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Volume XXVIII Number 7 

The Journal 



OF 



Political Economy 

PUBLISHED BY THE UNIVERSITY OF CHICAGO 

IN CO-OPERATION WITH 

THE WESTERN ECONOMIC SOCIETY 



JULY 1920 



A Functional Approach to Social-Economic Data 

Leoerett S. Lyon 529 

The Federal Reserve Banks' System of Par Collections 

Howard H. Preston 565 

Are Stock Dividends Income? T. David Zw\erman 591 

The Political Progress of the English Workingman. II 

Conyers Read 601 

Book Reviews and Notices 619 

Gaston's The Nonpartisan League (Boyle), 6ig. — Parker's The Casual Laborer and Other Essays 
(Richardson), 622. 



THE UNIVERSITY OF CHICAGO PRESS 
CHICAGO, ILLINOIS, U.S.A. 



THE CAMBRIDGE UNIVERSITY PRESS, London 

THE MARUZEN-KABUSHIKI-KAISHA, Tokyo, Osaka, Kyoto, Fokooka, Szndai 

THE MISSION BOOK COMPANY, Shanghai 



July 1920 Vol. XXVIH, No. 7 



The 



Journal of Political Economy 



Editors 
JOHN MAURICE CLARK, Managim Editor 
NATHANIEL WARING BARNES LEON CARROLL MARSHALL 

JAMES ALFRED FIELD HARRY ALVIN MILLIS 

CHARLES OSCAR HARDY HAROLD GLENN MOULTON 

J. LAURENCE LAUGHLIN, Emeritus CHESTER WHITNEY WRIGHT 

Advisory Editors 
(The Officers of the Western Economic Society) 

SHAILER MATHEWS, President 
GEORGE E. VINCENT, Vice-President FRANKLIN MacVEAGH, Vice-President 

HAROLD G. MOULTON, Secretary CHARLES L. HUTCHINSON, Treasurer 



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Entered as second-class matter, January 16, 1893, at the Post-office at Chicago, Illinois, under the Alt of March 3, 1879. 
Acceptance for mailing at special rate of postage provided for in Section 1103, Act of October 3, 1917, authorized on 
July t$, 1918.