N.A.C.A.BULLETIN

Oc t o b er IntiJ I n T w ns19 53 � � Se ion

2L RRAR'Y

In the NewsTrophies and Banners Presented in September 267

President Appoints Members to National Committees 269

In The Public Eye 271

Congratulations To 273

We Remember 287

The Technical SideLi terature Notes 275

Cost Currents 278

Stevenson Trophy Standings

272

Chapter Meetings

282

I

N.A.C.A. BULLETIN Volume X X X V , Number 2

a

Published by NAT IO N AL ASSOCIATION O r COST ACCO UNTANTS

505 PARK AVE., Ne w YORK 22, N. Y .

N A T I O N A L O F F I C E R S

President

I. WAYNE KELLER

Vice PresidentsCASPER B. APPLE CHARLES E. HEADLEE

WILLIAM T. BRUNOT CLAIBORNE H. JOHNSON

RICHARD N. CARR MYRON W. KRUEGER

G. HOWARD CHAPPELL ROBERT B. MARTIN

Treasurer

PHILIP J. WARNER

H E A D Q U A R T E R S ' S T A F F

ARTHUR B. GUNNARSONSecretary

RAYMOND P. MARPLE JOHN L. DORANAssistant Secretary — Technical Service Assistant Secretary — Chapter Relations

and Conferences

WALTER B. McFARLAND JAMES A. THOMPSONSupervisor of Research—Mem ber Service Office Manager — Membership Relations

GEORGE F. WYMAN ROBERT F. NOLANEditor of N.A.C.A. Bulletin Administrative Assistant

Trophies and Banners Presented in September

T HE HIGHLIGHT OF THE TROPHY AND

BANNER presentations ceremonieswhich were scheduled by twenty differentchapters during September took place inLancaster, Pa., home city of the Steven-son Trophy winner for 1952 -53. TheLancaster group won the internationalcompetition with a total of 6,160 points,

twelve more than runner -up BirminghamChapter, last year's winner. It is interest-ing to remember that the same two chap-ters tied for first place and the bronzestatuette in the 1950 -51 competition.

Over 325 members and guests attendedthe presentation meeting of the LancasterChapter at the Hotel Brunswick, Septem-ber 18. National President I. WayneKeller made the presentation to RalphO. Weber, President of last year's win-ning group. The event also marked thefirst time that a national president haspresented the Stevenson Trophy to hisown chapter. Television Station WGALtelevised the presentation.

Among the well - wishers were a num-ber of men prominent in N. A. C. A.—National Directors George A. Hewitt(Philadelphia), D. Dean Barbor (York)and Earl C. Rickerds (Baltimore) ; andChapter President William K. Strine(Harrisburg) and William H. Kauffman(York). Arthur B. Gunnarson, NationalSecretary, represented national headquar-

ters.A feature of the evening was the Grand

March led by members of the York Kiltie

R. E. Longenecker J. R. Evans, National Presi-dent I. Wayne Keller, Ralph O. Weber 1952.53Lancaster Chapter President and Wilfiam H.Beadle, with Stevenson Trophy which was pre-sented to Lancaster Chapter.

Band. Last year's directors and officersof Lancaster Chapter and visiting digni-taries were in the procession.

The evening's speaker was WilliamA. Paton, Professor of Accounting at theUniversity of Michigan. He spoke on"Shirtsleeve Economics." Willis W.Shenk, Past President of Lancaster Chap-ter and current National Director, waschairman of the discussion session.

Remington Rand Trophy Presented

Three days earlier, on September 15,President Keller and Secretary Gunnar -son were in Alabama in connection withthe presentation of the Remington -RandTrophy to second place Birmingham

Chapter. Harvey M. Snook, AssistantComptroller of the Tennessee Coal andIron Division of U. S. Steel Corp. andthe 1952 -53 President of the local group,accepted the bronze urn and plaque onbehalf of his chapter from President Kel-ler. The ceremony took place at the Tut -wiler Hotel.

OCTOBER, 1953 267

I

Birmingham Chapter President Harvey M. Snookand Past National President J. Brooks Heckertpose w ith Remington -Rand Trophy at the 34th An-nual Conference.

The National President also addressedthe assembly and forecast a bright indus-trial future for Birmingham and the

POSITION

1234567

*89

101011121314151617171718181920

South. Following the presentation cere-mony, the featured speaker of the eve-ning, Thomas B. Noble, Treasurer ofStockham Valves & Fittings Co., spokeon "Industry Offers a Federal Tax Pro-gram."

Other Presentations Made

In addition to the Stevenson and Rem-ington -Rand Trophies President Kellerpresented the 11th place banner to Wash-ington Chapter and later this month willjourney to Louisville to bestow the Car-ter Trophy on that group for being themost improved chapter according to com-parative Stevenson Trophy standings, ofthe years 1952 -53 and 1951 -52.

TROPHY AND BANNER PRESENTATION1952 -53 DATE OF

CHAPTER PRESIDENT MEETING PRESENTATION BY

Lancaster RALPH O. WEBER Sept. 18 I. WAYNE KELLERBirmingham HARVEY M. SNOOK Sept. 15 1. WAYNE KELLERPhiladelphia DAVID P. FRY, JR. Sept. 17 HERMAN C. HEISERLos Angeles MAURICE J. DAHLEM Nov. 18 to be announcedBoston PAUL E. TIERNEY Sept. 16 NORMAN H. S. VINCENTMilwaukee R. A. PERKINS Sept. 21 ROBERT B. MARTINTwirl Cities ERNEST W. WINTER Sept. 15 ROBERT B. MARTINLouisville VINCENT E. NOLTEMEYER Oct. 20 I. WAYNE KELLERAlbany JOHN A. RUMSEY Sept. 15 ARTHUR C. CHUBBUCKYork SHORELAND C. MATTHIAS Sept. 16 WILLIS W. SHENKNew Orleans JOHN J. KERBER Sept. 22 Gus H. FORDWashington JOHN A. BARD Sept. 16 I. WAYNE KELLERAkron H. L. MOLLENKOPF Sept. 16 J. BROOKS HECKERTDes Moines SIDNEY B. SMITH Sept. 16 ROBERT B. MARTINKalamazoo W . H. DONALDSON Sept. 15 JOHN E. HEARSTKansas City JOHN J. DOBSON Sept. 15 HENRY F. GUNTHERWaterloo CHARLES G. WHITE Sept. 9 ROBERT B. MARTINSail Francisco RALPH B. KNOTT Oct. 27 MORITz E. PAPEFall River HENRY SPEIER Sept. 17 RICHARD N. CARRBridgeport PAUL W. HOLT Sept. 15 WARREN FAUSTShreveport O. B. HOGAN Sept. 17 CLAIBORNE H. JOHNSONBuffalo E. P. KLINGENMEIER Sept. 10 G. HOWARD CHAPPELLElmira Area GERALD J. GUNDERMAN Sept. 15 ROBERT C. PERRYBinghamton ALEXANDER T. CHEPELEFF Sept. 17 ROBERT C. PERRY

* Carter Trophy.2 6 8 N.A.C.A. BULLETIN

President Appoints Membersto National Committees

PRESIDENT I.W A Y N E KE L L E R h a s a n n o u n c e d t h e c h a i r m a n a n d m e m b e r s of policyc o m m i t t e e s of N . A . C . A . a n d t h e c h a i r m a n a n d m e m b e r s of t h e C o m m i t t e e o n

R e s e a r c h . T h e po l i c y c o m m i t t e e s o f t h e As s o c i a t i o n a r e e m p o w e r e d t o m a k e s u g g e s -

t i on s a n d r e c o m m e n d a t i o n s , e a c h i n i t s s p e c i a l fi e l d , t o t h e E x e cu t i v e C o m m i t t e e a n d

t o t h e N a t i o n a l B o a r d o f D i r e c t o r s . T h e ob j e c t i v e of t h e C o m m i t t e e o n R e s e a r c h is

t o r e c o m m e n d pr o j e c t s f o r t h e A s s o c i a t i o n ' s r e s e a r c h p r o g r a m i n i n d u s t r i a l a c c o u n t i n g .

Policy Committees

Six c o m m i t t e e s — o n C h a p t e r s , M e m b e r s h i p , E d u c a t i o n , P u b l i c a t i o n s , P u b l i c R e l a -

t i o n s a n d T r o p h i e s a n d A w a r d s — s e r v e as l i a i s o n b e t w e e n t h e A s s o c i a t i o n as a w h o l e

( m e m b e r s a n d c h a p t e r s ) a n d t h e N a t i o n a l B o a r d o f D i r e c t o r s a n d t h e E x e c u t i v e C o m -

m i t t e e i n r e ga r d s t o p o l i c y m a t t e r s o f t h e A s s o c i a t i o n .

