COPYRIGHT, 1924, BY HART, SCHAFFNER & MARX ALL RIGHTS RESERVED The Riverside Press PRINTED IN THE U.S.A. Wahr 5-18-25 11856 PREFACE THIS series of books owes its existence to the generosity of Messrs. Hart, Schaffner & Marx, of Chicago, who have shown a special interest in trying to draw the attention of American youth to the study of economic and commercial subjects. For this purpose they have delegated to the undersigned committee the task of selecting or approving of topics, making announcements, and awarding prizes annually for those who wish to compete. For the year 1922 there were offered: In Class A, which included any American without restriction, a first prize of $1000, and a second prize of $500. In Class B, which included any who were at the time undergraduates of an American college, a first prize of $300, and a second prize of $200. Any essay submitted in Class B, if deemed of sufficient merit, could receive a prize in Class A. The present volume, submitted in Class A, was awarded the second prize. J. LAURENCE LAUGHLIN, Chairman J. B. CLARK University of Chicago Columbia University EDWIN F. GAY N.Y. Evening Post THEODORE E. BURTON Washington, D.C. WESLEY C. MITCHELL Columbia University |