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Source Book In Economics | by Frank Albert Fetter



Selected and edited for the use of college classes.

TitleSource Book In Economics
AuthorFrank Albert Fetter
PublisherThe Century Co.
Year1912
Copyright1912, The Century Co.
AmazonThe Principles Of Economics: With Applications To Practical Problems

Source Book In Economics

Selected And Edited For The Use Of College Classes

By Frank A. Fetter, Ph. D., Ll. D.

Professor Of Economics In Princeton University

Author of "The Principles of Economics"

-Origin Of Exchange - Spencer's Theory
[In his Principles of Sociology, Herbert Spencer suggests that barter, and exchange for money, may have grown out of the exchange of presents; and he gives some evidence in support of this view. In di...
-Origin Of Exchange - Spencer's Theory. Part 2
In the absence of a medium of exchange other inconveniences arise. One is the difficulty of bringing into relation those whose needs are reciprocal. The experiences of Dr. Barth in Africa clearly exem...
-Origin Of Exchange - Spencer's Theory. Part 3
The market was then the space of neutral ground in which, under the ancient constitution of society, the members of the different autonomous proprietary groups met in safety and bought and sold unshac...
-Odd Prices And Bargains In Retail Trade
[The author of the paper bearing this title, in making a statistical study of a semiannual bargain-sale price-list, finds that about 32 per cent of all prices quoted end in the figure 9; 16 per cent i...
-Odd Prices And Bargains In Retail Trade. Continued
There is plenty of available evidence that some great reductions heralded in advertisements are really great exaggerations of very small reductions. Instances of this sort are given by the Dry Goods...
-Some Seasonal Price-Variations In Food
[The seasonal variation in the production of some farm products and the corresponding changes in prices have been studied by H. C. Taylor and published in Bulletin 209 of the University of Wisconsin A...
-Marketing Of Farm Products
[THERE is here reprinted the greater part of a paper on Methods and Costs of Marketing, by Frank Andrews, in the Yearbook of Department of Agriculture (U. S.) for 1909, pp. 161-172.] Finding a ma...
-Marketing Of Farm Products. Part 2
In selling rice at warehouses or on the New Orleans Board of Trade, sealed bids are submitted by the buyers and the sale is expected to be made to the highest bidder. In cities as far west as Chicago ...
-Marketing Of Farm Products. Part 3
In the grain business of the Pacific Northwest and in the cotton trade of the South it is not uncommon for the same firm that buys from the farmer to sell to the European miller. A grain exporter of P...
-Farm Products And Consumers' Prices
[The following passages are from the report of the Secretary of Agriculture (U. S.) for the year 1910, pp. 9-28] Production of 1910. Year after year it has been my privilege to record another most...
-Farm Products And Consumers' Prices. Continued
The fanner and milk prices. Another investigation into the increase of prices in the process of distribution was made in the last week of June, 1910. This time the object was to discover what fraction...
-An Unsalable Food-Surplus
[The growth of city markets where all goods are handled by middlemen, and the buyer at retail is unacquainted with the conditions of production and little able to judge of quality, often brings about ...
-Rentals Of Urban Real Estate
[The Principles of City Land Values, by Richard M. Hurd, president the Lawyers' Mortgage Insurance Co., New York, 1903, contains numerous illustrations, maps of cities, diagrams, and comparisons of va...
-Rentals Of Urban Real Estate. Continued
With percentage of expenses to gross income. If gross rents rise or fall 20 per cent ...
-Housing And Rents In American Towns
[The British Board of Trade Report on working-class rents etc., in the principal industrial towns of the United States (made in April, 1011), presents a comparison by means of index numbers, of averag...
-Housing And Rents In American Towns. Continued
As regards foreigners, among those who appear to be the most active buyers of real estate are the Germans, Italians, and Jews, but also the Poles in towns such as Detroit and Milwaukee, the Bohemians ...
-The Farmer's Woodlot
[The conditions of the wood supply in America have been rapidly changing. An interesting illustration of the manner in which this change is related to prices, and the way it is affecting the use of la...
-The Farmer's Woodlot. Continued
These profits are based on what is made when lumber is sold, but the chief use of a woodlot is to supply posts and lumber for farm purposes. If lumber and posts have to be purchased, they usually cost...
-Hauling From Farms To Shipping Points
[An example of the economic problem of place-value is found in the location of farms relative to the shipping points on railroads or on navigable waters. The Bureau of Statistics of the U. S. Departme...