Committee on Chapters Committee on EducationD ON ALD J . G U T H , D e s M o i n e s , N O R M A N H. S.V I N C E N T , B o s t o n ,

Chairman ChairmanROSS W. ALD E N , J a m e s t o w n B E N R . COLLIN S, S a n A n t o n i o

CHARLES J . EGGEMAN, N e w Y o r k FR AN KLI N C.HI L L, A t l a n t a

J AM E S B . F E N N E R , T o l e d o JAMES B . M AC GI B E N Y , B i n g h a m t o n

C A R L F . H A H N , S a n D i e g oROBERT C.P E R R Y , E l mi r a A r e a

N . J . LI T HE R LAN D , E vans v i l l eLAU R E N C E E . S K E E S , P i e dm o n t

ROBERT L. T E T R O, H a r t f o r dJ O H N J . W R I N N , W a t e r b u r y

Committee on Membership Committee on Publications

NI CHOLAS ST.PETER, N e w a r k ,

ChairmanD . D E A N BARBOR, Y o r k

RAYM OND E. BU R LE W , S t . LouisP.M . C H I U M I N A T T O , N o r t h e r n W i s c o n s i n

R. S.FR OWN F ELT ER , C l e v e l a n d

PHI LI P W. KEE SSE N, M u s k e g o n

GE ORGE H. K U H N , N e w H a v e n

EARL C. RICKERDS, B a l t i m o r e

HE N R Y F . GU N T H E R , K a n s a s C i t y ,

ChairmanLESLIE I.AS HE R, F o r t W a y n e

G . F . FORD, J a c k s o n

ROBERT W. K I N G , W a s h i n g t o n

GE R ALD W. MC C ART Y , W i c h i t a

JAMES H . PAR N E LL, M e m p h i s

P AU L A . TRACY, C o l u m b u s

OCTOBER, 1953 269

V

Committee on Public Relations Committee on TrophiesSTANLEY Z. B R ON N E R , B r i d ge p o r t , and Awards

Chairman OLI VER J. EDWARDS, B i r m i n g h a m ,

W I N F I E LD E. BATCHELDER H a m p t O n ChairmanR o a d s

HOW AR D W. DE XT ER , W a t e r l o o

HAR OLD L. EVER, S a n g a m o n V a l l e y

COR W I N D. SAYREs, H a w a i i

J O H N H . BU RN S, H o u s t o n

ALB E R T E. M OB O U C K, F a l l R i v e r

W I L LI S L . R U S S E L L, D ay t o n

W I LLI S W. S H E N K , L a n c a s t e r

MALC OLM B . VAR N E Y , B r o o k l y n

JOSE PH N . W H I T E , P i t t s b u r g h

Committee on ResearchT h e f u n c t i o n o f t h i s l a r ge s t c o m m i t t e e o f t h e As s o c i a t i o n , m a d e u p of m e m b e r s

r e p r e s e n t i n g a w i d e v a r i e t y o f i n d u s t r i e s , o u t l i n e s t h e o b j e c t i v e a n d a r e a s o f s t u d y a n d

r e c o m m e n d s re s e ar ch pr o j e c t s t o t h e re s e ar ch staff of N a t i o n a l H e a d q u a r t e r s . T h e

m e m b e r s r e v i e w a n d re v i s e r e p o r t s a n d f i n d i n gs a n d d e v e l o p co n c l u s i on s , i n a d d i t i o n

t o g i v i n g a d v i s o r y as s i s t an ce t o t h e As s o c i a t i o n ' s re s e a rc h p r o g r a m . T h e f o l l o w i n g

m e m b e r s m a k e u p t h e c o m m i t t e e :

M AS ON SM IT H, B o s t o n , ChairmanOLI VER R.AL T U M , I n d i a n a p o l i s

C. M. B E N S ON , K a l a m a z o o

T. W.BON NE VIE R, C h i c a g o

ERN EST A. CAR LSON, N e w a r k

K E N N E T H L.D E N HAR D , S yr a c u s e

RUSSELL C. FLOOD, B r o o k l yn

STANLEY E.FORD, T o l e d o

OTTO GA M M E L , C l e v e l a n d

M I L T ON L. GROUT, S e a t t l e

J O H N E. HEAR ST, D e t r o i t

GE O R GE A . HE W I T T , P h i l a d e l p h i a

T. R . H o s t c K , P i e d m o n t

E. W.KE LLE Y , K a n s a s C i t y

Mo m s KL E I N , H a r t f o r d

2 7 0

HAR OLD W. LU EN S TR OTH, S t . L o u i s

DAVID S.M OF F I T T , N e w H a v e n

B E R N A R D L . M O E C K, R o ck f o r d

P AU L R . M OOR E , C h a t t a h o o c h e e V a l l e y

W A LD O NE I KIR K, B o s t o n

J O H N W. OL D , H o u s t o n

F R AN K Z. O L E S , B a l t i m o r e

A . PRES TON R OF F E E , P r o v i d e n c e

HAR R Y R OB E R T S , S an F r anci s co

ROB ERT J. R OHR , JR ., R o c h e s t e r

SEBERT SCHNEIDER, S c r a n t o n

GE ORGE J. W A C H H O L Z , T w i n C i t i e s

LE R OY W AR D W E LL, S o u t h e r n M a i n e

W. P. W E M P L E , P e o r i a

MAUR ICE W. W H I T E , Y o u n g s t o w n

N.A.C.A. BULLETIN

I N

I N T H E P UB L I C E Y E

Boston's Past President Paul Tierney has re-cently been appointed to the Committeeon Meetings of the Massachusetts Societyof C.P.A.'s.

New Orleans' Past President, John J. Kerberhas been elected President of the Com-mercial Athletic Association and Associ-ate Chairman of the National Conferenceof the Institu te of Internal Auditors. . .Past President, William F. Hoerner hasbeen elected to the Program Committeeof the National Conference of the Insti-tute of Internal Auditors. . . J. EarlPedelahore was elected Vice President ofthe Southern States Accountants Confer-ence. . . . john J. LaPorte was electedTreasurer of the Church Club of Louisi-ana. . . . Clarence Coffey was elected Na-tional Vice President of the Institute ofInternal Auditors. . William F. Hoer -ner was elected President of the New Or-lea ns Chapter of I .I .A. .. . Motes Brenerwas elected President of the New OrleansChapter of Certified Public Accountants

and Ivan Foley elected second VicePresident of Louisiana Bldg. MaterialDealers Association.

Baltimore's Franklin M. Beall was electedVice President and William R. Phelanwas elected Secretary- Treasurer of theBaltimore Control, Controllers Instituteof America.

New York's Jesse M. Robinson was electedDirector of the New York Chapter, Na-tional Insurance Buyers Association.

Mobile's George R. Narber, was elected acity councilman for Pensacola, Florida,on a "Reform" ticket.

Philadelphia's George Hewitt is serving withthe accountant's panel under the HouseAp ropriations Committee. . MarieTofant was elected a Director of the Eve-ning School Alumnae of the Universityof Pennsylvania. . . I. H. Krekstein ad-dressed the Dauphin County Bar Associa-tion on the subject, "The Fundamentalsof State Taxation." . Donald Joneswas elected Vice President of Philadel-phia Control, Controllers Institute ofAmerica. . Giles B. Raisner has beennamed Chairman of the Conference Pro-gram Committee, Chamber of Commerceof Greater Philadelphia. . . .

Saginaw Valley's Vice President, Harold M.Benson, recently spoke at a Business Edu-cation Clinic sponsored at Catholic Uni-versity by the Catholic Business EducationAssociation of America in Washington,D. C. He spoke on the "Cooperative Busi-ness Administration Program of GeneralMotors Institute."

Kansas City's Carl Lipoff has been electedSecond Vice President of the MissouriSociety of Certified Public Accountants.

Detroit's Harold M. McCracken was electedChairman of the Board of Trustees ofthe American Hospital- Medical BenefitAssociation. . Edward G. Eriksonwill serve as Chairman of Alpha KappaPsi s Fiftieth anniversary celebration.

Southern Maine's Harold C. Jordan has beenelected President of the Maine Societyof Public Accountants. . . Joseph Flaggwas elected Treasurer of Episcopal Dio-cese of Maine for the 16th consecutiveyear.

Dallas' L. A. Busby has been elected Presi-dent of the Texas Society of Accountants.

Philadelphia's L. N. Teitlebaum has beennamed President of the Federal Govern-ment Accountants Association of Phila.

Verl Elliott addressed the Instituteof Internal Auditors on the subject "TopManagement's Part in Office Cost Con-trol."

Richmond's Charles W. Williams recently ad-dressed the Carolinas Banking Conferenceat Chapel Hill.

Baltimore's James W. Jones has been electedfor the third year to serve as Chaplainof the Towson Post of the AmericanLegion.

Providence's Louis C. Chase recently con-ducted a laboratory session and lecture atthe Management Conference at the Uni-versity of Connecticut on the subject"Managing for Profit."

Youngstown's James Sekinger has been electedCommander of the American Legion PostNo. 15.

Toledo's Ralph Meyers has been chosen as amember of the Toledo Chamber of Com-merce.

Lehigh Valley's Jay E. Hummer was electeda member of the Philadelphia Control ofthe Controllers Institute.

O C T O B E R , 1 9 5 3 27 1

STEVENSON TROPHY COMPETITIONStandings of Chapters -For Three Months Ended Sept. 1st, 1953

PLACE CHAPTER POINTS PLACE CHAPTER POINTSI. EVANSVILLE

......................1147 59. ERIE

.............................. 6872. LANCASTER... .. ...............

1137 60. CEDAR RAPIDS...................

6863. DENVER........ . . .............

1110 61. ROCHESTER......................

6734. CHATTAHOOCHEE VAL.

........1106 62. PITTSBURGH

.....................6675. WABASH VALLEY

................1088 63. WORCESTER

......................6656. NEW ORLEANS

..................1059 64. ROCKFORD

......................663

7. LOS ANGELES...................

989 65. KANSAS CITY....................

6618. KALAMAZOO....................

974 66. WATERLOO......................

6589. LEHIGH VALLEY................

965 67. TOLEDO.......................... 650

10. LOUISVILLE......................

942 68. BALTIMORE...................... 649I I . ST. LOUIS

........................933 69. MOHAW K VALLEY 64312. AKRON

...........................910 70. ...............HOUSTON

.......................642

13. HAW AII..........................

900 71. CHATTANOOGA

.................63714. PHILADELPHIA

..................884 71. FORT WAYNE

....................63715. W ASHINGTON

..................873 73. GRAND RAPIDS

..................630

16. READING.........................

869 74. HARTFORD

......................62017. CLEVELAND

.....................868 74. PORTLAND

.......................62018. DAYTON

..........................

851 76. FALL RIVER......................

61119. ALBANY

.......... ................

850 76. PROVIDENCE.....................

61119. BOSTON.........................

850 78. SYRACUSE. ... ..........

- 1 61021. BROOKLYN......................

848 79. CHARLOTTE. ....................

.......

