we not see civilization,” asks the author, “advancing along those lines where the tractive forces are the greatest, where the least labor will produce the largest crops, and where the obstacles to complete living are the fewest?  Do not people invest their money where it will safely bring the largest returns?  Do we not buy in the cheapest, and sell in the dearest market?  Does not the tide of immigration set from least favored nations to the most favored?” There is still one other law,—­that motion is always rhythmical.  These two principles or laws Mr. Smith applies to his theories regarding general business, the iron industry, the building of railroads, immigration, stocks, exchange, foreign trade, etc.  Indeed his theories are based on these laws, and are worthy of consideration if not always of acceptance.  We quote one reflection:—­“If we admit that business motions are in the line of least resistance, and rhythmic, and that these rhythms show a tendency to become balanced, we may conclude that panics and periods of depression will always continue at intervals, with this qualification, the next period of depression will not be as severe as the present, and the next less severe, and so on, until, to all outward signs, they will at last cease.”

By reason of a lack of space, we cannot say all that we had wished to say in regard to this work.  It is, on the whole, a most ingenious argument, well conceived and brilliantly sustained.  We are not sure that Mr. Smith has not explained satisfactorily some of the nuggets of mystery which have so long puzzled the brains of business men.

[Footnote 6:  The Science of Business.  By Roderick H. Smith, New York:  G.P.  Putnam’s Sons.  Price $1.25.]

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PUBLISHER’S DEPARTMENT.

An early forthcoming issue of the Bay State Monthly will contain an elaborate article of great value upon the manufactures and various important industries of “A Model Industrial City,” for which fine illustrations are being prepared.

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We desire to heartily thank the press of the entire country for the cordial and appreciative welcome extended to the Bay State Monthly since it has been published under its new management.  On an advertising page in this number are to be found a few comments, selected from hundreds of similar notices given by representative newspapers in nearly every state in the Union.