designed to render a National bank charter so attractive that state banks will quite generally reorganize and come into the National system. Since they then would be compelled to carry "lawful money" in their reserves, a large part of the $900,000,000 lawful money now in circulation would certainly be impounded in bank vaults. Thus the field for hand-to-hand money would be left free to be filled exclusively, as it ought to be, by bank notes.

The Fowler bill, however, is exceedingly complex and should not be enacted into law until it has been subjected to most rigid scrutiny and searching criticism. If Mr. Fowler and his committee have really arrived at a scientific and workable solution of our currency problem, its advocates should not be impatient. Let it first earn the active and intelligent support of organizations of bankers and business men. Then Congress will easily be persuaded to enact the bill into law.

To "A Member from California.”

The editors have received an exceptionally interesting discussion of the proper code of ethics for the profession of accountancy and the best means of enforcing whatever code is finally adopted. Unfortunately the only signature to the contribution is "A Member from California,” and THE JOURNAL OF ACCOUNTANCY has a strict rule against printing anonymous articles. If the writer will communicate with the editors, his contribution will be published, with some slight modifications, signed or unsigned as he prefers.

Committee Changes.

By vote of the Board of Trustees of The American Association of Public Accountants, Mr. E. L. Suffern of New York has been elected a member of the Executive Committee to fill the vacancy caused by the death of Mr. Thomas P. Ryan. Mr. Suffern has also been appointed, in place of Mr. Ryan, a member of the Committee on Review of Appropriations-Budget.

Mr. A. Lowes Dickinson has been appointed Chairman of the By-Laws Committee in place of Mr. Ryan, and Mr. Thomas L. Berry, of Maryland, has been appointed a member of the same committee. The membership of this committee is now made up as follows:

A. Lowes Dickinson, Chairman, Illinois; Duncan MacInnes, New York; Thomas L. Berry, Maryland.

News and Notes.

Session of the Annual Meeting, 1908, Committee.

The meeting was held at the Art Club, Philadelphia, Thursday, 12th March, 1908, at 1 P. M.

At roll call, the following were present: Adam A. Ross, Jr., Chairman; E. W. Sells, Ex-Officio; E. L. Suffern, New York; T. Cullen Roberts, New Jersey; Geo. Wilkinson, William M. Lybrand.

The Chairman reported progress and submitted the preliminary announcement printed below, which was adopted, of the twenty-first annual meeting of the Association at Atlantic City, in which the New York State Society definitely coöperated, and in which it was hoped the Society of C. P. A.'s of the State of New Jersey would also coöperate.

He also reported that Provost Harrison of the University of Pennsylvania had offered to the Committee the use of Houston Hall, on one of the days of the Convention. The Chairman read a reply by him, thanking the provost for the courteous invitation, and regretting that it would be impossible for the members of the Association to avail themselves thereof. The Committee confirmed the action of the Chairman.

The Chairman was empowered to engage stenographers for the purpose of reporting day by day each session of the proceedings of the Convention.

Mr. Geo. Wilkinson made sundry suggestions for the banquet which received attention.

The meeting adjourned, subject to the call of the chair.

Preliminary Announcement.

Issued by Committee on Annual Meeting, 1908.

The twenty-first annual meeting of The American Association of Public Accountants will be held at the Marlborough-Blenheim Hotel, Atlantic City, New Jersey, October 20th, 21st, and 22d, 1908, under the auspices of the Pennsylvania Institute of Certified Public Accountants. The coöperation of the New York State Society of Certified Public Accountants and The Society of Certified Public Accountants of the State of New Jersey is anticipated.

The Committee has made arrangements for a literary programme of high character and general interest to the profession, including the following papers, viz.:

"Railroad Accounting in Relation to the Recent Rulings of the Interstate Commerce Commission "-Professor Henry C. Adams, in charge of

Statistics and Accountants, Interstate Commerce Commission, and Mr. Arthur W. Teele, C. P. A.

"The Accounting of Industrial Enterprises "-Mr. William M. Lybrand, C. P. A.

A paper dealing with questions in accounting practice and procedure, by Mr. Arthur Lowes Dickinson, C. P. A.

These papers will be printed and ready for distribution at the annual meeting. The actual presentation of the papers need, therefore, occupy a comparatively short time, and it is hoped that members generally will avail themselves of the opportunity thus afforded for free discussions.

The Committee is in correspondence with Societies abroad, and it is expected that distinguished members thereof will be in attendance.

While the details of the social features have not been fully determined it is anticipated that on Tuesday evening the New York State Society will entertain the members with a reception, which will take place in the beautiful ocean ball-room of the Marlborough-Blenheim. Other attractive social features are being planned, including outdoor entertainments, but it is intended that the programme in this connection be arranged so as to afford opportunities for members to take advantage of the numerous attractions of the Boardwalk and piers of Atlantic City.

The Annual Banquet will be held on Thursday night at the Marlborough-Blenheim. Speakers of national prominence have already accepted invitations to be present.

The Committee is fortunate in having secured the premier hotel of the beach front for the week of our annual meeting. The business sessions will be held in the west solarium directly overlooking the boardwalk and ocean. It is hoped that the members will stay at the Marlborough-Blenheim as it will add to their pleasure and convenience to be under one roof. It is hoped that many ladies will be in attendance. The programme is being arranged with a view to their entertainment.

Mr. Joseph M. Pugh, 1831 Land Title Building, Philadelphia, Chairman of the Hotel Committee, will be pleased to answer inquiries regarding hotel rates, etc., and to make reservations for members.

COMMITTEE ON ANNUAL MEETING-1908.
E. W. SELLS, President.

