Part 1

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."