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diff --git a/37924-8.txt b/37924-8.txt new file mode 100644 index 0000000..15cb2f9 --- /dev/null +++ b/37924-8.txt @@ -0,0 +1,4811 @@ +The Project Gutenberg EBook of Forging Ahead in Business, by Various + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: Forging Ahead in Business + +Author: Various + +Release Date: November 5, 2011 [EBook #37924] + +Language: English + +Character set encoding: ISO-8859-1 + +*** START OF THIS PROJECT GUTENBERG EBOOK FORGING AHEAD IN BUSINESS *** + + + + +Produced by Charlene Taylor, Henry Gardiner and the Online +Distributed Proofreading Team at https://www.pgdp.net (This +file was produced from images generously made available +by The Internet Archive/American Libraries.) + + + + + + + * * * * * + +Transcriber's Note: The original publication has been replicated +faithfully except as shown in the List Of Changes at the end of the text. +Words in italics are indicated like _this_. Text emphasized with bold +characters or other treatment is shown like =this=. + + * * * * * + + + + + + [Illustration: Modern Business] + + + + + FORGING AHEAD IN BUSINESS + + + [Illustration: Modern Business] + + ALEXANDER HAMILTON INSTITUTE + ASTOR PLACE NEW YORK CITY + _Canadian Address, C. P. R. Bldg., Toronto._ + _Australian Address, 8a Castlereagh Street, Sydney._ + + Copyright, 1921, by + Alexander Hamilton Institute + + + + + CONTENTS + + + PAGE + + FOREWORD--THE LAW OF SUCCESS 7 + + CHAPTER + + I THE MODERN BUSINESS COURSE AND SERVICE 9 + + II THE DANGER OF SPECIALIZING TOO EARLY 30 + + III PUSHING BEYOND THE HALF-WAY MARK 35 + + IV A PERSONAL PROBLEM 43 + + V THE QUESTION BEFORE YOU 69 + + VI DESCRIPTIVE OUTLINE OF THE COURSE 72 + + VII ADVISORY COUNCIL, LECTURERS AND STAFF 97 + + ADVERTISEMENTS 121 + + + + + Organization of the Alexander Hamilton Institute + + + _Advisory Council_ + + Joseph French Johnson, D.C.S., LL.D. + Dean, New York University School of Commerce, Accounts and Finance + Frank A. Vanderlip, A.M., LL.D. + Financier + T. Coleman duPont, D.C.S. + Business Executive + John Hays Hammond, D.Sc., LL.D. + Consulting Engineer + Jeremiah W. Jenks, Ph.D., LL.D. + Research Professor of Government and Public Administration, New + York University + + + _Special Lecturers_ + + Erastus W. Bulkley, Member of the firm, Spencer Trask and Company + Herbert S. Collins, Vice-President, United Cigar Stores Company + Henry M. Edwards, Auditor, New York Edison Company + Harrington Emerson, Efficiency Engineer + Charles Ernest Forsdick, Controller, Union Oil Company + Orlando C. Harn, Chairman of Sales, National Lead Company + A. Barton Hepburn, Chairman, Advisory Board, Chase National Bank, + New York + Frederic H. Hurdman, Certified Public Accountant + Lawrence M. Jacobs, Vice-President, International Banking Corporation + Jackson Johnson, Chairman, International Shoe Company, St. Louis + Fowler Manning, Director of Sales, Diamond Match Company + Finley H. McAdow, Past President, National Association of Credit Men + General Charles Miller, Former Chairman of the Board, Galena-Signal + Oil Company + Melville W. Mix, President, Dodge Manufacturing Company + Emmett H. Naylor, Secretary-Treasurer, Writing Paper Manufacturers' + Association + Holbrook F. J. Porter, Consulting Engineer + Welding Ring, Exporter + Arthur W. Thompson, President, The Philadelphia Company of Pittsburgh + Frederick S. Todman, General Manager, Hirsch, Lillienthal & Company + John C. Traphagen, Treasurer, Mercantile Trust and Deposit Company + of New York + John Wanamaker, Merchant + Walter N. Whitney, Vice-President, Continental Grocery Stores, Inc. + + + _Authors, Collaborators and Staff Members_ + + Albert W. Atwood, A.B., The Stock and Produce Exchange + Bruce Barton, General Publicity + Dwight E. Beebe, B.L., Collections + Ralph Starr Butler, A.B., Marketing and Merchandising + Geoffrey S. Childs, B.C.S., Office Methods + Edwin J. Clapp, Ph.D., Transportation and Terminal Facilities + Raymond J. Comyns, B.C.S., Personal Salesmanship + Herbert F. deBower, LL.B., Business Promotion + Roland P. Falkner, Ph.D., Business Statistics + Major B. Foster, M.A., Banking Principles + Charles W. Gerstenberg, Ph.B., LL.B., Finance + Leo Greendlinger, M.C.S., C.P.A. (N. Y.), Financial and Business + Statements + J. Anton deHaas, Ph.D., Foreign Trade and Shipping + John Hays Hammond, Consulting Engineer + Edward R. Hardy, Ph.B., Fire Insurance + Warren F. Hickernell, Ph.D., Business Conditions + Solomon S. Huebner, Ph.D., Marine Insurance + Charles W. Hurd, Business Correspondence + Jeremiah W. Jenks, Ph.D., LL.D., Relation of Government to + Business + Joseph French Johnson, D.C.S., LL.D., Economic Problems; + Business Ethics + Walter S. Johnson, B.A., B.C.L., Commercial Law + Edward D. Jones, Ph.D., Investments + John G. Jones, Sales Management + Dexter S. Kimball, A.B., M.E., Cost Finding; Factory Management + Bernard Lichtenberg, M.C.S., Advertising Principles + Frank L. McVey, Ph.D., LL.D., Economics + John T. Madden, B.C.S., C.P.A. (N. Y.), Accounting Practice + Mac Martin, Advertising Campaigns + G. F. Michelbacher, M.S., Compensation and Liability Insurance + T. Vassar Morton, Litt.B., Credit Practice + Bruce D. Mudgett, Ph.D., Life Insurance + E. L. Stewart Patterson, Domestic and Foreign Exchange + Frederic E. Reeve, C.P.A., Accounting Principles + Jesse H. Riddle, M.A., Banking + Frederick C. Russell, B.C.S., Auditing + Bernard K. Sandwell, B.A., International Finance + William W. Swanson, Ph.D., Money and Banking + John B. Swinney, A.B., Merchandising + William H. Walker, LL.D., Corporation Finance + + + + + THE LAW OF SUCCESS + + +During the winter of 1883 a slim, studious young man was working as +assistant foreman in a greasy little machine shop at Aurora, Illinois. He +was saving money with a view to spending the next year at the State +University, and he was devoting every minute of his spare time to thought +and reading. He was not making much of a stir in the world, and only a few +of his close friends ever gave a second thought to his ambitions or +prospects. + +One of these friends was a newspaper reporter, a recent Harvard graduate. +He, too, was interested in study, especially of financial questions, and +he found it a pleasure to guide the reading of the young foreman. Many an +evening the two friends spent in the discussion of great economic and +financial problems. Though both men had their ambitions and dreams, it did +not occur to either one that he would ever play a big part in solving +these problems. + +A few years later the Harvard graduate became financial editor of the +_Chicago Tribune_ and brought in the younger man as his assistant. During +their years of newspaper work together they continued to study and think, +and their knowledge of business principles and methods gradually +broadened. They were fitting themselves almost without knowing it to step +forward into positions of leadership. + +Today, the former reporter is the head of a great university school of +commerce; the assistant foreman became the president of the largest bank +in the United States. One of these men is Joseph French Johnson, now Dean +of the New York University School of Commerce, Accounts and Finance. The +other is Frank A. Vanderlip, the great financier. + +The life histories of most men who have succeeded in a large way are +equally simple. They have looked ahead, they have planned, they have +equipped themselves with all the business knowledge available, and success +has followed. _Success must follow._ The law of success is as definite as +the law of gravity. Here it is: + + _Prepare in advance for opportunities._ + +It is not the dramatic moments of life that count. It is the quiet +planning and reading of the man who is getting ready now for what is going +to happen two, five or ten years from now. + + + + + Chapter I + + THE MODERN BUSINESS COURSE AND SERVICE + + +As Dean of New York University School of Commerce, Accounts and Finance, +Joseph French Johnson had for many years continually received letters +requesting advice on what to read on business. + +These demands came not only from young men, but from mature and able +executives, and sometimes even from the most successful business leaders. +To all such requests Dean Johnson was obliged to reply that the only +practical way to study the fundamental principles of business in a +systematic manner was to attend the lectures in university schools of +commerce. + +At that time the literature of business was scanty and for the most part +of doubtful value. Working alone, a man could get but little help in his +efforts to widen and deepen his knowledge of business principles. + +It became evident that there was a great need for an organized, logical +statement of the basic principles on which successful business is founded. +It was determined to establish an institution which should meet the +demand. After years of preparation the Alexander Hamilton Institute was +established in 1909. + + + The name + +In selecting the name, it was agreed that none could be so suitable as +that of Alexander Hamilton. + +Hamilton is perhaps chiefly remembered for his masterly statesmanship; but +he was equally conspicuous as soldier, financier, author, organizer