The Birmingham age-herald., 1907-06-02
RISE OF A NEW PROFESSION

N FEW YORK, June 1.-(speclal)-A M new profession whose members re- ceive as much as s72,oOO as a single fee, has within the last ten years, come into existence in this country and has been placed by the legislatures of eleven states on practically the same legal oasis as the practice of law and medicine. And yet, in spite of the great rewards to its practitioners, this new profession, cert- fled public accounting, Is so far from be- ing crowded that it can hardly meet the constantly growing demand for its serv- ices. In 1898, it numbered but 100 mem bers, and even today, when it's import ance Is generally recognized by the busi- ness community, there are not more than 1000 members in full standing. And these men are working in a new business Klon- dike in which nuggets of $25,000 to S50,000 are not rare-a region to which compe- tent new corners find ready and lucra- tive welcome.
 To the new spirit of investigation of public service corporations, insurance companies and similar organizations by municipal and state authorities is due, in great part the rise of the public ac- countant. For 1t is his speciality to delye in financial jungles and uncover facts of cost and profit of interest to the taxpayer. It is also his business to detect any at- tempt to conceal the true status of a business, whether a great railroad, a modest stock company, and inquisitive stockholders have found the accountant most useful And the companies them- selves even in times of peace and plenty, are very willing to pay these men huge fees for installing perfect systems of accounts, which, by detecting and pre- venting waste of material, money, labor. machinery, frequently save in a single year many times their retainer. In busi- ness today, so close is competition. the waste of a fraction of a cent in single operation may kill profit and create loss.
 Up to 1S96 in this country, the profes- sion had no standing. The only formally established accountants were local branches of firms of British chartered &C., countants. For the rest, there were few bookkeepers who did auditing in off hours and called themselves accountants. Few of these men even attempted the now all important feature of the profes- sion, "Business Administration which requires a very extensive knowledge of business, finance and business law, as well as a mastery of bookkeeping and auditing. The demand for men who could reorganize business however, soon made itself felt. and the most progressive audi tors began to take up this subject.
 Finally, in 1896, 1t was recognized that a new profession had been born, and the New York Society of Accountants secured a state law which made the term Ger tihed Public Accountant" a professional degree to be granted only to those who have had certain education and who have passed a professional examination, slmi- lar to that required of physicians and lawyers. The American Association of Public Accountants and its individual members have since secured similar legis- lation in Pennsylvania, Illinois, New Jer- sey Michigan, California, Maryland, Flor ida and Washington. Within the last few weeks, colorado and Utah have joined the states in which the use of the de- sree, c. P. A. is illegal unless granted by the state, after examination. Of the state requirements, those of Pennsylva- mia, which demand practically univer- sty education in accountancy, are high est, but all require substantially high school training and a professional exami- nation, which requires long, specialized study. In Massachusetts and Minnesota, a strong fight is being made to secure similar laws, and it Is believed to be onry a question of time, when practically every state in the union will make account ing profession. In none of these states, however, is any one who wishes to prac- tice accountancy prohibited from doing so. The limitation of the term Ger
 ssfied the state requirement. however, inn