Abstract The annals of the Association for 1942 are both short and simple. The events which have profoundly affected the lives of so many of its members conspired to prevent any spectacular developments. Membership and the financial status of the Association have been maintained on a satisfactory basis in spite of manifold difficulties. Rather late in the year some 20 members of the Association agreed to undertake to promote membership in their respective states. To their efforts is due the fact that the membership shows a slight increase for the year. The financial condition of the association is, if anything, too sound. Some of the cash on hand would better have been spent in advancing the objects for which the Association exists. It is my hope that my successors will succeed in getting some of these idle funds into circulation. The year 1942 was successful from a financial standpoint as indicated in the accompanying auditors' report. Operations of the General Fund resulted in a net gain of $2,205.39 as compared with $1,764.73 for 1941. The Life Membership Fund produced a net gain amounting to $83.03. This compares with $382.98 for 1941.

Abstract Reviews the book "Regulation of Utility Valuation in Pennsylvania," by William Roy Buckwalter.