ordinarily read the Talk before taking
up the reading assignment, and thus get a bird's-eye view of the ground that
is to be covered during the succeeding two weeks.
Some of the subjects discussed are:

The Shortest Way to the Executive's Chair
The Market Value of Brains
Sharing the Product
Pitfalls of Partnership
A Corporate Venture
Putting the Message Across
The Dominance of Salesmanship
Leading the Sales Force
Credit, the Motive Power of Business
Cost Records as Profit Makers
Overcoming Corporation Difficulties
The Hundred Thousand Dollar Letter
Making Advertising Pay
The Railway a Public Servant
Building Up Your Bank Credit
Cashing in on Foreign Trade
Safeguards of Insurance
What Do You Know About Wall Street?
The Benefits of Speculation
Capitalizing the Auditor's Viewpoint
Basing Decisions on Facts
Reading Accounting Records
Saving Salesmen
Holding the Watch on Your Investment
Satisfying Your Foreign Customer

3—Lectures

The written Modern Business Lectures, which are sent to subscribers
monthly during the two-year Course, have been especially prepared for the
Institute by eminent business executives, publicists and accountants, and
reflect the experience of these men in successfully handling business
problems.
They are intended, first, to show how these men have actually applied the
principles discussed in the Modern Business Course; second, to give further
information as to large and highly developed business concerns and their
methods; and, third, to bring subscribers into closer touch with the wide
circle of representative, successful men of affairs.
Some of the subjects of the Lectures are:

Essentials of a Successful Enterprise
The Value of Trade Associations
Marketing a Nationally Advertised Product
Retail Store Management
The Creation of a Selling Organisation
Efficient Credit Management
Organising an Accounting Department
Cost and Efficiency Records
Marketability of Securities
Building a Mail-Order Business
Elements of Effective Advertising
The Railway as a Business Developer
Selling in Foreign Markets
How Banks Serve Business
The Foreign Exchange Field
The Day's Work in Wall Street
Why Business Needs the Auditor
The Investment Security Business

4—Problems

One of the strongest features of the Course is the series of twenty-four
Problems—such problems as accountants, financiers, bankers and business

managers meet in practice—especially prepared for the Course by members
of the Institute Staff.
Each Problem is a carefully worded statement of all the essential factors
in some business situation; in other words, the situation is presented and
described just as it might be in the report of a subordinate official to the
head of a business enterprise. The Problems are so arranged as to
correspond closely to the assigned reading. For instance, after the subject of
cost accounts has been discussed, a Problem is given in which a knowledge
of cost accounting principles is called for. Thus, the Problems serve not
merely to test the subscriber's understanding and thinking power, but also to
fix in his mind and make definite the statements and principles contained in
the Text volumes.
When solutions to the Problems are sent in, they are criticised, graded,
and returned with suggestions for further study. Solutions to the Problems
are not, however, required. Some of the titles are:

The President's Choice
Advertising the Ayer-Hall Saws
Remodeling the Rowland-Johnson Company's Sales Organization
A Question of Profits and Financial Condition
Three Foreign Exchange Situations
Scudder's System to Beat the Market
The Reorganisation of the Industrial Realty Company
Embarking in Foreign Trade
A Fire and Its Consequences

5—Monthly Letter on Business Conditions

A business executive must have a knowledge of the fundamental
principles relating to the internal organization and management of a
business.
He should also have a basis of judging those external business conditions
over which no one group of men has control, but to the trend of which

every line of business must be adjusted in order to gain the maximum of
profit and suffer the minimum of loss.
The results of these studies are presented to the business man in a clear
and concise manner in the Monthly Letter on Business Conditions.
In order to keep subscribers informed regarding the state of business at
home and abroad, and as a basis for applying the principles explained in the
Text, the Monthly Letters will prove most helpful. The economic experts of
our Business Conditions Bureau are constantly bringing together and
interpreting facts and figures regarding bank clearings, pig iron production,
unfilled steel orders, exports and imports, railroad earnings, and such
indices of financial conditions as the reserves, loans and deposits of the
Federal Reserve Banks.
The letters discuss political events and developments in the business
world which have an influence upon price movements and conditions of
activity or depression. The business man will find them particularly
interesting, as they show him what to expect in the future by pointing out
the present trend of affairs.

6—Financial and Trade Reviews

The Financial and Trade Reviews are issued monthly by our Bureau of
Business Conditions and are designed to cover in a timely and interesting
fashion the activities in the security market by analyzing individual and
group securities and by presenting statistics on prices and earnings of
standard stocks and bonds.
The Reviews cover the production and price trends of basic commodities
and matters of interest in foreign fields. Leading articles deal with current
events of note and interest to the business community.
The Financial and Trade Review is a valuable supplement to the
principles brought out in the regular reading schedule.

7—Modern Business Reports

The Modern Business Reports are written by professional and trade
experts and members of the Institute Staff, and cover both important
business problems of general interest and technical subjects relating to
Accounting, Sales, Office Methods, Merchandising, Production and other
specialized departments.
From time to time a descriptive list of these Reports is sent to each
subscriber. From these lists the subscriber may choose four Reports at any
time during the two-year period of his enrolment.
These Reports run from ten to fifty pages in length. Each one is prepared
in reference to some specific problem and is the result of special
investigation. The subjects cover a wide field, and every subscriber will
find among them a number which are of particular interest to him.
The list of Reports includes such titles as:

Preparation for the Accounting Profession
Profit Sharing
Territorial Supervision of Salesmen
Advertising American Goods in Foreign Markets
Analysis of Bank Reports
Promotion and Organization of a Public Service Corporation
The Psychology and Strategy of Collecting
Desk Efficiency
How to Read the Financial Page of a Newspaper
Employes' Pension Systems
Evaluation of Public Utilities.

8—Service

The reading matter of the Modern Business Course is in itself of
remarkable value; subscribers have told us over and over again that one
volume, or sometimes one pamphlet, or one Report, has brought them ideas
worth vastly more than the fee for the Course and Service.

This value is largely enhanced by the fact that back of the reading matter
there is an organization of men who are anxious to cooperate in every way
possible with each subscriber. This organization is equipped to render
service at every stage of the subscriber's progress.
First of all, certain members of the Staff are assigned to the pleasant task
of carrying on correspondence with subscribers. They make an earnest
effort whenever a new enrolment is received to get into touch with the
subscriber and learn under what conditions he is working, what experience
and education he has had and what objects he has in view. With this
information before them they can often make suggestions that are directly
helpful and that mean a larger increase in the subscriber's personal benefit
from his use of the Course and Service.
Furthermore, every one who thinks as he reads comes across statements
and opinions which he does not fully understand or which he questions. The
privilege of asking about any such statements or opinions is freely open to
all subscribers. There is no limit whatever to the number of questions which
may be submitted, based on the Text or other reading matter of the Course.

The four great activities of business

There are four fundamental activities in every business—Production,
Marketing, Financing, and Accounting.
On the following page you will see the whole field of business charted in
such a way as to show clearly the relation of various business activities to
each other. Economics, the study of business conditions and business
policies, is the hub of all business activity. Radiating from it are the four
grand divisions of business—Production, Marketing, Financing,
Accounting. These in turn are subdivided into the more detailed activities
which they include.
The Modern Business Course and Service is a thorough treatment of all
the divisions indicated.

ECONOMICS

A Survey of Modern Business Science

All business activities may be classified under Production, Marketing,
Financing and Accounting. For purposes of systematic study, each of these
may be subdivided as shown above.
In addition, there are two important forces which control business—Man
and Government. For that reason a discussion of the relation between

"Business and the Man" and "Business and the Government" naturally
forms a part of the survey of modern business. The first two and the last two
assignments in the Modern Business Course and Service cover these
important subjects.
The arrangement of the subjects has been carefully planned so that the
maximum benefit will be derived by following the assignments in their
regular order. In the chart you see the logical arrangement of these subjects
as related to the business world. Note that the order in which these subjects
are treated in the Course is not according to their arrangement in the chart.
On the contrary, the more general subjects are first considered; then come
the more complex—the specializations and enlargements upon the
foundation subjects. This plan permits a progressive arrangement that
makes for a broad understanding of the science of business.
Just as any university or college requires a knowledge of certain subjects
before others can be taken up, because this more general knowledge is
essential to a proper understanding of the more advanced, so we have
arranged the subjects treated in the Modern Business Course and Service in
a similar manner.
Texts, Talks, Lectures, Problems, Monthly Letters, Financial and Trade
Reviews, Reports and Service—these are the important features of the
Modern Business Course and Service.

Chapter II
THE DANGER OF SPECIALIZING TOO EARLY
A great many young men think they have found a quick and easy road to
success by concentrating their minds wholly on the jobs they happen to
hold.
It is perfectly true that a business man must not underestimate the
importance of details.
But it is also true that large success is always built upon a clear
understanding of basic principles.
The common fallacy that it is best for a man—especially a young man—
to confine his thought and studies to his own specialty has in many
instances proved ruinous. It is easily possible to specialize so much as to
lose all sense of the importance of a broad, well-balanced business training.
We all know the lawyer who is wrapped up in his quibbles; the
accountant who sees nothing in business but a maze of figures; the
advertising man who is so fascinated by "cleverness" that he forgets to try
to sell goods; and the technical man who knows nothing about the
commercial phases of his engineering problems.
Such men cannot take their places among the higher executives because
they know little or nothing of business outside their own specialty, and they
cannot know even that thoroughly while their general outlook remains so
narrow.

Only half ready

Some years ago two young men of unusual promise graduated from a
prominent School of Mines and went to work for a big copper company as
full-fledged mining engineers. They were located at an isolated camp,

remote from civilization, and were given every chance to make good the
prediction made for them at the time of graduation.
These men soon proved that they knew a great deal about the mining of
copper. Their advancement was rapid, and within a comparatively short
time one of them was appointed General Manager and the other Chief
Engineer. To all intents and purposes they were in complete charge of the
company's interests in that locality.
It was not long before the problems put up to these two mining experts
ceased to be confined to the technical end of the business. The handling of a
large number of men, the disposition of big sums of money, the necessity of
using both men and money economically, the accounting and statistics of
their operations, and a hundred other problems no less "practical"
demanded the exercise of judgment on their part and a knowledge of
business principles that neither their technical training nor their previous
experience had supplied.
Unfortunately, these two—the General Manager and the Chief Engineer
—had their heads turned by their rapid advancement. They did not
recognize the fact that a thorough business training would have made them
well-nigh failure-proof, and they even expressed contempt for scientific
study of such subjects as accounting, banking, organization, cost finding,
selling and finance.
In course of time the operations of the company made necessary the
extension of its mining facilities, involving the erection of a concentrator
and smelter at an expenditure of a little over $2,000,000. These men were in
charge of selecting and arranging for the sites and erection of the plants.
The work had gone forward to a considerable extent when one of the
executive officers of the company from the East came to inspect the
properties and the progress of the new work. He was so disappointed at the
lack of business judgment displayed in the selection of the sites, the
drawing of contracts and other matters, that he dismissed the Chief
Engineer on the spot, and curtailed the authority of the General Manager.
He stated that thereafter he would select men who had some business as
well as technical training.

These men missed success because they lacked certain essential tools
with which to build it. Equipped with an elaborate professional kit gathered
through years of painstaking study, they still lacked that knowledge of
business principles which was necessary to enable them to turn their
technical knowledge into results.
Every one who holds, or expects ever to hold, a position of business
responsibility should be familiar with the whole field of modern business.
The reasons for this are apparent to any one who has to do with the
handling of large problems. It is necessary always to take into account all
the important factors in such problems. No matter how ably a marketing or
an accounting difficulty may be met, the solution is worse than useless if it
affects unfavorably any other phase of the business.
A business executive cannot afford to make many serious mistakes. To
guard against mistakes, he must be fortified with an all-round knowledge of
business practice—not merely a partial or one-sided knowledge.
The principles of Production, Marketing, Financing and Accounting are
fundamental and apply to all lines of business. The man who says they do
not apply because his business is "different" is simply exposing his failure
to get down to rock bottom in his thinking. Every business has its points of
difference, just as every man has an individuality of his own. But we know
that human nature, broadly speaking, is much the same in all. In a like sense
all business moves along similar lines. It all consists of producing,
marketing, financing and accounting.
The broad principles of modern business science, therefore, govern all
business. They are related to your problems, no matter how "different" your
business may appear to be on the surface.

Chapter III
PUSHING BEYOND THE HALF-WAY MARK
There is always a danger of half-way success. A man may be at the head
of an office, a department, a sales force, or a business, and yet be only a
half-way success, if what he has so far accomplished be measured against
his actual capacity. Most men, in fact, possess native ability sufficient to
carry them forward into bigger positions than those they now occupy. But to
accomplish that result it is necessary to keep continually moving ahead.
Chief among the characteristics that carry men past the half-way mark on
the road to success is eagerness to keep on learning more about business
principles and business methods.
The late Marshall Field said:
"The man who puts ten thousand dollars additional capital into an
established business is pretty certain of increased returns; and in the
same way the man who puts additional capital into his brains—
information, well directed thought and study of possibilities—will
as surely—yes, more surely—get increased returns. There is no
capital and no increase of capital safer and surer than that."
The ablest men in business are constant students. Many of the foremost
business executives of the United States have for this reason welcomed an
opportunity to enrol for the Modern Business Course and Service. This
Course and Service brings to them in convenient, time-saving form, an
explanation of working principles that have proved successful in every line
of business.

The kind of men enrolled

Presidents of big corporations are often enrolled for the Modern Business
Course and Service along with ambitious younger men in their employ.

Among the 145,000 subscribers are such men as:

H. S. Kimball, President of the Remington Arms Corporation
John J. Arnold, President of the Bankers' Union of Foreign
Commerce and Finance
E. R. Behrend, President of the Hammermill Paper Company
H. C. Osborn, President, American Multigraph Sales Company
Melville W. Mix, President of the Dodge Manufacturing Company
William H. Ingersoll, Marketing Manager of Robt. H. Ingersoll and
Brothers
Charles E. Hires, President, Hires Root Beer Company
P. W. Litchfield, Vice-President of the Goodyear Tire and Rubber
Company
Ezra Hershey, Treasurer, Hershey Chocolate Company
William A. Candler, Secretary, Coca-Cola Company
George M. Verity, President, American Rolling Mill Company
Charles E. Murnan, Vice-President, United Drug Company
W. F. MacGlashan, President, The Beaver Board Companies
H. D. Carter, General Manager, Regal Shoe Company
Francis A. Countway, President of Lever Brothers Company
(Manufacturers of Lux and Lifebuoy Soap)
E. E. Amick, Vice-President, First National Bank of Kansas City
Raymond W. Stevens, Vice-President, Illinois Life Insurance
Company
Roy W. Howard, Chairman of the Board of Directors, Scripps-
McRae Newspapers
Stephen B. Mambert, Vice-President, Thomas A. Edison Industries
S. L. Avery, President, United States Gypsum Company
—and scores of others equally prominent.

