Edward L. Bernays was a pioneer in the development of public relations in modern America. For more than half a century he has advised a wide range of institutions, including government, corporations, trade associations, and many private organizations. In this memoir he gives his views of the proper role, methods, and principles of public relations and recalls some of his early experiences with businessmen and other clients.

An examination of interlocking directorates in major American businesses since 1896 indicates that the incidence of interlocking has declined considerably in this century.

Mr. Jeremy traces since the Middle Ages the interaction of technology and business organization in shaping the measuring systems for yarn in the British and later the American textile industries. Despite the attendant confusion and difficulties, a remarkable motley of such systems arose and has persisted.

In this paper, a risk-analysis simulation procedure was utiliijed to incorporate both a cash-flow liquidity concept and uncertainty in a liquidity-planning simulation model. The components of cash flow were specified. The model was implemented with the assistance of a large savings bank. The results indicate that a substantial dispersion in probable outcomes exists, from a $1 million outflow to $10 million inflow. The expected net flow, $5 million, greatly exceeds the point estimate derived by simply summing the individual point estimates. In fact, there is a 50 percent chance that the net flow will exceed the point estimate by more than $1.5 million. Such results from the liquidity planning model clearly give the banker a basis for determining the adequacy of his present liquidity position and therefore his cash management policy, as well as the optimum strategy in terms of various adjustment policies.

This paper has reported on an investigation of the relationship between the external industrial classification of corporations and the statistical groupings that can be found in their corporate financial measurements. It appears that utilities and industrials are quite different in their financial characteristics. Five industrial classes also appear to be quite distinct, although somewhat less distinct than the industrial-versus-utility comparisons. Consequently, it appears that financial variables do tend to distinguish the various industrial classifications and that, with only a corporation's financial characteristics known, its industrial classification may be reliably determined.

A perfect capital market is a key assumption in recent theories of security pricing. It is assumed that the costs of transactions, information-gathering, and portfolio management are all zero, and that no investor is so large as to exert an appreciable effect on either the risk-free interest rate or the yield on risky securities. If, in this perfect capital market, investors have identical decision horizons and homogeneous expectations, then there is a unique optimal portfolio of risky securities. Since this unique portfolio must include every security in proportion to its relative valuation in the capital market, it is referred to as the “market” portfolio. When the capital market reaches equilibrium, the expected return of every security will be a linear function of the expected return of the market portfolio. From this relationship Lintner and Mossin have separately derived valuation formulas that express the market price of a security as a function of the security[s end-of-period expected value, its risk as measured by the variance and covariances of this end-of-period value, the market price of risk within the portfolio, and the risk-free rate of interest.