The writer would like to thank the Social Science Research Council and the Board of Governors of the Federal Reserve System for their help in making this paper possible. The former, through its financial aid, enabled the author to attend its Summer Institute on Research in Monetary and Credit Policy held under the auspices of the Board in Washington, D.C., in 1957. The writer further wishes to thank Dr. Stephen L. McDonald, of Louisiana State University; Dr. Claus W. Ruser, of Standard Oil of New Jersey; Mr. John D. Wells, of the University of Florida; Dr. Mona Dingle, financial economist with the board; and Dr. George Horwich, of Purdue University, for their suggestions and criticisms of certain portions of a previous draft of this paper. Mr. Leonard Schifrin, of the University of Michigan, and Mr. Joe Jones, of the University of Texas, helped with the statistical calculations. Needless to say, neither the particular formulations employed nor the conclusions reached can be attributed to anyone but the author, who accepts full responsibility for the contents of this paper.