These men, and thousands of other Institute subscribers, know that a
study of the principles which have brought unusual success to other men
increases their own capacity for further achievement.
Great business organizations
Officers, department heads and juniors of a large number of important
companies are enrolled for the Modern Business Course and Service. The

prime purpose of the Course and Service is to develop the business
knowledge and judgment of each subscriber, and the heads of these
companies realize that the increased efficiency on the part of individuals
which results from this training carries with it greater efficiency and profits
for their companies.
The tendency in large business organizations, unless the chief executives
are unusually thoughtful and far-sighted, is to repress initiative and
constructive thinking except on the part of the few men who direct the
affairs. The Modern Business Course and Service counteracts this tendency.
It encourages thought and initiative. It develops men. It stimulates the
whole organization and makes possible more rapid expansion and larger
earnings.
Among the progressive concerns in which a number of men have been
making effective use of the Modern Business Course and Service are:

Men enrolled
American Radiator Company 65
American Telephone and Telegraph Company 139
Anaconda Copper Mining Company 75
Armour and Company 184
Bank of Montreal 84
Barrett Company 68
Bethlehem Steel Company 200
Burroughs Adding Machine Company 199
Canadian Bank of Commerce 143
Commonwealth Edison Company of Chicago 106
Cutler-Hammer Manufacturing Company 75
E. I. duPont de Nemours and Company 529
Eastman Kodak Company 61
Empire Gas and Fuel Company 144
Equitable Life Assurance Society 114
Fairbanks-Morse and Company 68
Federal Reserve Bank of Dallas 61
Firestone Tire and Rubber Company 164

Fisk Rubber Company 107
Ford Motor Company 353
General Electric Company 669
General Motors Corporation 802
B. F. Goodrich Company 256
Goodyear Tire and Rubber Company 439
International Harvester Company 122
Johns-Manville, Inc 123
Jones and Loughlin Steel Company 55
National Biscuit Company 64
National Cash Register Company 207
National City Bank of New York 210
Newport Mining Company 114
New York Central Railroad Company 107
New York Telephone Company 138
Otis Elevator Company 92
Pacific Commercial Company 106
Pacific Telephone and Telegraph Company 105
Packard Motor Car Company 153
Pennsylvania Railroad Company 228
Proctor and Gamble Company 75
Public Service Corporation of New Jersey 68
Remington Typewriter Company 96
Sears, Roebuck and Company 84
Singer Manufacturing Company 58
Southern Pacific Railway Company 90
Standard Oil Company 954
The Steel Company of Canada 51
Stone and Webster Engineering Corporation 125
Studebaker Corporation 97
Swift and Company 127
Texas Company 221
Underwood Typewriter Company 77
United Fruit Company 78

United Shoe Machinery Company 95
United States Rubber Company 265
United States Steel Corporation 771
Western Electric Company 254
Western Union Telegraph Company 291
Westinghouse Electric and Manufacturing Company 501
Willys-Overland Company 191
Winchester Repeating Arms Company 211
F. W. Woolworth Company 81

Many of the men enrolled in these great companies are heads of their
organizations; presidents and vice-presidents. Most of them are important
officials and department heads; a few are men with smaller responsibilities.
The sound business reason which underlies the favorable action of so
many great corporations is well expressed by President George M. Verity, of
the American Rolling Mill Company, who says:
"When I learned that some fifty of our men had decided to take
up the Modern Business Course and Service, the stock of this
company rose several points in my estimation."
The following expressions regarding the value of the Course to men in
big corporations are typical of many that we have received:
"We have been familiar with your Course of instruction ever
since it was first offered, and regard it as an excellent one for men
engaged in the investment security business. A large number of our
men are taking the Course, and we have recommended it to many of
our associates."
Spencer Trask & Company,
Investment Bankers, New York City.
"Realizing my lack of experience, I subscribed to your Course
and found it of incalculable value. It gave me quickly the
fundamentals of accounting, of which I had known nothing. It gave
me a broad elementary insight into modern marketing methods. The

volume on credits was also helpful. The Course saved me many
expensive blunders.
"Briefly, for one starting in a business of his own I consider the
Alexander Hamilton Institute Course practically indispensable. In
addition to its indirect value, I have been able to put a definite worth
on this Course, to myself and the firm, of many thousands of
dollars."
J. Roy Allen, Treasurer,
Mint Products Company, Inc., Mfrs. of "Life Savers."
"The good that our people have received from the Alexander
Hamilton Institute Course has been phenomenal. It is not only the
most instructive and valuable treatise on live subjects for men who
are training for business careers, but it is the most concise,
instructive and clearly presented form of education, to our minds,
that has been presented for the benefit of executives."
Charles E. Murnan, Vice-President,
United Drug Company, Boston.
"In my long business experience I have never subscribed to
anything from which I have received greater value, in which I have
taken greater interest, and from which I have received greater
inspiration for my work. I do not believe anyone can take up the
work without finding it not only effective, but of great value."
Charles E. Hires, President,
Hires Root Beer Company, Philadelphia.
"My appreciation of the Alexander Hamilton Institute Course is
based not only upon the broad scope of its appeal and the close co-
ordination of the subjects treated, but also from the benefit that I
have personally derived from following the Course."
Stephen B. Mambert, Vice-President and Financial Director,
Thomas A. Edison Industries.
"It seems to me that your Modern Business Course affords an
opportunity for the study of practical business methods and the

acquisition of business knowledge which will be valuable to any
man ambitious to succeed in business."
F. W. Hills, Comptroller,
American Smelting and Refining Co., New York.
"We had two building sites in view. When it came to a final
decision I applied the principles which were laid down in the
Course; it became clear at once that the first site—which had
originally seemed so attractive—was actually less desirable for our
purposes.
"Knowing the fundamental principles, it was a simple matter to
analyze the various requirements of this business step by step; as a
result of this analysis we have a site even more suitable than the one
originally contemplated; and we were able to buy it not merely on
more favorable terms, but at an actual saving of more than
$82,000."
George H. Borst, President,
Twentieth Century Storage Warehouse, Philadelphia.
"My experience with the Alexander Hamilton Institute leaves me
only with the regret that I did not make contact with it at an earlier
time."
Samuel G. McMeen, President,
Columbus Railway and Light Company, Columbus.
"I have been looking for something of this kind for some time
past and am more than pleased that this should be brought to my
attention."
R. C. Norberg, General Sales Manager,
Willard Storage Battery Company, Cleveland.
"The exceedingly interesting manner in which the subjects are
treated was an agreeable surprise to me. I became so absorbed in the
reading that I am reluctant to lay it down when bed-time or meal-
time arrives."

V. J. Faeth, General Manager,
Winterroth & Co., Piano Merchants, New York City.
The unqualified indorsements of these successful executives, and the fact
that a large number of men in almost every nationally known organization
are enrolled, prove conclusively that there is a great need for training in
business fundamentals. Wherever the wheel of business turns—the need is
great. It is a matter to be reckoned with by every man and concern in
business.

Chapter IV
A PERSONAL PROBLEM
How is it possible that the Modern Business Course and Service should
be helpful alike to the grizzled executive and to the young man who has not
yet made his mark in business? Why is it that in a great many organizations
our list of subscribers begins with the president, includes practically all the
officers and department heads, and ends with a selected group of men who
as yet are in subordinate positions?
The answer is simple. The main problem of every business man is the
problem of developing himself. It makes no difference how great or how
small a man's position may be, the only way to enlarge his influence and his
income is first to enlarge himself. The greatest business men in the country
are quickest to accept and apply this truth.
It may sometimes appear as though a man becomes a bigger business
man by being promoted into a bigger job. The truth is just the reverse. The
big job naturally gravitates to the well-trained, capable man. If the job
proves too large for the man, it doesn't take long for it to shrivel until it
becomes a perfect fit.
On the other hand, a man who really becomes bigger than his job simply
grows out of it and into another; or he enlarges the job and its rewards to fit
his measure.

Where do you belong?

You are a member of one or the other of these two groups:
(1) those who have "arrived"
(2) those who are on their way toward success.

There is, to be sure, a third group which unfortunately constitutes an
overwhelming majority, the group made up of purposeless drifters who
have no special ambitions and usually little native ability. To this group the
Institute has nothing to offer.
They might refuse indignantly to sign a contract to work for the next ten
years at the same salary they are now receiving. Yet the end of the ten-year
period will find most of them in the same position, or only a trifle ahead.

Find your place and salary on this
chart.

Larger.
For there is only one power in the world that can lift a man, and that is
the power of added knowledge and training.
For years the Alexander Hamilton Institute has specialized in one thing; it
has only one Course; its sole business is to take men who know one
department of business, and by adding to their equipment a knowledge of
the other fundamentals shown on the chart on the preceding page, to fit
them for higher positions.
If you already have reached a business position of large responsibility,
that surely does not mean that you have stopped growing. The boundless
opportunities that are open to all are beckoning you on. No noteworthy
business man attains his full development until he is well past middle age.
In fact, the man of real power never appears to have reached his limit. Your
real achievements are still ahead of you. As you look over the pages
following, you will see that the brainiest executives in the country are using

the Modern Business Course and Service as equipment for still bigger
undertakings.
If you are still trudging in the ranks, or if you have advanced only part
way toward your goal, you will be keenly interested in the comments of
those who have found the Modern Business Course and Service an
immense help in hastening their progress. These men are rapidly forging
ahead. They are setting a faster and faster pace. Unless you are able to keep
up with them, you must drift to the rear.
Because the young men of this generation are getting a better training
than has been available in previous generations, the standards of business
ability have risen and will continue to rise. Yesterday, a man of limited
experience and training was often able to force his way into an executive
position; today, it is much more difficult to do so; tomorrow, it will be
impossible.
The business leaders of a few short years from now will be the men who
today are preparing themselves for the duties of leadership.

Your gains

You may ask: "What can the Institute do for me?"
The answer to your question is outlined in the "Chart of the Modern
Business Course and Service" which is printed on page 49. That Chart
shows how the organized knowledge about business principles and business
practice which has been collected and classified by the Alexander Hamilton
Institute is transmitted to subscribers through the eight features of the
Course and Service—Text, Talks, Lectures, Problems, Monthly Letters,
Financial and Trade Reviews, Reports, and Service.
In what ways can a business man cash in on this knowledge? A great
many direct and practical benefits that naturally follow the use of the
Modern Business Course and Service might be cited. Seven of the most
important are shown in the Chart on the following page.

The most obvious and direct benefit consists in a Better Understanding
of Sound Business Principles.

The other benefits shown on the Chart are:

Ability to plan effectively
Increased confidence in handling big deals
Ability to make quicker and more accurate decisions
More leisure for recreation and constructive thought
Increased ability to handle men
Insurance against mistakes.

The inevitable results of these gains in personal power and efficiency are
Larger Income and a Greater Success in Business.

Chart of the Modern
Business Course and
Service

Larger.
Note on the following pages what subscribers for the Modern Business
Course and Service have to say in that connection.

Better understanding

A man cannot go far in business unless he thinks. And he must not only
think, but think straight. His conclusions must be based on sound principles.
Unless a man is thinking along right lines, he will have little initiative,
and his judgment will be poor.
The necessity for every live business man to understand the principles
upon which modern business is based cannot be overstated. The Modern
Business Course and Service gives that understanding. It illuminates points
that were obscure and it answers many puzzling questions. It lights up the
road ahead, so that the business man can see more clearly the path that he
should take.
Mr. Wm. H. Ingersoll, Marketing Manager for the famous Ingersoll
watch, says that the Modern Business Course and Service
"gives the first coherent presentation of the entire subject of
business. It gives one a perspective and an appreciation of
essentials, as well as much knowledge regarding right and wrong
methods of procedure."
As a fair example of the manner in which the Modern Business Course
and Service stimulates thought and leads to progressive action, even in
companies that already were well organized and highly successful, take the
following note from Mr. Norman W. Wilson, Vice-President of the
Hammermill Paper Company:
"Every moment's time I have devoted to it has been well
rewarded. I want you to know what a high regard I have for the
work you are doing and to know that I make it a point to encourage
our people here to study your Course."
Mr. J. H. Hansen, President of the J. H. Hansen Cadillac Company of
Omaha, emphasizes the practical information that the Modern Business
Course and Service has brought to him:

"When I located in Nebraska as a salesman for the Cadillac
automobile, a representative of the Institute persuaded me that I
might just as well try for the big prizes in business as for one of the
mediocre ones. The decision to enrol in the Modern Business
Course and Service was a turning-point in my life.
"I knew something about selling already. But now I began to see
business as a whole, and the relation of each department to it.
Advertising and costs; accounting and office organization; the
control of men, and corporation finance—all these elements, which
are necessary if a man is to succeed in business for himself, came to
me with the Institute's help.
"When the opportunity arrived I was ready for it. We organized
our company and the first year did more than a million dollar
business.
"In my judgment, the reason why so many men never get into
business for themselves or fail after they do get in, is because they
are not prepared for their opportunity when it comes."
Mr. H. C. Smith, President, Allith-Prouty Manufacturing Company,
Chicago, states why the Modern Business Course and Service is helpful
without being revolutionary:
"All men who have been successful must be credited with having
good business principles. Your Course does not require changing
these principles, but it will broaden one's own ideas and enable him
to get greater results."

Increased confidence

A great many men accomplish less than their abilities and energy entitle
them to accomplish, simply because they do not feel sure of themselves.
The boldest man alive becomes uncertain and timid in the face of
unfamiliar difficulties. The man who follows the Modern Business Course
and Service becomes acquainted at close range with business difficulties as

well as with tried methods of overcoming them; he learns how to tackle
such difficulties and goes forward without fear or misgivings.
The series of Modern Business Problems which constitute an important
feature of the Modern Business Course and Service is especially intended to
cultivate familiarity with difficult business situations and thereby to create
self-confidence. They are problems of the kind which executives are
constantly meeting. The man who can solve them successfully should have
no difficulty when he meets similar problems that arise in his own work.
A better and broader grasp of the principles and practices that underlie all
business also suggests ways of widening the scope of one's business activity
and gives the necessary confidence to go ahead and do it. Mr. John
McBride, of McBride's Theatre Ticket Office, New York, wrote us after
completing the Modern Business Course:
"The average man can double his faith in himself in a few months
if he will master the fundamentals of business through your
training."
Mr. W. H. Schmelzel, President of the W. H. Schmelzel Company, of St.
Paul, Minnesota, wrote after he had followed the Course:
"It is my personal opinion that every young business man of
today depends a great deal on consultation or advice from a
successful and experienced adviser or friend on all matters of a
business nature.
"In the early days of my business experience I was confronted
with the task of making decisions preparing myself for the problems
I was to solve in the years to follow. Having been born and raised in
a small town in a Western State, I was content with advice and
consultation of my acquaintances in matters pertaining to the
thoughts I wished to carry out.
"I was, therefore, eager to obtain assistance from a corps of
experts in their particular line, and after giving your Modern
Business Course considerable scrutiny, and being informed on the
class of men, that I felt confident of their success, and I realized that
such a Course had merit, and one which I could afford to consult,

advise with and build my future with ideas and methods you had so
ably worked out."

Quicker decisions

Is the ability to decide things quickly an inborn faculty? No, it is largely a
habit of mind which anyone may cultivate in himself. However, we must
bear in mind that it is necessary not only to decide quickly; there must be
very few mistakes. This requires a mind that is trained to grasp a situation
and to think accurately as well as rapidly.
The secret of quick and accurate decision is knowledge of principles. If a
man knows what principle applies in handling a given case, he has no
difficulty in making up his mind and deciding what to do. If the balance
sheet of a given concern were laid before you and you were asked to decide
at once (assuming that the figures were correct) whether to ship a $10,000
order of goods to that company, possibly you would not know what to say.
But if you were familiar with the definite principles of accounting and
finance which would enable you to analyze that balance sheet and make it
yield a vivid picture of the financial condition of the concern, you would
not hesitate a moment. You would reply instantly.

What decision meant to this man

A young man, whose name we are not at liberty to give, told us of a
dramatic incident which illustrates the value that keen business men attach
to preparedness and quick decisions. Up to about a year ago this young man
was head accountant for his company. The Board of Directors had been in
session about an hour one afternoon when a messenger came to his desk
and told him that he was wanted in the board room.
As he entered the room the president snapped at him, "Would you advise
us to issue a block of collateral trust bonds to finance a new addition to our
factory which will cost about $60,000?"

