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N.A.C,.A.BULLETIN
O c t o b e r � n� � � Tbree Sections1 9 5 1 � ;�1� {' gsr1F Section 2
In the NewsShreveport Chapter Receives Charter 219
Papenfoth Announces Committee Appointments 221
International Accounting Congress 223
Called to the Colors 224
In The Public Eye 228
Congratulations To 230
The Te c hnic a l S ide
Cost Currents 225
Literature Notes 229
Stevenson Trophy Standings
231
Chapter Meetings
232
r
N.A.C.A. BULLETIN FulumeXYhlll, Number
w +aq
Published by NAT ION AL ASSOCIATION OF CO S T ACCOUNTANTS505 PARK AVE., NEw YORK 22, N. Y.
N A T I O N A L O F F I C E R S
President
HERMAN A. PAPENFOTH
Vice Presidents
L. C. BOLLINGER GEORGE E. HALLETTARTHUR C. CHUBBUCK JOHN B. INGLIS
ROBERT E. DERBY WILLIAM E. JACKMANFRANCIS H. HALL I. WAYNE KELLER
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. McFARLANDSupervisor of Research— Member Service
GEORGE F. WYMANEditor o f N.A.C.A. Bulletin
JAMES A. THOMPSONOffice Manager — Membership Relations
DONALD G. KEENSupervisor of Publicity and
Public Relations
Shreveport Chapter Receives Charter
A N OT HE R NAM E WAS OFFIC IALLY
ADDED to N.A.C.A.'s growing chap-ter roster last month with the presenta-tion of a charter of organization to thenewly- organized Shreveport (La.) chap-ter. Thus the Association goes into itsthirty-third year of operation with a totalof 108 chapters located in 35 states, theDistrict of Columbia, Cuba and Hawaii,and with a membership of more than28,000.
The charter was formally presented toShreveport's first president, John M.Theis, by National President Herman A.Papenfoth, accompanied by NationalSecretary Arthur B. Gunnarson, in cere-monies at the group's first regularmonthly meeting on September 17. TheNational Board of Directors had author-ized the granting of a charter to Shreve-port at its June meeting in Chicago.
The movement to organize a chapter inthe Shreveport area began five years ago.Investigation of the area's member poten-tial, industries, prospects for developmentand growth and other considerations cul-minated last June 14 with an organiza-tional meeting attended by sixty-twomembers. The fledgling group was offi-cially in operation in July, followingNational Board approval.
The Shreveport Chapter starts its firstyear of operation with seventy-sevenmembers drawn from the tri -state areaof northwestern Louisiana, northeasternTexas and southwestern Arkansas. With
National President Papenfofh affixes his signa-ture to SHREVEPORT's charter of organization.Witnessing the ceremony are National SecretaryGunnarson and Chapter President Theis.
a population of 175,000, Shreveport issituated in thriving oil country. Its prin-cipal industries are oil refining, drillingtools and equipment and industries alliedto oil production. It is an important railcenter, has lumber and woodworkingplants, an iron and steel foundry, andits manufactures include sheet windowglass, fertilizer, cottonseed oil, sheetmetal, paper products, clay products,chemicals, dairy and food products andfeeds.
In addition to Shreveport, the newchapter's territorial area includes thecities of Monroe, Ruston, Natchitoches,Bossier City, and Minden, in Louisiana;El Dorado, in Arkansas, the bi -state city
OCTOBER, 1951 219
of Texarkana, and across the Texas bor-der has members in Longview, Center,
Lone Star, Gladewater and Daingerfield.
The following officers and directors
have been elected to serve Shreveport
Chapter for the 1951 -52 year:
OfficersPRESIDENT —John M. Theis, Peat, Mar-
wick, Mitchell R; Co., Shreveport
VICE PRESIDENTS —O. B. Hogan, Stand-ard Oil Co., Shreveport; J. A. Good-
son, Placid Oil Co., Shreveport
TREASURER —B. L. Williams, C. P. A.,
Shreveport
SECRETARY —F. V. Atkins, CommercialNational Bank, Shreveport
Directors
EMPLOYMENT —J. S. Sheffield, Arkansas
Fuel Oil Co., Shreveport
MEETINGS —J. T. Quinn, Jr., Texas East-ern Transmission Corp., Shreveport
MEMBER ATTENDANCE —Dale Dickson,
Interstate Oil Pipeline Co., Shreveport
MEMBERSHIP —M. H. SimpSen, R. G.
LeTourneau, Inc., Longview, Texas
PROGRAM —H. M. Russell, Lone Star
Steel Corp., Lone Star, Texas
PUBLICATIONS —Dr. L. Herbert, Louisi-
ana Polytechnic Institute, Ruston, La.
PUBLICITY —H. L. Rogers, J. B. Beaird
Co., Inc., Shreveport
PAST PRESIDENTS' RETREAT
The Past Presidents' Club of the Columbus Chapter is a unique and active organization. A l l twenty -three ofits members are l i vi ng and only two have left the chapter area. Other chapters will find i t hard to topthe turnout shown above a t a recent Past Presidents' Nigh t m eeti ng . The twenty members in attendance wereas follows:
First row (I. to r . ) : How ard C. Kuhnle, Rowland H. Lutz, Warren A . Stevens, Paul R. Wolfe L. M. Tobin,Lee T. Assion Joseph W . Sheeran and C. C. Newel l ; back row (I. to r . ) : Fred Preston, Robert S. Rudy, W .J. Bennett, J. B. Heckert, A . C. Jahn, Clyde Benoy, E. L. Krauss, E. J. Kaufman, Russell S. W il lcox, D. J.Hornberger, B. J. Mertz, and Harry R. Edwards. Not shown above are H. J. Patterson, N. D. Goss and R.D. Hensel.
