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competent in Ohio, and it may be it is accomplished by general statutes, but in Colorado it was not. The result of this would be that the board would not be compelled to report, and none of the outside members can compel the governor to demand a report—and publicity is the first guarantee of honesty that we have in Colorado politics. Then we changed the three-year part of the waiver clause to three years next preceding, one of which must be in Colorado. We did this to aid the board to obtain popular information as to a man's proficiency, and to prevent any one from setting up the claim, or for a year hanging out a shingle, that he was a public accountant; and we wanted it one year because in Colorado conditions are entirely different from what you have in the west and the east.

Mr. George R. Allen (fellow at large), chairman of the Rhode Island State Board of Accountancy, presented a report on the passage of the C. P. A. law in his state and the organization and work of the State Board of Accountancy to date, which was heard with much interest, accepted and ordered spread on the minutes.

A letter from Thomas Martin, secretary of the Society of Accountants and Auditors of Great Britain, acknowledging a congratulatory resolution passed by the executive committee of the board of trustees of the American Association, was read and ordered filed.

Election of Officers and Trustees. There being no further general business, the meeting proceeded to the election of officers and trustees for the ensuing year. On motion, duly seconded and carried, the chair appointed Messrs. W. Sanders Davies (N. J.), John A. Cooper (Ill.), and John B. Geijsbeek (Col.), tellers, and the voting proceeded by ballot.

For the office of president, Mr. Elijah W. Sells was nominated by Mr. Henry R. M. Cook, on behalf of the delegates of the New York State Society of Certified Public Accountants, and Mr. A. Lowes Dickinson was nominated by Mr. John Alex. Cooper, on behalf of the delegates of the Illinois Society of Certified Public Accountants. The nomination of Mr. Sells was supported by Messrs. Du Bois, Nau, Ballingal, Ryan, MacInnes and Gottsberger. The nomination of Mr. Dickinson was supported by Messrs. Wilkinson, Sterrett, Walton, Westermann, Springer and Montgomery. After considerable discussion, during which the merits and fitness of the nominees to hold the office were presented by their respective supporters, on motion duly seconded and carried, the chairman ordered that balloting be proceeded with, which was accordingly done. The tellers reported that the total vote cast was: In favor of Mr. Elijah W. Sells......

276 In favor of Mr. A. Lowes Dickinson.



511 Majority in favor of Mr. Sells, 41. In accordance with this vote, Mr. Elijah W. Sells was declared duly elected president of the association for the ensuing year. On account of the lateness of the hour, it was moved, seconded and carried that the meeting adjourn until 9 A. M. the morning following (Thursday, October 25th) to reconvene in the theatre of the Ohio State University, on North High Street, Columbus.

Thursday, October 25th. A reception was accorded the members by the president of the Ohio State University, after which the meeting was called to order at 10 A. M. by Mr. J. S. M. Goodloe, presiding, and proceeded at once to the election of officers, other than the president, for the ensuing year.

For the office of secretary, Mr. T. Cullen Roberts was nominated on behalf of the New Jersey State Society. There being no other nomination offered, the secretary was directed to cast one ballot in favor of Mr. Roberts, who was declared duly elected secretary of the association for the ensuing year.

The meeting then proceeded to the election of treasurer. Mr. Guy H. Kennedy was nominated and duly seconded. There being no other nominations, the secretary was directed to cast one ballot in favor of Mr. Kennedy, who was duly elected treasurer of the association for the ensuing year.

The meeting then proceeded to the election of three trustees to serve for three years in place of retiring trustees, Elijah W. Sells (N. Y.), R. F. Stevens (N. J.), and J. Alex. Cooper (Ill.), whose terms expire, and two to serve for one year in the place of H. T. Westermann (Mo.), and Charles L. Hehl (Md.), who become vice-presidents by virtue of being presidents of their respective societies. The following gentlemen were placed in nomination to fill the three years' term, and duly seconded: J. Alex. Cooper (I11.), Elmer B. Yale (N. J.), Frank Broaker (N. Y.), and to fill the one year term : Charles C. Hall (Md.), George 0. May (Mo.). There being no other nominations, the secretary was directed to cast one ballot in favor of the above named gentlemen, who were declared duly elected trustees of the association.