"No," said the accountant, "the company's credit is good enough for an
issue of $60,000 one to three-year notes without security. If necessary, the
new building could be mortgaged after construction, and, at the present rate,
the business could pay off the whole loan in five years."
A rapid-fire series of questions followed, covering the financial,
advertising and sales policy of the firm, to each of which the accountant
gave concentrated thought, quick decision and convincing reply.
The president's final question was, "How would you like to become
treasurer of this company at $6,000 a year?"
In the letter that told of this incident this subscriber said:
"I don't know whether I owe most to you or to my friend in the
Carnegie Steel Company who urged me to enrol for your Course
and Service. I could have answered few if any of the questions
asked me without the knowledge I gained from it. I found out later
that the president knew all the time I was following your Course,
and wanted to prove to the rest of the directors that I could
intelligently consider and discuss business problems."
Mr. Charles C. Chase, in the Advertising Department of Brown
Company, of Portland, Maine, brings out another method of securing help
in deciding questions that are outside the scope of his previous experience.
He says:
"To the fellows who have asked me about the Course and what I
believe it will do for them, I have said:
"Through a subscription to the Course of the Alexander Hamilton
Institute you not only ally yourself with a "Board of Directors"
whose combined business experience probably amounts to at least
five hundred successful years—a Board the members of which have
had specialized experience in every important phase of business—
but who have been assembled for the very definite purpose of
helping men."
This method is equally valuable to the executive, according to Mr. Lynn
P. Talley, Deputy Governor of the Federal Reserve Bank of Dallas:

"Whenever I am confronted with a problem relating to
fundamental economic conditions of business practice or business
policy, I find great comfort and satisfaction in taking down the
volume relating to the subject and always find elucidation of the
problems that confront me."
Mr. James P. Robertson, of Smith, Robertson and Company, Seattle, says:
"As a general reading Course on business I can truthfully say it is
high grade, and can recommend it to anyone interested in the study
of business."
Mr. A. E. Winger, President, American Lithographic Company, writes:
"I think your Course is an excellent one and am particularly
impressed with the underlying thought that I find throughout the
entire Course—application of principles. It has been my experience
that sound judgment is the most essential requisite of any executive,
and that the judgment required in business today can best be formed
by a thorough knowledge of business principles."
Mr. Samuel Cochrane, President, Cochrane Chemical Company, Jersey
City, sums up the argument in this remark:
"If I had enrolled with you a year or two ago, I should be better
able to handle the problems put up to me every day."

More leisure

The secret of leisure is not to do less work, but to organize work so that a
greater volume can be handled in less time. No active man wishes to cut
down his productive efforts. A great many men, however, are so tied to their
business tasks by detail and routine that they have little time or energy left
for constructive thought. Frequently they do not get enough recreation and
physical exercise to keep them in prime condition. As a result, they are
frittering away the best years of their life in handling small details that
never bring them anywhere.

To a greater or lesser extent, this is true of all of us. How to escape from
the time-wasting energy-absorbing routine and details is a vital question.
Being "swamped with too much detail" is in reality a kind of business
disease—and a very dangerous one. It is most likely to attack the officers of
rapidly expanding concerns and energetic, ambitious men who are
constantly taking on new responsibilities. Unless one can shake off this
disease, it will probably go on eating away more and more of his time and
energy until he loses his grip on large affairs and to his chagrin, sees other
men of smaller ability rising above him. It is as bad for a man to be "too
busy" as for him to be not busy enough.
As a matter of fact, it is unnecessary for any man to be so harassed with
details—except as a temporary condition—that he cannot give a reasonable
amount of time to recreation, reading and thought. The company burdened
by the detail-type of executive is not getting what it pays for. His natural
abilities are being diverted to things that cheaper men could do equally
well. He owes it to his company, as well as to himself, to reorganize his
work.

Cutting out the details

It is necessarily true in all such cases that many of the over-busy man's
duties recur day after day. They are of a semi-routine nature and could be
made wholly routine by giving the proper instructions to some one else. In
other words, this is a problem of organization similar to that of organizing a
factory, a store, or a body of men. The principles that are discussed in the
Modern Business Course and Service apply to an individual just as well as
to a company. A man can organize his desk very much on the same plan that
he would organize a factory. When he does so, he invariably finds that his
efficiency is increased, his work is more productive, and he himself has
more leisure.
Accordingly, any business man who desires to forge ahead should reduce
the details of his work to routine which can be carried on without special
thought. The Modern Business Course and Service is a direct and
invaluable aid to the man who feels himself tied down by details.

Of course, we must consider in this connection the man who thinks that
he is much busier than he really is. There are spare moments in every man's
day. There is the half-hour before or after the evening meal; the time spent
in traveling to and from work; the one or two evenings a week that even the
busiest man should spend at home. The measure of a man's chances of
success may readily be taken by learning the manner in which he uses—or
wastes—his spare time.
No better use can be made of these odd moments than in reading the
Modern Business Course. This reading is not tiring; it is recreative and
stimulating. It will enable any man to organize his work so as to increase
his leisure for reading and study. It will help him to rise to a higher level
where his thought and energy will be more productive.
Many of the big business executives are investing their spare moments in
just this way. They realize the great results that are bound to follow. It is
unquestionably true that the use of one's spare moments count heavily in
determining how much will be accomplished a year or two hence.
The following also give their opinion:
"For a good many years as a practising mining engineer, I
gradually began to realize that there was something wrong with
engineers in regard to their business success. Something that
seemed to stand between the most brilliant of men and success in
business. After a long study of men and conditions, I subscribed to
your Course. From then on I began to take greater responsibilities
and larger fees because of my added confidence and business
knowledge. I truly feel that your course ferried me across to that
phase of professional grasp where I became successful in business
as a professional engineer."
GLENVILLE A. COLLINS,
Consulting Engineer of Seattle.
Much the same thoughts are admirably expressed by another busy
executive, Mr. J. H. Carter, Vice-President, National City Bank of New
York:

"You will no doubt be interested to know that the class formed
under the auspices of the City Bank Club to follow the Alexander
Hamilton Institute Course, which you helped start about two years
ago last Spring, is just completing its study.
"The majority of the original enrolment of fifty members have
followed the Course regularly. It has held the interest of the men
throughout and has proved unusually stimulating and interesting.
"The official staff of the bank has given the class its hearty moral
support, and, in addition, has offered to refund a part of the fee to
those completing the Course successfully. We feel that this policy
has not only encouraged the men, but has benefited the bank as
well.
"Personally, I cannot speak too highly of the Course. I feel that
the time I have given to it during the past few years could not have
been employed to greater advantage."

Increased ability to handle men

There are just two factors that determine a man's competence to direct the
work of other men:
1. His superior knowledge of the work in hand.
2. His ability to command respect.
As a matter of fact, the second factor is almost wholly included in the
first. The man who really knows what he is talking about always commands
respect. The man who is largely a "bluff," no matter how "magnetic" or
forceful his personality, is soon found out and retired in favor of the man of
smaller pretensions, but more knowledge. The history of almost any
business success demonstrates the truth of this statement.
Modern business affairs are so complex that it is wholly out of the
question to put an untrained man in command. One might as well talk of
putting an untrained man in charge of a modern battleship. In both positions

broad-gauge knowledge and judgment are absolutely essential. The same
principle applies equally to the minor commands. The leading business men
of the country are for the most part quiet, self-controlled men, who think
before they speak and who are constantly studying business problems. This
is the type of man best fitted to control and direct the work of others.
The man who develops himself, develops his ability to handle men.
Through the Modern Business Course and Service the training can be
secured that makes for self-development and for success.
T. H. Bailey Whipple, of the Publicity Department of the Westinghouse
Electric Company, writes:
"Your Course unquestionably does for men what experience and
native ability alone can never do."
Mr. G. E. Lucas, Office Efficiency Engineer, Sayles Finishing Plants,
says:
"I am indeed glad that I took the opportunity to enrol for the
Modern Business Course and Service. What I have obtained has
been of very material benefit to me. My own experience bears on
the experience of my other colleagues who have been getting help
and information from you in the past two years. All the reports that
we have obtained have been thoroughly satisfactory and very
complete."
The experience of Mr. S. G. McMeen, President, Columbus Railway
Power and Light Company, Columbus, Ohio, is equally to the point:
"My experience began many years ago in technical lines and
continued along them to engineering and construction practice. As
often happens, this technical work led me into executive matters. It
was in them that I missed some of the advantages enjoyed by men
who have specialized earlier in commercial and financial work.
"Naturally I formed a habit of appropriating the needed
knowledge wherever I might find it, and found much more than I
could assimilate. The long-felt need, therefore, was for a source of
classified information for reference and study, a source of training

by the use of intelligent problems and a source of advice to which I
might turn when in doubt. This source I found in the volumes,
periodical literature and service of the Alexander Hamilton
Institute."

Larger income and success

As the diagram on page 49 indicates, the seven direct aids which
subscribers obtain from the Modern Business Course and Service are:

1. Better understanding of business principles
2. Ability to plan more effectively
3. Increased confidence in handling big problems
4. Quicker and more accurate decisions
5. More time for constructive thinking
6. Greater ability to handle men
7. Knowledge that prevents mistakes

All of these aids to personal efficiency are bound to result in increased
income and greater success. Even though a man should gain only slightly in
any one of the seven qualities named, he would become a far better
business man. He would either advance in position or expand his business
—in either case raising himself to a higher level of income and success. The
effect is all the more striking when a man increases his efficiency in respect
to all seven qualities. To cite examples seems almost unnecessary. Yet a few
typical expressions from subscribers may be of interest:
"It is very hard to put into words just how much good I have
derived from the Alexander Hamilton Institute Course, but I do
realize that as problems present themselves, they are much easier to
solve, and I have a better conception of the future outlook of
business since having the benefit of your Course, and there is
scarcely a day but what some matter comes up for which I use your
Course."
Mr. W. C. ROOSE, Sec'y and Gen. Mgr.
Beacon Shoe Company, Manchester, New Hampshire

"During the past two years my salary has increased more than
400%. This has been due to the rather remarkable increase the Fuller
Brush Company has had in sales. These sales are indirectly the
result of the ideas I have received from your Course."
S. L. METCALF, Former Vice-President and Director of Sales,
Fuller Brushes, Inc. Now President, Better Brushes, Inc., Palmer,
Mass.
"To the man who has had the advantage of a college education
this Course opens up what might be called a vista of the business
world in a very unique manner. The information obtained from this
course, if acquired by the ordinary college man by actual
experience, would require no less than a lifetime and it is presented
in such a manner as to be readily assimilated in the short space of
two years, devoting only odd hours to study."
Mr. E. J. BARTELLS, Manager
Wood Pipe Export Company, Seattle, Washington
A subscriber from a prosperous city in Iowa recently called at the New
York offices of the Alexander Hamilton Institute, saying that he wanted to
meet some of the men who had given him such valuable assistance. He is
the controller of a large manufacturing company and a thoroughly trained
and expert accountant. The thing that impressed him most about the plan of
the Modern Business Course and Service was the opportunity it offered him
of increasing his already extensive knowledge of the principles of finance,
management, advertising, selling and organization, as well as accounting.
"Let me tell you what happened to me a few weeks ago," he said. "I
found myself up against a problem that never had arisen in my previous
experience. I was simply stumped. I sought help from various sources in
attempting to find a satisfactory solution. Then it occurred to me—the most
obvious things often come to mind last—to look in the Modern Business
texts for a ray of light. To my great delight, there I found a clear and
definite statement of the very principles that should be applied.
"I am frank to say to you," he concluded, "that this one bit of information
was worth to me at least three times the price of your Course." Already this

subscriber had realized a 300 per cent dividend on his investment. Of his
subsequent gains we have no record. To the great majority of those who
subscribe for the Course and Service the returns are simply incalculable.
The training, the information and the ideas that they secure are a big—often
an essential—factor in making their business careers happier and more
successful. Who can calculate the money value of a return of that kind?
The moderate fee which is charged for the Modern Business Course and
Service is based directly upon the cost of producing the literature included
in the Course and of maintaining the organization that conducts the Course
and Service. The fee is small in itself; it shrinks into insignificance when
compared with the returns. One of our subscribers was speaking only the
literal truth when he said:
"To the man of ability and brains, your Course and Service offers
a priceless means of developing these qualities to their highest
efficiency."

For the woman in business

The Modern Business Course and Service makes the same appeal to the
business woman as it does to the business man. Consequently a number of
women are enrolled for it. Among these women are:
Mrs. E. M. Simon, President, R. & H. Simon Company, Union Hill,
New Jersey
Miss Sara F. Jones, Mgr. Woman's Dept., Equitable Life Assurance
Society, Chicago, Illinois
Mrs. M. K. Alexander, Solicitor, Equitable Life Assurance Society,
Chicago, Illinois
Miss Mary R. Cass, Manager, F. N. Burt Company, Buffalo, New
York
Miss Louise Messner, Accountant, Petermann Stores Company,
Kearsarge, Michigan

Miss S. F. Troutman, Secretary and Assistant to Treasurer, First
Presbyterian Church, Pittsburgh, Pennsylvania
Mrs. N. M. Favor, Assistant Cashier, The Travelers Insurance
Company, Manchester, New Hampshire
Today women are engaged in all branches of business. A great number of
women occupy executive and other important positions in some of the large
concerns of the country, and the number is steadily increasing. For the
ambitious woman a career in business, with its great rewards and the
possibilities of rendering worthy service, holds forth attractive
opportunities.

Chapter V
THE QUESTION BEFORE YOU
A serious business question is now confronting you. It is important that
you should consider it fairly and calmly and that you should promptly make
up your mind for or against it. The facts are all before you.
The question is whether or not you should enrol for the Modern Business
Course and Service. Think over the arguments pro and con.
You know that the Course and Service will bring you a better
understanding of sound business principles; that it will give you increased
self-confidence; ability to plan more effectively and to decide business
questions more quickly and surely. You will find yourself with increased
ability to handle men. You will probably enjoy more leisure; you will
certainly earn a larger income.
You are well enough acquainted with the standing and reputation of the
men behind the Alexander Hamilton Institute to know that the Modern
Business Course and Service must be of the highest quality. And for the
same reason you know that it naturally is offered to you at a very moderate
fee.
The fee for the Modern Business Course and Service is $136 in the
United States. This covers, without any additional expense, the Texts, Talks,
Lectures, Problems Monthly Letters, Financial and Trade Reviews, Reports
and all necessary personal help. The complete set of 24 Text volumes comes
at once, and the other literature at convenient intervals.
If the Course is worth anything at all, the fee is slight in comparison with
the results that will follow. The fee may be paid in convenient terms.

Make your decision

Certain objections may occur to you:
You have other uses for your money—
No doubt; yet none of them is as necessary to your successful business
career as the Modern Business Course and Service.
You are too busy—
Everybody who amounts to anything is busy; yet never "too busy" to
acquire knowledge so important as this.
You have a debt to pay off, or a trip to take, or you would rather "think it
over—"
These arguments are unsound from every point of view. No man, in
justice to himself, or to those who may be dependent upon him, should deny
himself this opportunity to make an investment that will yield large
dividends one, two and three years from today.
In the coming struggle for world markets, there will be a great need for
men of broad, executive training. For men who are prepared, there will be
more opportunities to succeed in a big way than ever before.
It is false economy, therefore, to postpone for a single day a decision that
will enable you to push beyond the half-way mark and forge ahead in
business.
You are a business man, trained to make decisions. The simple facts are
before you now. Weigh the arguments; then act.

Chapter VI
DESCRIPTIVE OUTLINE OF THE COURSE
In looking over the following detailed outline of the Modern Business
Course, you will see more clearly how closely every section is related to
daily business practice.
The italics after each title give the actual chapter headings; the following
matter gives a brief discussion of the purpose and scope of each section of
the Course.

Business and the Man

"Scientific Training for Business," an introduction to the Modern
Business Course and Service
Nature and aim of business
The profit problem
Economics and sociology
Psychology
Ethics of business
Vision, or the idea
Personal efficiency
Health
The efficient business man
The executive
Subordinate or junior officers
The rank-and-file worker
Personality
Character Analysis
Opportunity

The most important thing in business is the human element—you. Every
man must have real ambition, high ideals, and a definite goal in mind before

even a correct knowledge of business principles will help him to more than
a half-way success.
The purpose of this first section of the Course is to discuss the viewpoint
of the successful business man in an inspiring way, so that you may be
inspired yourself and so that you may be able to inspire others about you.
"Scientific training for business" is an introduction to the whole Modern
Business Course and Service. In it Dean Johnson tells you in what way you
should read the Course, how to get the most out of it, and how to use the
equipment so as to bring results.
The Course begins with an analysis of business operations. It shows
briefly what are the dominant features of business life which no man can
afford to neglect. It then takes up the relation of personal qualities to
business success; it shows what personal characteristics are helpful and how
they may be cultivated; and it also points out the traits of mind, manners
and morals which hinder men in their business career. The first point in
understanding business problems and business principles is to approach
them with the right attitude of mind.
This section of the Course serves to bring the reader into personal touch
with the business problems which will engage his attention more in detail in
the subsequent sections and thus furnishes a useful introduction to the entire
Course.

