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Title: Forging Ahead in Business
Author: Various
Language: English
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[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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* * * * *
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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