None
Foreman, in departmental organ- ization, 196 in functional organization, 202 in line organization, 194 in fuggestion system, 200 Form letters, standards, 249 Forms of business enterprises (chapter), 104 Forms, standardized report, 258 Formula, wage, 303 Franc, 674 France, par of exchange on, 669 Franchises, defined, 728 Franklin Motors Company, wage systems of, 302 employment order in shops, 341 Free ports, 529 Freight bill, 500 Freight charges, basis of, 484 Freight, classification of, 495 Freight, highway, 480 Freud, Sigmund, 474 Functional departmentalization, 208 Functional foremen, 203, 206 number of, 211 Functional organization, 201, 207 Fundamental business conditions, 575 Fundamental wage base-rate, 303 Funds, chart showing relation of, 119 borrowing, 134 for reorganization, 179 forcing from stockholders, 179 investment and commercial, 607 Funds and reserves for deprecia- tion, 711 Gain-sharing, 298, 360 Gang boss, in departmental organ* ization, 197 in functional organization, 205 Gantt, H. L., address before South- ern Commercial Congress, 235 on securing efficiency, 76 wage system, 297, 305 Gary, Libert H., on adoption of eight-hour day, 337 General accounting, 754 General and administrative ex- penses, 749 General balance sheet, specimen, 719 General franchises, 728 General ledger accounts, 788 General Motors Corporation, em- ployees' stock-owing bonus plan,. 364 General overhead, 758, 793 Genus and species, 96 German Historical School of Econ- omists, 52 Giddings, "Lecture on Sociology," "Principles of Sociology," 40 Gilbreth, F. B., 327 Gilson, Mary B., 350 Glycogen, in fatigue studies, 327 Going-concern value, 99, 127 Gold, accumulation of, by Federal Reserve banks, 640 the basic money, 641 coin and bullion, dealings in, by reserve banks, 656 cost of shipment and rates of exchange, 670 disappearance from circula- tion, 641 movements in foreign ex- change, 675 reserve notes issued against^ 640 Gold- points, 670, 675 , Gold redemption fund, 637 Gold-standard countries, 680 Goods, valuation of, 734; in proc- ess of manufacture, 740 8o6 INDEX Good-will, 127 in accounting, 727 defined, 99 source of, 433 valuation of, 727 Government and business, 56 Government credit, 585 Government as promoter of busi- ness, 57 Governmental control of business, 420 Gow, William, 526 Gray, John H., 81 Greenbacks, amount of outstand- ing, 639 history, of, 639 Grieves, W, A., on shorter work- day, 336 Gross income, 744 estimating, 122 Gross profit on sales, on cost, 748 Gross sales, 744 Group insurance, 357 ^ Group specialization, in organiza- tion, 196 Guaranties, credit, 569 Guaranty Trust Company, organ- ization chart, 605 H Habit, factor in observation, 67^ Habits of buying public, factor in sales plans, 435 Halsey wage system, 297 Harriman, E. H., Control of North- ern Pacific, 64 Hatfield, H. R., 706 Haul, length of, as factor in rates, 494 Hearings, on Taylor system, 301 Heat, item of, in cost accounting, 780 Hepburn Act, 501 High cost of selling, 414 High-speed steel, 230 Highway freight, 480 Hill, James J., 64 Hiring rate, 312 Hi rings, avoidable and unavoid- able, 347, 350 Hoarding, 672 Hobson, J. A., 24, 43 Holding Company, 118, 753 Hollingsworth, H. L., 77 Hoi lings worth and Poffenberger, 66, 67 Hollingsworth and Poffenberger, on fatigue, 329 "Home industries," 508 Hough, B. Olney, 521 Housing, 282 Human element in business, 73 Humidity, in office ventilation, 2$2 Hunger, Edwin A., 200 Hypotenuse oblong, 265 Hypothecation certificate, in for* eign exchange, 665 / Promessi Sposi, 430 Idle cars, in business barometrics, 579 Idle time, 757, 782 charged to factory, 783 charged to sales department, 783 Ihlder, John, of Phil a. Housing Com., 370 Illusion, cause of mal-observatioo, Imagination in business, 30 Imitations, 427 Impartial management, 243 Imports and exports, in foreign exchange, 662 Improvements on leased property, 723. Incentive wages, 277 Income, anticipation of, 703 charges against, 750 from operations, how ascei^ tained, 749 management of, 159 when earned, 703 Income bonds, 684 Income statement, 742 Income tax, not expense of doing business, 751 Incorporated banks, 626 Indebtedness, extinc.''