-Hauling From Farms To Shipping Points. Part 2
The value of an average load of wool ranges from $500 to $900 and allows for a high cost to get it to the shipping point, and even the cost of 71 cents per 100 pounds for the county reported in Arizon...
-Hauling From Farms To Shipping Points. Part 3
Value of better facilities. The cost of wagon transportation would be lowered if the size of load were increased, or the time of round trip shortened, or if both these changes were effected; and eithe...
-Land From The Waters
[In a remarkable little book, Man and the Earth (New York, 1906), Nathaniel S. Shaler, late professor in Harvard University, surveyed broadly the resources of the earth, showing how some are inevitabl...
-Land From The Waters. Part 2
The drowned valleys. The conditions of embayed waters of no great depth, and bottoms that will be fertile when drained, are normally found about the mouths of the larger rivers. The reason for this is...
-Land From The Waters. Part 3
Beginning with a delicate mat formed of the intermeshed fronds, the sphagnum mosses quickly form a shelf of their living and dead parts which extends outwardly from the shore, and increases in depth u...
-Conservation Of National Resources
[The President of the United States created June 8, 1908, a National Conservation Commission of five members, with Gifford Pinchot as chairman, to inquire into the condition of the national resources....
-Conservation Of National Resources. Part 2
While the distribution and quantity of most of our important mineral substances are known in a general way, there is imperative need for further surveys and investigations and for researches concernin...
-Conservation Of National Resources. Part 3
260 cubic feet per capita, while Germany uses 37 and France 25 cubic feet. We tax our forests under the general property tax, a method abandoned long ago by every other great nation. Present tax ...
-Conservation Of National Resources. Part 4
The water power now in use is 5.250,000 horse-power; the amount running over government dams and not used is about 1,400,00 horse-power; the amount reasonably available equals or exceeds the entire me...
-Depreciation In Cotton Factories
[In the Tariff Board's report on Cotton Manufactures the difficulties in arriving at a rate of depreciation of the plant are explained, and an average rate of depreciation is indicated. (House Documen...
-Capitalization And Urban Land Values
[From the Principles of City Land Values, by R. M. Hurd, cited above on the subject of rents, are taken the following cogent expressions of broad experience on the subject of capitalization.] Capit...
-Capitalization And Urban Land Values. Part 2
Ratio of business and residence value. The proportion between land values due to different utilities varies widely in different cities, evidencing the response of special sections to special forces. T...
-Capitalization And Urban Land Values. Part 3
Present tendencies point towards greatly increased values at strategic points, with relative and frequently absolute drops in value in locations formerly competitive. The quiet side streets, the back ...
-Some Examples Of Increasing Land-Values
[In The A. B. C. of Taxation (New York, Doubleday, Page and Co., 1909), C. B. Fillebrown, president of the Massachusetts Single Tax League, has estimated the ground rent of Boston, and has given a num...
-Some Examples Of Increasing Land-Values. Continued
Buildings. Land. Ratio. Mashpee ...................... $ 46,530 $ 140,020 33-100 ...
-The New York Exchanges
[GOVERNOR Charles E. Hughes appointed in December, 1908, a committee consisting of business men and bankers and the economist, John B. Clark, which was known as the Governor's commission on speculati...
-The New York Exchanges. Part 2
The first kind of manipulation has certain advantages, and when not accompanied by matched orders is unobjectionable per se. It is essential to the organization and carrying through of important ent...
-The New York Exchanges. Part 3
There are about 200 subscribers, of whom probably 150 appear on the curb each day, and the machinery of the operations requires the presence of as many messenger boys and clerks. Such obstruction of...
-The New York Exchanges. Part 4
The major commodity exchanges. Of the seven commodity exchanges of New York, three dealing with produce, cotton, and coffee are classed as of major importance; two organized by dealers in fruit and ha...
-The New York Exchanges. Part 5
The Cotton Exchange. The New York Cotton Exchange was incorporated by a special charter in 1871. Its membership is limited to 450. It is now the most important cotton market in the world, as it provid...
-Differences In Efficiency Of Weavers
[The Tariff Board, in the study of the cost of producing woolen cloths, observed in the weavers widely varying degrees of efficiency in the same class of goods (exclusive of learners). A letter was ...
-Chapter I - The Length Of Life