and +practical economist. + +He was without doubt the greatest manager ever employed by the United +States Government. When he became the first Secretary of the Treasury, he +found a chaotic government, without money, without credit, and without +organization. He secured order, provided funds and created prosperity. He +investigated the industries and directed the early commercial development +of the United States. "He touched the dead corpse of the public credit, +and it sprang upon its feet. He smote the rock of the nation's resources +and abundant streams of revenue gushed forth." + +Hamilton was a great executive and systematizer; he himself worked out an +accounting system for the United States Government which, with but slight +modifications, remained in force for more than a hundred years. + + + The plan + +The Modern Business Course and Service is a systematic, time-saving method +of bringing to any man's office or home that business knowledge and +training which he needs, but which he cannot acquire through his own +experience. + +It is designed for the benefit of two groups of men: + + (1) those who already are in executive or semi-executive positions; + + (2) young men who have brains and the ambition to become business + executives. + +It is intended, in general, for the men who are looking and moving ahead; +for live, keen-witted, energetic men; for men who are not satisfied to +remain in the ranks or in subordinate positions. These men may or may not +have had a thorough school and college training; that is not an essential. +They may or may not have wealth and high position; that is unimportant. +But they _must_ have ability and enough serious purpose to spend a +portion of their spare time in reading and thinking about business +problems. + + + The organization + +The Modern Business Course and Service is conducted by an organization +made up of business and professional men and of university specialists in +business subjects. Inasmuch as such an institution derives its strength +almost wholly from the men who are identified with it, a complete list of +these men, with brief biographical notes to show who they are and what +they have accomplished, is given in Chapter VII, on pages 97 to 118. + +The Institute organization consists of four groups: + + ADVISORY COUNCIL + + AUTHORS AND COLLABORATORS + + SPECIAL LECTURERS + + INSTITUTE STAFF + _a._ CONSULTANT STAFF + _b._ ADMINISTRATIVE STAFF + +Business and educational authority of the highest standing is represented +in the Advisory Council of the Institute. + +_This Advisory Council_ consists of Frank A. Vanderlip, the financier; T. +Coleman duPont, the business executive; John Hays Hammond, the eminent +engineer; Joseph French Johnson, Dean of the New York University School of +Commerce; and Jeremiah W. Jenks, the statistician and economist. The +Council has general supervision and direction of the policies and +activities of the Institute. No important move of any kind is made without +the sanction of this body. + +_The Authors and Collaborators_ are men prominent in educational and +business circles. As authors, co-authors and collaborators they are +responsible for the Modern Business volumes. Their writing is done under +the guidance and with the cooperation of the Institute's Editorial Board. +Each one is chosen because of his particular training and ability in the +field he covers. + +_The Special Lecturers_, whose business connections are stated on pages +111 to 118, are men of high commercial standing who have devoted time and +thought to preparing written lectures for the Modern Business Course and +Service. These lectures present some of the results of their successful +business experience. + +_The Institute Staff_ actively conducts the Modern Business Course and +Service. Many of the members of the Staff are also members of the +faculties of university schools of commerce. Every member of the Staff is +a specialist who in some one business subject is entitled to rank as an +authority. Their names, business and university connections and official +duties in the Institute are stated on pages 100 to 110. + +(a) _The Consultant Staff_ are the experts who do not give their entire +time to the Institute, but who are called upon for special information and +advice whenever the occasion requires. + +(b) _The Administrative Staff_ consists of the Senior and Junior +Executives who are active in the administrative work of the organization. +These men are heads of the departments responsible for the successful +management of the Alexander Hamilton Institute. + + + Subjects covered + +The Modern Business Course