BY CHARLES A. CONANT

A History of Modern Banks of Issue

With an Account of the Economic Crises of the Present Century

Second Edition. 8vo. $3.00.

Wall Street and the Country

A Study of Recent Financial Tendencies

12mo.

G. P. PUTNAM'S SONS

NEW YORK

LONDON

The Country

and

A Study of Recent Financial Tendencies

By

Charles A. Conant

Author of "A History of Modern Banks of Issue," etc.

TORARY

OF THE

UNIVERSITY

OF

CALIFORNIA

G. P. Putnam's Sons
New York and London
The Knickerbocker Press

PREFACE

THE essays contained in this volume were written for the purpose of setting forth the magnitude of the problems presented by the modern tendency to capitalization and of removing misapprehensions on the subject which seem to have obtained a lodgment in the minds of a certain portion of the public. In a country like the United States, whose phenomenal expansion has been the admiration and envy of competent foreign observers, it has been inevitable that this expansion should create serious new problems and require many new experiments in regard to the organization of the money market, the powers of corporations, and the relations of the latter to the State.

There is little reason to doubt that in the long run these problems will be solved by the American people with their