>n and re- funding of, 148 Index, of business conditions, 57'y of financial conditions, 5)^0 INDEX 807 Index number of commodity prices, 57« Indirect labor, 232, 761 classes of, 779 Indirect lighting, 251 Indirect materials, 758, 781 Industrial banks, 604, 606 Industrial credit, 659 Industrial Management, on labor turnover, 349, 350 Industrials, capital required by, 128 Industry, control of, 320 distribution of products of, 270 socialization of, 49 Inferences, 81 Inflation of inventories, 764 "Influencing men in business,'' 450 Infringements, trade name, 427 Initial loss, 569 Initial working capital, 127 estimating requirements for, 129 Insolvency, bankruptcy and reor- ganization, 170 Insolvency, remedies for, 172 Inspection of purchases, 398 at the source, 399. Inspector, in functional organiza- tion, 205 Installment purchases, in account- ing, 726 Instruction-card man, 204 Insurance, credit, 569 Insurance, express and parcel post, 502 Insurance, in cost accounting, 780 Insurance, marine, 526 Intangible assets, 727 Interbusiness standardization, 233, 419 Intercompany profits, 753 Interest, in cost accounting, 763, 764, 782 Interest on bank loans, 595, 617 Interest rates, stabilized by Fed- eral Reserve system, 637 Interstate Commerce Act, 494 Interstate Commerce Commission, loi, 708 Intuition, 30, 575 Inventories, classification of, 733 inflation of, 764 perpetual, 768 Inventory, average, 749 Inventory, in bookkeeping, 691 checking for accuracy, 749 increase and decrease in, 746 purpose of, 698 Invested capital, ico Investment banks, 604 marketing of securities by, 607 Investment credit, 553 Investment funds, where obtain- able, 553 Investment paper ineligible for re- discount, 644 Investments, foreign, 678 Invoice, in ocean traffic, 526 Invoice, terms of, 555 Invoices, entered "net," 760 Inward charges, 760 Iron Age, 2 Irredeemable currency, 680 Italy, par of exchange on, 669 James, Psychology, 66, 67, 79 Jevons, Logic, 73 Jevons, W. I., 2 Jobber, 461, 472 Johnson, Joseph French, 35 Joint-stock company, 105, 109 Joint-stock land banks, 611 Jones, E. D., 82, 90 Jones, "Logic, inductive and de- ductive," 13, 64, 66, 70, 96 Journal, in bookkeeping, 693 Journal of Political Economy, 135 Judgment, supplementing standard- ization, 216 K Kemble, "Choosing Employees," 8j Keysen, C. J., Columbia University Lectures, 12 King, Elements of Statistical Meth- od, 14 "Knocking" competitors' goods, 436 Krone, Mint valuation of, 669 8o8 INDEX Labor adjustment account, 772 Labor, commodity view oiF, 289 Labor cost, defined, 325 estimates of, 302 reduction of, 318, 326 Labor, direct and indirect, 232 direct and indirect, in account- ing, 747 elements paid for, 287 exchanges, 282 in plant location, 187 protected by public opinion, 324 records, 771 share in profits, 189 Labor legislation, 280 Labor turnover, losses due to, 354; calculation of, 345 ; "refined," 347; means of reducing, 353 Labor unions, policies of, 279; membership of, 280 opposition to piece-rates, 316 time-study engineer of, 309 Labor and the war, 281 Lading, bill of, 498 Land banks, 611 Land, charges against, in account- ing, 722 profits due to ownership of, 762 valuation of, 722 Large-scale production, relation of, to selling costs, 417 Law and business, 58 Law, civil and criminal, 58 Law and equity, 59 Law, substantive and adjective, 58 