Chapter I: Front Matter

Cyclopedia
_of_
Commerce, Accountancy,
Business Administration

VOLUME 2

_A General Reference Work on_

ACCOUNTING, AUDITING, BOOKKEEPING, COMMERCIAL LAW, BUSINESS
MANAGEMENT, ADMINISTRATIVE AND INDUSTRIAL ORGANIZATION,
BANKING, ADVERTISING, SELLING, OFFICE AND FACTORY
RECORDS, COST KEEPING, SYSTEMATIZING, ETC.

_Prepared by a Corps of_

AUDITORS, ACCOUNTANTS, ATTORNEYS, AND SPECIALISTS IN BUSINESS
METHODS AND MANAGEMENT

_Illustrated with Over Two Thousand Engravings_

TEN VOLUMES

CHICAGO
AMERICAN TECHNICAL SOCIETY
1910

COPYRIGHT, 1909
BY
AMERICAN SCHOOL OF CORRESPONDENCE

COPYRIGHT, 1909
BY
AMERICAN TECHNICAL SOCIETY

Entered at Stationers' Hall, London
All Rights Reserved

Authors and Collaborators

JAMES BRAY GRIFFITH, _Managing Editor_ Head. Dept. of Commerce, Accountancy, and Business Administration, American School of Correspondence.

ROBERT H. MONTGOMERY Of the Firm of Lybrand, Ross Bros. & Montgomery, Certified Public Accountants. Editor of the American Edition of Dicksee's _Auditing_. Formerly Lecturer on Auditing at the Evening School of Accounts and Finance of the University of Pennsylvania, and the School of Commerce, Accounts, and Finance of the New York University.

ARTHUR LOWES DICKINSON, F. C. A., C. P. A.
Of the Firms of Jones, Caesar, Dickinson, Wilmot & Company, Certified
Public Accountants, and Price, Waterhouse & Company, Chartered
Accountants.

WILLIAM M. LYBRAND, C. P. A. Of the Firm of Lybrand, Ross Bros. & Montgomery, Certified Public Accountants.

F. H. MACPHERSON, C. A., C. P. A. Of the Firm of F. H. Macpherson & Co., Certified Public Accountants.

CHAS. A. SWEETLAND Consulting Public Accountant. Author of "Loose─Leaf Bookkeeping," and "Anti─Confusion Business Methods."

E. C. LANDIS Of the System Department, Burroughs Adding Machine Company.

HARRIS C. TROW, S. B. _Editor─in─Chief_, Textbook Department, American School of Correspondence.

CECIL B. SMEETON, F. I. A. Public Accountant and Auditor. President, Incorporated Accountants' Society of Illinois. Fellow, Institute of Accounts, New York.

JOHN A. CHAMBERLAIN, A. B., LL. B. Of the Cleveland Bar. Lecturer on Suretyship, Western Reserve Law School. Author of "Principles of Business Law."

HUGH WRIGHT Auditor, Westlake Construction Company.

GLENN M. HOBBS, Ph. D. Secretary, American School of Correspondence.

JESSIE M. SHEPHERD, A. B. Associate Editor, Textbook Department, American School of Correspondence.

GEORGE C. RUSSELL Systematizer. Formerly Manager, System Department, Elliott─Fisher Company.

OSCAR E. PERRIGO, M. E. Specialist in Industrial Organization. Author of "Machine─Shop Economics and Systems," etc.

DARWIN S. HATCH, B. S. Assistant Editor, Textbook Department, American School of Correspondence.

CHAS. E. HATHAWAY Cost Expert. Chief Accountant, Fore River Shipbuilding Co.

CHAS. WILBUR LEIGH, B. S. Associate Professor of Mathematics, Armour Institute of Technology.