Economics—the Science of Business

Purpose and scope of economics
Fundamental concepts
Land and capital
Labor and enterprise
Three fundamental laws
Consumption of wealth
Value and the consumer
Value and the producer
Value and the trader

Money
Credit
Money, credit and prices
Foreign trade
Rent
Interest
Wages
Profits

Economics is the foundation stone upon which the science of business is
built. It underlies all business just as mathematics underlies all branches of
engineering. It is the basic subject of the Course, and its general principles
should be thoroughly understood before taking up the subjects treated later.
The book is written for the general reader, who has little or no knowledge
of economic theory. It gives a clear idea of the business problems and
forces with which business men deal and enables the reader to form
intelligent judgments of his own.
This section of the Modern Business Course makes clear the laws
governing the prices of goods, the wages of employes, the profits of
employers, the processes of exchange, the functions of money and credit,
and the rent of buildings and land. It takes up in comprehensive manner the
problems raised by trade unions, by trusts, by governmental taxation and by
the growing tendency toward governmental regulation of business.
An understanding of all these live, interesting business problems is an
essential part of the mental equipment of a broad-gauged business man,
working under present-day conditions.

Business Organization

Purpose and forms of business organizations
Sole proprietorship
General partnerships
Limited partnerships
Syndicates

Business trusts
Corporations as business units
General aspects of corporations
Incorporation of companies
Dissolution of corporations
Stock and dividends
Stockholders
Meetings of stockholders
Directors and officers
Intercorporate relations
Consolidations, sales and leases of assets
Holding companies
Illegal combinations

If you are in business for yourself, or in some way become interested in a
growing business, there is nothing that is of greater interest than your rights
and the rights of other men who are in the concern.
The application of the correct principles of production, marketing,
financing and accounting are necessary to insure success, as they determine
the profits of the business as a whole. Every man goes into business to
secure more income for himself, and the amount of his own income will
depend, not only on the amount of the profits of the whole business, but on
his own proportionate share of these profits. The division of the profits into
shares depend almost entirely on the form of organization.
Moreover, when men enter business they hazard not only their time and a
definite amount of wealth in the enterprise, but perhaps other wealth that
was intended to be kept separate. Indeed, embarking on a business venture
may be but the beginning of the loss of the income of future years when all
chance of profits has ceased and the business represents nothing but a lot of
debts that remain to be liquidated.
Risk is an important element that is varied by the form of organization
selected. This section traces briefly the rise of the corporation through the
individual enterprise, the partnership and the joint stock company, and
states the advantages and disadvantages of each of these forms of

conducting business, as well as those of the corporation. This section of the
Course constitutes the first step in the study of corporate finance.

Plant Management

The basis of modern industry
Fundamental industrial principles
Characteristics of modern industry
Methods of organization and administration
Coordinative influences
Purchasing
Storing material
Planning and production departments
Insuring results—securing industrial data
Standards
The control of quality—inspection
Rewarding labor—older methods
Rewarding labor—new methods
Comparison of wage systems—profit sharing
Statistical records and reports
Location of industrial plants
Arrangement of industrial plants
Practical limitations in applying industrial principles
Problems of employment
Employes' service
Science and management

Modern management of industrial plants is characterized by planning and
system. Old processes and old methods no longer command respect because
they are old. They have been subjected to searching analysis in the hope of
finding better ways of doing things. We look today not for the history, but
for the reasons of every phase of plant management.
This is our aspect of the general industrial changes which have
transformed modern industry and made it a high-powered productive
instrument. It is not an isolated thing, but just as significant a part of

modern business methods as are improved transportation, increased credit
and present-day banking.
In this part of the Course, the relation of plant management to the
characteristic development of modern life is first traced, and then the
changes displayed which scientific methods have made in the conduct of
manufacturing processes. These affect the structural organization of
business, the relations of the directing and managing organs to one another.
They also affect the operations of these managing units, the purchase and
storage of materials, the routing and sequence of work, the best utilization
of machinery and the like.
The keynote of the volume is efficiency in productive effort and the
principles which underlie it.

Marketing and Merchandising

Marketing: Modern distribution
The field of marketing
Study of the product
Study of the market
Trade channels
Selling to the jobber
Wholesale middlemen
Selling to the retailer
Selling through exclusive agencies
Influencing retail sales
Selling to the consumer
Good-will and price maintenance
Reaching the market and the complete campaign
Merchandising: The jobber
Modification of the jobber's service
Problems of the jobber
Retail competition
Retail types
Chain stores
Mail-order selling

Training the sales force
Buying
Stockkeeping
Cooperation for service

There are three different kinds of things that must be considered by
everyone who has anything to sell. One group of considerations has to do
only with personal salesmanship and sales management. Another has to do
only with advertising. Still a third is concerned solely neither with personal
salesmanship nor with advertising, but is common to both. Before an
effective force of salesmen can be selected and trained and an advertising
campaign mapped out, the plan behind the personal selling and advertising
campaign must be devised—the marketing methods must be determined.
The considerations here may be grouped under three heads: the goods to
be sold, the market for the goods, and the methods of reaching that market.
A number of questions must be asked and answered about the things to
be sold. For example: Is there a ready demand or must one be created? Is
the commodity a necessity or a luxury? Is it subject to seasonal variations?
Is the trade-mark well known? And so on.
The first part of the Text, Marketing, concerns the problems of the
manufacturer; the second part, Merchandising, treats of the problems of the
dealer, both wholesaler and retailer. Between them they present a complete
picture of the processes by which goods reach the consumer, and reveal the
tendencies in modern distribution.

Salesmanship and Sales Management

Salesmanship: The power of personal salesmanship
Staples, branded staples and specialties
Selling process—preliminary to the interview
Selling process—the interview
Selling process—the agreement
Selling process—miscellaneous
Human appeals that sell

Development of character and caliber
The salesman's duties and responsibilities
Cooperation, influence and friendship
Sales management: The sales manager—his qualifications and
duties
Building an organization—selecting men
Building an organization—training salesmen
Selling methods and the selling equipment
Compensation and territory
Sales records
Cooperation with salesmen
Sales contests
Sales conventions

There is no subject which is more universally interesting to everyone in
business than selling.
Salesmanship in its broadest sense is essentially the selling of one's point
of view, the ability to start with the other fellow's point of view and lead his
mind to accept yours. When an individual endeavors to influence another,
he is practising salesmanship. In this broad sense, everyone will profit by a
knowledge of the principles of salesmanship and selling methods.
In this portion of the Modern Business Course, the salesman is shown the
necessity of learning something of his prospect previous to the interview.
Suggestions are also made for getting to see the buyer. The developments in
a sale are discussed in such a way as to enable the salesman to build an
effective, man-to-man transaction, and the human appeals that sell are
outlined.
After discussing the qualifications and duties of the sales manager,
methods to be employed in the selecting, training and handling of men are
detailed. The training of retail sales people is discussed. The planning of the
salesman's equipment, the building of a sales manual, the apportionment of
territory are gone into. Methods of keeping sales records and statistics are
outlined; directions given for the handling of sales contests and
conventions, the editing of a house organ, and the apportioning of quotas.

Advertising Principles

Advertising—a constructive force in business
Fundamentals of advertising
Getting the advertisement seen
Getting the advertisement read
Making the advertisement understood
Making the advertisement produce action
Human appeals in advertising
Word values in advertising
"Getting the order" copy
"Getting the inquiry" copy
"Directing the reader" copy
"Molding public opinion" copy
Preparing the advertisement
Layout of advertisements
Booklets, catalogs and folders
Drawings and reproductions
Printing art in advertising
Trade-marks, slogans and catch phrases
Legal limits and restrictions on advertising

Considering the large number of progressive concerns entering the field
of advertising each year, and profiting thereby, the average business man's
lack of knowledge concerning advertising principles is lamentable.
Few have any ability either to write or to judge copy, and almost all are at
a loss to deal intelligently with the printer.
This section of the Course discusses the various classes of copy divided
according to the results each is designed to accomplish. The value of word
tone in writing and how to secure it are indicated. Instructions for preparing
and laying out the advertisement are given.
The technique of the printing art—type faces, paper, printing processes,
half-tones and line-cut illustrations—is discussed.

The advertising slogan, the package design and the various
considerations in connection with the trade-mark are treated.
The business man is prepared to correlate the principles of advertising
with those of marketing methods, and to bring an understanding of both to
his study of advertising problems of wholesale and retail merchandising.

Office Administration

The office in modern business
Location, planning and layout of the office
Office equipment and supplies
Office appliances
Selection of employes
Employment tests and records
Training
Stimulation of employes
Filing
Interdepartmental communications
Office manuals
The worker's compensation
Welfare
Office organization
Planning
Office control
Work reports and their use
The art of management

It is only in recent years that individual business enterprises outside of
the manufacturing field have grown to such importance as to bring a large
number of employes under one management. Today the problems of the
office are no less urgent than those of the shop.
Office administration is in some respects like, in other respects unlike,
plant management. It is alike in that it pursues the same ideals of efficiency.
It is unlike in that machines and equipment fall into the background and the
human element looms large in the foreground of office work.

Methods of conducting clerical work have, since the advent of the
various office machines, of which the typewriter was the pioneer,
undergone rapid transformation. Underlying these changes there have been
principles, more or less clearly recognized, which it is the aim of the Text to
discover and present in an orderly and systematic fashion.
In few departments of office work have standardized processes based
upon scientific principles made such headway as in the employment field.
Hiring employes for office work, training them for their duties, stimulating
them to their best effort, adjusting wages to work performed, and providing
for deserved promotions, are no longer casual occupations of some general
offices, but the work and special concern of the trained office manager.
Here, as elsewhere, concentration and specialization are beginning to
reveal the principles underlying successful effort. Such principles concern
not only the operations, but the organization of the office and its various
parts.

Accounting Principles

Development and scope of accountancy
Accounts and their purpose
Classification of accounts
Double entry bookkeeping
Books of account
Applying accounting principles—the original entries
Applying accounting principles—the ledger records
Applying accounting principles—summarizing results
Columnar books
Opening, operating and closing the books
The trial balance
Economic summary
The balance sheet
Single entry bookkeeping
Continental system of bookkeeping
Depreciation
Methods of computing depreciation

Labor-saving devices
Internal checks

As business becomes more complex we are more and more dependent
upon accounting methods to show us the trend of the individual business in
which we are interested.
Hence a knowledge of accounting principles is indispensable. Yet, even
among experienced bookkeepers, comparatively few have a clear
understanding of the principles which underlie all correct methods of
keeping financial records.
This section of the Course, therefore, starts with a clear explanation of
the fundamental principles of bookkeeping, and progresses step by step
until it reaches the most complicated cases of partnership and corporation
accounting.
Within recent years the great importance of proper accounting methods in
the conduct of business has come to be fully recognized.
This section of the Course should enable any executive or accountant to
determine what accounting methods are best adapted to his own line of
business.

Credit and Collections

Mercantile credit
Book credit
Documentary credit
Granting credit—personal considerations
Granting credit—business considerations
Sources of credit information
Cooperative methods in credit investigation
Analysis of credit information
The credit man
Credit management
Collecting the money due

The collection manager and his work
Principles underlying collection effort
Collecting on a friendly basis
Unfriendly stages of collection
Credit protection
Bankruptcy
The role of the credit department in developing business

When a bill of goods is sold, the transaction is by no means complete—
that is, if the sale is on credit. The purchaser must pay the bill. But some
purchasers cannot pay, others will not; therefore caution must be exercised
in granting credit, and pressure brought to bear in obtaining payment.
Often seekers after credit are foolishly offended at the questions they
must answer. They do not realize how personal is the favor they are asking,
nor do they usually understand the combination of factors which the credit
man must consider.
These factors range all the way from personal habits of the applicant to a
survey of general business conditions.
There is a well-organized machinery for gathering credit information
both in this country and abroad. This machinery, however, should be
supplemented by the personal observation of the salesmen, many of whom
now fail to cooperate in the right spirit with the credit manager.
The credit operation is incomplete till the goods are paid for; collections
are the complement of credit granting, and they receive an extended
treatment in the Text. As a last resource, the law may be resorted to, as is
evident in the treatment of credit protection and bankruptcy.
The possibilities of the credit department as an agency in building up
business, which have not always been understood, are set forth in the
concluding chapter.

Business Correspondence

Letters that get action

Seeing through the reader's eyes
The spirit of the letter
The proposition in the letter
The proposition analyzed
Fundamentals of the presentation
The aid of formula in presentation
Applying formulas to the presentation
Routine and individual letters
Adjusting complaints by letter
Credit letters
Collection letters
Working the mailing list
Planning the letter
Writing the letter
Mechanical form
Getting the most out of words

Nearly all of us are constantly receiving and sending letters, and we
know in our experience the common types—the nasty letter, the sloppy
letter, the cold-as-an-iceberg letter, and, on the other hand, the direct yet
cordial letter which makes us feel as if we had gripped a friendly hand.
The profit-making influence of good correspondence can hardly be
overestimated.
A good sales letter may be the means of getting thousands of dollars'
worth of business; a poor adjustment letter may be the cause of losing a
worth-while customer.
To a large extent business must be carried on by means of letters, and
there are few subjects of more vital importance to the business man than
business correspondence.
Business letters always have a direct purpose in view and there are
certain underlying principles which should be observed in all business
letters, whatever their particular purpose. But these letters serve many
different purposes, and some of the prominent types and their
characteristics are treated.

Especial attention is given to sales correspondence, which forms a most
important branch of business correspondence.

Cost Finding

The importance of cost finding
Problems of cost finding
Identification of costs
Issuing and evaluating material
Evaluation of labor costs
Expense or burden
Depreciation
Distribution of factory expense
Production centers and the supplementary rate
Effect of volume of work on expense distribution
Other features of expense distribution
Distribution of administrative expense—résumé
Assembling and recording costs
Analysis and reduction of costs
Predetermination of costs—materials and labor
Predetermination of costs—expense
Application of cost finding methods

Of late years, and as a direct result of growing competition in all
branches of industrial enterprise, the subject of cost is receiving increased
attention.
Every year sees hundreds of progressive concerns adopting methods
designed to ascertain the real cost of producing and selling goods and of
managing a business enterprise.
Manufacturers are no longer satisfied with merely making a profit. They
want to know what lines are paying and what lines are not—not in a general
way, but specifically in actual figures. They want to know which
departments are producing economically and which are not.

In this part of the Course, the various methods of keeping track of costs
are described and illustrated. Particular attention is given to the mixed
question of allotting general factory expense or burden.
The possibilities of predicting costs are fully discussed and the
significance of this development of cost finding methods is fully impressed
upon the reader.
The problem of costs is one of the widest application in business
management and its significance in different lines of business is pointed
out.

Advertising Campaigns

The purpose of the campaign
Analysis of demand and competition
The advertising appropriation
Methods of identification
The advertising department
The advertising agency
Advertising media
Weighing circulation
Weighing prestige
Letters and direct advertising
Sampling
How periodicals are used
The use of signs
Campaigns to obtain distribution
Campaigns to obtain dealer cooperation
Mail-order campaigns
Public sentiment campaigns
The trader's campaign
The campaign as a whole

In the Modern Business Course and Service the study of advertising is
divided into three parts. First, in Marketing Methods there is a complete
presentation of the plan behind the campaign—of the things that have to be

considered by anyone who has anything to sell, before he sends out
salesmen or prepares advertising.
The section of Advertising Principles shows what advertising can do for
business, guides one in choosing the right advertising appeal, and treats of
the technique of advertising, writing the copy, preparing the illustrations,
and getting the advertisement before the public.
There is much more to advertising, however, than the making of a
preliminary study of the writing of advertisements.
The advertiser has to consider problems of organization, methods of
identifying his goods, his relation with agencies, the selection of media,
distribution, dealer cooperation, and a host of other things, all of which
have an important part in the complete campaign.
This section deals with the many essential parts of an advertising
campaign which have not been considered in preceding sections of the
Modern Business Course. It gathers together all the diverse considerations
of the advertiser, shows their relation one to another, and binds them into a
unified whole.

