FOREWORD
In the preparation of its studies the National Industrial
Conference Board avails itself of the experience and judg-
ment of the business executives who compose its member-
ship, and of recognized authorities in special fields, in addi-
tion to the scientific knowledge and equipment of its Research
Staff. The publications of the Board thus finally represent
the result of scientific investigation and broad business ex-
perience, and the conclusions expressed therein are those of
the Conference Board as a body.