Lay-out, office, 248 Leadership in management, 241 Leads, in salesmanship, 453 Leased ground, improvements on, 723 Leasehold rights, 723 Ledger, plant, 779 posting from day book, 693 Leffingwell, W. H., 261 Legal investments for savings funds, 610 restrictions, in plant location, 187 Legislative management, 198 Leifer Magnusson, on industrial housing, 366 Lending deposits, 595 Letters of credit, 667 classes of, 667 commercial, 539, 546, 667 specimen, 548, 549, 550 travellers', 539, 667 Letters, test, 69 Liabilities, analysis of, 736 in bookkeeping equation, 687 and capital, 736 current, 737 fixed, 737 Liability account, in bookkeeping, 688 Libraries, business, 264 Light, units of measurement, in cost accounting, 780 Lighting, office, 250 Limited partnerships, 108 Limits of wages, 272 Line of credit, 622 Line organization, 192; advantages and disadvantages of, 195 Line-and-staS organization, 195 Liners, 525 Living, cost of, as wage factor, 303 Living wage, 283 Live-stock paper, 645 Lloyds, 525 Load-factor, defined, 207 Load-factor of business, adjust- ment of, 571 "Loanable funds" and trade ac- ceptances, 557 "Loanable funds," relation to cred- it, 588 Loan associations, agricultural, 611 Loan-value of assets, calculation of, 592 Loans, classes of, 616 defined, 642 foreign, 678 interest paid by depositors, 595 long-term and short-term, dif- ferentiated, 603 purposes of various classes of, 604 real estate, 630 INDEX 809 Loans (continued) of reserve banks to member banks, 642 seasonal, 603 Ix>ans and discounts, defined, 616 Loans and discounts in relation to reserves, 636 Location of plant, 184; of chain stores, 470 Logic, 12 Ix>ndon, exchange on, 670, 673 exchange facilities of, 680 Ix>ng-term credit, for agricultural purposes, 611 affected by Federal Reserve system, 659 *'Loss-sharing," 360 Losses, unusual, how shown in financial statements, 751 Lost motion, elimination of, 206 Lotze, Logic, 70 Lough, W. H., "Panics and ,De- pressions," 580 Luxuries,. Margins of business profits, 765 Marine insurance, 526 Marine insurance, in the United States, 528' Mark, Mint valuation of, 669 Market, analysis of, 421, 433, 452 Market and product, correlation of, 421 Marketing, defined, 6 expenses, in financial state- ments, 749 Markets, practical economy of, 27 Market value, basis of valuation of assets, 704 Marshall, "Principles of Econom- ics," 31 Marx, Karl, on incomes, 52 Massachusetts Trust, 105 Material, charged directly to prod- uct, 759 Material received slip, 398 Material records, 765 requisition, 766 Material and labor, in financial statements, 747 8io INDEX Materials, direct and indirect, 758 "Materials purchased," cost of, 759 Mathematics, in science of business, Maturity of sight draft, 664 Measurement ton, 524 Member banks of Federal Reserve system, subscriptions of, 632, 635 Member banks' loans from reserve banks, collateral for, 642 Member banks, reserves of, 636 Memory, in collecting information, 79 Mental fatigue, 329 Mercantile credit, 553 Merchandise account, in bookkeep- ing equation, 688 specimen, 691 subdivisions of, 692 Merchandise, cost of, defined, 734 true cost of, 760 valuation of, 733 Merchant, as distributor, 461 Merchants' associations, 533 Merger, defined, 117 Methods evolved by workmen, 221 Metric ton, 523 Micro-motion study, 22.8 Middleman, 432, 462 economic services of, 460 Mineral deposits, depletion of, 724 Mines, depletion of, 724 Minimum wage commission, 284 Minimum wage, guaranteed, in cost accounting, 772 Minimum wage legislation, 283 Minnesota minimum wage case, 285 Mitchell, Wesley C, 578 Mixed accounts, 691 Mnemonic symbols, 769 Mobility of reserves, 633 Mobilization of banking resources, 627 Model towns, 367 Moisture, in office ventilation, 252 Monetary standards in foreign