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American Business Series

GENERAL EDITOR

ROSWELL C. McCREA

Professor of Economics in Columbia University

Ready:

American Business Series

Under the Editorship of

ROSWELL C. MCCREA, Columbia University

Economic History of the United States

By T. W. VAN METRE, Columbia University

Business Ownership Organization

By ARCHIBALD H. STOCKDER, Columbia University

The Shoe Industry

By FREDERICK J. ALLEN, Harvard University

The Transportation Act

1920

By ROGERS MACVEAGH, of the New York and Oregon Bars

Our Competitors and Markets: An Introduction to Foreign Trade By A. W. LAHEE

Outlines of Accounting

By W. S. KREBS, Washington University, St. Louis

Making Use of a Bank

By J. A. FITZGERALD, Ohio State University

Manpower in Industry

By E. S. COWDRICK

The Discount Policy of the Federal Reserve System
By B. H. BECKHART, Columbia University

In preparation:

Business Economics

By RAY B. WESTERFIELD, Yale University

Statistical Methods

By FREDERICK C. MILLS, Columbia University

Money and Banking

By WILLIAM H. STEINER, College of the City of New York

Our Financial Reformation

By C. A. PHILIPS, University of Iowa

German Trade Associations: The Coal Kartell

By ARCHIBALD H. STOCKDER, Columbia University

International Trade Finance

By GEORGE W. EDWARDS, PH.D., New York University

OF THE

FEDERAL RESERVE SYSTEM

BY

BENJAMIN HAGGOTT BECKHART, M. A.
Assistant Professor of Banking, School of Business, Columbia University

NEW YORK

HENRY HOLT AND COMPANY

HG
2562

• D4
B396

COPYRIGHT, 1924

BY

HENRY HOLT AND COMPANY

une, 1924

PRINTED IN THE UNITED STATES OF AMERICA

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