and Service brings to a subscriber the +essential business knowledge that he does not acquire in his own +experience. The subject matter of the Course and Service is treated under +the following 24 heads: + + 1. BUSINESS AND THE MAN + 2. ECONOMICS--THE SCIENCE OF BUSINESS + 3. BUSINESS ORGANIZATION + 4. PLANT MANAGEMENT + 5. MARKETING AND MERCHANDISING + 6. SALESMANSHIP AND SALES MANAGEMENT + 7. ADVERTISING PRINCIPLES + 8. OFFICE ADMINISTRATION + 9. ACCOUNTING PRINCIPLES + 10. CREDIT AND COLLECTIONS + 11. BUSINESS CORRESPONDENCE + 12. COST FINDING + 13. ADVERTISING CAMPAIGNS + 14. CORPORATION FINANCE + 15. TRANSPORTATION + 16. FOREIGN TRADE AND SHIPPING + 17. BANKING + 18. INTERNATIONAL EXCHANGE + 19. INSURANCE + 20. THE STOCK AND PRODUCE EXCHANGES + 21. ACCOUNTING PRACTICE AND AUDITING + 22. FINANCIAL AND BUSINESS STATEMENTS + 23. INVESTMENTS + 24. BUSINESS AND THE GOVERNMENT + + + Simple, elastic, workable + +The Modern Business Course and Service covers the essential subjects on +which every business man should be well informed. + +When an enrolment is accepted, the Institute undertakes, + + 1. _To supply the subscriber_ with the Modern Business Text--the + most complete and best organized treatment of business + principles and practice that has yet been produced. + + 2. _To guide and illuminate_ his reading of the Text by a series + of Modern Business Talks. + + 3. _To bring him into touch_ with the ideas and methods of some + of the foremost business and professional men in the country + through a series of Modern Business Lectures. + + 4. _To give him facilities_ for applying and testing his + knowledge of business principles through a series of Modern + Business Problems. + + 5. _To keep him informed_ on current business events and the + trend of future affairs in the commercial world by means of + Monthly Letters on Business Conditions. + + 6. _To acquaint him_ with important events covering the + production and prices of general commodities and the current + security market. + + 7. _To supply_ him with four Modern Business Reports on + important problems; the reports to be selected by him from an + extensive list. + + 8. _To render personal service_ through answers to all inquiries + in connection with his reading of the Course. + +An enrolment for the Modern Business Course and Service covers a period of +two years. During that time each subscriber is constantly in touch with +the members of the Institute Staff. There are no rigid rules--no red +tape--to restrict or annoy; instead, there is personal guidance and +sincere cooperation. + +The more carefully you consider the plan, the more clearly you will see +how well it is adapted to the needs of busy men who must make every minute +and every ounce of effort produce the greatest possible results. + +You will see more clearly the actual scope of the Modern Business Course +and Service if you keep in view its eight main features: + + 1--TEXT + 2--TALKS + 3--LECTURES + 4--PROBLEMS + 5--MONTHLY LETTERS + 6--FINANCIAL AND TRADE REVIEWS + 7--REPORTS + 8--SERVICE + + + 1--Text + +The basis of the Course and Service is a series of twenty-four text-books +prepared under the careful supervision of its editors, assisted by +well-known authorities. In some cases the latter appear as authors, in +others as collaborators in the preparation of the Texts. + +Dean Joseph French Johnson is Editor-in-Chief of the Course. The managing +editor is Dr. Roland P. Falkner. Associated with them is a large editorial +staff which takes an active share in the writing and preparation of the +Course. The authors and collaborators are specialists who rank as +authorities in their particular field. The series is widely recognized as +the most important contribution yet made to business literature. + +The volumes in the Modern Business Series are sold apart from the +Institute Course only to universities for use as prescribed text-books in +classroom work. Among the universities which have used the Institute's +volumes as texts are: + + Boston University + Brown University + Cedar Crest College + Coe College + College of the City of New York + College of William and Mary + Colorado College + Columbia University + Cornell University + Dartmouth College + Denver University + Drake University + Duquesne University + Elmira College + Georgetown University + Georgia School of Technology + Grinnell College + Kansas State Agricultural College + Lawrence College + Marquette University + Miami University + Middlebury College + New Hampshire College + New York University + Northwestern University + Ohio State University + Ohio University + Oregon Agricultural