60822. YORK . . . . .. .. . . ... .. ... .. .. 846 80. EAST TENNESSEE

.................

60523. HARRISBURG....................

842 81, NEW YORK......................

59424. SHREVEPORT.....................

836 82. SEATTLE..........................

59025. HAMPTON ROADS

...............

833 83. CALUMET........................

58626. NORW ICH.....................

821 84. WATERBURY.....................

57527. HAGERSTOWN...................

798 85. YOUNGSTOW N..................

57428. BATON ROUGE

............... ..

797 86. BINGHAMTON...................

57329. LONG ISLAND...................

796 87, TW IN CITIES.....................

57130. CUBA.............................

795 88. SAN DIEGO......................

57031. OM AH A

.........................

789 89. TRENTON.........................

56932. DALLAS...... .............

776 90. NEWARK.........................

56633. MERRIMACK VALLEY............

775 90. W ICHITA.........................

56633. SAN FRANCISCO

................

775 91. TULSA............................

56335. ATLANTA. .....................

771 93. FOX RIVER VALLEY 56135. FORT WORTH...................

771 94. ..............SPRINGFIELD....................

54337. CINCINNATI

....................

769 95. ELMIRA AREA...................

53737. INDIANAPOLIS................. .

769 96. MUSKEGON......................

53639. JAMESTOWN.....................

763 97. SOUTH BEND....................

52239. RICHMOND

.....................

763 98. COLUMBIA......................

52141. SABINE.... .. .. .......

759 99. NORTH ALABAMA...............

51642. SOUTHERN MAINE 754 100. SCRANTON......................

51443. SAN ANTONIO

...................

753 101. DETROIT..........................

51344. NEW HAVEN.....................

744 102. BRIDGEPORT.....................

51245. MILW AUKEE

.....................

740 103. MEMPHIS........................

50546. NO. W ISCONSIN

................

739 104. NASHVILLE....................

50446. PEORIA.. ......................

739 105. KNOXVILLE......................

50348. MID - HUDSON....................

732 106. WILLIAMSPORT..................

49949. PIEDMONT

......................

730 107. BANGOR.........................

48550. COLUMBUS......................

725 108. JACKSON........................

47951. CH IC AG O

.....................

722 109. DES MOINES.....................

46952. PATERSON

....................

717 110. MOBILE................

45853. BIRMINGHAM

....................

716 III. MASS. NORTH SHORE 42854. LANSING

........................

704 112. ...........ANNISTON.......................

42655. BUFFALO

........................

699 113. NEW HAMPSHIRE...............

40756. OAKLAND

........................

693 114. SANGAMON VALLEY............

39856. TRI- CITIES

........................

693 115. SAGINAW VALLEY. ....

.......

37358. GREENWICH-STAMFORD

........

690 116. SALT LAKE CITY ........ .......

322

N.A.C.A. BULLETIN

C O N G R A T U L A T I O N S T O . . . .

R. C. W irtz , BIR MINGHAM, who was recentlyelected Secretary of the Alabama GasCorp. . and to John Cole, who hasaccepted a position as Manager with El-ton B. Stephens & Associates.

Leonard A. W alther , W I C H I TA , who hasbeen made Controller at the ColemanCompany. . . Robert Coe, Internal Au-ditor, and Charles Tilford, General Ac-counting Manager.

Raymond F. Bonenfant, WOR C ESTER , on hispromotion to Control ler at the Rice Bar-ton Corp . . . . to John A. Steen, on hisacceptance of the position of Chief Ac-coun ting Officer with He a l d Ma ch in e Co .. . . to Franc is W . R yan, on h is appo in t-men t as Manager of Peat, Marwick , Mit-chell & Co . . . . to Jason E. New ton ,on h is ap po in tm en t a s Aud i tor o f Cr omp-ton & Kn o w l e s Loom W o r k s . . . and toCl ar ence W . Hunt ington , on his pro-mot ion to the Control ler's Staff of Cromp-to n & Kn o wl e s L oo m W o r k s .

Ado lph G. Schlosstein, A l be r t D. Han-cock and Roy McElhaney . DALLAS, onthe ir promotions to Principal, Managerand Sen ior, respect ive ly, at Price Water-house & Co. . . and to W a l t e r D a r bywh o is no w Travel ing Aud i tor with EastTexas Motor Freight .

Al f r ed R. Davi dson , SEATTLE, who has beenelected Treasurer of the F. J. Johns Co .in Portland , Oregon .

Lesl ie U. Li t t l e , JACKSON, on his promotionto District Man ag er f o r M cB ee Company,in N e w Orleans.

C . A. Vobroehek , PEORIA, for being electedChief Accoun tan t a t the Deca tur Plan t ofCaterpillar Tractor Co . . . . to W ar r enStoughton, wh o has been promoted toChief Cost Accountant of the CaterpillarTractor Co . . . . to R ober t Mor gan , wh ois now th e P lan t A cco un t an t a t th e Peor iaPlant . . . and to Russell Johnson wh ohas been named Chi e f Pa ro l l Accoun tan tof the General Office ofr the Caterpillar

Tractor Co.

James L. Brow nlee , BIR MINGHAM, who hasbeen appointed General Staff Assistant ofthe Tennessee Coal & Iron Division ofUnited States Steel Corp. . and toJohn A. England on his appointment to

General Procedure Supervisor, .succeedingMr. Brownlee, and to Frank M. Downs,Jr. on his promotion to Assistant GeneralProcedure Supervisor, succeeding Mr.England.

John Haas, ERIE , on his appointment as Con-troller of Hammermill Paper Co.

Henry Spier, FALL RIVER, who has been ap-pointed Production Manager and Direc-tor of Sales of the Howard Arthur Mfg.Co.

J a m e s B. M a y . W A S H I N G T O N D . C., on hiselection on aDire c tor of Southern Da iries,Co.

G abr i e l Vadnais , W ATE R BUR Y, on his recentappointment as Cost Accountant of theWa te r to wn Mfg . Co . . . . Martin F. Hay-den on his appointment as Manager ofthe Tax Dept. of Peat, Marwick, Mit-chell & Co.

John C. Guilliams, NASHVILLE , who recentlybecame a Partner in the firm of Ander-son, Guilliams & Wilson.

Everett L. Baumgardner , DAYTON, on hisappointment as Manager of the Indian-a p o l i s office of the Addressograph SalesAgency.

S. E. MacArthur , DETR OI T, who has recentlybeen elected a Director of the Federal -Mogu! Corp . . to James Russell,made a Director of Evans Products Co .

to Franc is Brown, oil his ap� oint-men t a s Ma na ge r, Div isiona l Records De-ve lopmen t , of Chrysler Corp . . an d t oKen Huddleson, on being made ChiefAccountant of the same firm.

Hol l i s W ags ta f f , BOSTON, wh o was recentlye lec ted A ssistan t Treasure r o f the SpragueElectric Co . . to W i l l iam R. T inder ,recently appo in ted Assistant Treasurerand Control ler of the Union Bay StateChemical Co . , Inc. . . . and to JohnKempster on his ne w position o f A ssi st -ant to the Controller of Denn ison M f g .Co.

C . C . L a y , CHATTANOOGA, wh o h a s been pro-moted to Treasurer of the Wheland Co.

Lester L. Flemming, Past President of LAN-CASTER, ti-ho was elected to the Boardo f Dir ec tor s and p rom ot ed to the positiono f Tr ea sur er o f H er r and C o .

O C T O B E R , 1 9 5 3 2 7 3

r ,

J. W. Zlesemer, RICHMOND, who has beenpromoted to the position of Assistant tothe General Auditor with the R. F. & P.Railroad Co.

W. F. Bowman, AKRON, on his promotion toTreasurer of the Tire & Equipment Co.,and J. G. Thompson, promoted to Treas-urer of the Industrial & General ProductsCo., both being divisions of the B. F.Goodrich Co.

Wilbur R. Williamson, LOUISVILLE, who hasbeen admitted to Partnership in Ernst &Ernst.

Frederick C. Westphal, Past President, BA-TON ROUGE, who was recently promotedto Assistant Chief Accountant of theBayway Refinery of Esso Standard Oil Co.

John J. Barranger, PHILADELPHIA, on hiselection as Secretary and Treasurer ofStephen F. Whitman & Son, Inc. . . .to Everett Leeds on his appointment asPlant Accountant of the Parts Department.

to W . E. Lloyd on his appointment toController, Financial Division, Engineer-ing Products Department and to T. W .Massoth on being made Operations Con-trol Manager, Engineering Products De-partment of RCA Victor Division ofR. C. A. . to William Murray onassuming the position of Manager ofAccounting with Croft Steel Products ofJamestown, N. Y . . . . t o William Robin-son who has been elected Assistant Comp-troller, Insurance Co. of North Americaand to Kenneth Fishpow who is nowVice- President of Supplee- Wills- Jones.

Hugo J. Anqe1lnl, W O R C E S T E R ; on his pro-motion to Administrative Controller ofthe Selig Manufacturing Co. in theirMonroe, Louisiana plant.

William J. Love, COLUMBIA, on his accept-ance into Partnership with Raymon R.Finch and Company.

Joseph E. Theobald, DAYTON, who has beenpromoted to Assistant Comptroller at theDayton Power and Light Co. . . . and toDonald Ackerman who was recentlynamed General Manager of the RubberSeal Products Co.

Grover B. South, LOUISVILLE, on his promo-tion to Secretary - Treasurer of the StollOil Company.

Angelo B. Rueei, HA R TF O RD , who has beenelected Treasurer of M. H. Rhodes, Inc.. . . and to St. Clair Bromfield, Jr.,on his appointment to Assistant GeneralSales Manager of the eastern division ofMcBee Co.

274

C. A. Miller, ROCKFORD, who was recentlypromoted to the position of Controllerat George D. Roper Corp.

Raymond Barber, SOUTHERN MAINE, whohas been recently made Controller, Flagg -Utica Corporation, New York.