Corporation Finance

The corporation; a preliminary sketch
Capital of the corporation
Capital stock
Stock not paid in cash
Trade credit and bank loans
Short-term loans
Mortgage bonds
Collateral trust bonds
Bonds secured by leases
Miscellaneous bonds and preferred stock
Amortization of bonds
Capitalization
Investment and maintenance of capital

Income, dividends and surplus
Promoting the new enterprise
Promoting consolidations
Selling stocks and bonds
Financing the small company
Financing reorganizations

The advantages of the corporation have made it the most popular form of
financial organization, and nearly all business men are now interested in
one way or another in the formation or management of corporations, or in
the buying and selling of the stock and securities of corporations.
The stability of practically every business concern depends in a very
large measure upon the keenness of judgment used in its financial
management.
This section of the Course enables one to think along financial lines with
accuracy and decision. The methods by which corporations are promoted
and financed are fully described, and the principles that underlie successful
corporate management are stated.
The different kinds of bonds, such as mortgage bonds, collateral trust
bonds, bonds secured by leases, etc., are explained and the methods of
selling them discussed.
There are sections on capital and its maintenance and a full discussion of
income, dividends and surplus that will be of value to the executive and to
the investor.
In the last three chapters the application of the principles of corporation
finance to the small company is fully described.

Transportation

The railroads and the shipping public
The Government takes the railroads
Government reorganization of railroads
Railroad rates

Classifications
Rates in Official Classification and Southeastern Territory
Transcontinental rates and the Panama Canal
Export and import rates
Special services and charges
Terminal services and charges in New York
Express and parcel post
The Transportation Act
Inland water transportation

Business as it is conducted today would not be possible without the
railroad.
The corner grocery store as well as the big manufacturing company is
directly affected by traffic, rates and methods. The prosperity of many a
business and community is largely dependent upon relations with
transportation companies. Yet many business men are unfamiliar with even
the elements of rate making and traffic handling.
The war made great changes in railroad organization and when the
railroads were returned at the close of the war to their former owners a new
set of problems had to be faced. Rail rates had assumed a new importance,
labor and other costs had increased and both shipper and carrier were called
upon to consider transportation in an entirely different light than before the
war. All of these problems receive careful consideration in this Text, and the
tendencies of the times, so far as they have been clearly revealed, are
pointed out.
Classifications, rates, special services, terminal facilities and charges are
some of the specific questions discussed.

Foreign Trade and Shipping

Foreign trade: Relation of foreign trade to domestic business
The national aspect of foreign trade
The market
Governmental trade promotion

Private trade promotion
Indirect exporting
Direct exporting
The conditions of sale
The export department
Cooperation for foreign trade
Making an export shipment
Importing
Shipping: Principles of ocean transportation
The freight service
Ports and terminals
Ocean freight rates
Rate agreements
The merchant marine

The events of recent years have turned the attention of business men of
America once more to the problems of foreign trade.
This section of the Course describes the development of our trade with
foreign countries. It describes various changes which are at work in this
field and the methods by which foreign trade is conducted.
Intimately associated with this subject is that of shipping; the
transportation problems involved in foreign trade, questions of routes, rates,
registry and the like are given particular attention.
The advantages and disadvantages of American and foreign shipping and
the problems involved in the up-building of an American merchant marine
receive careful consideration.

Banking

Classes of banks
Operations of a commercial bank
The bank statement
Loans and discounts
Establishing bank credit

Bank notes
Deposits and checks
The clearing house
Bank organization and administration
Banks and the government
American banking before the Civil War
Banking in Europe
Canadian banking system
The National banking system
Banking reform in the United States
The Federal Reserve system
State banks and trust companies

Business concerns deal in bank credit every day. They have on deposit
large amounts of their capital. They rely upon their banks' stability. And yet
how few can read a bank statement with real insight and judgment.
The fundamental principles underlying all banking operations are
presented under this heading. The nature of money and its relation to credit
and capital are described, and the conditions which lead to a general rise or
fall of prices are set forth.
The important banking and monetary experiences of the United States are
reviewed and full descriptions of the banking systems of the United States,
Canada, England, France and Germany are given.
In connection with banking, the source of the banker's lending power and
its relation to cash on hand are indicated, as well as the distinction between
the bank note and the bank deposit, and the factors controlling the rate of
discount.
Banking practice is in large part a study of the banking laws and customs
prevalent in the United States, including those governing Federal Reserve
Banks, State banks and trust companies.
The subject is fully discussed in this part of the Course, as are also the
technical aspects of banking in all details.

International Exchange

Domestic exchange
Federal Reserve Bank clearings
General aspects of foreign exchange
Basal factors of exchange
Restoration prospects for rates of exchange
Foreign remittances
Bills of exchange
A day in an exchange box
Finance bills
Arbitrage
Rates of interest
Gold shipments
Sterling exchange
Gold standard
Gold exchange standard
Silver and paper exchanges
London and New York as financial centers
War and the exchanges
Tables

The early part of this section of the Course deals with inland exchange
and describes the method by which settlements are made between different
parts of the same country. When this is fully understood the problem of
foreign exchange becomes very simple. It is the application of the same
principles complicated only by the difference in money units between
different countries.
The "Foreign Exchange" department of banking is of such great
importance and presents so many difficult questions that it deserves and is
accorded special treatment. The reader is given a full description of the
mechanism of the exchange market and is shown how money is made in
foreign exchanges.
He learns how the vast amount of export and import trade is made
possible through the interrelations between the foreign exchange markets of

New York, London, Paris and other large centers. He also learns concretely
how foreign shipments are financed and is given some valuable information
concerning the influence of gold and other factors upon foreign exchange
rates.
An important feature of this section is a thorough discussion of the best
methods of handling export shipments. Many American and Canadian
manufacturers are considering the advisability of going after foreign trade
with greater vigor. They are usually puzzled when it comes to considering
how to finance these shipments, which are often a long time in transit. The
growing importance of export trade makes this section of the Course
particularly valuable.

Insurance

Risk and insurance
The life risks
Life insurance protection
Life policies and premiums
Modification of the ordinary life policy
Annuities and pensions
Group insurance
Functions of insurance carriers—the old line companies
Assessment and fraternal insurance
Government life insurance
Accident and health insurance
Liability insurance
Workmen's compensation insurance—general features
Workmen's compensation insurance—rate making
Fire insurance
Fire insurance policies
Marine insurance
Other forms of insurance

Insurance constitutes a form of investment in which we are all interested,
as purchasers of life insurance, fire insurance, casualty insurance, marine

insurance, or of any other of the various forms which have come into
existence. To buy insurance properly, one should know the principles that
underlie rates and insurance operations, and should be able to judge the
policy which covers these various essentials. Partnership and business
insurance is much more used now than it has been heretofore and it is
becoming an important element in adding to the stability of business.
Personal or life insurance occupies a large space in the Text. The nature
of the life risk is discussed as well as the means of protection through the
straight life policy. The various motives which have prompted these
variations and the effect of these modifications upon the premium or the
price of insurance are clearly explained. Various types of business
organizations with divergent business methods have been devised for the
purpose of conducting life insurance. The strength and weakness of the
different organization forms are pointed out.
Another aspect of personal insurance is found in accident and health
insurance. Obligations toward others generally for personal injuries is the
basis of liability and workmen's compensation insurance, of which the latter
has had an almost mushroom development of late years.
Property insurance brings up diverse questions in fire insurance and in
marine insurance.

The Stock and Produce Exchanges

Functions of stock exchanges
Leading stock exchanges
The New York Stock Exchange
Stock exchange securities
Execution of orders, transfers and settlements
Methods of trading
The speculative transaction
Relations of banks to the security market
Quotations and news services
The curb market
Benefits and evils of speculation

Influences that affect stock prices
Produce exchanges and their functions
The future contract
Organized spot market
The Chicago Board of Trade

Almost every man in business comes into contact with some one of the
exchanges.
Therefore, a detailed description of the organization, operation and
management of the principal security and raw material markets of the world
is of inestimable value. This is the aim of this section of the Modern
Business Course and Service.
Speculation in goods and in stocks exists because it performs an
economic service. It saves the manufacturer of cotton goods or flour, for
example, from gambling by an operation known as hedging. Business men
should understand how speculation performs this service.
The volume closes with a discussion of corners and of the influences
governing security and produce prices.

Accounting Practice and Auditing

Accounting Practice
Proprietary accounts
Repairs, renewals, depreciation and fluctuation
Partnership problems at organization
Partnership problems during operation
Partnership dissolution
Partnership dissolution illustrated
Consignments and joint ventures
Fiduciary accounting
Insolvency accounts
Corporations
Branch accounts
Auditing

The auditor and his work
Scope of auditor's activity
Procedure and methods
Classes of audits
Verification of the asset side of the balance sheet
Verification of liabilities
Reports and certificates

This section deals with the application of the principles of accounting to
the complicated problems that arise in practice. The correct method of
treating the proprietary accounts under the different legal types of
organization are considered. The management of surplus, the treatment of
reserves, the relation between funds and reserves and the method of
handling sinking funds are discussed at length.
The differentiation between capital and revenue charges is perhaps the
most difficult problem which the accountant has to face. The important
principles involved in this problem are treated with numerous examples
taken from actual cases. The difficult problems which arise in partnership
and corporate accounting are fully explained.
Auditing is taken up from the business man's point of view rather than
from the point of view of the practitioner. However, many points of interest
to the practitioner and student are considered. The nature of the auditor's
work is discussed and the different classes of engagements which auditors
undertake are explained.
The auditor renders a report on his work at the conclusion of his
engagement and the form and contents of his report are treated at length.
The subscriber is shown the difference in certificates which auditors attach
to balance sheets and the proper method of interpreting them is discussed.

Financial and Business Statements

Importance of classified information
Statistical and graphical statements
Auxiliary statements

Analysis and interpretation of income statements
Consolidated income statements
Valuation and interpretation of fixed assets
Valuation and interpretation of intangible assets
Valuation and interpretation of current assets
Valuation and interpretation of deferred assets
Treasury stock and its treatment
Interpretation of liabilities
Surplus, reserves and dividends
Sinking funds and other funds
Relation of working capital and income to assets
Consolidated balance sheets
Private budgets
Municipal budgets
Interpretation of professional reports

The business man must understand accounting as far as he uses
accounting knowledge in interpreting the progress of his business.
He wants not so much the details of accounting technique as the
information necessary to enable him to use his accounting records properly.
No one can expect to succeed in a big way without the ability to read
financial and business statements—both on the lines and between the lines.
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 analysis 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 classified
Railway securities
Analysis 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 analysis 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 analyzed 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 analysis of the various activities which constitute 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 Institute.

Joseph French Johnson, Dean, New York University School of
D.C.S., LL.D. 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' Association 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,
Financier
A.M., LL.D.
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 associate editor of the Chicago
Economist; became private secretary to Secretary of the Treasury
Gage, March, 1897; appointed Assistant 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, Research Professor of Government and Public
Ph.D., LL.D. 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 Association, 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,
Business Executive
D.C.S.
Educated at Urbana University, Chauncy Hall School and
Massachusetts Institute 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 Passenger 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,
Consulting Engineer
D.Sc., LL.D.
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 associated,; 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
associated 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 Institute 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 ambassador 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 Institute 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;
assistant 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 assistant
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
associated with Charles Austin Bates, New York City; appointed
Bursar of the Alexander Hamilton Institute 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. Assistant Chief Clerk,
Alexander Hamilton Institute, 1914-1915. Office Manager of
Alexander Hamilton Institute 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
assistant and traveling salesman with the Robin Hood Ammunition
Company; Instructor in Political Economy, Yale University, 1911-
1912; Assistant 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
Assurance 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 Institutions, 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 Institute, 1911-1913; appointed Staff Secretary in charge
of Enrolments, 1913; Assistant Director of Sales since 1915; Co-
author, Modern Business Text on "Salesmanship and Sales
Management."

Advertising and Sales PoliciesBusiness
Herbert F. deBower, LL.B.
Promotion
Educated in the University of Wisconsin; practiced law for two
years; engaged in selling specialties for a number of years; since
1911 Vice-President, Member of the Board of Directors and
Chairman Executive Committee of the Alexander Hamilton
Institute; also Director of various business corporations; author of
the Modern Business Text on "Advertising Principles."

Roland P. Falkner, Ph.D. Business Statistics
Graduate of the Wharton School of Finance, University of
Pennsylvania; graduate student at the University of Paris, Berlin,
Leipsic and Halle; 1891-1900, Associate Professor of Statistics,
University of Pennsylvania; 1891-1892, Statistician, U. S. Senate
Committee on Finance; 1892-1893, Secretary, International
Monetary Conference; 1900, Chief, Division of Documents,
Library of Congress; 1903, Special Agent, Bureau of Census on
Statistics of Crime; 1904, Commissioner of Education for Porto
Rico; 1907, Expert Special Agent in charge of School Statistics for

the U. S. Industrial Commission; 1908, Chairman of the
Commission of the United States to the Republic of Liberia; 1909,
Financial Representative of the Republic of Liberia; 1911,
Assistant Director of the Census; 1913, Member Joint Land
Commission, United States-Panama; since 1914, Lecturer, New
York University; member International Institute of Statistics and
other learned societies; contributor to various statistical and
economic periodicals and has prepared several Government
Reports; 1915, Associate Editor, 1918, Managing Editor of the
Alexander Hamilton Institute.

Major B. Foster, M.A. Banking Principles
Graduated from Carson and Newman College, 1910; Principal of
Watauga Academy, 1910-1911; graduate student in Cornell
University, 1911-1913; Fellow in Political Economy at Cornell
University, 1912-1913; Assistant Professor of Economics and
former Secretary of the New York University School of Commerce,
Accounts and Finance; author of several of the Modern Business
Reports and the Modern Business Text on "Banking." Former
assistant to the Chairman of the Federal Reserve Bank of New
York, now assistant to Executive Committee, Alexander Hamilton
Institute.

Leo Greendlinger, M.C.S.,
Financial and Business Statements
C.P.A. (N. Y.)
Graduate of the New York University School of Commerce,
Accounts and Finance; practising accountant; member of the
Accounting Faculty of New York University, 1907-1915; formerly
Editor of the C.P.A. Question Department of The Journal of
Accountancy; member of the New York State Society of Certified
Public Accountants; member of the American Institute of
Accountants; member of the Executive Committee and Board of
Directors as well as Secretary and Treasurer of the Alexander
Hamilton Institute; author of "Accountancy Problems," 2 vols.; and
the Modern Business Text on "Financial and Business Statements."

J. Anton deHaas Foreign Trade and Shipping

Graduate of High School, The Hague, Holland; 1900, Diplomas in
Accounting, and French, German and Dutch commercial
correspondence, 1902; Junior Accountant with J. H. Rosenboom,
Public Accountant, The Hague, Holland, 1901-1904; A.B. Stanford
University, 1910; M.A. Harvard University, 1911; Ph.D. Stanford
University, 1915; Special Agent in Europe of the California
Immigration Committee, 1914; American representative for
Magnesiet Werken, Rotterdam, Holland, 1916; Instructor in
Economics, Stanford University, 1913-1915; Lecturer Foreign
Trade School, San Francisco, California, 1915; Adjunct Professor
of Business Administration, University of Texas, 1915-1917;
Professor of Commerce, Ohio State University, 1917-1918;
Examiner, Federal Trade Commission, summer 1917; Professor of
Commerce, University of Washington, Seattle, Washington, 1918;
Lecturer on Foreign Trade, Columbia University, New York,
summer 1918; Captain U. S. A., 1918; formerly Professor of
Foreign Trade at the Commercial University at Rotterdam,
Holland, 1919-1920; Professor of Foreign Trade, New York
University, 1920. Author of Business Organization and
Administration, and of Modern Business Text on "Foreign Trade
and Shipping."

