Chapter I: Front Matter

A VIEW IN UNION STOCK YARDS, CHICAGO, ILL. The Greatest Live Stock Market in the World ]

Cyclopedia
_of_
Commerce, Accountancy, Business Administration

_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.

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.

_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.