Dave Burns, M E R R I M A C K VALLEY, who hasbeen appointed Assistant Controller atLowell Gas Co.

Cornelius Sullivan, NEWARK, now Acting Con-troller of the General Instrument Corp.

Walter Bird, BOSTON, the recently made Treas-urer of Rusicraft Publishing Co. and As-sistant Treasurer, United Printers andPublishers.

Charles Kelly, CINCINNATI, on being madeBranch Manager of Friden CalculatingMachine Co, in Florida, . . . and toOrland Hamel who has been transferredto Huntington, West Virginia, as CityManager for Moore Business Forms.

Maurice D. Triouleyere, SPRINGFIELD, whohas been elected Procedures Analyst ofShawinigan Resins Corp.

Wilford Ruppenkamp, TRI- CITIES, who hasrecently been appointed Assistant OfficeManager of the W . A. Sheaffer Pen Co.at Fort Madison, Iowa.

Eugene McManus, DETROIT, who was re-cently made a Director of Detroit Cream-ery . and to Lionel Sorenson whohas been promoted to Executive VicePresident of the Deep Freeze Divisionof Motor Products.

Fred Livesay, KANSAS CITY, on his recentpromotion to Vice President and Treas-urer o f the Gas Service Company . . . toKenneth C. Schnur who was recentlyappointed Treasurer of the Kansas CityPublic Service Company and will alsoserve as Assistant Comptroller ... and toHarry A. Seeger who has become VicePresident and Director of Mid - AmericaFire and Marine Insurance Co.

Virgil M. Bretton, COLUMBUS, who has re-cently been appointed Treasurer of Uni-versal Concrete Pipe Co.

William J. Ruddell, PATERSON, who has beenappointed Assistant Controller, WrightAeronautical Division, Curtiss- WrightCorp.

Fred Dhuy, LONG ISLAND, who has recentlybeen made Controller of Celebrity, Inc.

. and to J. Warren Fowler, who hasbecome a partner in the firm of Scovell,Wellington & Co.

N .A . C .A . B U L L E T I N

L I T E R A T U R E N O T E S

Books

Structure of Accounting Theory Statistical Inference

A. C. Littleton (Professor Emeritus, Uni-versity of Illinois) American Accounting Asso-ciation, c/o College of Commerce and 8usi-neu Administration, University of Illinois,Urbana, Ill., Paper bound, 1953, 234 pp.

A well -known writer and teacher of account-ing here undertakes in the form of a mono-graph (No. 5 in its publisher's series) a de-scription of "the basic aspects of accountingwithout dealing in techniques as such." Thepresentation seeks for the central theme (orthemes) of accounting and follows the natureand development of accounting in terms ofrules and principles.

Fundamentals of Cost Accounting

Greer S. Fullerton (Professor of Accounting,University of Colorado) and Vinton S. Curry(Associate Professor of Accounting, Universityo Colorado) c/o University of Colorado,boulder, Colorado, Author Published, Paperbound, Three Parts, 1953, $4.50.

Prepared on duplicating equipment, this workis, nevertheless, a full -scale textbook intended,in the words of its introduction, to "makeclear how the required data can best be ob-tained through the use of properly designedcost systems and used to the best advantagein making managerial decisions." There arethirteen chapters, closing with those on stand-ard costs, distribution costs, and cost state-

ments.

Standard Costs for Manufacturing

Stanley B. Henrici, McGraw-Hill Book Co.,330 W . 42nd St., New York 36, N. Y. ,Second Edition, 1953, 336 pp., $5.50.

Some expansion of text and problems are pre-fatorily reported in this latest edition, particu-larly by "additional informaton on physicalstandards and by an added chapter on account-ing procedures." Other revisions for greaterclarity have also been made.

Helen M. Walker (Professor of Education,Teachers' College, Columbia University) andJoseph Lev (Senior Statistician, Departmentof Civil Service, State of New York) HenryHolt and Company, 383 Madison Ave., NewYork 17, N. Y. 1953, 510 pp. $6.25.

The fascination of, bewilderment by, and ne-cessity for the use of statistics is a conditionof modern life to which accounting (whichhas long successfully avoided characterizationas a branch of the subject) is now acknowl-edged to be subject. Sampling and normal dis-tribution are sought to be applied to account-ing processes, as simple averages have longbeen. Hence the apparent usefulness to indus-trial accountants of a from - the - ground -up bookof this sort which "does not pre- suppose anycollege training in mathematics" but is, never-theless, thoroughgoing.

Tax Shelter in BusinessWilliam ]. Casey (of the New York Bar)and J. K. Lasser (C.P.A. New York, New

krsey, California) Business Reports, Inc.,RRoslyn, N . Y. , Loose -Leaf, 1953, 156 pp.$12.50.

A "study of how tax factors mold policy andoperating techniques in business today," thecurrent work offers counsel on "tax strategy,'

and promotion as tax shelter,""sale- leaseback" arrangements and numerousother familiar and not -so- familiar contactpoints of operations and taxes, primarily Fed-eral income taxes.

Principles of Business LawEssel R. Dillavon (Professor of Business Law,University of Illinois) and Charles G.Howard (Professor of Law, University ofOregon) Prentice -Hall, 70 Fifth Avenue, NewYork, N . Y. , Fifth Edition, 1952, 978 pp.,$8.65.

This latest revision of a text issued first in,1928, is provided with a glossary in order tomake the "new vocabulary" (to student or

OCTOBER, 1953 273

I

SELECTED ARTICLES FROM ACCOUNTING PERIODICALS

THE ACCOUNTANT, July 1953 (Moorgate Place, London E. C. 2, England, single copyIs 6p)

Farm Accounts: The Application of Costing. R. W. Smith (Part IV of a series on farmaccounting

ACCOUNTANT'S JOURNAL, June 1953 (304 Burke Building, Manila, Philippines, singlecopy I peso & 10 centavos)

Record Keeping for Small Drug Stores. Enberto S. PevedaSimplified Cost System for a Print Shop. Jesus B. TayagWanted: More Definite Concepts of Periodic Income Measurement. Aresmo D. Narciso

CANADIAN CHARTERED ACCOUNTANT, August 1953 (10 Adelaide St., Toronto,Ontario, Canada)

How a Banker Looks at Industrial Credit. T. G. AdamsTHE CONTROLLER, July 1953 (1. E. 42nd St., New York 17, N. Y. single copy .50)

A Lawyer Looks at Retroactive Adjustments to Depreciation Reserves. Richard A. RosanPreparing Consolidated Statements for Management. E. J. ErpThe Controller in a World of Change. Robert E. Gross

*Accounting Data for Control Purposes. John NeterCOST AND MANAGEMENT, July- August 1953 (66 Hamilton St. E., Hamilton, Ontario,

Canada, single copy .50)Basic Data. Michael AlberyCost Factors in Adjusting Prices. R. F. HoganProblems of Property Utilization and Accounting in the Federal Government. William E.

Katon*Statistical Techniques Need Deeper Study before They Can be Useful in Auditing.

Robert W. JohnsonNEW YORK CERTIFIED PUBLIC ACCOUNTANT August 1953 (677 Fifth Avenue, New

York 22, N. Y., single copy .50)How to Compute Interest in Deficiencies, Overassessments, and Refunds. Lawrence C.

CohnRETAIL CONTROL, Summer 1953 (100 W. 31st St., New York I, N. Y., single copy .75)

Sound Financial Management of +he Small Store (Panel Discussion)THE WOMAN CPA, August 1953 (342 Madison Ave., New York 17, N. Y.)

Accounting Problems of Small Business. Ben W. Brannon* Further mentioned in accompanying notes on particular articles.

layman) easier to assimilate. Contracts re-quire a large portion of the space, as do ne-gotiable instruments and the subject of busi-

ness organizations. Textual explanation andcase illustration are included throughout.

Cases in Business Law

Ronald A. Anderion (Associate Professor ofLaw and Government, Drexel Institute),

South - western Publishing Co., Cincinnati 2,Ohio, 1933, 1102 pp.

Although court opinions take the major por-tion of this book's numerous pages there is

guiding text. The work parallels the fourthedition of a textbook on business law by the

author and two collaborators, Dwight A.Pomeroy and Walter Stumpf, and supersedesa case book by Dr. Stumpf, now deceased.

Articles

Streamlining the Sales Forecast are listed in this article which reports specific

Dun's Review and Modern Industry, August company experience, principally at Eastman1953. Kodak, Dow Chemical, and SKF Industries.

Some "basic reservoirs" of forecasting data The paper opens with the comment, "An ac-

276 N.A.C.A. BULLETIN

SELECTED ARTICLES FROM THE BUSINESS PRESS

AMERICAN BUSINESS, August 1953 (4660 Ravenwood Ave., Chicago 40, III., singlecopy .35)Ten Ways to Save Postage. Harry L. Wylie

*The Truth About Electronic Business Machines. Herbert O. BrayerDUN'S REVIEW AND MODERN INDUSTRY, August 1953 (99 Church St., New York,

N. Y., single copy .75)*Streamlining the Sales Forecast.

OFFICE EXECUTIVE (132 West Chelten Ave., Philadelphia 44, Pa., single copy .50)August 1953

Let Your Budget Be Your Guide. I. Wayne KellerOffice Manuals Can Be Tops —Or Flops. A. Gordon HullThe Facts About Fire Insurance. John Hetherington

September 1953Who's A Salesman? J. Houston BarnesHow Simple is Simplicity? Alvin L. Leisly, Jr.

*Flexible Job Evaluation. Ralph W. EllisMontgomery Ward's Incentive Plan. Roy ColemanRaising White Collar Production. Carl E. Schneider

* Further mentioned in accompanying notes on particular articles.

curate forecast commands more of a premium

today than at almost any time during the lastfifteen years."

Accounting Data for ControlPurposes

Jobn Neter, The Controller, August 1953.