Edward R. Hardy, Ph.B. Insurance
Graduate of Boston University; formerly Librarian, Insurance
Library Association, Boston; for several years engaged in
investigations and administrative work for various insurance
organizations; Secretary and Treasurer of the Insurance Society of
New York, 1909; Manager of the Underwriters' Association of the
District of Columbia, 1914; Lecturer on Insurance in New York
University School of Commerce, Accounts and Finance; Assistant
Manager of the New York Fire Insurance Exchange; co-editor of
the "International Insurance Encyclopedia"; author of "History of
Fire Insurance in Massachusetts" and contributor on Fire Insurance
in the Modern Business Text on "Insurance."

Warren F. Hickernell, Ph.D. Business Conditions

Studied Political Economy at Yale University. M.A., 1909; Ph.D.,
1919. Was economic expert with the Immigration Commission,
1910, and the Bureau of Census, 1910-1911. From 1911 until 1916
was Managing Editor of the Brookmire Economic Service. Author
of "Business Cycles" and numerous articles on business and
financial conditions. Lecturer on "Panics and Depressions" at New
York University School of Commerce, Accounts and Finance.
Director, Bureau of Business Conditions of the Alexander
Hamilton Institute, since August, 1916.

Solomon S. Huebner, Ph.D. Marine Insurance
Educated at University of Wisconsin. B.S., 1902; M., 1908. Dr.
Huebner was a special lecturer on insurance and commerce in the
University of Pennsylvania, 1904-1906; Assistant Professor, 1906-
1908, and Professor since 1908. Since 1919 Dr. Huebner has been
expert in Insurance to the United States Shipping Board and to the
Committee on the Merchant Marine and Fisheries of the House of
Representatives. He has had charge of the Congressional Marine
Insurance investigation. While serving the Committee on the
Merchant Marine he had charge of the shipping investigation which
led to creation of U. S. Shipping Board and played a prominent part
in forming the U. S. Shipping Act. Dr. Huebner is a special lecturer
on insurance in the Columbia University School of Business. He
was expert for the Committee on Merchant Marine and Fisheries of
the House of Representatives. He is author of works on Property
Insurance, 1911; Life Insurance, 1915; Steamship Agreements and
Affiliations in the American Foreign and Domestic Trade, 1913;
Marine Insurance, 1920, and of the sections on Marine Insurance
and Life Insurance in the Modern Business Text on "Insurance."

Jeremiah W. Jenks, Ph.D., LL.D. Relation of Government to Business
(See Advisory Council.)

Joseph French Johnson, D.C.S.,
Economic ProblemsBusiness Ethics
LL.D.
(See Advisory Council.)

Walter S. Johnson, K.C. Commercial Law
Educated in McGill University (B.A., B.C.L.); member of the
Quebec Bar; practising law in Montreal; Lecturer on the Law of
Agency, the Law of Partnership and Lease and Constitutional
History, McGill University; collaborator in writing the Modern
Business Texts on "Credit and the Credit Man" and "Business
Organization"; author of the Canadian Modern Business Text on
"Commercial Law"; editor, the Quebec Civil Code.

Edward D. Jones, M.A. (Hon.),
Investments
Ph.D.
Educated in Ohio Wesleyan University; graduated in 1892 with
degree of B.S., M.A., 1912; entered University of Wisconsin and
received degree of Ph.D. in 1895; Instructor in statistics and
Economics, 1895-1898; Assistant Professor of Economics and
Commercial Geography, 1900-1901, University of Wisconsin;
United States Commissioner to Paris Exposition, 1899-1900;
Professor of Business Administration, University of Michigan,
1902-1919; member of International Association of Arts and
Sciences, St. Louis, 1903; holder of Diploma and Bronze Medal,
Paris Exposition, and Gold Medal, Buffalo Exposition; during the
war with the General Staff of the War Department, and with the
War Industries Board; member of American Economic Association,
of American Society of Industrial Engineers and of Industrial
Relations Association of America; now in charge of Harvard
University Service in Foreman Training; author of "The Economic
Crises," "The Business Administration," "The Administration of
Industrial Enterprises" and of the Modern Business Text on
"Investments."

John G. Jones Sales Management
Educated in Public School and University College of Wales,
Aberystwyth; came to America in 1888 and engaged in newspaper
work and mining in Montana and Colorado; engaged in sales work
since 1903; Vice-President and Director of Sales and Advertising of
the Alexander Hamilton Institute since 1912; also a Director and

member of the Executive Committee of Alexander Hamilton
Institute; Special Lecturer on Salesmanship and Sales Management
in the New York University School of Commerce, Accounts and
Finance; chairman of the International Committee on Business
Methods and Industrial Relations, Industrial Association of Rotary
Clubs, 1920-21; author of the Modern Business Text on
"Salesmanship and Sales Management."

Dexter S. Kimball, A.B., M.E. Cost Finding
Practical work with Pope and Talbot, Port Gamble, Washington,
1881-1887; entered shop of Union Iron Works, San Francisco,
1887, continuing this practical work until 1893; graduated Leland
Stanford University, 1896; entered the Engineering Department of
the Union Iron Works, 1896; Designing Engineer, Anaconda
Mining Company, 1898; Assistant Professor Machine Design,
Sibley College, 1898-1901; Professor Machine Construction, 1904-
1905; Professor Machine Design and Construction, 1905-1915;
Professor Machine Design and Industrial Engineering, 1915-1919;
Dean of the Engineering Colleges, Cornell University; member of
Council on Industrial Education, New York State Department of
Education, 1911; member of American Society Mechanical
Engineers; member of Society for Promotion of Engineering
Education; author "Elements of Machine Design" (with John H.
Barr), 1909; "Industrial Education," 1911; "Principles of Industrial
Organization," 1913; "Elements of Cost Finding," 1914;
contributor to scientific press; author of the Modern Business Text
on "Cost Finding" and "Plant Management."

Bernard Lichtenberg, M.C.S. Advertising Principles
Graduate of New York University School of Commerce, Accounts
and Finance. Two years post-graduate study in advertising at New
York University. Formerly with the Clark-Hutchinson Company, of
Boston; and with the Business Book Bureau, New York City;
Office Manager of the Alexander Hamilton Institute, 1912-1915;
Assistant Director of Advertising since June, 1915. Co-author of
the Modern Business Text on "Advertising Principles."

Frank L. McVey, Ph.D., LL.D. Economics
Born in Wilmington, Ohio, November 10, 1869; educated in Ohio
Wesleyan University and Yale University, receiving degree of
Ph.D. in 1895 from the latter; also studied in England in 1898. He
became Professor of Economics in the University of Minnesota in
1896; President of the State University of North Dakota in 1909-
1917; now President of the University of Kentucky; Chairman of
North Dakota State Educational Commission, 1911; member of
North Dakota State Board of Education; member of American
Economic Association; member of American Statistical
Association, and member of other commercial clubs and societies;
Secretary and founder of the Minnesota Academy of Social
Sciences; member and Chairman of Minnesota Tax Commission,
1907-1909, and member of other commissions and committees.
Author of numerous tracts, books and pamphlets, including
"Modern Industrialism," "Railway Transportation," "The Making
of a Town," and Editor, National Social Science Series;
collaborator on the Modern Business Text on "Economics—the
Science of Business."

John Thomas Madden, B.C.S.,
Accounting Practice
C.P.A. (N. Y.)
Born in Worcester, Mass.; graduate of New York University School
of Commerce, Accounts and Finance (summa cum laude);
employed with Swift & Company's subsidiary interests in various
capacities, 1900-1909; with Leslie & Company, Chartered
Accountants, New York, 1910-1911; practising public accountant;
Instructor in Accounting, New York University, 1911-1913;
Assistant Professor of Accounting, 1913; now Professor of
Accounting and Head of Department of Accounting, New York
University; special lecturer in accounting, Association of
Employes, New York Edison Company; Treasurer, Old Colony
Club; President, American Association of University Instructors in
Accounting, 1920-21; National President, Alpha Kappa Psi
fraternity, 1919-1920; and collaborator on the Modern Business
Text on "Accounting Practice and Auditing."

Mac Martin Advertising Campaigns
Educated in Minneapolis public schools; graduate of University of
Minnesota; President Mac Martin Advertising Agency; Ex-
President Minneapolis Advertising Forum; Agency Service
Committee, American Association of Advertising Agencies;
Professional Lecturer in Advertising at the University of
Minnesota; author "Planning an Advertising Campaign for a
Manufacturer"; author "Modern Methods of Merchandising";
author "Martin's Merchandising Reporting Service," and of the text
on "Advertising Campaigns" in the Modern Business Series.

G. F. Michelbacher, M.S. Compensation and Liability Insurance
Graduate of the University of California, 1912; Teaching fellow in
mathematics in the University, 1912-1913; Lecturer in Insurance
and Mathematics, 1913-1915; in charge of the preparation of the
California Schedule for Rating Permanent Injuries, for the
Industrial Accident Board of the State of California, 1913-1914;
later superintendent of the permanent disability rating department
of the Industrial Accident Commission of the State of California
and superintendent of the claims department of the State
Compensation Insurance Fund; a year later became Statistician of
the National Workmen's Compensation Service Bureau in New
York, 1916-1920; Actuary of the Bureau; Secretary of the National
Council on Workman's Compensation Insurance; contributor on
Liability and Workman's Compensation Insurance to the Modern
Business Text on "Insurance," also Secretary of the National
Council on Workmen's Compensation Insurance.

T. Vassar Morton, Litt.B.
Graduate Rutgers College; engaged in sales work with the
American Hard Rubber Company; office manager of the Voorhees
Rubber Manufacturing Company; afterward Subscription Credit
and Collection Manager of Doubleday, Page and Company;
member of the National Association of Credit Men; appointed
Bursar of the Alexander Hamilton Institute October 1, 1918.
Collaborator on the Modern Business Text "Credit and
Collections."

Bruce D. Mudgett, Ph.D. Life Insurance
Graduate of University of Idaho; one year of graduate work at
Columbia University and four years at University of Pennsylvania;
seven years instructor in insurance, Wharton School of Finance and
Commerce, University of Pennsylvania; Assistant Professor of
Insurance, School of Business Administration, University of
Washington, Seattle, Washington. On leave 1918-1919 as
Statistical Economist, Bureau of Research, War Trade Board,
Washington, D. C.; now Associate Professor of Economics,
University of Minnesota. Joint author with S. S. Huebner of
volume on Life Insurance; author of "The Disability Clause in Life
Insurance Contracts;" several articles in economic periodicals;
contributor on life insurance to the Modern Business Text on
"Insurance."

E. L. Stewart Patterson Domestic and Foreign Exchange
Educated in England; entered Eastern Townships Bank at
Sherbrooke in 1888; acted as Accountant for this bank in Granby
and Montreal, 1889-1901; became Assistant Manager at Montreal
in 1902; served three years (1904-1907) as Assistant Manager at
Sherbrooke; later became Manager, and in 1909 Assistant General
Manager; since amalgamation of the Eastern Townships Bank with
the Canadian Bank of Commerce, in 1912, has served as Inspector
at Toronto, and is now Superintendent of the Eastern Townships
Branches, with headquarters at Sherbrooke; fellow of Bankers'
Institute, London; of Institute of Banking of the United States; and
member of the Canadian Bankers' Association. Collaborator on the
Modern Business Text on "International Exchange."

Frederic E. Reeve, C.P.A. Accounting
Born January 3, 1886; graduate of New York University School of
Commerce, Accounts and Finance, June, 1911. C.P.A. Degree,
New York State, August, 1911. Former instructor in Accounting at
New York University School of Commerce, Accounts and Finance.
Member of the firm of White and Reeve, Certified Public
Accountants, 1913-1917. Since that date practising as a certified

public accountant in New York City. Collaborator on the Modern
Business Text on "Accounting Principles."

Frederick C. Russell, B.C.S. Auditing
Graduate New York University School of Commerce, Accounts and
Finance. Formerly accountant for Carter, Howe and Company,
manufacturing jewelers; connected with the Auditing Department
of the New York Telephone Company; formerly Instructor in
Accounting, New York University School of Commerce;
Controller, Alexander Hamilton Institute since 1916. Author of the
Modern Business Text on "Accounting Principles."

Bernard K. Sandwell, B.A. International Finance
Graduated Toronto University, 1897; began newspaper work in
England, but returned to Canada in 1900; editorial writer on
Toronto News; editorial writer and dramatic critic on Montreal
Herald; specialized in economic subjects, and in 1910 was one of
the founders of the Montreal Financial Times and became editor of
that paper; resigned 1918 to take present post of Assistant Professor
of Economics, McGill University, Montreal; editor of the Canadian
Bookman, 1918; National Secretary Canadian Authors Association;
author of financial section of "Canada and the Great World War."

William W. Swanson, Ph.D. Money and Banking
Studied at Queen's University, Kingston, Canada, and specialized
in Economic Science under Dr. Adam Shortt; graduated with
honors in 1905; Fellow at the University of Chicago in the
Department of Political Economy, 1905-1908; graduated Ph.D.,
1908; author of "The Establishment of the National Banking
System"; associate editor of the Montreal Journal of Commerce,
1914; since special writer for the Journal of Commerce; contributor
to Monetary Times and other financial journals in Canada;
investigated the unemployment problem for the Ontario
Government Commission on Unemployment, 1915; Associate
Professor in Economic Science in Queen's University, Kingston,
1908-1916; Professor of Economics at the Provincial University of
Saskatchewan, since 1916.

John B. Swinney, A.B. Merchandising
Graduated at Syracuse University in 1904; previous to entering
college engaged in retail merchandising; 1904-1906,
Superintendent of Schools, Springville, N. Y.; 1906-1908, with
John Wanamaker in retail merchandising; 1908-1913, with
Longmans, Green & Company, in wholesale merchandising;
Assistant Secretary in charge of Service, Alexander Hamilton
Institute, 1913-1917; Lecturer on Wholesale Merchandising in
New York University School of Commerce, Accounts and Finance,
1916-1917; editor Harper's Retail Business Series; Professor of
Marketing, College of Commerce and Business Administration,
Tulane University, 1917. Lecturer on Merchandising in Columbia
University, 1919. Now Superintendent of merchandising, The
Winchester Stores (Chain Sporting Goods and Hardware Stores).
Collaborator on the Modern Business Text on "Marketing and
Merchandising."

William H. Walker, LL.D. Financial Problems
Educated in the Wharton School of Finance of University of
Pennsylvania; Assistant Purchasing Agent, Consolidated
Lithograph Company; later engaged by the same company in the
installation of cost systems and the organization of branch plants; a
number of years Superintendent and Assistant Manager, Erie
Lithographing and Printing Company; resigned to become
President of the Grape Products Company; director and officer of
numerous other corporations; engaged for many years in special
study of finance, corporations and business efficiency; financial
counsel to corporations; lecturer and writer on finance and
corporations; in 1913, appointed Dean of the School of Accounts,
Finance and Commerce, Duquesne University, Pittsburgh; director,
Pittsburgh Commercial Club; member of Pittsburgh Tax
Commission and Chairman of its Committee on Administration;
author of the Modern Business Text on "Corporation Finance."

SPECIAL LECTURERS

The Special Lecturers have prepared written lectures for the Modern
Business Course and Service, presenting results of their successful business
experience.

Erastus W. Bulkley Partner, Spencer Trask & Company
Graduated from New York University in 1891; five years later
receiving a degree from the New York College of Pharmacy.
Following a short period of service with the Pennsylvania Railroad
Company, he entered the service of Spencer Trask & Company,
Investment Bankers, in 1898, as assistant manager of their Albany,
New York, office. Six years later he was appointed sales manager
of the New York City office; in 1906, he was admitted as a partner
in that firm, and is at present an active member. He established the
educational courses now in use by Spencer Trask & Company for
salesmen and office employes. He is recognized among investment
bankers as a close student of finance, especially of the methods of
distributing securities to individual investors. Governor and
Chairman of the Foreign Relations Committee of the Investment
Bankers' Association of America, 1912-1915; member of the
Advisory Board of New York University School of Commerce;
member of the American Economic Association and of the
American Academy of Political and Social Science.