The meeting then proceeded to the election of two auditors in place of Charles 0. Hall and C. Cuilen Roberts, whose terms expire. The following were placed in nomination and duly seconded: Peter Ballingall (Penn.), O. H. Keller (Ohio). There being no other nominations, the secretary was directed to cast one ballot in favor of the above named gentlemen, who were declared duly elected auditors of the association.

The meeting proceeded to the selection of a place for holding the annual meeting in October, 1907. Mr. Herbert M. Temple, president of the Minnesota Society of Public Accountants, extended a cordial invitation to the association to hold its next annual meeting in St. Paul, Minn. Letters were also read from city authorities in Atlantic City, N. J., and from the Norfolk Convention League, Norfolk, Va., and from the chairman of the board of governors and other officials of the Jamestown Exposition Company, holding their exposition in the city of Norfolk in 1907. After some discussion pro and con, it was the sense of the meeting that the city of St. Paul offered the best facilities for convention, and, on motion duly seconded and carried, Mr, Temple's cordial invitation was gratefully accepted, and a vote of thanks extended to him for the kind welcome offered by him to the American Association and its members on the occasion of the next annual meeting.

Owing to the shortness of the time now at the disposal of the members, debates which were to have taken place on several interesting subjects were compelled to be dispensed with and the meeting proceeded to the installation of new officers.

The newly elected president, Mr. Elijah W. Sells, was escorted to the platform, and in a few well-chosen words expressed his appreciation of the honor conferred upon him, and briefly stated his views on several matters of interest to the association, after which the meeting adjourned.

Thursday Afternoon Session.

The board of trustees of the American Association of Public Accountants was called to order in the meeting room of the Arlington Country Club at 3.45 P. M. by President Sells.

The following gentlemen answered to their names: Messrs. Broaker, Cooper, Chase, Du Bois, Elliott, Hall, Hehl, Montgomery, Nau, Ryan, Temple and President Sells.

It was moved by Mr. Ryan that the reading of the minutes of the previous meeting be dispensed with; motion carried. Messrs. Allen, Ryan, Broaker and Du Bois, were nominated for members of the executive committee and the secretary was instructed to cast a unanimous ballot for these gentlemen.

On motion of Mr. Du Bois, the chairman was authorized to appoint three members to the committee on examinations, qualifications and elections.

Mr. Cooper : Before we leave the question of committees, I suggest there ought to be special committees appointed on press and publicity, ethics and conciliation. The conciliation committee should be to harmonize the differences in different states; and press and publicity committee to look after the press work and strengthen our publicity; and the professional ethics—I need not explain what that is. It seems to me desirable that there should be these three committees, and it seems it would be a proper time to bring that up now.

Motion carried.

On motion of Mr. Cooper, the chairman was authorized to appoint three additional special committees, of three members each (the chairman of which shall be a member of the board of trustees, the two additional members being members of the Association), as follows: Committee on professional ethics; committee on press and publicity; committee on conciliation.

On motion of Mr. Du Bois, the president was authorized to appoint all special committees, notifying each member thereof by mail.

The appropriations for the year 1906-7 were next considered. Mr. Goodloe moved that there be made:

1. An appropriation of one hundred dollars for the executive committee;

2. An appropriation of one hundred dollars for the committee on legislation;

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3. An appropriation of three hundred and fifty dollars for the exnenses of this meeting, and a fund of three hundred dollars for incidental or general expenses, not specificall” provided for by these other items; that these appropriations be approved by the board, and that the chairman of each committee, when appointed, be instructed to submit to the executive committee, within thirty days from his appointment, an estimate of the requirements of his committee for the ensuing year, or for the period ending October 1, 1907. The motion prevailed.

Mr. Montgomery moved that the chair be authorized to special committee consisting of three members as a committee on review of appropriations, whose duty it should be to receive requests for appropriations from other committees and recommend to the board of trustees for regular appropriation the expenditure of money, such expenditures to be approved by the executive committee. The motion prevailed.

On motion of Mr. Montgomery, an appropriation of not to exceed one hundred dollars was made in order that the secretary may have printed new by-laws, to be sent to all individual members, either direct or through their state societies. The board of trustees then adjourned, subject to the call of the chairman.

Annual Banquet. The annual banquet of the association, held in the rooms of the Columbus Club, on the evening of Wednesday, October 24th, was an exceedingly pleasant occasion. Mr. Harvey S. Chase, as toastmaster, presided happily over the speech-making. The following responses, among others, were delivered : Reply of Mr. J. S. M. Goodloe to the Toast, “The Profession of Accountancy."

