A SERIES OF TEXTS PREPARED AS
PART OF THE MODERN BUSINESS

COURSE AND SERVICE OF THE
ALEXANDER HAMILTON

INSTITUTE

ALEXANDER HAMILTON INSTITUTE
NEW YORK

Modern Business

Editor-in-Chief

JOSEPH FRENCH JOHNSON

Dean, New York University School of Commerce, Accounts and Finance

BY

MAJOR B. FOSTER, A.M.
Secretary of the New York University School of
Commerce, Accounts and Finance

MODERN BUSINESS

VOLUME 16

ALEXANDER HAMILTON INSTITUTE

NEW YORK