BANKERS' HANDBOOK OF BOND INVESTMENT

James W. Wooster Jr.'26. Harper, New York, 1939, pp. 249.$3.00.

Starting from the very logical premise that intelligent management of the bond portfolio is fundamental because of the permanently larger portion of bank earning assets represented by bonds, Mr. Wooster has undertaken to provide an investment manual for bankers. This manual includes a survey of the various sources of information, an analysis of the purpose of the bond account in relation to the position of the bank as a whole, and specific instructions regarding the determination and investment of each of the four recommended reserve funds, namely,—primary, secondary, investment, and residual. Subsequent chapters cover quality and maturity questions and such miscellaneous subjects as diversification, investment units, marketability, and earnings from bonds. Three additional chapters are devoted to the selection of individual issues and two to the mechanical aspects of executing orders and keeping records.

The book is definitely specialized, but it should have a genuine appeal to those who are interested in either investments or banking. The work, however, is a survey rather than a handbook since its relative brevity as a whole and the

mary treatment accorded many important subjects make the title erroneous. Mr. Wooster's investment philosophy is sound. He emphasizes general rather than particular considerations and insists on basic policies. And there is considerable thought-provoking material, especially in the chapters on investment and residual reserves and on the earnings to be expected from bonds. One lamentable gap exists: nowhere does Mr. Wooster give directions for the profitable management of portfolios composed of aged and infirm obligations. If only our practising alumni would enlighten us academic financiers in this regard!

A RECENT AERIAL PHOTOGRAPH OF THE COLLEGE, SHOWING NEW AND FAMILIAR LANDMARKS ON HANOVER PLAIN. THE NUMBERS INDICATE (1) BAKER MEMORIAL LIBRARY, (2) SANBORN ENGLISH HOUSE, (3) CARPENTER ART BUILDING, (4) DARTMOUTH ROW, (5) BARTLETT TOWER IN COLLEGE PARK, (6) THE BEMA DENUDED BY LAST SEPTEMBER'S H URRICANE, (7) RIPLEY-WOODWARD-SMITH DORMITORY GROUP, (8) BISSELL HALL WHICH WILL BE TORN DOWN TO MAKE WAY FOR THE PROPOSED DARTMOUTH CENTER FOR DRAMA, MUSIC AND RADIO, (9) THE LANG BUSINESS BLOCK ERECTED BY THE COLLEGE JUST SOUTH OF THE HANOVER INN, (10) THAYER HALL, NEW UPPERCLASS DINING CENTER, (1 I) GILE-STREETER-LORD DORMITORY GROUP, (12) FRATERNITY ROW, (13) SILSBY NATURAL SCIENCE BUILDING, (14) THE NEW WHITE CHURCH ON NORTH COLLEGE STREET, (15) THE ENLARGED MARY HITCHCOCK HOSPITAL PLANT, AND (16) THE HILTON GOLF COURSE.