New Accountancy Course in Chicago.

It is announced that a School of Commerce is about to be organized in the City of Chicago through the coöperation of Northwestern University, the Illinois Society of Certified Public Accountants, the Chicago Chapter of the American Institute of Banking, and certain public spirited citizens. It is proposed to open the School in October, 1908, in the Northwestern University Building at the corner of Lake and Dearborn Streets, for evening courses in Finance, Accountancy, Auditing, Commercial Law, Economics, and other commercial subjects.

The purpose of this School of Commerce will be to train men who are already engaged in active business during the day, but who feel the need of more extensive preparation, especially with the expectation of taking the state examination for Certified Public Accountants, or the examination for the certificate of the American Institute of Banking. The School will attempt first to supply these most pressing needs. The courses will meet every Monday to Thursday evenings, inclusive, from 7.30 to 9.30, from October until June, and the tuition fee will not exceed $75.00 for the four courses throughout the year.

So many men have expressed a desire to take up work of this nature during the present year, that a course in finance was organized in October and is now under way with thirty-five registrations. The course is being given by Professor Earl Dean Howard of Northwestern University, and meets on Thursday evenings at 7.30 in Hurd Hall, Northwestern University Building. This course was especially prepared for bank and brokers' employees, and includes instruction in the principles of Money, Credit, Banking, Corporation Finance, etc.

So many inquiries have been made concerning instruction in Accounting that arrangements have been made with Mr. Seymour Walton, C. P. A., of the firm of Buchanan, Walton, Joplin & Company, who will conduct a course of thirty-six evenings of two hours each, meeting on Wednesdays and Fridays, from 7.30 to 9.30, beginning January 8, 1908. This will be the equivalent of three terms of twelve weeks each of the regular course. Mr. Walton will be assisted in this course by Professor Earl Dean Howard of Northwestern University. The students will receive mimeographed lecture notes similar to those of the course in Finance.

The only requirement for admission to this course is a knowledge of elementary bookkeeping, together with practical experience in bookkeeping. The work will include the practice and theory of accounts, with special view to preparing the students for the C. P. A. examination. The amount of ground which can be covered in the thirty-six evenings will depend upon the students themselves. The tuition fee for this course will be $30, payable in three installments of $10 each. This will include the mimeographed lecture notes mentioned above. A student

who successfully completes this course will be entitled to credit in the proposed School of Commerce. Those who contemplate taking up the three-year course in the School of Commerce will do well to begin the work this year, thus reducing the number of evenings which must be spent upon it from four to three next year. Further information regarding either the course in Finance or the course in Accounting may be had by correspondence or preferably by calling in person upon Mr. Walton at his office, or upon Professor Earl Dean Howard on Thursday evenings, at the Northwestern University Building, or at Northwestern University, Evanston, Illinois.

Illinois.

The Illinois Society of Certified Public Accountants held a largely attended meeting at the Chicago Athletic Club on November 26th. The guests of honor at the dinner and meeting were Professor Earl Dean Howard of Northwestern University and Professor Trevor Arnett of the University of Chicago. The subject for discussion was the growing demand for a business education on the part of the Chicago public and the manner in which the Illinois Society could meet that demand. Great interest was manifested in the discussion and in the plans outlined by the two professors, and there is no doubt that the result will be the establishment of a School of Commerce and Finance in Chicago that will compare favorably with those in the East.

The Illinois Society is rapidly adding to its membership and is looking forward to great activity in educating the public in a proper knowledge of the Certified Public Accountant and the establishment of the title of C. P. A. as the mark of excellence in this country.

A class of nine men applied for examination for the C. P. A. degree at the meeting of the Examining Board on December 2d.

New York Board of Examiners.

The following Board of C. P. A. Examiners was appointed December 21, 1907: Thomas Bird Dixcy, of Loomis, Conant & Co.; Duncan MacInnes; Henry A. Niles, of Niles & Niles. Mr. Dixcy is president, and Mr. MacInnes secretary.

Mr. H. C. Whitehead, one of the best known railway accountants in the country, has resigned his position as consulting auditor of the Atchison, Topeka and Santa Fé System, and proposes in the near future to engage in business in Chicago as a public accountant and consulting auditor. Mr. Whitehead has been in the railway service for thirty-five years and has been connected with the Atchison for twenty-seven years. He was appointed General Auditor of the Santa Fé System in 1896 and was made Consulting Auditor in 1905. Mr. Whitehead has been a member of the Association of Railway Accountants since its existence, having served as its president for one term. He is widely known among public accountants and will receive a cordial welcome in the profession. Mr. Whitehead is the author of a small treatise on Railway Accounts, published by the New York University School of Commerce, Accounts and Finance, and is now preparing a comprehensive volume on the subject.

Book Department.

PRACTICAL AUDITING. A Working Manual for Auditors, by George B. Renn, Chicago, Ill. 1907, Second Edition, Price $3.00.

This manual deserves the title it bears, as details or exposition of principles are avoided. In his preface to the first edition the author

states:

"The purpose of this manual is, therefore, to set forth minutely the details to be pursued in making a commercial audit, and to indicate in proper order the procedure to be followed."

Indeed the manual does set forth minutely the steps by which an audit should proceed. A manual that in giving special instructions begins, "Select a well lighted location to work in, and reserve to yourself ample space for handling the books and papers," indicates the thoroughness of the author.

The book is divided into three parts. Part I contains "General Consideration of Principles and Methods." A prominent feature of this part is the Controlling Account. The author gives here illustrations how to verify the debit or credit balances of personal accounts on the Trial Balance, with the Accounts Receivable or Accounts Payable Controlling Accounts. Part II is a "Description in complete detail of the method of conducting a commercial audit, arranged to indicate in proper order the successive steps of procedure,” and concludes with an auditor's report made out in standard form.