General Arrangements:

A. A. Ross, JR., Chairman,
Land Title Bldg., Phila.

C. N. VOLLUM,

FRANKLIN ALLEN,

T. CULLEN ROBERTS.

Attendance and Invitation:

GEO. WILKINSON, Chairman,

52 Broadway, New York,

E. L. SUFFERN,

W. M. LYBRAND.

Local Executive Committee

of the Pennsylvania Society:
CHARLES N. VOLLUM, Chairman
J. E. STERRETT,

W. M. LYBRAND,
JAMES W. FERNLEY,
J. D. STINGER,

HERBERT G. STOCKWELL,

W. W. RORER,

JOSEPH M. PUGH.

New York.

At the March meeting of the New York State Society of Certified Public Accountants, the principal subject considered was the report of the Committee on Violations of C. P. A. Law, which report had been received at the previous meeting, and copies thereof distributed to the members. This report was as follows:

Your Committee appointed at the beginning of the fiscal year to consider the matter of violations of the C. P. A. Law, after having given careful consideration to the existing violations, report as follows:

I. The Committee desire to advance as a reason and a fact, that the designation C. P. A. is an educational degree issued by the University of the State of New York as indicative of the qualifications of the holder thereof; that an educational degree obtained by an individual may not be shared in or made to cover the status and identity of other individuals, and further, that a corporation cannot hold an educational degree because it is merely a legal entity and not a real person. That the degree as mentioned in chapter 312 of laws of 1896, is the degree authorized solely by New York State, and that it is improper to hold out the degree of any other State unless accompanied by a qualified statement as to the State authorities under which it may have been issued.

II. The violations of the C. P. A. Act, laws of New York, 1896, chapter 312, may be classified under the following headings:

1. Violations where accountants use the initials C. P. A. absolutely without authority.

2. Violations where accountants use the initials C. P. A., claiming the right to do so only by reason of having received a certified public accountant's certificate from another State.

3. Violations where the name of a certified public accountant is coupled with the name of a non-certified public accountant and the firm thus formed is styled "Certified Public Accountants."

4. Violations where two or more certified public accountants form a firm and use the term "& Company," such company not being a certified public accountant, or such company being only nominal.

5. Violations where one member of a firm is not a certified public accountant, and although his name does not appear in the title of the firm, he is nevertheless a member of the firm which holds forth as a firm of Certified Public Accountants.

6. Violations where a member of the firm has died and the firm title, containing the deceased member's name, continues as Certified Public Accountants.

7. Violations where the title of the firm implies that there is a "firm of" certified public accountants, whereas there is but one member of the firm, he being a C. P. A.

8. Violations where a corporation holds forth as Certified Public Accountants.

III. Your Committee submit that these violations are against the best interests of the community and against the advancement of the profession, and that any violation of the letter or of the spirit of the C. P. A. Act, laws of New York, 1896, chapter 312, is contrary to the best interests of the community and against the advancement of the profession.

IV. Your Committee suggest that this Society should go on record as being strongly opposed to any and every violation of the C. P. A. Act, laws of New York, 1896, chapter 312.

V. Your Committee respectfully suggest that this Society should go

on record as declaring that each of the examples stated hereinbefore are violations of the C. P. A. Act, laws of New York, 1896, chapter 312.

VI. Your Committee respectfully suggest that this Society should show its disapproval of the violations of the C. P. A. law as hereinbefore declared in paragraphs 1, 2, 3, 4, 5, 6, 7, 8 of Section II of this report, by making amendment to its By-Laws to the effect that a violation by any member of the Society of the C. P. A. law as defined in paragraphs 1, 2, 3, 4, 5, 6, 7, 8 of Section II of this report, shall make such member ineligible for office in the Society or for membership in any Committee of the Society.

VII. Your Committee respectfully suggest that this Society amend its By-Laws so that a Certified Public Accountant who is a member of a firm wherein there are violations of the C. P. A. law, or wherein there are violations of the C. P. A. law as defined in paragraphs 1, 2, 3, 4, 5, 6, 7, 8 of Section II of this report, shall not be eligible to election as a member in this Society.

Respectfully submitted,

LEON BRUMMER,
FRANCIS R. CLAIR,
SAMUEL D. PATTERSON.

The main discussion was relative to paragraph 6 of Section II. In opposition to the adoption of this paragraph, one of the members presented the following:

It has recently been held by the Court of Appeals of the State of New York that a partnership name is an asset of the partnership, and, upon its dissolution by death or otherwise, is the subject of assignment and sale, and the purchaser at such sale acquires the right to continue the business under the firm name upon complying with certain provisions of the Statute.

Slater vs. Slater, 175 N. Y. Reports, p. 143.

Under the laws of New York, relating to business and partnership names, it is expressly provided that the use of a partnership or business name may be continued in the conduct of the business by some or any of the partners, their assignees or appointees.

Revised Statutes of New York, Partnership Law, Art. 2, Sec. 20.

The application of the above argument to paragraph 6, Section II, was disputed upon the ground that it was not intended to question the right to continue the use of any firm name, but it was intended to "question the right to use an educational degree to cover the status and identity of other individuals." The discussion upon this paragraph was brought to an end by an eloquent plea of one of our members, urging that the meeting decline to approve of this paragraph purely out of respect to the memory of one of our deceased members whom we all honored most highly. Paragraph 7 of Section II resulted in a tie vote, the Chair deciding that the paragraph had not been carried. The report was adopted as expressive of the sense of the meeting, with the exceptions of Paragraphs 6 and 7 under Section II and of Section VII.

Mr. Proud presented the following, which was carried:

That the Committee on Violation of the C. P. A. Law is hereby instructed to ascertain the names of the corporations, firms and persons who are at the present time violating the law under the approved headings contained in the Committee's report. That, after obtaining the above information the Committee is hereby instructed to retain counsel and under his advice shall prepare the information in the proper legal form and shall present it to the Society for their action.