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THE MACMILLAN COMPANY
NEW YORK. BOSTON • CHICAGO • DALLAS

ATLANTA • SAN FRANCISCO

MACMILLAN & CO., LIMITED
LONDON . BOMBAY • CALCUTTA

MELBOURNE

THE MACMILLAN CO. OF CANADA, LTD.

TORONTO

MAIN LIBRARY-AGRICUTURE DEPT.

Qural Institutions

THE INSTITUTE OF ECONOMICS

The Carnegie Corporation of New York in establishing the Institute of Economics declared that “in committing to the Trustees the administration of the endowment of the Institute of Economics, over which the Corporation will have no control whatsoever, it has in mind a single purpose-namely, that the Institute shall be conducted with the sole object of ascertaining the facts about current economic problems and of interpreting these facts for the people of the United States in the most simple and understandable form. The Institute shall be administered by its Trustees without regard to the special interests of any group in the body politic, whether political, social or economic.” In order that the Council and Staff of the Institute may enjoy the freedom which is conceded as essential to scientific progress, the Trustees of the Institute have adopted the following resolution: “The primary function of the Trustees is not to express their views upon the scientific investigations conducted by the Institute, but only to make it possible for such scientific work to be done under the most favorable auspices.”

OFFICERS
ROBERT S. BROOKINGS, President
ARTHUR T. HADLEY, Vice-President
David F. HOUSTON, Treasurer
HAROLD G. MOULTON, Director

COUNCIL
THOMAS WALKER PAGE, Chairman
HAROLD G. MOULTON
EDWIN G. NOURSE
WILLIAM F. WILLOUGHBY

TRUSTEES
EDWIN A. ALDERMAN

SAMUEL MATHER
ROBERT S. BROOKINGS

JOHN C. MERRIAM
WHITEFOORD R. COLE

JOHN BARTON PAYNE
ARTHUR T. HADLEY

LEO S. ROWE
DAVID S. HOUSTON

BOLTON SMITH
VERNON KELLOGG

JAMES J. STORROW
DAVID KINLEY

CHARLES D. WALCOTT
PAUL M. WARBURG

596666

PUBLICATIONS OF
THE INSTITUTE OF ECONOMICS

*

INVESTIGATIONS IN INTERNATIONAL ECONOMIC

RECONSTRUCTION
GERMANY'S CAPACITY TO PAY (1923)
RUSSIAN DEBTS AND RUSSIAN RECONSTRUCTION (1924) *
THE REPARATION PLAN (1924) *
THE FRENCH DEBT PROBLEM (1925)
ITALY'S INTERNATIONAL ECONOMIC POSITION (For early

publication)

THE RUHR-LORRAINE INDUSTRIAL PROBLEM (1925) INVESTIGATIONS IN INTERNATIONAL COMMERCIAL

POLICIES
SUGAR IN RELATION TO THE TARIFF (1924) *
TARIFF MAKING IN THE UNITED STATES (1924) *
THE TARIFF ON Wool (1926)

*

INVESTIGATIONS IN AGRICULTURAL ECONOMICS

AMERICAN AGRICULTURE AND THE EUROPEAN MARKET (1924) *
THE FEDERAL INTERMEDIATE CREDIT SYSTEM (1926)
FINANCING THE LIVE STOCK INDUSTRY (For early publi-

cation)

INVESTIGATIONS IN INDUSTRY AND LABOR

MINERS' WAGES AND THE Cost OF COAL (1924)
THE CASE OF BITUMINOUS Coal (1925)

INVESTIGATIONS IN FINANCE

INTEREST RATES AND STOCK SPECULATION (1925) * Published by the McGraw-Hill Book Company.

:

INTERMEDIATE CREDIT

SYSTEM

BY

CLAUDE L. BENNER

WITH THE AID OF THE COUNCIL AND STAFF

OF THE INSTITUTE OF ECONOMICS

New York
THE MACMILLAN COMPANY

1926
All rights reserved

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