CHAPPLE, ELIOT DISMORE, and CARLETON STEVENS COON. Principles of Anthro pology. Pp. xi, 718. New York: Henry Holt and Co., 1942. $3.75

• DOI: 10.1177/000271624222100171
• Published date: 01 May 1942
• Date: 01 May 1942
• Author: Ralph Linton
• Subject Matter: Articles

229
tion of investors. In his concluding pages
seems to have caused wealthy persons to
he appraises the effectiveness of the various
retrench upon a policy of deliberate tax
controls and notes the more important un-
avoidance. This volume is an addition to
solved problems, such as the predicament
the literature of capital management ex-
of &dquo;the helpless preferred stockholder.&dquo; He
pediency in the light of these recent de-
also touches upon the burden of registra-
velopments.
tion costs to small issuers, and the hazards
The book is divided into four parts. Part
latent in the great powers of the Commis-
I considers the general principles of invest-
sion indirectly to &dquo;persuade&dquo; recalcitrant
ment planning and the formulation of a
registrants.
policy to be pursued in effecting the con-
Particular stress is given the dilemma
summation of the plan. There are chapters
faced by the Commission in attempting to
dealing with investment risks, long-term in-
assure that the prospectus (&dquo;the keystone
dustrial changes, intangible influences, busi-
of the Securities Act&dquo;) will be adequate
ness cycles, inflation, diversification, and
and yet not so long and technical as to
new forces in the security markets. Part
confuse the average reader. The inability
II discusses the problems of fitting particu-
of investors to extract key facts from
lar securities or other forms of investment
lengthy prospectuses is notorious, as is also
into the plan. It follows the usual tech-
the tendency of many to ignore the facts
niques of investment analysis. Part III,
which they do find. Perhaps with this in
although called &dquo;Balancing and Hedging an
mind, the author concludes that there are
Investment Plan,&dquo; actually is primarily con-
limits to what the government ought to at-
cerned with the problems of timing pur-
tempt in protecting investors.
It should
chases and sales, with prices, and with in-
act as a sentry &dquo;to hold back the exploiter
...