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Title: Forging Ahead in Business
Author: Various
Language: English
As this book started as an ASCII text book there are no pictures available.
Copyright Status: Not copyrighted in the United States. If you live elsewhere check the laws of your country before downloading this ebook. See comments about copyright issues at end of book.

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       *       *       *       *       *

Transcriber's Note: The original publication has been replicated
faithfully except as shown in the List Of Changes at the end of the text.
Words in italics are indicated like _this_. Text emphasized with bold
characters or other treatment is shown like =this=.

       *       *       *       *       *



                    [Illustration: Modern Business]



                        FORGING AHEAD IN BUSINESS


                    [Illustration: 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



                          _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.

  _Business and the Man_                                        _Volume 1_

    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.

  _Plant Management_                                            _Volume 4_

    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.

  _Office Administration_                                       _Volume 8_

    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.

  _Business Correspondence_                                    _Volume 11_

    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.

  _Corporation Finance_                                        _Volume 14_

    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.

  _Foreign Trade and Shipping_                                 _Volume 16_

    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.

  _Business and the Government_                                _Volume 24_

    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.

                             [Illustration:

                                ECONOMICS

                               ACCOUNTING

                        ACCOUNTING PRINCIPLES
                     FINANCIAL AND BUSINESS STATEMENT
                     ACCOUNTING PRACTICE AND AUDITING

                                FINANCE

                          CORPORATION FINANCE
                                 BANKING
                         CREDIT AND COLLECTIONS
                         BUSINESS ORGANIZATION
                               INSURANCE
                       THE STOCK AND PRODUCE EXCHANGES
                         INTERNATIONAL EXCHANGE
                              INVESTMENTS

                               PRODUCTION

                               MARKETING

             COPYRIGHT 1921, BY ALEXANDER HAMILTON INSTITUTE]


                   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

                              +------------------+
                              |     PRESIDENT    |
                              |        OR        |
                              |  GENERAL MANAGER |
                              |$15,000 to $30,000|
                              +---------+--------+
                                        |
          +-------------------+---------+---------+-------------------+
          |                   |                   |                   |
 +--------+--------+ +--------+--------+ +--------+--------+ +--------+--------+
 |  VICE-PRESIDENT | |  VICE-PRESIDENT | |  COMPTROLLER    | |  TREAS. & SEC'Y |
 |   IN CHARGE OF  | |   IN CHARGE OF  | |  IN CHARGE OF   | |   IN CHARGE OF  |
 |    PRODUCTION   | |     MARKETING   | |    ACCOUNTS     | |     FINANCE     |
 |$8,000 to $15,000| |$8,000 to $15,000| |$8,000 to $15,000| |$8,000 to $15,000|
 +--------+--------+ +--------+--------+ +--------+--------+ +--------+--------+
          |                   |                   |                   |
                    Above this line are men who understand the
                fundamentals underlying all departments of business
 ===============================================================================
            Below are the $1,800 and $4,000 men who by systematically
                       training themselves can climb higher
          |                   |                   |                   |
 +--------+--------+ +--------+--------+ +--------+--------+ +--------+--------+
 |   _Staff of_    | |   _Staff of_    | |   _Staff of_    | |   _Staff of_    |
 | COST DEPARTMENT | |SALES ADVERTISING| |  ACCOUNTING AND | |    CREDIT AND   |
 |   FACTORY AND   | | CORRESPONDENCE  | |   STATISTICAL   | |    INSURANCE    |
 |   OFFICE FORCE  | |       AND       | |   DEPARTMENTS   | |   FINANCE AND   |
 |                 | |  TRANSPORTATION | |                 | |    INVESTMENT   |
 |                 | |      DEPT'S     | |                 | |   DEPARTMENTS   |
 +--------+--------+ +--------+--------+ +--------+--------+ +--------+--------+

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.