[The Report on National Vitality, Its Wastes and Conservation, prepared for the National Conservation Commission in 1908, by Irving Fisher, professor in Yale University, contained a brief summary of t...
-Chapter II - The Mortality Rate
1. Relation of longevity to mortality - As duration of life increases the death rate decreases. A death rate is the ratio of the number of deaths in a year to the population. Under normal condi...
-Chapter III - Prevalence Of Serious Illness
1. Loss of time - Life is shortened by death and narrowed by invalidity. The ideal life, with respect to health, would be free from illness and disability of every kind. To approximate such an ...
-Chapter IV - Prevalence Of Minor Ailments
1. Importance of minor ailments - Minor ailments are far more common than most persons realize. They are chiefly functional disorders, such as of the stomach, heart, nerves, liver, kidney, etc....
-Chapter V - Prevalence Of Undue Fatigue
1. Strength, endurance, and fatigue - Strength is measured by the force a muscle can exert once; endurance by the number of times it can repeat an exertion requiring a specified part of the str...
-Chapter XI - Prolongation Of Life
1. Life is lengthening - So far as we can judge from statistics of the average duration of life, it has been on the increase for three hundred and fifty years, and is now increasing more rapidl...
-Conservation Of Human Life
Third, it takes no account of the racial effects of new health ideals leading, in a general way, as they must, to healthier marriages. 5. Need of lengthening human life - With increase of kn...
-Chapter XII - The Money Value Of Increased Vitality
1. Money appraisal of preventable wastes - Doctor Farr has estimated the net economic value of an English agricultural laborer at various times of life by discounting his chance of future earni...
-Chapter XIII - The General Value Of Increased Vitality
1. Disease, poverty, and crime - Money estimates of waste of life are necessarily imperfect and sometimes misleading. The real wastes can only be expressed in terms of human misery. Poverty and...
-Wages Of Farm Labor
1. Enumeration of principal measures - Federal, State and municipal boards of health should be better appreciated and supported. Their powers of investigation, administration, and disseminating...
-Wages Of Farm Labor. Continued
Relation between production and wage rates. Necessarily in the long course of time the employing farmer must depend upon the value of his products for the wages that he pays to his laborers. He can no...
-"Real Wages" In American Towns
[In the British Board of Trade Report (April, 1911), the following comparison of wages and of the two main items in the cost of living shows the large town in an unexpectedly favorable light. The qu...
-Immigration And Conditions Of Labor
[By Act of Congress, February 20, 1907, an Immigration Commission was created, to consist of three Senators, three members of the House of Representatives, and three citizens to be appointed by the Pr...
-Immigration And Conditions Of Labor. Part 2
If the characteristics of the recent immigrant labor supply to the United States, as outlined above, be carefully borne in mind, the conditions which have been produced by its employment may be quickl...
-Immigration And Conditions Of Labor. Part 3
Furthermore, the fact that recent immigrants are usually of non-English-speaking races, and their high degree of illiteracy, have made their absorption by the labor organizations very slow and expensi...
-Wages And Cost Of Living
[In A comparative study of railway wages and the cost of living, etc. (Bulletin 34 of the Bureau of Railway Economics, Washington, D. C, June, 1912, L. G. McPherson, Director; F. H. Dixon, Chief St...
-Wages And Cost Of Living. Continued
Excluding commodities for which comparative prices could not be secured, the English workingman who moved to Belgium would find his budget increased by 2 per cent, or if coal were excluded, slightly d...
-Cotton-Mill Efficiency And Machinery
[From the Tariff Board Report on Cotton Manufactures, the following extracts are taken, showing the use of automatic machinery in America as compared with England. (House Document No. 643, 62d Congres...
-Cotton-Mill Efficiency And Machinery. Continued
To this extent a knowledge of the age of the machinery in a mill is of great value as tending to explain differences in cost of production for the same products in different mills, and also aiding in ...
-The Minimum Rate Policy
[The following extracts have been made with the assistance of the author, D. A. McCabe, assistant professor of economics in Princeton University, and are printed with the publishers' approval. These s...
-The Minimum Rate Policy. Part 2
The differences in occupation within the membership of a union are often wider than those within what may be considered a trade or craft. Some unions, the so-called industrial unions, includ...
-The Minimum Rate Policy. Part 3
