Introduction, 177. — The importance of oil pipe lines, 178. — Concentration of control, 180. — Use of pipe lines by independent shippers, 182. — Minimum tender requirements, 184. — Storage facilities, 185. — Effects of shipping requirements, 186. — Rates and transportation costs, 189. — Effect of the rate and cost structure, 192. — Earnings, 193. — Subsidizing losses elsewhere, 199. — Regulation by the Interstate Commerce Commission: the Hepburn Act, 201; handicaps under which the Commission has operated, 204; Brundred Brothers vs. Prairie Pipe Line, 205; the Reduced Pipe Line Rates and Gathering Charges Investigation, 206

Development of the different branches of the industry during the period, 430. — I. Classification of establishments, 433. — II. Analysis of charters granted, 435. —III. The control of competition, 437. — Encouragement of new industries, 437. — IV. Later changes in the state's attitude toward monopoly privileges, 439. — V. Regulations not stipulated in charters, 443. — VI. Restrictions on procurement of raw materials, 444. — VII. Maintenance of order between employers and employees, 446. — Special privileges of glass workers, 447. — VIII. Marketing of finished glassware, 449. — IX. Tariffs, excises, etc., 451. — X. Conclusions, 452

Increasing activities of the various Federal agencies in examining, investigating, and regulating commerce and industry have no doubt taken away from the accounting profession some of the work formerly performed by public accountants. The profession as a whole has not suffered from the loss of such engagements, but on the contrary, has immeasurably benefited in other ways from these increasing activities by the Federal government. Private industry and individuals are seeking more and more the expert assistance of skilled accountants in interpreting and following the laws, rules, and regulations of the various governmental agencies affecting accounting principles and practices. Many practicing accountants are now called upon to testify before governmental agencies on behalf of their clients, and consider such work as professional routine. It is likely that Federal agencies have taken the responsibility of examining and investigating many cases of an accounting nature, which were formerly under the control, and supervision of accountants engaged in private practice, or was not examined at all

Education for a career in accountancy, then, as in all education, has the objective of preparing individuals to act in certain ways with understanding. It, too, is a union of teaching and learning, combined in differing proportions. A complete education will take more time than an incomplete education. An in- complete education can be accomplished with a minimum of formal teaching; a more complete preparation usually leans heavily upon the vicarious processes of learning. Accounting is used in the social interest as an instrument of regulation of business; uniform systems of accounts and reports have been required in some cases; audits may have been prescribed; professional accountants are examined and licensed; accounting provisions are increasing in corporation laws. Such an appreciation approach would seem to be a very appropriate one in many educational situations. Yet this approach is seldom found among the college offerings. Intensely specialized programs of study undoubtedly have a place. Classes after hours and correspondence courses often serve a very useful purpose in this connection. But intensive specialization works under very definite limitations. If used to supplement prior general education, some disadvantage may appear because prior and present subject matter are not well interwoven

Twenty-five years ago the U.S. Council elected the first Board of Examiners of the American Institute of Accountants. The date exactly was September 20, 1916. At that time the Institute was known as the Institute of Accountants in the United States of America and had just become the successor organization to the American Association of Public Accountants and shortly thereafter the name was changed to American Institute of Accountants. At the outset the purpose of the Board was to conduct examinations into the qualifications of applicants for membership in the Institute and that function it continues to exercise. Accordingly, the first rules and regulations of the Board, which were adopted November 13, 1916, related to requirements for membership in the American Institute of Accountants. Uniformity in examinations for the C.P.A. certificate throughout the nation is today nearer the goal which was envisioned back in 1917 than it has ever before been. The examinations for the C.P.A. certificate in the U.S. states continue to be of high caliber and are comparable with the standard examination used by the 46 State and Territorial Boards as prepared by the American Institute