may be here repeated. The preparation of the Analysis of the Federal Reserve Act has been a difficult task, involving arduous labor and one performed without pecuniary reward. The new law is intricate and is so pronounced a departure from banking methods which have heretofore obtained that no effort should be spared to the end that bankers may know clearly the details of the statute.
If errors are found, the attention of the author should be called to same, because this work will be continued as the statute is amended and decisions are rendered.
334 Fifth Ave., New York, Dec. 1, 1916.