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[Illustration:

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

 L. W. LEWIS
                          Advertising Manager,
                            The McCaskey Register Co.

 MARTIN W. RUSSELL
                          Registrar and
                            Treasurer, American School of
                            Correspondence.

 HALBERT P. GILLETTE, C. E.
                          Managing Editor,
                            _Engineering-Contracting_.

                          Author of "