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IT is quite obvious that one who depends upon a single method in the treatment of malignant disease may not hope to obtain anything but a limited degree of success. Experience has taught us that operative surgery, electrothermic methods, radium, and X-rays are all factors of such importance that none of them can be eliminated from our armamentarium if the maximum of success is to be realized. All of these methods are employed in our institution, either alone or in combination, to meet particular indications; and we have learned from experience that, if it were necessary to eliminate any one of them, we should be seriously handicapped in our work. The status of surgery, radium, and the X-rays is well known, owing to the wide and continuous promulgation of knowledge concerning them in medical schools, and through the writings of capable exponents. Permanent recognition of these methods is assured, since their great value has been demonstrated by numerous critical tests. Knowledge concerning the electrotherm...

Discussion of the role of internally generated funds as a dynamic and influential determinant of investment decisions has been renewed lately in the macroeconomic investment literature. While there is a current revival, the hypothesis is not a new one. In the classic study of the financial history of eight leading American automobile manufacturers over the period 1910 to 1926, Lawrence H. Seltzer concludes that “the greatest part of the growth in their capital resources was derived from reinvested profits; and that this source accounts for much the greater part of their present invested capital.” He estimates that for the period through 1926 net aggregate reinvested profits were equal, on average, to almost 80 percent of the value of tangible invested capital.3 Seltzer suggests that this remarkably high percentage was the result of the unique situation of the automobile industry, although carefully pointing out that the general importance of internal funds may be greater than commonly realized.

One of the many problems facing local water agencies is forecasting water use, both short term and long term. Long-term forecasts generally use information consisting of futurepopulation (employment) projections and future-per-capita (employee) use estimates, whereas short-term forecasts of additional water consumption are often based on density studies. Density studies involve the computation of average water consu ption for different housing densities or for different residential zoning classes. As long as the general underlying demographic, economic, and technological conditions remain constant, density studies provide a useful guide for future short-term water use as development takes place within the water district. These studies are useful to the local water agencies. Water managers can tell at a glance the average expected consumption per unit of time of any proposed residential development. In addition, the availability of such information allows the water agency to provide local planning authorities with water-use data and potentially improves the flow of information available for various impact statements. The studies can also provide an input to project longerterm water requirements based on the various densities provided in the local general plan. Thus, there is wide applicability of such studies.

A cross section demand function for water is estimated using individual residential dwelling units as the sample. Both assessed value of property and number of persons per dwelling are significant determinates of the quantity of water demanded consistent with the theoretical development. Moreover, it is concluded that there are economies of scale of water use with respect to household size.

The purpose of this paper is to report on the estimation of quarterly investment functions for the commercial construction (CC) component of GNP. A standard stock adjustment formulation was used to explain investment decision making behavior, a procedure which has not been applied directly to this sector in the literature.1 In addition, we have tried to take some account of potentially important financial market influences on CC as well as to use the Almon technique [1] to estimate part of the lag structure inherent in the investment

Economic historians should thank Larry Neal for his careful revision of the United States railroad investment series for the period between 1897 and 1914 [5]. However, the second major part of his article concerning the determinants of investmenit behavior over this period suffers from deficiencies of interpretation and requires further analysis which is the object of this note. Neal's thesis is that financial models, incorporating interest rates and cash flow variables, better explain railroad investment expenditures over this period than crude acceleration type mechanisms. In fact, he argues the time period 1897 to 1914 logically can be divided into two periods at the year 1907. In the earlier period (1897-1907) Neal argues that both easy access to external funds and the better use of internal funds are the primary explanations for investment behavior, while this was not the case after 1907. This thesis directly contradicts the earlier discussion of railroad investment made by Jan Kmenta and Jeffrey Williamson (K-W) [4]. The K-XV hypothesis purports that external costs were not important during this period and some sort of acceleration mechanism can best explain investment behavior. It is demonstrated below that the dominant determinant of long run railroad investment behavior over this period is the acceleration principle as asserted by K-W but that outside (as opposed to Neal's inside) financial conditions (the demand for financial instruments) contributed to the cyclical fluctuations of investment expenditures in the period prior to 1907.