TRANSCRIBER'S NOTE: -Due to a large number of tables, it is strongly suggested to use a monospaced font. [Illustration: THE BUSY RETAIL STORE OF THE L. E. WATERMAN COMPANY At the "Pen Corner," 173 Broadway, New York City] Cyclopedia _of_ Commerce, Accountancy, Business Administration VOLUME 4 _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.