In this part there is also given the form of an auditor's certificate. Part III contains instructions for special audits.

While the book lacks one or two details, such as a form for the analysis of accounts, or a form for reconciling bank balances, both of which would be desirable in a manual of this kind, yet it is an inestimable addition to accountancy literature of benefit to the accountant student or inexperienced auditor.

The contents of the book may be summed up in the words: "It tells precisely how to make a commercial audit."

LEO GREENDLINGER.

MONEY AND INVESTMENTS: A reference book for the use of those desiring information in the handling of money or the investment thereof, by Montgomery Rollins. Pages 436. Boston: Dana Estes & Co. London: Gay & Bird. 1907. Price $3.00.

The title and sub-title of this book do not clearly indicate its character. It is really a financial encyclopedia and is a remarkably good one. The author's viewpoint is indicated from the following sentences from the foreword: "It has long been my belief that there is need of some publication in which a mere beginner in the handling of money may seek for

assistance in unraveling the mysteries in the expressions of Wall and State Streets, and giving in concise form such instruction as above stated." With this thought in mind Mr. Rollins undertakes to explain all varieties of the Street jargon. The amateur will find here a fairly complete vocabulary of Wall Street, including the formal and proper phrases as well as slang. For instance, running over the book at random we find explanations of such expressions as the following: The Bank of England Statement, big Katy, bill broker, bills payable, blanket mortgage, board man, ex-rights, flat finance bill, short sale, contango, etc., etc. Such a book cannot be reviewed in detail. We have, however, examined enough definitions to feel convinced that Mr. Rollins has done his task with a great deal of intelligence and fidelity. It will be of value to a good many people who do not think themselves amateurs, for much of the information it contains is only fairly well known to the average man in the Street.

THE FUTURE IN AMERICA. By H. G. Wells. Harpers, 1906. 259 Pages. Price, $2.00, net.

Within a short time Americans have been favored with criticisms from three noted authors, Professor Münsterberg, Mr. Henry James, and Mr. H. G. Wells. The different points of view assumed by the German, exAmerican and English critics are not among the least interesting and instructive lessons to the American reader. Suffice it to say, however, that Mr. Wells does not think it necessary to remind Americans of their "good points." He recognizes in us enough of that inherited characteristic of self-complacency to obviate the necessity of any flattering allusions. It is not surprising that the Englishman considers it rather an impertinence on the part of America to enter as a competitor into that field of insularity which he has held so long as a monopoly. Although there are few complimentary statements, nevertheless the book itself is a high compliment to American intelligence. Mr. Wells does not follow the established European practice of shaping a compliment comprised of fine phrases for the American ear, and a quiet wink for his own compatriots. But then, dealing in cultured subtleties is the English substitute for a joke! We can thank Mr. Wells for presenting unpleasant truths to us as he sees them and as we ought to see them, if we expect to fulfill the destiny we have so confidently proclaimed. In what direction these faults lie as seen by the author is suggested by the chapters on "Corruption," "Some Aspects of American Wealth," "The Immigrant," "State Blindness," "Two Studies in Disappointment," "The Tragedy of Color."

The book ought to be read by every business man. The subject matter, although varied, is all shaped to the theme embodied in the paragraph on political corruption. "It seems to me that the political corruption that still plays so large a part in the American problem is a natural and necessary underside to a purely middle class organization of society for business. Nobody is left over to watch the politician." Mr. Wells has adopted a popular style of writing, but not at the sacrifice of subject matter.

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Every page bristles with epigrams, of which style Mr. Wells is a master. Thus he characterizes the individualist's Utopia, "A commercial life in a world of economic angels and magic justice." "In reality," he continues, “value is a dream, and the commercial ideal is to buy from the needy, sell to the urgent need, and get all that can possibly be got out of every transaction. To do anything else isn't business-it's some other sort of game." Police graft arises from holding that "A position of trust is a position of advantage, and deserves a percentage." The "thickening atmosphere of private enterprise is developing something which is not stealing, but, nevertheless, the automatic cash-register becomes more and more of a necessity." But there is one word I find all too frequently in the American papers, and that is stealing.' They come near calling any profitable, rather unfair bargain with the public a 'steal.' It's the common journalistic vice here always to overstate. Every land has its criminals, no doubt, but the American, I am convinced, is the last man in the world to steal. Nor does he tell you lies to your face, except in the way of business. He's not that sort of a man. Nor does he sneak bad money into your confiding hand. Nor ask a higher price than he means to accept. Nor cheat on exchange. For all the frequency of 'graft' and 'stealing' in the press head-lines, I feel the American is pretty distinctly less 'mean' than many Europeans in these respects, and much more disposed to be ashamed of meanness.” “But he certainly has an ethical system of a highly commercial type. If he isn't dishonest he's commercialized. He lives to get, to come out of every transaction with more than he gave." One is tempted to go on indefinitely quoting from this interesting book. The following will perhaps indicate the lesson the author would point: "The greatest work which the coming century has to do in this country is to build up an aristocracy of thought and feeling which shall hold its own against the aristocracy of mercantilism." L. G.

GILBRETH'S FIELD SYSTEM. The Myron C. Clark Publishing Company New York. 1908. Pages 194. Price $3.00.

The book gives in detail the system, including general orders and forms, which is in use by a large contractor. The contractor has gone on the principle of putting everything into writing, and has finally worked out a code of rules under which his employees work with the precision and discipline of a well-drilled army. The book, in fact, is somewhat similar in many respects to the army regulations. It contains among other things a fairly complete description of the loose leaf accounting system which the contractor employs. Accountants who have to deal with large firms with plants in many localities will find the book well worth a careful study.