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American Business Series

GENERAL EDITOR

ROSWELL C. McCREA Professor of Economics in Columbia University

American Business Series

Under the Editorship of
ROSWELL C. McCREA, Columbia University
Ready:
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

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HG
2562
D4
B396

COPYRIGHT, 1924

BY

HENRY HOLT AND COMPANY

une, 1924

PRINTED IN THE UNITED STATES OF AMERICA

Transfer to storage

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H. P. W.

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