A title subcaption to this article asks "Is the

statistical point of view needed in their (con-trol data) collection and use ?" An affirmative

answer may well be gathered from the ampletext which follows. There is added a list of

some dozen reference articles (including threeN.A.C.A. Bulletin references).

The Truth About Electronic BusinessMachines

Herbert E. Brayer, American Business, Julyand August 1953.

The informal survey base of this two -part arti-cle makes it resemble a number of other use-ful once -overs of a subject about which there

is much curiosity and somewhat less informa-tion. However, i t is an area in which all side-lights interest. This paper reports that devel-opments "insofar as equipment for general

accounting and bookkeeping is concerned" areevolutionary and definitely not revolutionary.

Problems of Property Utilisation andAccounting in the FederalGovernment

lFilhant E. Katon, Journal of Accountancy,September 1953.

Written by the deputy controller of the United

States General Services Administration, the

present paper goes well into the characteristic

situation of the Government in its acquisition

and employment of property items. Ways to

improvements currently sought are noted and

obstacles which exist are also pointed out.

Flexible Job Evaluation

Ralph W . Ells, Office Executive, September1953.

This is an experience article, with a case -studybackground and details the plan in force at

Allen- Bradley Co. (Milwaukee). It depictsthe job "hierarchy" which is basic to the plan

and the scheme of ra te ranges utilized. Thereis a "chart of the process used in salary and

wage administration."

OCTOBER, 1953 277

I

C O S T C U R R E N T S

Short Items of Current Interest to the Industrial Accountant

FROM THE ACCOUNTING AND BUSINESS FIELD

Time and Change in Accounting—The latespring of 1953 saw publication of two groupsof articles which, although not stressing indus-

trial accounting (but including it) constituted

comprehensive reviews of progress in the ac-counting field as a whole, over the names of

well -known accounting writers. The first of

these groups dealt with the twenty-year period,

1933 to 1953 and comprised the May 1953issue of the Accounting Forum (City College

School of Business and Civic Administration, 17

Lexington Ave., New York 10, N. Y.) . Thesecond embraced a longer period, that of 1900

to the present and, with locally pertinent ma-terial, formed the contents of the June issue of

the Illinois Certified Public Accountant (208

South La Salle St., Chicago 4, Illinois, singlecopy 40¢).

Among the subjects on which papers ap-peared in the May 1953 issue of the Accounting

Forum, and reviewing the past two decades,

were: Accounting Theory, A. C. Littleton;Auditing Procedures, Maurice E. Peloubet; Fed-

eral Income Taxation, Maurice Austin; Regu-lation of Accounting Practice, B. Bernard

Greidinger; Cost Accounting Practices, WalterB. McFarland; Women in Accountancy, Jennie

M. Palen; Changing Status of Controllership,Cornelius M. Ahearn, and Accounting Educa-tion, Stanley B. Tunick.

The subjects on which papers appeared in theJune 1953 issue of the Illinois Certified Public

Accountant, and reviewing the past half century,were: The Future of Accounting, Maurice H.Stans; An Historical Defense of Bookkeeping,Henry Rand Hatfield; Formal Education for

Accountants, A. C. Littleton; The .Accounting

278

Profession and the Teaching Accountant, Stew-

art Y. McMullen; Women in Public Account-ing, Helen F. McGillicuddy; and Looking

Ahead With the Internal Auditor, CharlesGhesguierre; The Responsibility Concept in Ac-

counting, Walter B. McFarland; Accountantsand Taxes, T. Coleman Andrews.

It will be noted that the principal subjects

treated on a less- than -a- generation basis in the

Accounting Forum were treated on a more -than-a- generation basis in the Illinois Certified Pub-

lic Accountant. It will a lso be noted that thereare two duplications of authorship, includingarticles in both periodicals by N.A.C.A. Super-visor of Research Walter B. McFarland.

Codification of AIA Accounting Pro-cedure Bulletins—Two recent publications ofthe American Institute of Accountants (270Madison Avenue, New York 16, N. Y.) havethe effect of placing on a currently applicable

status the Bulletins running from Numbers 1

to 42 theretofore issued by its Committee onAccounting Procedure. Of these two new pub-

lications, one is designated as Accounting Re-search Bulletin No. 43 and, omitting eight pre-vious bulletins which dealt with terminologyonly and three Bulletins which were applicableto the period of and immediately after WorldWar II , re- presents the Bulletins issued by theCommittee from 1939 to 1953 in a single "re-statement and revision." Subsequently, Account-ing Terminology Bulletin No. 1 was issuedunder the authority of the committee, as thework of the Committee on Terminology (themembership of which has ordinarily been drawnfrom the procedure committee), and offers a

N.A.C.A. BULLETIN

Review of Risumi (its t it le) of the eight ter-

minology Bulletins.

Accounting Research Bulletin No. 43 con-

sists of 159 pages, preceded by a table of con-tents and succeeded by three appendices and anindex. The body of the bulletin treats separately

pronouncements on the fourteen subjects ofform of statements, working capital, inventory

pricing, intangible assets, contingency reserves,capital accounts, income and earned surplus, de-

preciation, taxes, government contracts, foreign

operations and foreign exchange, compensation,disclosure of long -term leases in financial state-

ments of lessees, and unamortized discount,issue cost, and redemption premium on bondsrefunded. Appendix A is a list of and crossreference from the original bulletins. AppendixB describes "changes of substance made in re-

stating and revising the bulletins."

Accounting Terminology Bulletin No. 1 de-scribes the A.I.A's. terminology committee's

conclusions, often developmental or tentative,on the terms: accounting and accountancy; ac-counting principles; balance sheet, assets, lia-bilities; income statement, profit, profit and loss

statement, undistributed profits, earned surplus;value (and its derivatives) ; audit (and its deri-vatives) ; auditor's report (or certificate) ; de-

preciation; reserve; and surplus.

Sounding the Sales—A new study on mar-ket analysis, entitled "Company Practice in Mar-keting Research" and designated as Research

Report No. 22, has been issued by the AmericanManagement Association (330 West 42nd St.,New York 36, N. Y.) and is available to non-members at $2.50 a copy. It is 64 pages in

length and reflects data obtained from 168 com-

panies. It was conducted during 1952.Areas in which improvement was most fre-

quently recommended by suggestions receivedfrom survey respondents included (1) the de-

termination of sales potentials, (2) the em-ployment of statistical and analytical techniques,and (3) the field of advertising research and

research in salesmen's activities.

And From Here?—Some figures for what

may happen, as to results, in American business

during the final three months of 1953, areprovided in the four -page leaflet, "Survey ofBusiness Expectations" (Dun and Bradstreet,

99 Church Street, New York 8, N. Y.) whichqualifies itself as "based on interview withexecutives of 1,281 business concerns between

June 8 —June 19, 1953 regarding expectationsfor their respective business." For net sales,

62 per cent of those interviewed expected morethan in the same period of 1952 and 24 per

cent saw no change. Forty -five per cent sawbetter profits and 39 per cent no change, leav-ing only 16 per cent to forecast lower earnings.

The statistics in which the survey is ex-pressed deal also with selling prices, level ofinventories, number of employees, and neworders, are presented both in figures and

graphically, and are accompanied by textual

comment.

Where is This Growing Market? —In thearea of sales forecasting, with many aspects of

which the industrial accountant properly in-volves himself, postwar consciousness of ex-pansion based on population growth in Americahas focused upon areas in the southwest and

far west where this development has seemed

spectacular. Equipped with an annotated mapof the country and seven bar charts a summary

contained in Business meek (330 W. 42nd St.,New York 36, N. Y., single copy 25¢) forJuly 4, 1953, dwells in the prevalence of thisgrowth throughout the country.

Comparative status of the nation's principle

sections, 1947 with 1952, are given as to percent of population increase over the period,

households, per cent of national income pay-ments, and data on time deposits and typesof housing.

Setting Up Research in a Small Com-

pany—A report contained in the August 1,1953 issue of Business Week (330 W. 42ndSt., New York 36, N. Y. single copy 25 #)

O C T O B E R , 1953 279

I

constitutes a case study in giving research an

integral and important place in a companyclassified as "small." The report reflects the

experience of Pacific Automotive Corp., Bur-bank, California, in retaining a "part -time ad-

visory committee made up of college professorsand outside engineers."

As described and depicted diagrammatically

as to organization setup, the Research Ad-visory Committee is so placed as to be a con-

sulting group for company officials. The report

states that the committee "covers nearly the en-tire survey of basic sciences, and many of themen have international reputations." The com-

pany is engaged in "engine and aircraft over-haul, sales of aircraft parts and products," andmanufacturing of pressure and temperature con-

trol equipment.

American Accounting Association Meets—The American Accounting Association heldits 1953 Convention on Tuesday and Wed-nesday, September 1st and 2nd at the Schoolof Business Administration, The University of

North Carolina, Chapel Hill, N. C. Theme ofthe first session was "Research," and WeldonPowell, Haskins & Sells, New York, and Vice

President of the American Accounting Asso-

ciation presided. The afternoon session in-

cluded six round table discussions and SessionIII highlighted the topic, "Business and Cul-ture." Russell H. Hassler, Harvard University,and President of the American AccountingAssociation presided.

"Accounting in the Future" was discussedWednesday morning and "The American Ac-

counting Association and the Development of

Concepts and Standards" was the theme of the

afternoon session. John Archer White, Uni-

versity of Texas, and Vice President of theAmerican Accounting Association and Robert

E. Walden, Indiana University, and also a VicePresident of the Associa tion were the presiding

officers at the respective sessions.

Meetings Held and to Come—A three -daymarketing conference was conducted in New

York at the Waldorf- Astoria Hotel from Sep-tember 23 to 25, 1953 by the National Indus-

trial Conference Board ( 247 Park Ave., NewYork 17, N. Y.) and heard discussions of

current marketing problems, the place of ag-gressive selling, and the effectiveness of adver-

tising. The conference is the first of its sort

held by the Board.