ex- change, 680 Monetary system, based on gold, 602 Monetary units of diflPerent coun- tries, 669 standardization of, 681 Money and credit, supply adjusted to business needs, 633 Money orders, 546 as credit instruments, 539 Money-raising and money-making, 157 Money stage of business, 9 Money substitutes, must be re- deemable in specie, 602 Money wages and real wages, 271 Monopoly, eflPect of, 120 Monopoly, through voting trust, n6 Monotony, explained, 310 Montague, Gilbert H., 514 Montgomery, R. H., 695 Morgan, J. P., and Company, 607 Mortgage bonds, 542 Mortgage loans under Federal Farm Loan Act, 612 Mortgages securing public obliga- tions, 586 Mortgages, sinking-fund provisions of, 712 Mortgages, corporate, 137; equity behind, 138; security behind, 138; closed-end, open-end, 139; purchase money, 139 Mortgages, how shown on balance sheet, 737 Moulton, H. G., 135 Municipal obligations, eligible for purchase by reserve banks, 657 Miinsterberg, Hugo, 77 Mutual savings banks, 610 National Association of Credit Men, 565, 651 form of guaranty, 569 N National Bank Act, 628 National Banking Act, designation of reserve cities, 637 National banks, 625 capital of, 629 disposal of U. S. Ricardo, theories of rent and wages, 50 Richards, George H., 510 Rights, stockholders', 133 Rights, of capital, labor and pub- lic, 189 Ripley, "Railway Rates," 123 Risk, financial, mathematical dem- onstration of, 143 Risk and profit, 243 Route clerk, 204 Routing office work, 249 Routing an order, 203 Rowan wage system, 297, 299 Ruble, Mint valuation of, 669 Rules for reports, 223 Rulings of Federal Reserve Board, scope of, 647 of Treasury Department, 98 Rural credit banks, 606, 611 Rush orders, 393 Sakolski, 102 Salaries, in accounting, 749 Sale, making a, 443 Sales account, 692 Sales appeals, basis of, 425 Sales book, entries in, 695 Sales, cash and credit, in income statement, 744 Sales, computation of, in account- ing, 70s cost of, how ascertained, 745 direct to consumer, 461 Sales contests, 456 8i6 INDEX Sales department, 208 chart of, 212 Sales districts, 212, 452 Sales manager, district, 453 division, 453 Sales manager and purchasing agent, 374 Sales manager and traffic depart- ment, 213 Sales methods, mail order, 475 Sales organization, 452 correlation of, 455 Sales organization, personality of, 458 Sales quota, 454 Sales returns, 745 Salesman, responsibility of, 426 Salesmanship, confidence the basis of, 441 defined, 440 distinguished from advertis- ing, 440 Salesman, responsibility of, 456 Salesmen, advances to, 732 compensation of, 464 credit information from, 564 deportment of, 459 management of, 451 Salesmen's conventions, 457 Salvage value, in depreciation for- mula, 710 Savings banks, 606 classes and functions of, 610 Savings funds, legal investments for, 610 Schedule boss, 205 Schedules, delivery, 383 Schulder, Fred, on catalogue sizes, 265 Science of business (chapter), i Sciences forming environment of business, 12 Scientific management, 207, 224 cost to install, 222 defined, 225 in office work, 266 origin of term, 226 Scientific management and labor, 322 Scientific method (chapter), 63 application of, to business, 2 Scientific spirit in business, 3 Scott, Walter Dill, 449, 450 Scrap value, 767 in accounting, 706 Scrip dividends, 1-67 Seager, Henry Rogers, 51 Seashore, "Psychology,'* 65, 68, 79 Seasonal businesses, ratio of assets to liabilities in, 740 Seasonal variations in capital re- quirements, chart, 131 Secondary reserves, trade accept- ance as, 649 Securities, marketed by investment banks, 607 purchase of equivalent to di- rect loan, 604 Securities, when to s^ll, 144 Selection of employees, 238 Selection and training of employ- ees, 338 Seligman, "Economic Interpretation of History," 34 Seller, objectives