The critic., 1890-12-27
INTERESTING PAPERS.
THE SECOND DAYS SESSION OF THE
ECONOMIC ASSOCIATION.


ConditionThc Programme FOR This
Evenings Session.
The first session of the fourth annual
meeting of the American Economic Assoc
citation convened at o'clock yesterday
afternoon at the Columbian University.
with John II. CLARK, A. NJ, of South Caro-.
lima, third vicc-prcsidcnt in the chair.
The other officers are: President, Gen
cral Francis \. Walker first and second
presidents, IL. G.. Adams and Edmund
j. James, the latter of the University of
Pennsylvania. Dr. Ely is secretary.
The concepts of utility, value aud
cost the first paper, was read by Pro-
Icssor +. IL. Giddings of the iiryn Maur
Womcn's College, and was an analysis of
the mark which distinguishes the best re-
cent work in economic theory from the
dogmatic system of former years.
The term "Wcalth in Economic Science;
u Study in Economic Theory was the
second paper, read by DR.. Charles A. Tut.
tie of Amhurst College. The theory was
more especially clrcidated in treating the
term wealth, which is defined as compris-
ing concrete articles of value used to sig
nily an abstract quantum of value.
Miss Marietta Kcis read paper upon
THE ethical principle in industrial rcla-
tions.' She is principal Of Mount Holy
okc Seminary. She said that Justice and
grace ore the fundamental principles of
the universe, and the state Is the insttu-
tion Of Society whose province is the cX-
preston Of justice.
The report of the committee ON the
economic theory was submitted hy Pro-
fcssor }. H. Clark. The committee was
preparing, he said, Q more extended re-
port which would effect q great reduction
In the number of definitions used in con-
ncctiun with the economic science.
The evening session was called to order
ut 3 o'clock. President Walker read his
annual address. lie was Superintendent
of the Tenth Census in 1880. and for some
years past has been president of the Mass
achusetts institute of Technology. His
address was chiefly u survey of the most
important economic developments within
the United States during the two years
since the association last met in Philadcl-
phia. lie attributed the extraordinary
growth of pseudo-socialism under the
name of natiunalism to the fact that the
masses of the people. alike among the
more fortunate and the less fortunate
classes, have at last come to appreciate the
supreme Importance of industrial rcla-
tons, but have not yet learned 10y care
ful study Of history and of the material
NbllNlNlbilS vi uOllluI tNlSltltt MltIlln
what narrow limits CNcrtiuns for the
amelioration of mankind must necessarily
be Compassed.
The American Economic Association
resumed its sessions at the Columbian
University at 10 o'clock this morning.
with General Francis A. Walker presi-
dent, in the chair. The report of Professor
Richard T. Ely, Ph. D., of Johns Hopkins
University baltimore, was read 1t
II, 80 ~
lSSS, 500, and subscribers on list pub
lished December, 1880, $50.
The association, the report says is at
the present time known by economists in
all countries and is recognized as the
scientific economic association of the
United States. The Australian economic
association. organized in sydney in 1887,
| has begun the publication Of the Aus.
| tralian Economist ~ An economic asso-
| citation has been formed in Japan, and on
November 20, 1850, one in England was
formed under the presidency of the Chan
| ccllor of the EXchequor the Right Hon.
| George j. GOschcn. Since the last meet
| ing Il prize for the best essay on "lmmi-
grafton" was awarded to Mr. Richard d.
Lang of Baltimore, and since the Phla-
| dclpha mectinga prize of 800 was divided
between Miss Clara de Graifenrcid and
| Mr.. w. Il. Willoughby upon the subject of
first best essay and 5000 for second best
has been established upon women
| Wage Earncrs,n and the Judges now have
| the essays under consideration.
No annual meeting was held in 1880.
The death is referred to of one of the
honorary members, Professor James Il.
Thorold Rogers of Worcester College, OK
ford, England, on October IL, 1890.
The report was adopted.
The rgport nf Professor II A Snlivmnn
| Phi. ID. treasurer, showed assets, (thc
largest in the history of the association
| of 5000. He suggested an investment OF
| the balance. The report was referred to
| the auditing committee.
The paper of Professor Taussig. of
| Harvard University, considered the theory
| of railroad rates, and more particularly
the exp planation OF the apparent ,annomo,
| lies in the varying charges for different
| classes of freight and passenger traffic.
| This explanation was found in the fact
| that the greater part of the cost of con.
| ducting railway traffic s joint, and that
| railway services belong, in economic the
| ory, with the class of commodities pro-
| duced at joint cost, of which wool and
mutton, gas and coke, are classes of illus
| trations.
The cost of furnishing tho plant is joint
| cost, but interest on capital at the ordin
ary rate absorbs about one-half of rail
| ways total receipts; in other words, one
half of the cost of supplying railway ser.
| vices is clearly and wholly joint. Railroad
| rates are presumably affected by demand
or by what the traffic will bear, and can
not be based on any analysis Of cost OF
service.
| Professor Taussig in his interesting
| paper discussed theprinciples of operating
expenses of railroads, the cost of motiv,
1 nONpr and trnnSnnrt,ltippg ppnpruI OK
| penses, taxes, elements of joint cost, etc.
| Remarks upon the theories advanced in
| the paper We're made by Professors Henry
| G. Adams, Simon n. Patten and Edward
| Il. A. Seligman, during which the latter
| referred to the evils under which tn,
| people of the country have suffered
| so long from disproportionate charges, re
bates, etc. Tho element of monopoly il
| the ACKNOWLEDGEMENT of railways an(
| the increase, and monopoly tariff value.
would prevail; but if too mucllto the dis
advantage of the public, the Government
| would interfere.
| Further remarks were made by Prof
| Amos q. Warner, ON that part of Profcsso
| Taussig's paper referring to the matter o
classification, and Prof. Richard Y. Ely II
regard to railroad construction and invest
ment of capital.
At to-night's session the report from th,
| committee on statistics will be submitted
by Hon, Carroll ID. Wright, chairman
| The papers to be read will be street Rail
way Statistics" by Charles II, Cooley, ant
statistics as Means of Correcting Corpo
rate Abuses, by Prof, Henry c. Adams.
|
A Pointer for Advertisers.
TuE Carries shorthand course, now he
| ing published, is attracting great attention