Vice-President and General Manager, United
Herbert S. Collins
Cigar Stores Company
Born in Orleans County, New York; became a clerk in Mr.
Whelan's cigar store, becoming the manager of the business; came
to New York in 1900, and was one of the first salesmen of the
United Cigar Stores Company; as sales manager Mr. Collins is
credited with the development of window display in the United
Cigar Stores; in the arrangement of goods visible from the
sidewalk, he takes special interest, in order that it may dovetail
with the other advertising of the store.

Henry M. Edwards Auditor, New York Edison Company
Born in New York City; educated at College of the City of New
York; had short experience in wholesale drygoods and fire
insurance business; was connected successively with the office,
manufacturing and selling organizations of John Anderson and
Company, Tobacco Manufacturers; entered the employ of the
Manhattan Electric Light Company, 1889, as bookkeeper;
subsequently appointed Auditor of the company, and two years
later was made Director and Secretary, which office he retained
until the company, in 1900, was consolidated with the Edison
Electric Illuminating Company; was in charge of the financial
operations incident to the consolidation of all the companies
forming the present New York Edison Company, of which
company he was made Auditor; has been Chairman of the
Accounting Committee of the National Electric Light Association,
since 1907; author of "Electric Light Accounts and Their
Significance;" has contributed to trade journals and other
magazines, many papers on accounting and financial subjects and
has delivered many addresses on these subjects.

Harrington Emerson Efficiency Engineer
Born in Trenton, N. J.; educated in Paris, Munich, Vienna, Athens;
took the mechanical engineering course in Royal Polytechnic,
Munich; professor in University of Nebraska, 1876-1882; after
1883 engaged in professional work with C., B. & Q., Union Pacific
and Santa Fe Railways; now president of the Emerson Company,
Efficiency Engineers; author of various important works which
have had a strong influence on business methods, including
"Efficiency" and "Twelve Principles of Efficiency."

Charles Ernest Forsdick Controller, Union Oil Company
Born at Greenwich, England; educated in the grammar schools
there, later attended Morden College and the Shrewsbury Schools;
came to the United States in 1888, and until 1893 was engaged in
accounting work in the Southern States; then became affiliated with
the accounting department of the Lehigh Valley Railroad Company
in Philadelphia, of which company he became general bookkeeper;

in 1901 Mr. Forsdick became associated with Haskins and Sells,
certified public accountants in New York, with whom he remained
for ten years; he became Associate at Large of the American
Association of Public Accountants and a member of the Institute of
Accounts, and was for four years a member of the faculty of the
New York University School of Commerce, Accounts and Finance.

Orlando C. Harn Advertising Manager, National Lead Company
Born in Dayton, Ohio; educated in Ohio Wesleyan University and
in Cornell University; entered business as clerk in a retail book
store, afterward engaged in newspaper and trade paper work; at one
time advertising manager of H. J. Heinz Company; chairman,
National Advertising Commission; for two terms president of the
Technical Publicity Association; was the second president of the
Association of National Advertising Managers; now advertising
manager and chairman of the sales committee of the National Lead
Company; originator of the "Dutch Boy" trade-mark.

Chairman Advisory Board, Chase National
A. Barton Hepburn
Bank, New York
Born at Colton, N. Y.; graduated from Middlebury College and
received degrees of LL.D. and D.C.L. at St. Lawrence, Columbia
and Williams College. Practised law in New York State, was
appointed superintendent of the Banking Department for New York
and later Comptroller of the Currency. In 1892 he was made
President of the Third National Bank of New York, then Vice-
President of National City Bank, and later President of the Chase
National Bank of New York. He is director of a number of
prominent financial, industrial and commercial organizations;
trustee of Middlebury College and Rockefeller Foundation;
member of New York Chamber of Commerce and various scientific
and literary societies.

Vice-President, International Banking
Lawrence M. Jacobs
Corporation
Born in Sturgis, Michigan; graduated from the University of
Chicago in 1899; was sent by the Government in 1900 to the

Philippine Islands, China and Japan; in 1903 he entered the
National City Bank of New York; in 1909 he was made foreign
representative of the National City Bank; when the National City
Bank acquired the International Banking Corporation and the
International Bank, he was made Vice-President of the former and
the President of the latter.

Chairman of the Board, International Shoe
Jackson Johnson
Company
Born in LaGrange, Alabama; entered the general store business in
Holly Springs, Mississippi; for five years engaged in the wholesale
shoe business. In 1898 moved to St. Louis, and was one of the
leaders in organizing the Roberts, Johnson and Rand Shoe
Company; President of this company until 1911, when the
International Shoe Company was formed by the consolidation of
the Roberts, Johnson and Rand Shoe Company and the Peters Shoe
Company. In 1912 the Friedman-Shelby Shoe Company was
purchased and became one of the sales branches of the
International Shoe Company. Mr. Johnson was elected the first
president of the International Shoe Company, a position which he
held for five years, and until he was chosen chairman of the board
the position which he now fills. Is director in the First National
Bank in St. Louis and the St. Louis Union Trust Company; member
of the Board of Trustees of Washington University. For two terms,
ending November, 1919, was president of the St. Louis Chamber of
Commerce and during his incumbency the activities of this
organization were greatly extended and intensified. During the war
he served the Government as regional adviser to the War Industries
Board.

Fowler Manning Sales Manager, Diamond Match Company
Born in Texas; entered business as a traveling salesman; he left the
road to join the inside sales organization of the Meyer Brothers'
Drug Company, St. Louis, with a view to securing an insight into
the methods employed in the sales management of a large
successful business; specialized in sales organization and sales

reorganization to broaden still further his experience in connection
with specialty lines.

Past President of the National Association of
Finley H. McAdow
Credit Men
Born in Ohio; educated in Ohio; entered Chicago Branch of Chas.
Scribner's Sons as bookkeeper; two years later he became Assistant
Superintendent and Cost Accountant for Racine (Wis.) Hardware
Manufacturing Company; Secretary and Treasurer of Staver
Brothers Carriage Company of Chicago; has long been associated
with the National Association of Credit Men, having served with
honor as Director, and President of the Chicago Local Association,
and as Director, Vice-President and for two terms President of the
National Association of Credit Men. He is a Lecturer on Credits in
Central Y. M. C. A. of Chicago and Credit Manager of Skinner
Brothers of Chicago.

Former Chairman of the Board, Galena-Signal
General Charles Miller
Oil Company
Born in Alsace, France, Educated in France; given degree of A.M.,
Bucknell University; entered oil business, 1869, and had been
President Galena-Signal Oil Company since its organization;
director in over forty industrial corporations; entered the Civil War
when twenty years of age; formerly Mayor of Franklin, Pa.;
commissioned in National Guard of Pennsylvania, 1880, as Major;
promoted to Brigadier General and Major General commanding the
National Guard, retiring in 1906; decorated by French Government
as Chevalier of Legion of Honor for eminent services to industry
and commerce.

Melville W. Mix President, Dodge Manufacturing Co.
Born in Atlanta, Ill.; at the age of twenty-one entered employ of
Dodge Manufacturing Company of Mishawaka, Ind., and held
various positions in the company; in 1894 he was elected Vice-
President and General Manager, and in 1896 President of the
company; was formerly President, American Supply and
Machinery Manufacturers' Association; Vice-President from

Indiana of National Association of Manufacturers; served two years
as Mayor of Mishawaka, and later as member for Indiana of
Louisiana Exposition Commission; was subsequently appointed by
the Governor of Indiana as member of commission to investigate
laws and conditions of woman labor and to recommend proper
legislation in connection therewith.

Secretary-Treasurer, Writing Paper
Emmett Hay Naylor
Manufacturers' Association
Educated in Dartmouth College, New York Law School, and
Graduate School of Harvard University; for four years Secretary of
the Springfield (Mass.) Board of Trade; held honorary offices of
President of the New England Association of Commercial
Executives and Secretary-Treasurer of the American Association of
Commercial Executives; later Secretary-Treasurer of the Western
New England Chamber of Commerce; now Secretary-Treasurer of
the Writing Paper Manufacturers' Association; also Secretary-
Treasurer of the Cover Paper and Tissue Paper Manufacturers'
Association; special lecturer before the graduate schools of
Dartmouth College, Harvard and New York Universities; author of
various magazine articles concerning the principles and
possibilities of commercial organization work.

Holbrook F. J. Porter Consulting Engineer
Born in New York City; educated, Lehigh University; served
successively with several industrial corporations, 1878-1894;
western representative, Bethlehem Steel Company, 1894-1901;
eastern representative, 1901-1902; Vice-President and General
Manager, Westinghouse-Nernst Lamp Company, 1902-1905;
consulting industrial engineer in independent practice in New York
since 1905.

Welding Ring Exporter
Born in Cornwall, N. Y.; entered business in 1864 as clerk in an
importing house; after spending a year in the importing
establishment, spent several years in a grain and flour commission
business; since that time has been engaged in exporting to

Australia, New Zealand, South Africa and Europe; has visited all
these countries, as well as China, Japan and the East Indies, and
has studied their problems at close range; now senior member of
the exporting firm of Mailler and Quereau; Director and Vice-
President of the United States and Australia Steamship Company;
member of the New York Chamber of Commerce and Chairman,
Executive Committee of the Produce Exchange and Maritime
Exchange; ex-President, Exporters and Importers' Association;
Director, Foreign Trade Council; Trustee, Williamsburg Savings
Bank.

Arthur Webster
President, Philadelphia Company of Pittsburgh
Thompson
Born in Erie, Pa.; graduated in 1897 from Allegheny College with
the degree of Civil Engineer; was rodman on location work for the
Pittsburgh, Buffalo and Lake Erie Railroad; was appointed
Assistant Division Engineer of the Baltimore and Ohio Railroad at
Pittsburgh in 1900 and gradually rose until in July, 1916, he
became Vice-President of this railroad in charge of Traffic and
Commercial Development; is President of the Board of Trustees of
Allegheny College and a member of the following scientific
societies: American Railway Association (Vice-President);
American Society of Civil Engineers; American Railway
Engineering Association; Engineers' Society, Western
Pennsylvania; American Academy Political and Social Science; is a
director of the National Bank of Commerce and of the Citizens
Company of Baltimore, and Chairman of the Board of Managers
and Director of the Washington (D. C.) Terminal Company;
member of the Special Committee on National Defense, of the
American Railway Association; appointed by the Governor a
member of the Maryland Preparedness and Survey Commission.

General Manager, Hirsch, Lillienthal &
Frederick S. Todman
Company
Born in New York City; educated in New York University, which
institution later bestowed upon him the degree of Master of
Commercial Science; Mr. Todman early specialized in the subject

of finance with particular reference to the work of Wall Street and
the Stock Exchanges. On these subjects he has written extensively
for the magazines and the public press; author of "Brokerage
Accounts;" in 1914 identified with the Financial Department of the
New York University School of Commerce, Accounts and Finance.

John Conselyea Treasurer, Mercantile Trust and Deposit
Traphagen Company of New York
Educated in New York University; became manager of statistical
department, Standard Statistics Company, 1910; elected a director,
1914, and Vice-President of this company in 1915; became
Assistant Secretary of the Franklin Trust Company of New York,
1916. He is now the treasurer of the Mercantile Trust and Deposit
Company of New York; he is a trustee of the American Savings
Bank, and secretary to reorganization committees of some of our
largest railroad and street railway systems.

John Wanamaker Merchant
At the age of fourteen was errand boy in a book store; later he
became salesman in a clothing store; and at twenty-four founded a
small clothing establishment in Philadelphia; in 1876 he
established his general store in Philadelphia, and in 1896 revived
the business of Mr. A. T. Stewart in New York; today the
Wanamaker stores in New York and Philadelphia are among the
largest of their kind; has been actively interested in politics and was
Postmaster-General of the United States in President Harrison's
cabinet, where his capacity for organization won him marked
distinction; he has always been interested in philanthropic,
religious and educational work; he founded the Presbyterian
Hospital, and also the Bethany Presbyterian Church Sunday
School; in 1912 he was given the decoration of Officer of the
Legion of Honor by the French Government.

Vice-President, Continental Grocery Stores,
Walter N. Whitney
Inc.
Born in Elmira, N. Y.; educated in the Public Schools of Buffalo,
N. Y.; began his business career in the Central Railway Clearing

House; three years later he entered the service of the Larkin
Company. Subsequently Mr. Whitney found his sphere in the
advertising and selling departments, working his way through the
various branches; in 1916 he originated and conducted an
advertising and selling campaign that is said to have been one of
the most successful campaigns in the history of Larkin Company.
More than $3,000,000 worth of business was credited to that
campaign. Later he was associated with the mail-order work of
Merrell-Soule & Company, manufacturers of food products at
Syracuse, N. Y. He is now Vice-President, Continental Grocery
Stores, Inc.

Summing it up:

Isn't it true that many of the interests in your life are centered on your
business progress? So much depends on your success or failure in business.
Your daily bread, your social position, your ambition, the welfare of your
family, everything you expect to be and have may be decided for or against
you by your accomplishments in business.
Do you consider as seriously your plans of how you are to succeed as
you do your plans of what success you hope to attain?
Surely, since so much depends on it, isn't it your duty to take advantage
of every possible opportunity to better your conditions right now?
Briefly stated, the Modern Business Course and Service offers you a
thorough training in practical business knowledge—a training that prepares
you to become a better business man. It is helping thousands of other men
in a dollars and cents way. It can help you too.
Our subscribers do succeed faster, do accomplish more, do make more
money than the average business man. The evidence is overwhelming. The
value of the Course and Service is established. No thinking man can doubt
it.

The question is, are you willing to override the countless insignificant
objections and consider the one big fundamental reason why you should
enrol? Are you willing to sacrifice a little time, a little money, a little effort
in order to attain success in the biggest factor in your life—business?
If you have confidence in your ability, if your ambitions are sincere—you
can't decide against it.
You will take this first step toward bigger business success now by
joining the 145,000 other progressive men who are following the Modern
Business Course and Service.

PRESS OF ANDREW H. KELLOGG CO., NEW YORK

ADVERTISEMENTS

The twenty-four volumes of Modern Business Texts are printed on dull
finished paper and bound in Flexible Fabrikoid. Each volume is 5 1⁄ 8 x 7 1⁄ 2
inches in size and contains about 350 pages. They are adapted for constant
use, can be slipped into the pocket and carried without any trouble. The
volumes in themselves constitute a complete business library.

Cost Records as Profit Makers
The business that does not watch its costs
is likely to have no profits to watch.
This shows the cover of one of the Talks in the Modern Business Series.
You receive one of these Talks every two weeks with either a Modern
Business Lecture or a Modern Business Problem.

BUILDING AN ORGANISATION
Prominent business men write these Modern Business Lectures, showing
from their own experience how the principles treated in the Texts have been
successfully applied by them.

SCUDDER'S SYSTEM TO "BEAT THE
MARKET"
The solution of the 24 Modern Business Problems is optional with the
subscriber. When he sends in his solution, the subscriber receives in return a
personal letter of criticism and suggestions, together with a Model Solution
of the Problem.

Coming as they do every month, these Letters contain so concise and
authoritative a summary of all important factors affecting current business
that they are proving of immense practical value to our subscribers.

FINANCIAL AND TRADE REVIEW
These reviews are issued monthly. Each review covers the current
security market and analyzes securities, both individually and by groups. It
discusses topics of business legislation and important current events and
covers the production and prices of general commodities in a way which
enables one to judge the trend of commodity prices.

Federal Income and Excess Profits Taxes
Modern Business Report List
These reports cover specific problems and are replete with forms and
illustrations; they show how a particular problem has been worked out and
are the result of special investigation.