[Page 103] In some unions there are systems of rating which closely resemble grouping according to competency. Several unions allow young men just out of apprenticeship to work for three or six months...
-The Minimum Rate Policy. Part 4
1 The payment of a wage rate above the minimum is not the sole form of differential compensation. Often the better men receive the same hourly rate but are given more regular employment, the cleanest ...
-Prices And Farm Management
[These illustrations of the relations in agriculture between costs and profitable cultivation are taken from pp. 6-9 of Bulletin 209 of the University of Wisconsin Agricultural Experiment Station (May...
-Some Findings On Cotton Manufactures
[The Tariff Board report on Schedule 1 of the tariff of 1909 (Cotton Manufactures), was transmitted by President Taft to Congress, March 26, 1912. In its published form it is a document of 841 pages...
-Some Findings On Cotton Manufactures. Part 2
Duties on yarn. ... A comparison of the cost of production in the two countries shows that in the case of the ordinary warp and filling yarns the present duty is regularly in excess of the difference ...
-Some Findings On Cotton Manufactures. Part 3
Figures are presented in the report showing that although labor costs in the cotton industry are in many cases lower in the United States than in England, yet the actual hourly earnings in this countr...
-Cost Of Production In The Steel Industry
[Herbert Knox Smith, the Commissioner of Corporations, submitted to the President, Jan. 22, 1912, a report on the cost of production in the steel industry. Accompanying the report was a letter of subm...
-Cost Of Production In The Steel Industry. Continued
Large and small companies; billets. A significant fact is the difference between the costs of large companies, which are well integrated, and small companies, which are not. A good example here is Bes...
-The Standard Oil Trust
[The Standard Oil Company was one of the first corporations to organize in the form of a trust in the legal sense. The great wealth of its chief stockholders and its large measure of monopolistic co...
-The Standard Oil Trust. Continued
Pipe-line system. This system of railway discriminations allowed the Standard to control substantially that link in the business that lies between the refinery and the consumer. By means of its great ...
-Water-Power Development In The United States
[A Report under the foregoing title was made by the Commissioner of Corporations (U. S. Bureau of Corporations) and published March 14, 1912. Some extracts are here taken from the summary on pages 1-3...
-Water-Power Development In The United States. Part 2
Aside from storage, it is possible to accomplish something by pondage, that is, the accumulation of water from day to day in power-dam ponds during that portion of the day when the demand is smalles...
-Water-Power Development In The United States. Part 3
Relations of water-power companies to public-service corporations. The preceding discussion has indicated a rather general relationship between water-power companies and public-service corporations. T...
-The Standard Of Life
[This extract from The Standard of Life and Other Studies by Mrs. Bernard Bosanquet, New York, the Macmillan Co., 1898, is reprinted by permission of the publishers. It is taken from the first part of...
-The Standard Of Life. Continued
And first, as to the connection between class distinctions and difference of social function. History does not tell us whether there was ever a time in which all men were equal, but we do seem to find...
-The Influence Of Income On Standards Of Life
[An investigation of the working class standard of living in New-York City, undertaken by the Sage Foundation and by the New York State Conference of Charities and Correction, was carried on in 1907-0...
-The Influence Of Income On Standards Of Life. Continued
Clothing; other wants. Clothing comes last of the three to a constant or a diminishing proportion of the expenditures. In the New York families under consideration the percentage expenditure rises sli...
-Economic Causes As Affecting The Political History Of The United States
[An address with this title was given by W. M. Daniels, then professor of political economy in Princeton University, before the Scottish Society of Economists in 1906, and printed in The Accountants' ...
-Economic Causes As Affecting The Political History Of US Part 2
In all of the older States the suffrage was hedged about by limitations - ecclesiastical, residential, and pecuniary. . . . Eligibility to office was still more narrowly guarded. The property quali...
-Economic Causes As Affecting The US Political History Part 3
III. Capitalistic consolidation and class antagonism. At the close of the Civil War, in 1865, the remaining free public lands of the West greatly facilitated the disbanding of the Northern army. But a...
-Gold Production, 1890-1910
[The Director of the Mint in his annual report for the year 1911, discusses the recent increase in the output of gold, the manner and extent of its absorption into monetary and industrial uses, and so...
