PREFACE

IX

Vandeveer Custis, F. S. Deibler, H. P. Dutton, Richard T. Ely,
H. A. Finney, H. G. Guthmann, E. H. Hahne, R. E. Heilman,
E. P. Hohman, E. D. Howard, and H. C. Taylor—who were kind
enough to read the manuscript in part or in whole, and to discuss
with me both the manipulative processes and the conclusions.
I am also indebted to others, among whom the following, because
 of their interest, it is a pleasure to name: B. M. Anderson,
Economist, Chase National Bank, New York; H. R. Bowser,
Manager, Financial Statistics Division, Federal Reserve Bank
of Boston; W. Randolph Burgess, Assistant Federal Reserve
Agent, Federal Reserve Bank of New York; H. A. E. Chandler,
Economist, National Bank of Commerce, New York; Frederic
H. Curtiss, Chairman and Federal Reserve Agent, Federal Reserve
 Bank of Boston; J. F. Ebersole, Economist, United States
Treasury Department; E. A. Goldenweiser, Director, Division
of Research and Statistics, Federal Reserve Board; Walter E.
Lagerquist, Counselor on Investments, American Exchange-Irving
 Trust Company, New York; H. G. Moulton, President,
The Brookings Institution, Washington, D. C.; Carl E. Parry,
Assistant Director, Division of Research and Statistics, Federal
Reserve Board; Carl Snyder, General Statistician, Federal Reserve
 Bank of New York; and O. M. W. Sprague, Harvard
University.
Generous and helpful as have been the suggestions of certain
of those named, the writer obviously assumes full responsibility
for both the accuracy of the processes of analysis and the soundness
 of the conclusions.

HORACE SECRIST

May 1, 1928