                             [Illustration:

           _Chart of the Modern Business Course and Service_

                      ORGANIZED BUSINESS KNOWLEDGE
                       Collected and classified by
                ALEXANDER HAMILTON INSTITUTE ORGANIZATION
             (Advisory Council, Staff and Special Lecturers)
                    Transmitted to Subscribers thru

                   REPORTS
                       LECTURES
                           TALKS
                               TEXTS
                                   PROBLEMS
                                       SERVICE
                                           MONTHLY LETTERS

                                 This
                              knowledge
                            assimilated by
                            The Wide-Awake
                             Business Man
                              results in

         BETTER UNDERSTANDING OF BUSINESS PRINCIPLES
             ABILITY TO PLAN MORE EFFECTIVELY
                 INCREASED CONFIDENCE IN HANDLING BIG PROBLEMS
                     QUICKER AND MORE ACCURATE DECISIONS
                         MORE TIME FOR CONSTRUCTIVE THINKING
                             GREATER ABILITY TO HANDLE MEN
                                 KNOWLEDGE THAT PREVENTS MISTAKES


                            LARGER INCOME and
                       GREATER SUCCESS IN BUSINESS
]

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

    Graduated Harvard University, 1878; studied political science
    and economics in Europe; began newspaper work on the Springfield
    _Republican_, 1881; moved to Chicago, 1883, and became financial
    editor of the Chicago _Tribune_; established the Spokane (Wash.)
    _Spokesman_, 1890, sold his interest, 1893, and became Professor
    of Finance in the University of Pennsylvania; appointed
    Professor of Political Economy in New York University, 1901;
    Dean of the School of Commerce, Accounts and Finance since 1903;
    Secretary of the Special Currency Committee of the New York
    Chamber of Commerce in 1906; appointed by the National Monetary
    Commission to investigate and report on the Canadian banking
    system, 1909; Treasurer of the Economic Club of New York since
    1908; Director of the Merchants' 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, A.M., LL.D.=                            _Financier_

    Educated at the Universities of Illinois and of Chicago; after
    his graduation reporter on the Chicago _Tribune_, and later
    financial editor; also part owner and 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, Ph.D., LL.D.=   Research Professor of Government and
                                Public Administration, New York University

    Graduated University of Michigan, 1878; admitted to the Michigan
    Bar; graduate student, receiving degree of Ph.D., University of
    Halle, 1885; Professor of Political Science, Knox College,
    1886-1889; Professor of Political Economy, Indiana University,
    1889-1891; Professor of Political Economy and Politics, Cornell
    University, 1891-1912; Professor of Government and Director of
    the Division of Public Affairs, New York University, 1912-1918;
    President of the American Economic 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, D.C.S.=                         _Business Executive_

    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, D.Sc., LL.D.=                    Consulting Engineer

    Educated in public and private schools; graduated from Sheffield
    Scientific School (Yale), 1876; appointed by the United States
    Geological Survey in 1880 to examine California and Mexican gold
    fields; consulting engineer to Union Iron Works, San Francisco,
    and to Central and Southern Pacific Railroads; has made
    extensive examinations of properties in all parts of the world;
    became consulting engineer for Barnato Bros. in 1893 and later
    for Cecil Rhodes, with whom he was closely 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."


  =Herbert F. deBower, LL.B.=             _Advertising and Sales Policies_
                                                      _Business 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., C.P.A. (N. Y.)=                _Financial and
                                                      Business Statements_

    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., LL.D.=               _Economic Problems_
                                                         _Business Ethics_

    (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.), Ph.D.=                      _Investments_

    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., C.P.A. (N. Y.)=       _Accounting Practice_

    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.


  =Herbert S. Collins=                _Vice-President and General Manager,
                                              United 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.


  =A. Barton Hepburn=                            _Chairman Advisory Board,
                                            Chase National 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.


  =Lawrence M. Jacobs=                                    _Vice-President,
                                        International Banking 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.


  =Jackson Johnson=                                _Chairman of the Board,
                                               International Shoe 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.


  =Finley H. McAdow=                               _Past President of the
                                       National Association of 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.


  =General Charles Miller=                  _Former Chairman of the Board,
                                                Galena-Signal 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.


  =Emmett Hay Naylor=                                _Secretary-Treasurer,
                                 Writing Paper 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 Thompson=                                    _President,
                                       Philadelphia Company of Pittsburgh_

    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.


  =Frederick S. Todman=                                  _General Manager,
                                            Hirsch, Lillienthal & 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 Traphagen=                                   _Treasurer,
                         Mercantile Trust and Deposit 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.


  =Walter N. Whitney=                                     _Vice-President,
                                         Continental Grocery Stores, 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



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             [Illustration: COST RECORDS AS PROFIT MAKERS

The business that does not watch its costs is likely to have no profits to
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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
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Prominent business men write these Modern Business Lectures, showing from
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The solution of the 24 Modern Business Problems is optional with the
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These reports cover specific problems and are replete with forms and
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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 section 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

       *       *       *       *       *





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