of, 420 Selling (chapter), 411 defined, 413 high cost of, 414 Selling corporation, 463 Selling cost, elements of, 415 analysis of, 416 of mail order houses, 475 Selling costs, affected by Sherman Act, 513 Selling efforts, proportioned to pro- duction, 417 Selling expenses, in financial state- ments, 749 Selling methods of competitors, 435 Selling price, determination of, 430, 793. determination of, with aid or cost system, 756 elements of, 416 factors in, 417, 418 fixed at point of greatest ag- gregate profit, 432 Selling price and selling cost, 420 Selling profit, 749 "Selling talk," 450 Semi-indirect lighting, 251 INDEX 817 Senses, impaired, factor in obser- vation, 66 Serial bonds, 150 Service, carriers' basis of payment for, 489 Service-life of assets, 707 Service wages, 289, 292 Service with every sale, 426 Serviceability of product, factor in selling plans, 424 Settlements with creditors, 568 Sheffield manufacturers, organiza- tion of, against German-made goods, 532 Sherman Law, 235 Shipping Board, disposal of ships controlled by, 507 Ship-building, efficiency in, 504 Shipping department, 213 Shipping documents, ocean, 526, 651 Shipping exchanges, 525 Shipping papers, 498 Ships, disposal of Government- owned, 507 Ships, steel, composite and con- crete, 522 "Shopping" lines, 467 Shop work, functional organization in, 202 why standardized, 217 Shop-worn merchandise^ valuation of, 734 Short-term credit, purposes of, 604 under Federal Reserve sys- tem, 659 Short-term notes, 146, 752 Silver certificates, retirement of, 638 Silver, in settlement of trade bal- ances, 638 Silver-standard countries, exchange on, 680 Single-entry bookkeeping, 698 defects of, 699 Single-name paper, 620 Sinking funds, 150 Sinking-fund mediod in deprecia- tion calculation, 708 Six months' agricultural paper, 642, 651 Six months' drafts, eligibility of, 645 Skill, "transference" of, 321 Slavery, era of, 9 Sleep, amount required, 330 "Slow-pay" customers, collection from, 567 Socialization of industry, 49 Sliding scale, 295 Small, "General Sociology," 40 Smart, "Second Thoughts of an Economist," 53 Social science of business, 11 Social sciences (chapter), 22 Social sciences and human arts, 24 Social sciences, respective fields of, 34 shortcomings of, 23 Sociology, 38 relation to business, 40 "Soldiering," during rate-setting, 293 Sole proprietorship, 105 Sombart, "Quintessence of Capital- ism," 121 Sovereign, value of English, 669 Space, office, 248 Spain, exchange on, 672, 675 Special agencies, credit, 563 Special franchise, 728 Specifications, buying by, 389 Specifications, standard, 390 Speculative loans, 619 Speculative paper ineligible, 643 Speed boss, 205 Spencer, Herbert, 38 Spoiled work, penalty for, 304 "Square deal" in employment prob- lems, 342 Staff adjunct to line organization, 195 Standard labor-hours, 782 Standard report forms, 258 Standard specifications, 390 Standard Statistics Company, 16 Standard task, 227 Standard time of task, 309 Standardization of labor adminis- tration, 281 Standardization, a function of management, 420 8i8 INDEX Standardization (continued) principle of, 233 of selling price, 431 Standardization by motion study, 231 Standardization of world currency, 683 Standardized occupations, 310 Standardized operations, in cost accounting, 772 Standards of business ethics, 11 Standards, office work, 249 •State banks, 626 requirements for joining Fed- eral Reserve system, 635 restrictions upon, 627 State banks and the Federal Re- serve system, 627 Statement of income, profit and loss, in bookkeeping, 692; speci- men, 742 Statements, financial, 692 Statistical information, supplied by accounting system, 695 Statisticians, American Associa- tion of Financial, 14 Statistics, science of, 14 Statistics, studies