INVESTMENT, PRINCIPLES AND ANALYSIS
by Shaw Livermore '22. Business Publications, Inc., Chicago, 1938- 550 pages plus 38 in Appendix. 13-75
The turbulent decade of the thirties has brought forth a surprisingly small number of general works on Investments, but those published have averaged high in quality. Shaw Livermore's book is an excellent job, useful alike for the investor who seeks background and for the teacher who requires an elementary text in an always complex subject. Dividing his work into four major parts, Professor Livermore first discusses the investment process, considering such topics as investment objectives, the sale of new issues, exchanges, and institutional investors. The second part covers investment analysis, while the third and fourth consider respectively investment programs and social control over investments.
A superficial reading of the book leads to the opinion that its chief contribution is a superior arrangement of material. Closer study, however, indicates not only distinct improvement in form, but also definite contributions to investment thought. The chapter entitled Approachesto Investment Analysis and those devoted to investment programs are especially to be commended. The weakest sections are those which discuss institutional investors, i.e., savings banks, insurance companies and trustees. Despite the author's disavowal in the preface of an axe to be ground, he is far from noncommittal, givng vigorous opinions on such matters as the merits of security dealers, the volume of private financing, and the danger of rigid investment laws.
Professor Livermore's style, although not original, is highly readable and this latter quality is enhanced by the minimum use of tables and charts. The author's combined business and academic training stands him in good stead. Examples are many and apt, but more important,—the underlying philosophy is sound. It is his belief that social-minded, but never-theless profit-seeking investment, is essential to the effective continued existence of private capitalism. Hence those who teach such subjects may be furthering a good society even as those who dispense knowledge in culture-starred fields.
A Sketch of Fred Blanchard, a prominent business man of Montpelier, written by Charles E. Crane 'O6 has been reprinted in broadside form from the Montpelier daily newspaper.
The Anatomy of the Gasteropod Crepidula Adiinca Sowerby by C. E. Moritz '32 has been reprinted from the University 0fCalifornia Publications in Zoology, volume 43, number 5.
Reinforced Concrete Design Practice by Albert Smith '98 has been reprinted from the March-April issue of the Journal of theAmerican Concrete Institute.
Canfield Hadlock '26 with others is the author of Drying Materials in Trays, which has been reprinted from Industrial andEngineering Chemistry for April.
Cinnus, Historical and Literary Miscellanies, by George W. Robinson '94, has been planographed in an edition of fifty copies only. This pamphlet of 77 pages contains, among other things, two items first translated into English by Daniel Heinsius, third Librarian of the University of Leyden. One of these is an Oration onthe Library. The last item in the pamphlet is a portion of a diary of a school girl at New Hampton, New Hampshire in 1857.
The April 24 issue of the Nezv YorkTimes contains a poem The Humanist by Richard Eberhart '26.
Dr. Henry R. Viets '12 is the author of The Oral Administration of Prostigmin inthe Treatment of Myasthenia Gravis, which has been reprinted from the December issue of the Journal of the AmericanMedical Association.
R. G. Newman '34 is the author of Janitorial Service in Small Libraries. This has been published as a pamphlet of 32 pages.
Carl Baker '32 is the author of an article Edward VIII and a Changing England, which appeared in the January issue of the Delphian Quarterly.
Henry Sienkiewicz's Janko The Musician has been translated by Peter A. Ostafin '32. This has been published by TheSodalis Press as an attractively printed brochure of 26 pages.
Mcßride ir Company have published Finland on Fifty Dollars by Sydney Clark '12. This will be reviewed later.
The May issue of Story contains Passport to Nowhere by Budd Shulberg '36.
Edward H. Stafford 'll gave an address recently in the Washington Memorial chapel, Valley Forge, Pennsylvania, on the subject The Republic of the Green Mountains. This has been printed in the April 26th issue of the Congressional Record.
From the Hokuseido Press in Japan has appeared When Japan Fights by Percy Noel 'O5. Mr. Noel was former Chief of the Far East Bureau for the Public Ledger and the New York Evening Post and is now Far East Correspondent of L'lntransigeant, Paris. The author states that a great deal of the information on the current Sino-Japanese trouble, especially that derogatory to the Japanese, is propaganda pure and simple. He says in one place that "When Japan fights it is for a cause," and again "The human strength of the Chinese was based on inculcated hate. The Japanese soldiers' was not. They fought with
