for the general reader, the business man whose interests touch the foreign trade, and for use in schools and colleges. It will be found particularly valuable for text book purposes. Abundant references for further reading are presented and the systematic arrangement of the book will facilitate its use in the class room. Professor Johnson makes no claim to complete originality in the preparation of this volume. He has drawn extensively upon the writings of contemporary workers in this field, notably upon the monograph of his colleague, Dr. J. Russell Smith, of the University of Pennsylvania, on "The Organization of Ocean Commerce," and, as already mentioned, upon his own book on Inland Water Navigation. It is, however, unusual to find such frank and generous recognition of indirect assistance given in this manner. That Professor Johnson freely acknowledges the sources from which much of his material has been derived does not in the least detract from the value of the book, since most of this work has been done under his personal supervision in the Carnegie Institute, and he is therefore able to vouch for its accuracy. That such recognition has been given, however, must be hailed as an example of academic honesty rare among the intellectuals.

STUDIES IN AMERICAN TRADE UNIONISM. Edited by Jacob H. Hollander, Ph.D., Professor of Political Economy in the Johns Hopkins University, and George E. Barnett, Ph.D., Associate in Political Economy in the Johns Hopkins University. Pp. 380. New York: Henry Holt & Company, 1906.

This volume represents the work of the graduate seminary in economics in the Johns Hopkins University during the winter of 1902. Professors Hollander and Barnett are more than the editors, since it includes the work of their graduate students and the various chapters were prepared under their direction. The subject of Trade Unionism is developed in this volume in an orderly manner.

The volume begins with the Constitution, Government and Administration of the Typographical Union and Cigar Makers' Union, and the various organizations in the building trades.

The Finances of the Iron Moulders' Union is studied because of the unusual financial administration of this organization, and the subject of The Minimum Wage is considered in reference to the Machinists' Union, where the greatest difficulty has been experienced in combating the tendency of invention to depress the hourly earnings of the members. The important subject of negotiations and agreements between employer and employee is discussed in three papers:

(1) On Collective Bargaining in the Typographical Union. (2) Employers' Associations in the United States.

(3) Trade Union Agreements in the Iron Moulders' Union. The subject of apprenticeship is considered with reference to the building trades, and the beneficiary features of trade unions are examined with reference to the Railway Union. The volume closes with a study of The Knights of Labor and the American Federation of Labor.

The most interesting study in the book is perhaps the Finances of the Iron Moulders' Union, by A. M. Sakolski. This study presents in considerable detail the method of collecting the large resources which the Iron Moulders' Union have always had at their disposal, and shows the plan of administration which has been adopted. Of special interest to the accountant is the close supervision of the finances of the union. The organization has now developed a highly efficient system of financial control. There are three officials charged with the duty of administering the finances-the secretary, treasurer and financier, the latter officer being charged with the duty of keeping a record of the standing of individual members, the amount of taxes paid by each local union, and the condition of the sick benefit fund. The secretary acts as a check upon the treasurer, all remittances to the treasurer being also reported to the secretary. The treasurer receives from the local financial secretaries and correspondents regular monthly reports, giving the names of all members paying dues, the amount of sick benefits paid to each and the condition of the local sick benefit fund. A card system is employed for the keeping of the membership record, and the financial record of a member during a period of 25 years can be written upon a single card.

The close supervision of the finances of the local unions has

served as a check upon abuse in the local administration of the beneficiary features. For example, an examination of the monthly sick benefit records disclosed abnormally heavy sick benefits in certain localities known to be healthful. In such cases a reputable physician has been employed to certify the claims for sick benefits, with the result of a speedy reduction in the sick rate. Another abuse which has recently been detected, was the reinstatement of members suffering from incurable diseases after they had received the full benefits. In order to safeguard the funds of the association, seven trustees are appointed, who are jointly made the guardians of all balances accumulating in the hands of the treasurer. These trustees have joint responsibility and are unable to act individually. Each trustee is bonded to the president of the Union in the amount of $4,000. The treasurer furnishes surety to the amount of $25,000 to the executive board of the Union, and is not permitted to have under his control more than $15,000 at any one time. The General Secretary is bonded for $5,000 and is not permitted to hold more than $750.

In addition to more efficient means of protecting the Union's funds, there has been a marked improvement in auditing official accounts. The secretary and treasurer are required to issue simultaneously, quarterly reports containing itemized statements of the accounts of the local branches with the National Union, with much further detailed information as to the financial condition of the National Organization. The Board of Trustees are also empowered to receive from all officials handling Union funds detailed statements of the financial transactions of their respective offices.

An efficient device for minimizing loss in collections has been developed in the so-called "Stamp Receipt System." According to this plan each local in return for the per capita tax remitted to the Union, receives from the secretary an equal amount of "stamp receipts." These are affixed to the members' books upon payment of dues, and no member is considered in good standing unless he can show for the period covered the requisite number of stamps properly dated and canceled.

The National Union has also a corresponding representative in each local to whom all the money due the central office must

be first turned over. All remittances from the National treasurer are also made to him. This prevents any friction with the local unions. Uniform methods of bookkeeping in the local branches have also been introduced. Books are prepared by the central office for the use of the local officials, and every local official whose duties involve bookkeeping receives instructions as to the methods of accounting to be employed. In this way uniformity in accounting is obtained.

The foregoing brief outline of one of these important studies is typical of the valuable material which is presented throughout the book. The editors have done for American Trade Unionism what Sidney and Beatrice Webb have done for the labor organizations in Great Britain. They have represented the Trade Union as it is a permanent, well organized body of intelligent men who have accomplished worthy and definite ends in an orderly manner, and whose administration of their affairs, as a result of long and sometimes bitter experience, has developed into a high degree of efficiency.

Meetings of Societies.

Annual Dinner of the Pennsylvania Institute of Certified
Public Accountants.

The annual dinner of the Pennsylvania Institute of Certified Public Accountants was held on Monday evening, June 4, at the Manufacturers Club, Philadelphia, fifty-four members and guests being present. The latter consisted of the staffs of the various members, and the general theme of the evening, as outlined by President A. A. Ross, Jr., in his opening remarks, was the relation between the accountant and his assistants. variety of interesting viewpoints was presented.

A

The first speaker was Mr. A. Lowes Dickinson, Secretary of the American Association of Public Accountants, who addressed himself particularly to the requirements of the accounting profession which should be always kept in mind by the assistant. These requirements were (1) a broad general education which should pay particular emphasis to such subjects as finance, banking, business administration and commercial law. Mr. Dickinson considered this to be of fundamental importance. Next in order he placed the requirement of practice. He cautioned the young accountant especially against allowing any point to go by him which he did not understand, and he urged him to thoroughly master every problem of practice which came under his observation whether it concerned his immediate employment or not. Unless the assistant forms these habits of thoroughness, said Mr. Dickinson, his career of usefulness is likely to be short. Mr. Dickinson next referred to the importance of preserving a high standard of commercial morality, and particularly dwelt upon the obligation of the accountant never to take advantage of his professional position to engage in outside business enterprises or to make investments. The accountant, said the speaker, must have no interest outside of his profession. His judgment must not be biased by his pecuniary interests, and he must hold himself, even at a sacrifice, rigidly aloof from all enterprises with which he may have professional connection. The