The national office management conferenceof the American Management Association ( 330West 42nd St., New York 36, N. Y.) will beheld from October 12 to 14 a t the Hotel Astor

in New York. Later in the month, the Societyfor Advancement of Management (74 Fifth

Avenue, New York 11, N. Y.) is to conveneat the Hotel Statler in New York for its 1953annual fall conference, the dates being October

29 and 30, 1953.

An invitation has recently been receivedfrom the Philippine Institute of Accountants(Manila, Philippine Islands), extended to ac-countants in the United States, to attend theseventh annual convention of certified publicaccountants of the Philippines at Manila on

November 28 and 29, 1953.

WITH THE GOVERNMENT

Disclosure of Basis for Charges Against

Income in Respect of Stock Options—Nothewing to the "granted, exercisable, or exer-

cised" dates for determining the value of

stock options as compensation but indicating

that any one of these might be appropriate

280

or inappropriate, dependent on circumstances,

the Federal Securities and Exchange Commis-

sion (425 Second St., N. W., Washington 25,

D. C.) on August 25, 1953 issued a pro-

posed rule calling for disclosures with finan-

cial statements which would be adequate in-

N.A.C.A. BULLETIN

formation, and gave until September 25, 1953,for views and comments by "interested per-

sons."The rule was designated as "Rule 3 -20(d)

Capital Stock Optioned to Officers and Em-

ployees" and is as follows:

"( 1 ) A Brief description of the terms of

each option arrangement shall be given,including (i ) the ti tle and amount of secu-

rities subject to option; (ii) the date ordates upon which the options were granted;and (iii) the date or dates upon which the

optionees became entitled to exercise the

options.

" ( 2 ) State per share and in tota l (a) with

respect to the shares subject to option atthe balance sheet date, the option price, and

the fa ir value a t the dates the options weregranted; . (b) with respect to shares as to

which options became exercisable duringthe period, the option price, and the fair

value a t the dates the options became exer-cisable; and (c) with respect to the shares

as to which options were exercised duringthe period, the option price, and the fair

value at the dates the options were exer-cised.

" ( 3 ) State the basis of accounting for such

option arrangements and the amount ofcharges, if any, reflected in income with

respect thereto:"

For Clarification of Robinson- PatmanAct Provisions—Cost justification under theRobinson - Patman Act, i.e., legal proof thatdiffering prices among customers reflect only"differences in the cost, manufacture, sale, ordelivery methods or quantities in which such

commodities are —sold or delivered," is thesubject of inquiry by a special committee re-

cently appointed by the Federal Trade Com-

mission. The committee is headed by Professor

H. F. Taggart of the University of Michigan

(and of N.A.C.A.'s Detroit Chapter) .The objective of the committee's work is

reported to be more adequate guidance tobusiness as to what will comprise acceptable

defenses against charges of price discrimina-tion under the Robinson - Patman Act. Thisobjective extends to the type and character of

cost records needed to be maintained to under-lie such defenses.

Plain Talk on Depreciation—As a "man-

agement aid for small business," the Small

Business Administration ( Washington 25,D. C.) has issued a brief folder (free) on thesubject of "Depreciation," authored by Alwyn

M. Hartogensis (a Paterson Chapter memberand a N.A.C.A. Bulletin contributor), ChiefMethods Consultant, Ebasco Services, Inc., New

York, N. Y.

Mr. Hartogensis has divided his presenta-tion into sections of several paragraphs each,on "What is Depreciation ?" "Accounting forDepreciation," "Depreciation Does Not Pro-vide for Replacement," "Depreciation Expense

as an Income Tax Deduction," "When DoesIt Pay to Replace Equipment ?" and "Consider

Depreciation as a Cost in Setting Sales Price."

Growth Reported by Federal Gov er -

ment Accountants' Association—The rela-tively young organization of accountants en-gaged in work with the Federal Government

recently, in announcing the election as itspresident, of Andrew Barr, Member of theSecurities and Exchange Commission, also pub-licized its present membership figure of ap-

proximately 1,000. Attention was called, like-wise to the establishment during the past year,of eight chapters in locations from coast tocoast and in Tokyo, Japan.

OCTOBER, 1953 281

C H A P T E R M E E T I N G S

AKRON, Ohio October 21Women's City Club

Roll Up and Standards Costs—CARL W.SMITH, Mgr., Gen'l. Acct'g., Polychemi-cal Dept., E. I. DuPont Co., Wilming-ton, Del.

ALBANY, N. Y. October 20Shaker Ridge Country Club Latham, N. Y.

Today's Educational Financial Head -acheS -- CARTER DAVIDSON, Pres., UnionCollege, Schenectady, N. Y.

ANNISTON. Ala. October 15YMCA

Processing Pulp Wood in to Paper —W.R. WILLIAMS, Comptroller, Coosa RiverNewsprint Corp., Childerburg, Ala.

ATLANTA, Go. October 20Ansley Hotel

Effect of Budgets on People —A SkitPresented by the Colonial Stores Group,Atlanta, Ga.

BALTIMORE, Md. October 20Sheraton Belvedere

Electronics and Tomorrow's Accounting—DAVID H. LAWRENCE, Applied Sci-ence Div., I.B.M. Corp., Philadelphia,Pa.

BANGOR, Me. October 19Torratine Club

Control and Reduction of MaintenanceCosts —GEORGE E. MEYERS, Manage-ment Consultant, Waban, Mass.

BATON ROUGE, La. October 21Bob and Jake's Steak House

Four Decades of Tax Administration —RUFUS W. FONTENOT, Collector ofRevenue, State of Louisiana, BatonRouge, La.

BINGHAMTON, N. Y. October 15Arlington Hotel

The Tax Concept vs. The AccountingConcept of Sales —EWING EVERETT, At-torney, Everett & Johnson, New York,N. Y.

BIRMINGHAM, Ala. October 20Tutwiter Hotel

Business Trends and Outlook —L. B.RAISTY, Vice Pres., FedT Reserve Bank,Atlanta, Ga.

BOSTON, Mass. October 21Hotel Bradford

New England Economy —JOHN F. KEN-NEDY, United States Senator fromMassachusetts.

BRIDGEPORT, Conn. October 20Barnam Hotel

Direct Costing in Operat ion—L. S.WILLIAMS, Div. Acc'nt., Glass Div.,Pittsburgh Plate Glass Co., Pittsburgh,Pa.

BROOKLYN, N. Y. October 21Clements Club

The Accountant's Role in ReducingMaintenance Costs —MR. GEORGE MEY-ERS, Boston.

BUFFALO, N. Y. October 15Buffalo Trap and Field Club

The Effect on Financial Statements ofInventory Valuation and DepreciationPolicies — JACKSON SMART, Partner,Touche, Niven, Bailey and Smart, Chi-cago, Ill.

CALUMET October 27Phil Smldt's Restaurant Hammond, Ind.

Recent Trends in Collective Bargaining— SAMUEL C. EVETT, Intl Repr., UnitedSteel Workers of America, East Chi-cago, Ill.

CEDAR RAPIDS, Iowa October 20Montrose Hotel

Sales Forecasting as a Prerequisite forCost Control — LAWRENCE L. ELLIS,Partner, Booz -Allen & Hamilton, Chi-cago, Ill.

CHARLOTTE, N. C. October 16Charlotte Hotel

Bureau Reorganization —T. COLEMANANDREWS, Commissioner of InternalRevenue, Washineton, D. C.

CHATTAHOOCHEE VALLEY October 12Headaches in Financing a Public Utility— HERMAN W . BOOZER, Vice Pres.,Georgia Power Co., Atlanta, Ga.

CHATTANOOGA, Tenn. October 15Profit Sharing— Keystone of IndustrialPeace —JOSEPH B. MEIER, Exec. Secy.,Council of Profit Sharing Industries,Akron, Ohio.

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CHICAGO, Ill. October 15Furniture Club of America

Exclusion of Overhead from Inventories— WILLIAM J. VATTER, Prof., Schoolof Business, Univ, of Chicago, Chicago,Ill.

CINCINNATI, Ohio October 15Hotel Sheraton Gibson

New Income Calculations for NewPrice Levels—HOWARD C. GREER, VicePres. of Finance, Monon, The HoosierLine, Chicago, Ill.

CLEVELAND, Ohio October 15Carter Hotel

Costing New Products—S. L. PAGE,Cost Acctg. Mgr., American SterilizerCo., Erie, Pa,

COLUMBIA, S. C. October 15Jefferson Hotel

A Cost Reduction Program For SmallBusinesS— WESLEY B. EDGAR, Principal,Wesley B. Edgar & Co., Columbia,S. C.

COLUMBUS, Ohio October 26Fort Hayes Hotel

Business Reports to Management—KELLEY Y. SIDDALL, Comptroller, Proc-ter & Gamble, Cincinnati, Ohio.

CUBA October 15Club International Havana, Cuba

Tax System Reform — JOSE ALVAREZDIAZ, Prof. of Economics, Univ. ofHavana, Havana, Cuba.

DALLAS, Texas October 16Melrose Hotel

The Sears Roebuck Profit Sharing Plan—R. B. MONSON, Regional Auditor &Comptroller, Sears Roebuck & Co., Dal-las, Texas.

DAYTON, Ohio October 20Engineers' Club

What's Ahead in Machine Accounting?—K. P. MORSE, Exec. Vice Pres. &Gen'1. Mgr., Standard Register Co., &Pres., Huebner Co.

DENVER, Colo. October 20University Club

Accounting for Co- Insurance — WALKERA. GARROTT, Pres., Denver InsurersAss'n., Inc., Denver, Colo.

DES MOINES, Iowa October 21Standard Club

Profit Planning & Control — DONALDP. SWEETSER, Partner, Stevenson, Jor-dan & Harrison, Inc., New York, N. Y.