The subject of my toast is the most interesting that can possibly be suggested at a gathering of this kind. We are all public accountants, and the history, the present significance and the future meaning of that term are of vital importance to us. The subject is a broad one. I might speak of the numbers of the public accountants; how from feeble and small beginnings within ten years the enrollment of the profession has reached the substantial figure of approximately 1,000 members, and with a rate of increase which is constantly accelerating. I might speak of the wide legal recognition which the profession now receives and of the certainty that within the next two years this recognition will be greatly extended. I might refer to the career which the profession of public accountant offers to its members; of the wide contact with men and affairs; of the keen satisfaction of intellectual achievement; of the feeling of worthy independence; of the consciousness that we are doing a work which is not only worth while but indispensable to the welfare of the community.

I have no time to do more than suggest these aspects of my subject, because I wish particularly to direct your attention to the essential characteristic of the public accountants; the significant thing which distinguishes our profession and which gives us our claim to public recognition. The public accountant is employed for various reasons; because of his knowledge of business administration and of business law; because of his knowledge of accounts; but primarily because of the confidence which is reposed in his integrity. The foundation upon which the edifice of public accountancy has been reared in the United States is the conviction of the business man and of the citizen that they can rely with absolute certainty

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upon the honesty of purpose, the fidelity to truth and the unswerving accuracy in representation of the public accountant. Why are we employed in examination for purposes of sale or consolidation ? Because of our superior ability in analyzing accounts and in making statements ? I do not deny that this superior ability exists, but this is not the main reason for this branch of our employment. We are called in, in such cases, because the purchaser or the banker in charge of the consolidation believes from the bottom of his heart that we cannot be reached or influenced; that our statements are true and that our professional standing depends upon their truth. Why are banks and trust companies, in rapidly increasing numbers, employing the services of the public accountant? Because these services are necessary to detect rascality? To protect the depositor and the community against the defaulting official and the dishonest clerk? Undoubtedly we are employed for this purpose, but the underlying reason for our employment is the belief of our clients that they will obtain from us a faithful representation of the true state of affairs; that we cannot be influenced to swerve from the strict lines of our professional duty.

Finally, and most important of all, why are we employed by states and municipalities to audit and analyze their accounts ? Not so much because of our professional skill, although this is recognized, as because the community believes that we are above the sinister influences of political chicanery. Our professional integrity, I repeat, is our most precious possession. If this be lost, everything is lost. Though the accountants speak and write with the tongues of men and of angels; though we understand all mysteries and all knowledge; though our experience comprises all branches of human enterprise, if we have not integrity we have become as sounding brass and the tinkling cymbal.

Happily for us, this professional integrity has seldom been called into question. There have been instances, notorious and disreputable, where accountants (I do not know that these were certified public accountants) have lent the weight of their influence and their certificate to the nefarious schemes of dishonest promoters. Public accountants figured in the shipbuilding scandal and in one or two other instances of unsavory repute. I contend, however, that compared with the record of any other profession, especially with the profession of the law, the accounting profession, considered in respect to the integrity of its practitioners, is not only distinguished, but pre-eminent.

Fellow-accountants, let us diligently guard the integrity of our profession. Let us punish the slightest deviation from the strict rule of professional honor, whenever possible, by immediate revocation of the certificate of the profession. We all look forward to the time when C. P. A. will be a universal designation of the public accountant, and when, either by the fiat of law or of the more potent force of public opinion, no man can hold himself out to practise as a public accountant without this designation. Let us make this symbol, “C. P. A.," synonymous with all that is upright and honest. If we can do this, the success of our profession is assured. The great need of the business world of to-day is for honest information. Honest information the public accountant is prepared to give. Once let this fact become rooted in the convictions of the businesss community and there are no visible bounds to our professional future.

Reply of Mr. A. Lowes Dickinson to the Toast, “The Ohio State Society."

Mr. Toastmaster, Mr. President and Gentlemen :: I thank you very much for the kind way in which you have received Mr. Chase's remarks about myself.

We have all had in the last two days what we may call “a strenuous time." (Laughter.) You have heard a good deal of my voice in a strictly official capacity--I do not think I have opened it yet on anything else

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