College + Pennsylvania State College + Purdue University + Queens University + Rose Polytechnic Institute + South Dakota State College + State College of Washington + Syracuse University + Toledo University + Trinity College + Tulane University + Vanderbilt University + Virginia Polytechnic Institute + University of Alabama + University of Akron + University of Arizona + University of British Columbia + University of California + University of Chicago + University of Cincinnati + University of Colorado + University of Illinois + University of Indiana + University of Iowa + University of Kansas + University of Michigan + University of Minnesota + University of Nebraska + University of Oregon + University of Pittsburgh + University of Texas + University of Washington + University of Wisconsin + Washington and Lee University + Yale University + +There are about three hundred and fifty pages in each of the twenty-four +volumes. Each volume is carefully indexed and contains, in addition to the +text, a few review suggestions after each chapter which are of great value +in mastering the subject. + +Questions of Commercial Law as they affect each subject are discussed in +the volume pertaining to that particular unit of the Course. + + _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 + + + + + ADVERTISEMENTS + + + [Illustration] + +The twenty-four volumes of Modern Business Texts are printed on dull +finished paper and bound in Flexible Fabrikoid. Each volume is 5-1/8 x +7-1/2 inches in size and contains about 350 pages. They are adapted for +constant use, can be slipped into the pocket and carried without any +trouble. The volumes in themselves constitute a complete business library. + + [Illustration: COST RECORDS AS PROFIT MAKERS + +The business that does not watch its costs is likely to have no profits to +watch. ] + +This shows the cover of one of the Talks in the Modern Business Series. +You receive one of these Talks every two weeks with either a Modern +Business Lecture or a Modern Business Problem. + + [Illustration: BUILDING AN ORGANISATION] + +Prominent business men write these Modern Business Lectures, showing from +their own experience how the principles treated in the Texts have been +successfully applied by them. + + [Illustration: SCUDDER'S SYSTEM TO "BEAT THE MARKET"] + +The solution of the 24 Modern Business Problems is optional with the +subscriber. When he sends in his solution, the subscriber receives in +return a personal letter of criticism and suggestions, together with a +Model Solution of the Problem. + + [Illustration] + +Coming as they do every month, these Letters contain so concise and +authoritative a summary of all important factors affecting current +business that they are proving of immense practical value to our +subscribers. + + [Illustration: FINANCIAL AND TRADE REVIEW] + +These reviews are issued monthly. Each review covers the current security +market and analyzes securities, both individually and by groups. It +discusses topics of business legislation and important current events and +covers the production and prices of general commodities in a way which +enables one to judge the trend of commodity prices. + + [Illustration: + +FEDERAL INCOME AND EXCESS PROFITS TAXES + +MODERN BUSINESS REPORT LIST] + +These reports cover specific problems and are replete with forms and +illustrations; they show how a particular problem has been worked out and +are the result of special investigation. + + * * * * * + + + List Of Changes + +Transcriber's Note: Blank pages have been deleted. Some illustrations may +have been moved. We have rendered consistent on a per-word-pair basis the +hyphenation or spacing of such pairs when repeated in the same grammatical +context. The publisher's inadvertent omissions of important punctuation +have been corrected. + +Other changes are listed below: + + Page Change + + 3 [Advertisements 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 + + * * * * * + + + + + +End of the Project Gutenberg EBook of Forging Ahead in Business, by Various + +*** END OF THIS PROJECT GUTENBERG EBOOK FORGING AHEAD IN BUSINESS *** + +***** This file should be named 37924-8.txt or 37924-8.zip ***** +This and all associated files of various formats will be found in: + https://www.gutenberg.org/3/7/9/2/37924/ + +Produced by Charlene Taylor, Henry Gardiner and the Online +Distributed Proofreading Team at https://www.pgdp.net (This +file was produced from images generously made available +by The Internet Archive/American Libraries.) + + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. 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