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, be- 
cause 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 Re- 
serve 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 Re- 
serve 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 sound- 
ness of the conclusions. 
HORACE SECRIST 
May 1, 1928