As a consequence of the diffusion of general intelligence, the improvement in means of transportation, and the rapid transmission of information, the business world of to-day is more highly-organized, its interests more intimately connected and interwoven, and its methods more complex and intricate than ever before. To meet present conditions the successful business man of to-day must possess a broader and more intelligent view, as well as a readier comprehension of all those problems which enter into business life. He must be conversant in a degree with the operations, silent though powerful, going on about him. In short, he must be better educated. In the preparation of this book the aim has been to bring together a mass of important facts and information of a business nature not found in books generally, or not found in concise, tangible or logical form, and present the various subjects so clearly that the ordinary reader or student may readily grasp them.

The book is a combination of history and economics. It relates to both the past and present. In the first 146 pages of the book, embracing a history of commerce and of banking, a foundation is laid for the proper consideration of the subjects which follow. In dealing with historical facts we have aimed to show why commerce flowed in certain channels at certain times and the influences which have affected its progress and development. In the discussion of the various subjects which follow, the aim has constantly been to reach the basic principles underlying each, to discover the theories upon which business is done. Necessarily the subjects could not be treated in exhaustive detail in a work of this size, but the most important features are set forth, and a basis is thus furnished for those who wish to pursue any special line of study farther into its details and intricacies.

The author gratefully acknowledges himself indebted for valuable assistance and suggestions in the preparation of this work to Mr. Pred W. Gookin, formerly cashier of the Northwestern National Bank of Chicago; Mr. F. H. Rawson, Vice-President Union Trust Co., Chicago; Mr. H. P. Simonton, Corporation Attorney; Mr. C. S. Pellet, Ex-President Chicago Board of Underwriters; Mr. J. H. Emerson, General Agent New York Life Ins. Co.; Mr. Chas. D. Snow, of the Chicago Board of Trade; Mr. W. E. Ray, of the Chicago Journal; Mr. B. J. Fitzgerald, Real Estate Broker; Mr. John F. Scanlan, of the Custom House; Mr. W. A. Douglass, Manager of R. G. Dun & Co., Chicago; Mr. John E. Gardin, Manager Foreign Exchange Department First National Bank, Chicago, and many others, and yet these gentlemen are in no way responsible for any possible errors or inaccuracies of statement that may appear in this book.

O. M. P.

Chicago, September 1, 1903.