DETROIT, Mich. October 22Park Shelfon Hotel

Michigan Business Receipts Tax: PanelDiscussion— Moderator: J. E. HEARST,Comptroller, S. S. Kresge, Detroit,Mich.

EAST TENNESSEE October 15Johnson City Country Club

Johnson City, Tenn.The Cost Accountant's Contribution toManagement —T. R. ELSMAN, Control-ler, Monroe Calculating Machine Co.,Orange, N. J .

ELMIRA AREA October 20Mark Twain Hotel Elmira, N. Y.

Inventory Management —H. FORDDICKtE, Mgr., Production Control Serv-ices, General Electric Co., Schenectady,N. Y.

ERIE, PA. October 11Moose Club

The Assessment Procedure — CLIFFORDA. ZILCH, Chief Assessor, City of Erie,Erie, Pa.

EVANSVILLE, Ind. October 15Smifty's Steak 3 Sea Food House

Advertising: As a Cost of Doing Busi-ness—RONALD S. O'NE1LL, College OfCommerce, Univ. of Notre Dame,Notre Dame, Ind.

FALL RIVER, Mass. October 15S+onebridge Inn Riverton, R. I.

Management Use of Cost Control In-formation —HARRY E. HOWELL, How-ell & Co., Washington, D. C.

FORT WAYNE, Ind. October 20Chamber of Commerce

Direct Costing —H. W. LUENSTROTH,Ass't. Controller, Mallinckrodt ChemicalWorks, St. Louis, Mo.

FORT WORTH, Texas October 15Worth Hotel

Financial Review and Outlook =W. H.IRONS, Vice Pres., Federal ReserveBank, Dallas, Texas.

FOX RIVER VALLEY October 21What Is In S tore For The Accountant?— PAUL A. DOUGLAS, U. S. Senatorfrom Illinois.

GRAND RAPIDS, Mich. October 20Pantlind Hotel

The Duties of a Controller —E. A.GEE, Head, Dep't. of Acc'nt'g., Michi-gan State College, East Lansing, Mich.

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GREENWICH- STAMFORD October 20Hal f Way House Stamford, Conn.

Fraud & Misappropriation — JOSEPH M.GASSARCH, Ass't. District Attorney,New York, N. Y.

HAGERSTOWN, Md. October 15Eagles Club Waynesboro, Pa.

Labor - Management— ARTHUR H. REEDE,Instr., Dep't. of Economics, Pennsyl-vania State College, State College, Pa.

HAMPTON ROADS October 15Car l Parker Restaurant So. Norfolk, Va.

Cost Standards and Cost Control —W. A.BEERS, Ass't. Divisional Controller,Ford Div., Ford Motor Co., Dearborn,Mich.

HARRISBURG, Pa. October 27Penn-Harris Hotel

Accounting Procedures and Problems ofWriting Procedures —O. W . HILBERT,Ass't to Vice -Pres. & Controller, Corn-ing Glass Works, Corning, N. Y.

HARTFORD, Conn. October 20Indian Hill Country Club Newington

How Much Inventory and At WhatValue — MERWIN P. CASS, Partner,Charles F. Rittenhouse & Co., NewYork, N. Y.

H AW AI I October 16Commercial Club Honolulu, T. H .

Accounting for Hospital Costs—ALEXSMITH, Business Mgr., Queen's Hos-pita l, Honolulu, T. H.

HOUSTON, Texas October 1Alabama Catering Service

Recent Developments in Electronics —IRVING LEGGETT, I. B. M. of Houston,Texas.

INDIANAPOLIS, Ind. October 21Maroff Hotel

Pictorial Review of Accounting Reports— DANIEL M. SHEEHAN, Vice Pres &Comptroller, Monsanto Chemical Co.,St. Louis, Mo.

JACKSON, Miss. October 15Walthall Hotel

Accounting Systems & Auditing Pro-cedure Therefor as Required by Lawfor Mississippi Municipalities —L. C.GOOCH, Partner, Dick D. Quinn &Co., Jackson, Miss.

JAMESTOWN, N. Y. October 20Hotel Jamestown

Management Controls — JAMES L.HAYES, Dean of Bus. Admin., St. Bona -venture College, St. Bonaventure, N. Y.

KALAMAZOO, Mich. October 20

Columbia Hotel

Some Effects of The Present Tax Bur -d e n —W. J. SCHWANBECK, Head ofTax Dep't., Touche, Niven, Bailey &Smart, Chicago, III.

KANSAS CITY, Mo. October 19

Hotel President

Control and Planning for Profit —DON-ALD P. SWEETSER, Partner, Stevenson,Jordan & Harrison, Inc., New York,N. Y.

KNOXVILLE, Tenn. October 20

Whiffle Springs Hote l

Accounting Practices in GovernmentalUnit1— HOWARD C. BOZEMAN, KnoxCounty Judge, Knoxville, Tenn.

LANCASTER, Pa. October 16

Hotel Brunswick

Characteristics of a Creative Accountant—H. W. PRENTIS, JR., Chairman ofthe Board, Armstrong Cork Co., Lan-caster, Pa.

LANSING, Mich. October 15American Legion Club House

Battle Creek, Mich.

General Aspects of Property Accounting— WILLIAM EASTWOOD, American Ap-praisal Co., Detroit, Mich.

LEHIGH VALLEY October 2Elks Club Allentown, Pa.

Pension and Profit Sharing Plans —JOHN W. CLEGG, JR., Ass't. Vice - Pres.,The Pennsylvania Co., Philadelphia, Pa.

LONG ISLAND, N. Y. October 13Garden City Hotel Garden Ci ty, N. Y.

New Techniques in Overhead Control —GOULD L. HARRIS, Prof. of Acct'g.,School of Commerce, NYU, New York,N. Y.

LOS ANGELES, Cal if. October 20The Elks Club

The Profit in Profit Sharing Plans —THOMAS P. PIKE, Pres., Thomas P.Pike Drilling Co., Los Angeles, Calif.

LOUISVILLE, Ky. October 20Kentucky Hotel

Financial Information for Management—E. B. RICKARD, Controller, Ford Div.,Ford Motor Co., Detroit, Mich.

MEMPHIS, Tenn. October 21Gayoso Hote l

Reporting to StockholderS— WENDELLTRUMBULL, Prof of Accnt'g., Univ. ofMississippi, University, Miss.

284 N.A .C .A . B U L L E T I N

MERRIMACK VALLEY October 14Haverhill Country Club Haverhill, Mass.

A Case Study in Whole Dollar Ac-counting—WAYNE R. ARCHERD, ASs't.to Comptroller, Bethlehem Steel Co.,Bethlehem, Pa.

MID -HUDSON October 19Nelson House Poughkeepsie, N. Y.

Profit Leaks: How to Find Then: andHow to Plug Them — EDMUND J. MC.CORMICK, McCormick & Co., Yonkers,N. Y.

MILWAUKEE, Wise. October 19Elks Club

Management Wants Financial Facts —DUNDAS PEACOCK, Controller, ElliottCo., Jeannette, Pa.

MOBILE, Ala. October 21Bartels Restaurant Pensacola, Fla.

Alternatives to Direct Coning—H oW -ARD C. GREER, Treas., ChemstrandCorp., Chicago, III.

MOHAWK VALLEY October 19Club Monarch Yorkv ille, N. Y.

Settlement of a Fire Claim— ALBERTWOLBER, Ass't. Mgr., Allied Fire In-surance Co., Utica, N. Y.

MUSKEGON, Mich. October 19Surefine Room

Present Tax Laws and the Effect on theCost Accountants Ir/ ork— LAWRENCEH. NICHOLS, Wright & Nichols LawOffice, Muskegon, Mich.

NASHVILLE, Tenn. October 19American Legion Post ##5, Club House

New Horizons for the Accounting Pro-fession—N. L. MUDD, Gen'!. Sales Mgr.,Borroughs Corp., Detroit, Mich.

NEW HAMPSHIRE October 20Calumet Club Manchester, N. H.

The Value of Statistics to Small Busi-ness —CARL E. THORESEN, Treas., Cam-bridge Paper Box Co., Cambridge,Mass.

NEW HAVEN, Conn, October 27Seven Gables Towne House

Cost Reduction Through BudgetaryControl —FRANK Z, OLES, Asst. Con-troller, Davison Chemical Corp., Balti-more, Md.

NEW ORLEANS, La. October 22Lefont's Boulevard Room

The Industrial Accountant's Role in theExpanding South — WHITTAKER F.RIGGS, Exec. Vice Pres., New OrleansChamber of Commerce, New Orleans,La.

NEW YORK, N. Y. October 19

Organizational Controls: A Cate Study—J. B. JOYNT, Mgr., Adm. Engr.Dep't., American Enka Co., New York,N. Y.

NEWARK, N. J. October 29

Managing the Modern Man —EARL G.PLANTY, Executive Counsellor, Johnson& Johnson, New Brunswick, N. J.

NO. ALABAMA October 19Tennessee Valley Country Club Tuscumbia, Ala.

Cost Allocation for Multiple PurposeProjects— NEWTON B. DICKS, Asst. toComptroller, Tennessee Valley Author-ity.

NO. WISCONSIN October 20Art 's 151 Club Manitowoc, Wis.

What Determines the Level of Employ-ment and Business —YALE BROZEN,Prof. of Economics, Northwestern Univ.,Evanston, Ill.

NORWICH, CONN. October 15Nathan Hale Hotel Willimantic, Conn.

How Does the Direct Costing Methodof Accounting Affect Profits —L. P.WEBSTER, Asst. Prof, of Acctg., Univ.of Connecticut, Storrs, Conn.

OAKLAND -EAST BAY October 22Sea Wolf Restaurant Oakland, Cal if.

Telephone Accounting —S. W . CAMP-BELL, Vice Pres. and Comptroller, Paci-fic Telephone & Telegraph Co., SanFrancisco, Calif.