by Prof. Benini, 42 Steamers, classes of, 525 Stearns, W. S., 311 Steel ships, 522 Sterling exchange, 668, 669 "pegged" by agreement, 674 progression in rates, 673 Sterling exchange and dollar cred- its, 680 Stock, classes of, 113 dividends, 167 donated, 161 issued below par, 729 rights to purchase, 133 selling additional, 133 sold to employees, 360, 363 treasury, 729 watered, 168 Stock cards, 769 Stock certificates, not true credit instruments, 539, 542 Stock exchange and country re- serves, 618 Stock exchange prices, index of business conditions, 581 Stock exchange, in marketing se- curities, 154 Stock ledger, 791 Stock market prices, in business forecasting, 577 Stock market transactions, volume of, as business indicator, 583 Stock records and physical inven- tory, discrepancies between, 769 Stock records, inventory, 733 Stock savings banks, 610 Stock sheet, 768 specimen, 770 Stocks and bonds, in accounting, 733 Stock-owning bonus plan, 364 Stockholding, consolidation through 119 Stockholders, classes of, 113 Stockholders' right, 133 Storage of goods, basis of bank- er's acceptance, 653 Store room, arrangement of, 767 Stores clerk, 766, 768 Stores returned slip, 766 Strikes, 278 Subsidiaries, condition of, how as- certained, 753 control of, 118 defined, 752 financing, 140 notes receivable of, 732 Substitute currency, acceptability of, 641 Substitution of collateral securing acceptances, 653 Suggestion, 429 in advertising, 408 in salesmanship, 450 Suggestion system, 200, 365 Supply and demand, control of, 534 Supreme Court, minimum wage de- cisions, 284 Surplus and dividends, 161 "Surplus," division of, in wage payments, 301 Surplus, current, affecting depre- ciation charge, 710 INDEX 819 Surplus of Federal Reserve banks, 633 Surplus, used for dividends, 738 Surplus account, how created, 738 Surplus and reserves, 739 Survival of the fittest, 245 Suspension of reserve require- naents, 641 S^weden, par of exchange on, 669 Syllogism, business, 86 Syndicates, underwriting, 153 Synthesis of task, 228 System, quoted, 223 Systematized management, 220 "Talking points," in salesman- ship, 424 Tariff books, 497 Tariff Commission, 529 Tariffs, railroad, 486 Task, construction of, 307 standard, 227 Task and bonus wage plan, 297 origin of, 305 Taussig, F. W., 121, 602 Tax on bank notes, 596 Tax on deficiency of reserves, 642 Tax returns, publicity of, 286 Taxation, affecting financial plans, 160 Taxes accrued, 737 Taxes, in accounting, 750 proration of, 782 Taylor, F. Transportation systems, unification of, 503 .. Transfer of title, in credit exten- sion, 592 Travellers' letters of credit, 539, 546 Treasury funds, in Federal Re- serve banks, 636 Treasury, redemption of reserve notes at, 639 Treasury stock, 161 defined, 729 Trial balance, 695, 696 Tri angulation, in foreign exchange, 671, 676 Trustee, in bankruptcy, 568 Trustees, of mutual savings banks, 611 Trust companies, 606 functions of, 608 Trust, Massachusetts, 105 Trust receipt, specimen, 551 Trusts, advantages of, no Turnover, labor, 344 cost of, 345 Turnover, merchandise, 420, 748 Typing, standards for, 249 U Uncertainty, factor in selling cost, 418 "Under New Management," 243 Underwriting syndicates, 153 Unearned burden, 782 Unfair competition, in export trade, 515 Unfilled orders, in balance sheet, 741 Unincorporated banks, 625 Unit costs, 756, 760 defined, 765 Unit of production, calculation of cost of, 756 profit-sharing, 360 property-cost, 724 Unit times, 229, 302 Unity of control, 188, 322 United Drug Stores, 471 United States notes, 639 (see "greenbacks") United States Shipping Act, 525 Unpaid dividends, in accounting, 737 Unsalable stock, 740 Usury laws, not affecting call loans, 617 Usury laws, not affecting corpo- rations, 172 U. S. 