List Of Changes
Transcriber's Note: Blank pages have been deleted. Some illustrations
may have been moved. We have rendered consistent on a per-word-pair
basis the hyphenation or spacing of such pairs when repeated in the same

grammatical context. The publisher's inadvertent omissions of important
punctuation have been corrected.
Other changes are listed below:

Page Change

3 [Advertisements listing added to table of contents.]
4 Frederic[Frederick] S. Todman, General Manager, Hirsch,
17 [Advertisements moved to end of publication; chapter
header added.]
86 Sellings[Selling] stocks and bonds
94 Interpretation of liabilties[liabilities]
99 Honary[Honorary] degrees: Yale, A.M.,
106 of Minnesota Tex[Tax] Commission, 1907-1909,
107 Service Bureau in New York, 1916-1920[;]
108 former[Former] instructor in Accounting
114 advisor[adviser] to the War Industries Board.
119 Isn't lt[it] true that

Start of text.

*** END OF THE PROJECT GUTENBERG EBOOK FORGING AHEAD
IN BUSINESS ***

Updated editions will replace the previous one—the old editions will be
renamed.

Creating the works from print editions not protected by U.S. copyright law
means that no one owns a United States copyright in these works, so the
Foundation (and you!) can copy and distribute it in the United States
without permission and without paying copyright royalties. Special rules,
set forth in the General Terms of Use part of this license, apply to copying
and distributing Project Gutenberg™ electronic works to protect the
PROJECT GUTENBERG™ concept and trademark. Project Gutenberg is a
registered trademark, and may not be used if you charge for an eBook,
except by following the terms of the trademark license, including paying
royalties for use of the Project Gutenberg trademark. If you do not charge
anything for copies of this eBook, complying with the trademark license is
very easy. You may use this eBook for nearly any purpose such as creation
of derivative works, reports, performances and research. Project Gutenberg
eBooks may be modified and printed and given away—you may do
practically ANYTHING in the United States with eBooks not protected by
U.S. copyright law. Redistribution is subject to the trademark license,
especially commercial redistribution.

START: FULL LICENSE

THE FULL PROJECT GUTENBERG™ LICENSE
PLEASE READ THIS BEFORE YOU DISTRIBUTE OR USE THIS WORK

To protect the Project Gutenberg™ mission of promoting the free
distribution of electronic works, by using or distributing this work (or any
other work associated in any way with the phrase “Project Gutenberg”), you
agree to comply with all the terms of the Full Project Gutenberg License
available with this file or online at www.gutenberg.org/license.

Section 1. General Terms of Use and Redistributing
Project Gutenberg electronic works

1.A. By reading or using any part of this Project Gutenberg electronic work,
you indicate that you have read, understand, agree to and accept all the
terms of this license and intellectual property (trademark/copyright)
agreement. If you do not agree to abide by all the terms of this agreement,
you must cease using and return or destroy all copies of Project Gutenberg
electronic works in your possession. If you paid a fee for obtaining a copy
of or access to a Project Gutenberg electronic work and you do not agree to
be bound by the terms of this agreement, you may obtain a refund from the
person or entity to whom you paid the fee as set forth in paragraph 1.E.8.

1.B. “Project Gutenberg” is a registered trademark. It may only be used on
or associated in any way with an electronic work by people who agree to be
bound by the terms of this agreement. There are a few things that you can
do with most Project Gutenberg electronic works even without complying
with the full terms of this agreement. See paragraph 1.C below. There are a
lot of things you can do with Project Gutenberg electronic works if you
follow the terms of this agreement and help preserve free future access to
Project Gutenberg electronic works. See paragraph 1.E below.

1.C. The Project Gutenberg Literary Archive Foundation (“the Foundation”
or PGLAF), owns a compilation copyright in the collection of Project
Gutenberg electronic works. Nearly all the individual works in the
collection are in the public domain in the United States. If an individual
work is unprotected by copyright law in the United States and you are

located in the United States, we do not claim a right to prevent you from
copying, distributing, performing, displaying or creating derivative works
based on the work as long as all references to Project Gutenberg are
removed. Of course, we hope that you will support the Project Gutenberg
mission of promoting free access to electronic works by freely sharing
Project Gutenberg works in compliance with the terms of this agreement for
keeping the Project Gutenberg name associated with the work. You can
easily comply with the terms of this agreement by keeping this work in the
same format with its attached full Project Gutenberg License when you
share it without charge with others.

1.D. The copyright laws of the place where you are located also govern
what you can do with this work. Copyright laws in most countries are in a
constant state of change. If you are outside the United States, check the
laws of your country in addition to the terms of this agreement before
downloading, copying, displaying, performing, distributing or creating
derivative works based on this work or any other Project Gutenberg work.
The Foundation makes no representations concerning the copyright status
of any work in any country other than the United States.

1.E. Unless you have removed all references to Project Gutenberg:

1.E.1. The following sentence, with active links to, or other immediate
access to, the full Project Gutenberg License must appear prominently
whenever any copy of a Project Gutenberg work (any work on which the
phrase “Project Gutenberg” appears, or with which the phrase “Project
Gutenberg” is associated) is accessed, displayed, performed, viewed, copied
or distributed:

This eBook is for the use of anyone anywhere in the United States
and most other parts of the world at no cost and with almost no
restrictions whatsoever. You may copy it, give it away or re-use it
under the terms of the Project Gutenberg™ License included with
this eBook or online at www.gutenberg.org. If you are not located in
the United States, you will have to check the laws of the country
where you are located before using this eBook.

1.E.2. If an individual Project Gutenberg electronic work is derived from
texts not protected by U.S. copyright law (does not contain a notice
indicating that it is posted with permission of the copyright holder), the
work can be copied and distributed to anyone in the United States without
paying any fees or charges. If you are redistributing or providing access to a
work with the phrase “Project Gutenberg” associated with or appearing on
the work, you must comply either with the requirements of paragraphs
1.E.1 through 1.E.7 or obtain permission for the use of the work and the
Project Gutenberg trademark as set forth in paragraphs 1.E.8 or 1.E.9.

1.E.3. If an individual Project Gutenberg electronic work is posted with the
permission of the copyright holder, your use and distribution must comply
with both paragraphs 1.E.1 through 1.E.7 and any additional terms imposed
by the copyright holder. Additional terms will be linked to the Project
Gutenberg License for all works posted with the permission of the
copyright holder found at the beginning of this work.

1.E.4. Do not unlink or detach or remove the full Project Gutenberg License
terms from this work, or any files containing a part of this work or any
other work associated with Project Gutenberg.

1.E.5. Do not copy, display, perform, distribute or redistribute this
electronic work, or any part of this electronic work, without prominently
displaying the sentence set forth in paragraph 1.E.1 with active links or
immediate access to the full terms of the Project Gutenberg License.

1.E.6. You may convert to and distribute this work in any binary,
compressed, marked up, nonproprietary or proprietary form, including any
word processing or hypertext form. However, if you provide access to or
distribute copies of a Project Gutenberg work in a format other than “Plain
Vanilla ASCII” or other format used in the official version posted on the
official Project Gutenberg website (www.gutenberg.org), you must, at no
additional cost, fee or expense to the user, provide a copy, a means of
exporting a copy, or a means of obtaining a copy upon request, of the work
in its original “Plain Vanilla ASCII” or other form. Any alternate format
must include the full Project Gutenberg License as specified in paragraph
1.E.1.

1.E.7. Do not charge a fee for access to, viewing, displaying, performing,
copying or distributing any Project Gutenberg works unless you comply
with paragraph 1.E.8 or 1.E.9.

1.E.8. You may charge a reasonable fee for copies of or providing access to
or distributing Project Gutenberg electronic works provided that:

• You pay a royalty fee of 20% of the gross profits you derive from the
use of Project Gutenberg works calculated using the method you
already use to calculate your applicable taxes. The fee is owed to the
owner of the Project Gutenberg trademark, but he has agreed to donate
royalties under this paragraph to the Project Gutenberg Literary
Archive Foundation. Royalty payments must be paid within 60 days
following each date on which you prepare (or are legally required to
prepare) your periodic tax returns. Royalty payments should be clearly
marked as such and sent to the Project Gutenberg Literary Archive
Foundation at the address specified in Section 4, “Information about
donations to the Project Gutenberg Literary Archive Foundation.”

• You provide a full refund of any money paid by a user who notifies
you in writing (or by e-mail) within 30 days of receipt that s/he does
not agree to the terms of the full Project Gutenberg™ License. You
must require such a user to return or destroy all copies of the works
possessed in a physical medium and discontinue all use of and all
access to other copies of Project Gutenberg™ works.

• You provide, in accordance with paragraph 1.F.3, a full refund of any
money paid for a work or a replacement copy, if a defect in the
electronic work is discovered and reported to you within 90 days of
receipt of the work.

• You comply with all other terms of this agreement for free distribution
of Project Gutenberg™ works.

1.E.9. If you wish to charge a fee or distribute a Project Gutenberg™
electronic work or group of works on different terms than are set forth in
this agreement, you must obtain permission in writing from the Project
Gutenberg Literary Archive Foundation, the manager of the Project

Gutenberg™ trademark. Contact the Foundation as set forth in Section 3
below.

1.F.

1.F.1. Project Gutenberg volunteers and employees expend considerable
effort to identify, do copyright research on, transcribe and proofread works
not protected by U.S. copyright law in creating the Project Gutenberg™
collection. Despite these efforts, Project Gutenberg™ electronic works, and
the medium on which they may be stored, may contain “Defects,” such as,
but not limited to, incomplete, inaccurate or corrupt data, transcription
errors, a copyright or other intellectual property infringement, a defective or
damaged disk or other medium, a computer virus, or computer codes that
damage or cannot be read by your equipment.

1.F.2. LIMITED WARRANTY, DISCLAIMER OF DAMAGES - Except
for the “Right of Replacement or Refund” described in paragraph 1.F.3, the
Project Gutenberg Literary Archive Foundation, the owner of the Project
Gutenberg™ trademark, and any other party distributing a Project
Gutenberg™ electronic work under this agreement, disclaim all liability to
you for damages, costs and expenses, including legal fees. YOU AGREE
THAT YOU HAVE NO REMEDIES FOR NEGLIGENCE, STRICT
LIABILITY, BREACH OF WARRANTY OR BREACH OF CONTRACT
EXCEPT THOSE PROVIDED IN PARAGRAPH 1.F.3. YOU AGREE
THAT THE FOUNDATION, THE TRADEMARK OWNER, AND ANY
DISTRIBUTOR UNDER THIS AGREEMENT WILL NOT BE LIABLE
TO YOU FOR ACTUAL, DIRECT, INDIRECT, CONSEQUENTIAL,
PUNITIVE OR INCIDENTAL DAMAGES EVEN IF YOU GIVE
NOTICE OF THE POSSIBILITY OF SUCH DAMAGE.

1.F.3. LIMITED RIGHT OF REPLACEMENT OR REFUND - If you
discover a defect in this electronic work within 90 days of receiving it, you
can receive a refund of the money (if any) you paid for it by sending a
written explanation to the person you received the work from. If you
received the work on a physical medium, you must return the medium with
your written explanation. The person or entity that provided you with the
defective work may elect to provide a replacement copy in lieu of a refund.
If you received the work electronically, the person or entity providing it to

you may choose to give you a second opportunity to receive the work
electronically in lieu of a refund. If the second copy is also defective, you
may demand a refund in writing without further opportunities to fix the
problem.

1.F.4. Except for the limited right of replacement or refund set forth in
paragraph 1.F.3, this work is provided to you ‘AS-IS’, WITH NO OTHER
WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING
BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR ANY PURPOSE.

1.F.5. Some states do not allow disclaimers of certain implied warranties or
the exclusion or limitation of certain types of damages. If any disclaimer or
limitation set forth in this agreement violates the law of the state applicable
to this agreement, the agreement shall be interpreted to make the maximum
disclaimer or limitation permitted by the applicable state law. The invalidity
or unenforceability of any provision of this agreement shall not void the
remaining provisions.

1.F.6. INDEMNITY - You agree to indemnify and hold the Foundation, the
trademark owner, any agent or employee of the Foundation, anyone
providing copies of Project Gutenberg™ electronic works in accordance
with this agreement, and any volunteers associated with the production,
promotion and distribution of Project Gutenberg™ electronic works,
harmless from all liability, costs and expenses, including legal fees, that
arise directly or indirectly from any of the following which you do or cause
to occur: (a) distribution of this or any Project Gutenberg work, (b)
alteration, modification, or additions or deletions to any Project Gutenberg
work, and (c) any Defect you cause.

Section 2. Information about the Mission of Project
Gutenberg

Project Gutenberg is synonymous with the free distribution of electronic
works in formats readable by the widest variety of computers including
obsolete, old, middle-aged and new computers. It exists because of the

efforts of hundreds of volunteers and donations from people in all walks of
life.

Volunteers and financial support to provide volunteers with the assistance
they need are critical to reaching Project Gutenberg’s goals and ensuring
that the Project Gutenberg collection will remain freely available for
generations to come. In 2001, the Project Gutenberg Literary Archive
Foundation was created to provide a secure and permanent future for
Project Gutenberg and future generations. To learn more about the Project
Gutenberg Literary Archive Foundation and how your efforts and donations
can help, see Sections 3 and 4 and the Foundation information page at
www.gutenberg.org.

Section 3. Information about the Project Gutenberg
Literary Archive Foundation

The Project Gutenberg Literary Archive Foundation is a non-profit 501(c)
(3) educational corporation organized under the laws of the state of
Mississippi and granted tax exempt status by the Internal Revenue Service.
The Foundation’s EIN or federal tax identification number is 64-6221541.
Contributions to the Project Gutenberg Literary Archive Foundation are tax
deductible to the full extent permitted by U.S. federal laws and your state’s
laws.

The Foundation’s business office is located at 41 Watchung Plaza #516,
Montclair NJ 07042, USA, +1 (862) 621-9288. Email contact links and up
to date contact information can be found at the Foundation’s website and
official page at www.gutenberg.org/contact

Section 4. Information about Donations to the Project
Gutenberg Literary Archive Foundation

Project Gutenberg™ depends upon and cannot survive without widespread
public support and donations to carry out its mission of increasing the
number of public domain and licensed works that can be freely distributed
in machine-readable form accessible by the widest array of equipment

including outdated equipment. Many small donations ($1 to $5,000) are
particularly important to maintaining tax exempt status with the IRS.

The Foundation is committed to complying with the laws regulating
charities and charitable donations in all 50 states of the United States.
Compliance requirements are not uniform and it takes a considerable effort,
much paperwork and many fees to meet and keep up with these
requirements. We do not solicit donations in locations where we have not
received written confirmation of compliance. To SEND DONATIONS or
determine the status of compliance for any particular state visit
www.gutenberg.org/donate.

While we cannot and do not solicit contributions from states where we have
not met the solicitation requirements, we know of no prohibition against
accepting unsolicited donations from donors in such states who approach us
with offers to donate.

International donations are gratefully accepted, but we cannot make any
statements concerning tax treatment of donations received from outside the
United States. U.S. laws alone swamp our small staff.

Please check the Project Gutenberg web pages for current donation methods
and addresses. Donations are accepted in a number of other ways including
checks, online payments and credit card donations. To donate, please visit:
www.gutenberg.org/donate.

Section 5. General Information About Project Gutenberg
electronic works

Professor Michael S. Hart was the originator of the Project Gutenberg
concept of a library of electronic works that could be freely shared with
anyone. For forty years, he produced and distributed Project Gutenberg
eBooks with only a loose network of volunteer support.

Project Gutenberg eBooks are often created from several printed editions,
all of which are confirmed as not protected by copyright in the U.S. unless a

copyright notice is included. Thus, we do not necessarily keep eBooks in
compliance with any particular paper edition.

Most people start at our website which has the main PG search facility:
www.gutenberg.org.

This website includes information about Project Gutenberg, including how
to make donations to the Project Gutenberg Literary Archive Foundation,
how to help produce our new eBooks, and how to subscribe to our email
newsletter to hear about new eBooks.

back

back