-Gold Production, 1890-1910. Part 2
No estimates are available for the amount of gold in monetary use in Brazil in the years 1889 or 1899, but it was probably not in excess of $10,000,000 at either time. On December 31, 1910, the stock ...
-Gold Production, 1890-1910. Part 3
While it is not likely that the Rand will show an appreciable decrease for a good many years to come, it is probably not far from the maximum output. There has been no gain in the world's production f...
-The National Banks
[The Comptroller of the Currency, an officer of the Treasury Department of the U. S., gives in his annual report much information not only about the national banks, but about State, private, and savin...
-The National Banks. Continued
While occasionally a bank is deficient in the amount of reserve required, the aggregate requirement for all banks is rarely deficient. . . . The entire reserve required to be held by central reserv...
-Plan For Monetary Legislation
[The act of Congress, May 30, 1908, provided for a national monetary commission to inquire into and report to Congress what changes were necessary or desirable, in the monetary system of the United S...
-Plan For Monetary Legislation. Part 2
1. Charter, capital, location. The National Reserve Association of the United States ... is created and established for a term of fifty years [with] an authorized capital equal in amount to 20 ...
-Plan For Monetary Legislation. Part 3
23. It shall be the principal fiscal agent of the United States. The government of the United States shall ... deposit its general funds, and ... all receipts of the Government, exclusive of tr...
-The Trade Balance Of The United States
[Among the valuable papers published by the National Monetary Commission is one of the foregoing title by George Paish, editor of The Statist (part of Senate Document 579, 61st Congress, 2d session, 1...
-The Trade Balance Of The United States. Part 2
Including both the fixed investments and the floating loans, the amount of capital borrowed by the United States from other countries is about $6,500,000,000, the annual interest charge upon which is ...
-The Trade Balance Of The United States. Part 3
Insurance [page 190]. A large amount of fire insurance is written each year in the United States by English and other offices and the sums payable to those officers in respect of insurance reaches a c...
-Some Findings On Wool
[In the tariff act of August 5, 1909, the President of the United States was authorized to supply persons to secure information*' regarding the working of the tariff laws. He appointed a Tariff Bo...
-Some Findings On Wool. Part 2
As to the productive capacity of the country in cloth-making to meet the domestic demand, there is at the present time no indication of any lack of adequate equipment. It is true that some years ago a...
-Some Findings On Wool. Part 3
The difference in cost of manufacturing in France and the United States is found to be very close to the difference between England and the United States. On the other hand, the difference in the cost...
-Findings On The Wool Tariff
[President Taft in submitting to Congress the Tariff Board's report on Schedule K, Dec. 20, 1911, made, among other comments, the following (Report, Wool and manufactures of wool, pp. 4-6) : ] The ...
-The Interstate Commerce Act
[The Act to Regulate Commerce was approved Feb. 4, 1887, and went into effect April 5, 1887. It was amended slightly in 1889, and 1908, and greatly in 1906 and again in 1910. Below are given some of...
-The Interstate Commerce Act. Continued
3. [1887. Undue or unreasonable preference or advantage forbidden. Facilities for interchange of traffic. Discrimination between connecting lines forbidden. 1903. By Elkins' Act only one shipme...
-Railroad Values And Rates
[No railroad rate question ever brought before the Interstate Commerce Commission, it seems probable, has exceeded in importance that involved in the matter of proposed advances in freight rates by c...
-Railroad Values And Rates. Part 2
Relying upon these cases, the Burlington's full position is that it is immaterial how the property was acquired, what it originally cost, whether the present value may be claimed to be in part the res...
-Railroad Values And Rates. Part 3
Herein we have outlined the full position of the railroad and the opposing position. We do not regard the decision of this question as vital to this proceeding, however, accepting as we do for the pur...
-Railroads As National Assets
[The Interstate Commerce Commission in its decision on Advance of rates by carriers, in official classification territory (Eastern roads), Feb. 22, 1911, weighed somewhat the question as to the ulti...
-An Act To Protect Trade And Commerce Against Unlawful Restraints And Monopolies
The Sherman Anti-Trust Law [Act of July 2,1890 (26 Stat. 209)]. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. Section 1. Every c...









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