OM AHA, Nebr. October 20Hill Hotel

Control and Planning for Profit—DON-ALD P. SWEETSER, Stevenson, Jordan &Harrison, Inc., New York, N. Y.

PATERSON, N. J. October 21Tree Restaurant

Electronic Accounting — LEWIS C.MAULL, Mgr., Methods Dep't., ArthurYoung & Co., New York, N. Y.

PEORIA, III. October 21Hote l Pere Marquette

The Role of the Accountant in LaborNegotiations—LEE C. SHAW, Partner,Seyfarth, Shaw and Fairweather, Chi-cago, Ill.

PHILADELPHIA, Pa. October 15Kugler's Chestnut St. Restaurant

General Business Outlook — DWIGHT W.MICHENER, Dir. of Bus. Research,Chase Nat 'l Bank, New York, N. Y.

O C T O B E R , 19 5 3 285

PIEDMONT October 16Stormount Forest Country Club

Greensboro, N. C.Waste Control as it Affects Costs —JAMES I. TEAT, Southeastern Engineer-ing Co., West Point, Ga.

PITTSBURGH, Pa. October 21Wm. Penn Hotel

Management's Road Map—ALLAN H.OTTMAN, Vice Pres. & Controller,American Hard Rubber Co., New York,N. Y.

PORTLAND, Ore. October 20Old Heathman Hotel

Business Financing Now and in theForeseeable Future —O. P. WHEELER,Vice Pres., FedT Reserve Bank, SanFrancisco, Calif.

PROVIDENCE, R. 1. October 19Johnson's Hummocks

Some Management Problems of Interestt 0 Accountants —MASON SMITH, Prof.of Management, M. I. T., Cambridge,Mass.

READING, Pa. October 16Wyomissing Club

New Techniques in Reporting To TopManagement —B. H. SEMLER, Asst .Controller, Johnson & Johnson, NewBrunswick, N. J.

RICHMOND, Va. October 15Hotel John Marshall

Pension and Profit Sharing Plans —THOMAS P. BOWLES, JR., Partner,Bowles, Andrews & Towne, Richmond,Va.

ROCHESTER, N. Y. October 21Hotel Seneca

Cost Reduction Through Accounting —H. A. WILLIAMS, Gen'l. Plant Comp-troller, Eaton Mfg. Co., Cleveland, Ohio.

ROCKFORD, 111. October 20Lafayette Hotel

The Accountant's Part in the Manage-ment Team —DON J. GUTH, Solar Air-craft Co., Des Moines, Iowa.

SABINE, La. October 19Hotel Beaumont Beaumont, Texas

Who's BOSS of COSIT —CARL W . SMITH,Polychemicals Control Superintendent,E. I. du Pont de Nemours & Co., Wil-mington, Del.

ST. LOUIS, Mo. October 20Sheraton Hotel

The Effect of Taxes on Business Plan-ning —JAMES J. MAHON, JR., Partner,Lybrand, Ross Bros. & Montgomery,St. Louis, Mo.

SAN DIEGO, Calif. October 7Cuyamaca Club

Relationship of Industrial Engineeringto Cost Accounting —JOHN TROTTER,Pres., U. S. Research & Mgt. Co., LosAngeles, Calif.

SAN FRANCISCO, Calif. October 27Engineers Club

Business Conditions: A Forecast —LORIE TARSHIS, Prof. of Economics,Stanford Univ., Stanford, Calif.

SANGAMON VALLEY October 20Elks Club Springfield, 111.

Responsibility Accounting for Manufac-turing Companies — RICHARD BRAND,Partner, Arthur Andersen & Co., Chi-cago, Ill.

SCRANTON, Pa. October 19Scranton Club

Mechanized Accounting — RAYMONDBARBER, Flagg -Utica Corp., Utica, N. Y.

SEATTLE, Wash. October 21University Club Takema

Fringe Benefits and their Cost Impli-cations —M. J. MUCKEY, Sec'y. -Mgr.,Industrial Conference Board, Takoma,Wash.

SHREVEPORT. La. October 15Caddo Hotel

Wh y Executives Die Young — JOSEPHD. NICHOLS, Physician & Surgeon, At-lanta, Texas.

SOUTH BEND, Ind. October 20Hotel Elkhart Elkhart, Ind.

Labor Relations COStS—WILLIAM T.HENSEY, JR., Inland Steel Co., EastChicago, Ill.

SO. MAINE October 15Elm Hotel Auburn, Me.

Direct Cost Accounting Objectives —JONATHAN N. HAIUUS, Controller,Dewey & Almy Chemical Co., Cam-bridge, Mass.

SPRINGFIELD, Mass. October 21Hotel Sheraton

Factory Cost Control through Budgetsand Key Man Bonuses —R. J. JULIUS,Mgr., Budget Dep't., Libbey- Owens -FordGlass Co., Toledo, Ohio.

SYRACUSE, N. Y. October 15Hotel Syracuse

Direct Costs—HERMAN C. HEISER, Ly-brand, Ross Bros. & Montgomery, Phila-delphia, Pa.

286 N.A .C . A . B U L L E T I N

TOLEDO, Ohio October 20Park Lane Hotel

Underlying Aspects of Pension and Se-curity Programs —W. A. PATON, Prof.,Univ. of Michigan, Ann Arbor, Mich.

TRENTON, N. J. October 13Stacy -Trent Hotel

Whole Dollar Accounting —WAYNE R.ARCHERD, Ass't. to Comptroller, Bethle-hem Steel Co., Bethlehem, Pa.

TRI-CITIES October 20Fort Armstrong Hotel Rock Island, III.

A Challenge to the Modern Accountant—PAUL M. GREEN, Dean, College ofCommerce and Bus. Admin., Univ. ofIllinois, Urbana, I11.

TULSA, Okla. October 20Alvin Hotel

Better Reports and Letters— DENNISMURPHY, Service Pipe Line Co., Tulsa,Okla.

TWIN CITIES October 1SRadisson Hotel Minneapolis, Minn.

The Budget's Place In BuslneJS —WAL-TER R. GUNGE, Superv. of Budgets,Allis- Chalmers Mfg. Co., Milwaukee,Wis.

WABASH VALLEY October 20Hotel Deming Terre Haute, Ind.

Industrial Insurance — ALBERT G. CARLE,Underwriter, Forrest Sherer InsuranceAgency, Terre Haute, Ind.

WASHINGTON, D. C. October 21Willard Hotel '

The Accountant of Tomorrow —HARRYR. STONE, Vice Pres. & Controller,Southern Bell Telephone & TelegraphCo., Atlanta, Ga.

WATERBURY. Conn. October 13Hotel Elton

Electronics and the Office —HOWARD H.AIKEN, Dir., Computation Laboratory,Harvard Univ., Cambridge, Mass.

WATERLOO, Iowa October 14Black's Tea Room

The Red Network —BILL MOONEY, At-torney, Waverly, Iowa.

WICHITA, Kan. October 20Broadview Hotel

The New Look in State Administra tion— LEONARD H. AXE, Dean, School ofBus., Univ, of Kansas, Lawrence, Kan-sas.

WILLIAMSPORT. Pa. October 12Camp Hatetoleaveit Lamar, Pa.

What Management Expects of Account -i n g —W. W. SIEG, Pres., Titan MetalMfg. Co., Bellefonte, Pa.

WORCESTER, Mass. October 15Putnam & Thurston's Restaurant

Cost Accounting for Managerial Con-trol — ROGER WELLINGTON, SCOVell,Wellington & Co., New York, N. Y.

YORK, Pa. October 21Hotel Yorktown

Balancing the Inequities— DONALD L.HELFFERICH, Vice Pres., Ursinus Col-lege, Collegeville, Pa.

YOUNGSTOWN, OhioTippecanoe Country Club

Standard Costs —FRED J. SENGSTACKE,Partner, Scovell, Wellington & Co.,New York, N. Y.

W E R E M E M B E R . . .

Will iam Schulz, 64, CLEVELAND, PerfectionStove Co.

Richard Magee, 35, MID- HUDSON, Interna-tional Business Machines.

Percy Schmitt , 56, BRIDGEPORT.

Forrest M. Damson, 46, DAYTON, Wright -Patterson Air Force Base.

F. J. Green, •62, ROCHESTER, Bausch & Lomb Charles Dexter, 54, NEW HAVEN, Rock -Optical Company. bestos Products Corp.

Searcy C. Spears, 56, WASHINGTON, Finan-cial Analyst, Renegotiation Board.

Henry Lee Fergusson, 44, RICHMOND, Part-ner, Maddrea & Fergusson.

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NEW YORK REGIONAL CONFERENCEFebruary 5 -6, 1954 Roosevelt Hotel

Albany Lancaster PhiladelphiaBangor Lehigh Valley ProvidenceBinghamton Long Island ReadingBoston Mass, North Shore RochesterBridgeport Merrimack Valley ScrantonBrooklyn Mid - Hudson Southern MaineBuffalo Mohawk Valley SpringfieldElmira Area Newark SyracuseFall River New Hampshire TrentonGreenwich - Stamford New Haven WaterburyHarrisburg New York WilliamsportHartford Norwich WorcesterJamestown Paterson York

FORT WORTH REGIONAL CONFERENCEApril 2-3, 1954 Hotel Texas

Baton Rouge Jackson St. LouisDallas Kansas City San AntonioDenver Memphis ShreveportFort Worth Mobile TulsaHouston New Orleans Wichita

Sabine

RICHMOND REGIONAL CONFERENCE

April 23-24, 1954 Hotel John Marshall

Anniston Chattanooga NashvilleAtlanta Columbia North AlabamaBaltimore East Tennessee PiedmontBirmingham Hagerstown PittsburghCharlotte Hampton Roads RichmondChattahoochee Valley Knoxville Washington

35th ANNUAL INTERNATIONAL COST CONFERENCE

June 13 -17, 1954 Chicago Conrad Hilton Hotel