Except for minor corrections and additions, this study was completed in June, 1960, and delivered at the end of the following September. Publication having been delayed for over three months, the last chapter was rewritten to take cognizance of the "gold crisis" that has lately come to the fore.
The idea to write a little book of this nature was suggested to the author nearly two years ago by the publisher, Mr. Henry Regnery. For many useful hints and observations, I am greatly obliged to Mr. Marion R. Baty, editor of the Economic Trend Line Studies (Chicago), and to Dr. Walter E. Spahr (New York). My sincere gratitude is due, especially, to Mr. Philip M. McKenna, President of the Kennametal, Inc., of Latrobe, Pennsylvania, for his inspiration and generous help.
Chicago, January 17, 1961 MELCHIOR PALYI
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