The quarterly Journal of Economics, established from a fund donated to the university by John E. Thayer, '85, has just appeared. It will prove an invaluable aid to students of Political Economy. The prospectus announces that "The journal will supply a medium of publication for studies in economic history, criticism and speculation, and for the discussion of the important questions of the day. It will present an accurate record of current speculations upon Economics in all the principal languages, and will reprint important articles, documents and statistical matter." The leading article is by Prof. Dunbar on "The Reaction in Political Economy," written in his lucid, entertaining style, it shows forcibly the transition stage through which Political Economy is now passing. Mr. Arthur T. Hadley contributes a paper on "Private Monopolies and Public Rights," which treats the subject in a very concise and interesting manner, with particular attention to railroad monopolies. "Silver before Congress in 1886" is the title of an article by Mr. S. Dana Norton. The complicated question is discussed with a simplicity and directness rarely found, when difficult financial problems are set before the general reader. The part of the magazine devoted to "Notes and Memoranda" contains, among other items, a short paper by F. Coggeshall, '86, on "The Arithmetic, Geometric, and Harmonic Means," and an article by H. M. Williams, '85, "Legislation for Labor Arbitration." Mr. Arthur Mungin writes a long letter from Paris concerning the present financial and economical condition of France. A list of recent publications on economical subjects is given, which will be found very useful to all engaged in special economic study and research. This list includes books, periodicals and pamphlets in English, German and French. The appendix contains an abstract of Wagner's work on "The Present State of Political Economy," and some tables and statistics. It is announced that papers will be undertaken during the year by Gen. Francis A. Walker, J. Lawrence Laughlin, A. McFarland Davis, Carroll D. Wright, F. W. Taussig, W. C. Ford, Simon Newcomb and other prominent economical writers. The paper will be published four times a year, price $2.50 per annum, on sale at Sever's.