2 2 0 N.A.C.A. BULLETIN
Papenfoth Announces Committee Appointments
N ATI ON AL PRESI DENT H E R M A N A . P A P E N F O T H h a s a n n o u n c e d t h e a p p o i n t m e n t
o f a n u m b e r o f N a t i o n a l p o l i c y c o m m i t t e e s a n d a C o m m i t t e e o n R e s e a r c h , t o
s e r v e f o r t h e 1951 -52 ye a r . E a c h o f t h e p o l i c y c o m m i t t e e s w i l l s e r v e a s a p o l i c y r e v i e w
u n i t f o r t h e p a r t i c u l a r a c t i v i t y a s s i gn e d , a n d p r o v i d e s u g g e s t i o n s a n d r e c o m m e n d a t i o n s
t o t h e E x e c u 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 C o m m i t t e e
o n R e s e a r c h w i l l a i d i n c a r r y i n g f o r w a r d a n e x p a n d e d A s s o c i a t i o n p r o g r a m o f r e s e a r c h
i n i n d u s t r i a l a c c o u n t i n g . A d d i t i o n a l c o m m i t t e e a p p o i n t m e n t s w i l l b e a n n o u n c e d a t
a l a t e r d a t e .
POLICY COMMITTEEST h e f o l l o w i n g c o m m i t t e e s p r o v i d e a l i a i s o n b e t w e e n t h e m e m b e r s h i p a n d t h e c h a p -
t e r s , o n o n e h a n d , a n d b e t w e e n t h e N a t i o n a l B o a r d a n d t h e E x e c u t i v e C o m m i t t e e , o n
t h e o t h e r , i n a l l m a t t e r s r e l a t i n g t o A s s o c i a t i o n po l i c i e s .
ChaptersCAS PER B. A P P L E , N e w a r k , ChairmanD . D E A N BARB OR, Y o r k
W I L LI A M T. B R U N OT , R i c h m o n dRICHARD N . CAR R, P r o v i d e n c e
D O N A L D J.G U T H , D e s M o i n e s
D OU GLAS C. HI GGIN B OTHAM , S a b i n e
ROB E R T J. J ON E S , S yr a c u s e
H . LESLIE ROGERS, L o s A n g e l e s
Public RelationsW I LL AR D K. M OY E R , L e h i g h V a l l e y ,
ChairmanV E R N E D . H A N N A , D e t r o i t
LAW R E N C E G. R E GN E R , M i l w a u k e e
LE ONAR D D . R i c c i o , N e w H a m p s h i r eCLE SS ON A . ROGERS, C h a t t a n o o g a
A R T H U R R . W I L E Y , S p r i n g f i e l d
EducationM E R W I N M . HA R G R O V E , T u l s a ,
ChairmanJAME S B. F E N N E R , T o l e d o
C HAR LE S E . HE AD LE E , P i t t s b u r g h
HE R B E R T T. M C A N L Y , C l e v e l a n d
R A L P H E . QU I C K , L o u i s v i l l e
R AY M ON D D . S T OW E LL, M o h a w k V a l l e y
MembershipC AR L E . LINDQUIST, N e w Y o r k ,
ChairmanJ O H N L . FAV ALORO, N e w O r l e a n s
M O R I T z E . P AP E , S a n F r a n c i s c oLE ON AR D P AR K, C l e v e l a n d
CHAR LE S F . S W AN S O N , W i l l i a m s p o r t
M Y R O N W. W H I T B E C K , A l b a n y
J. KI E R N A N W H I T E , D a l l a s
PublicationsM AR S HALL A . GR AN GE R , N e w Y o r k ,
ChairmanHAR R Y R. B R O W N , W a b a s h V a l l e y
J O H N J.C HAN D LE R , C h i c a g o
GE OR GE P. D OE R I N G, D e n v e r
C. S AM U E L M C E W A N , G r a n d R a p i d s
W A Y N E B . W A G A R , S a g i n a w V a l l e y
Trophies and AwardsG . HO W A R D C H A P P E L L , B u f f a l o ,
ChairmanC AR L D A N N E N F E L S E R , F o r t W o r t h
HAR OLD E . ROW LE S , R o c h e s t e r
AR T H U R H. S M I T H, T w i n C i t i e s
N O R M A N H. S.V I N C E N T , B o s t o n
OCTOBER, 1951 221
Special Projects
WILLIAM E. PERRY, Scranton, ChairmanGEORGE D. ELLIS, New YorkWARREN J. FAUST, Bridgeport
A. D. Ross FRASER, Mohawk Valley
PAUL W. K E A R N E Y , Pittsburgh
ALEX J.LINDSAY, Denver
GRANT R. LOHNES, DaytonTHOMAS H. SANDERS, BostonOTTMAR A. WALDoW, DetroitHERMAN A. PAPENFOTH, Hartford,
(Ex- Officio)PHILIP J.W A R N E R , New York
(Ex- Officio)
RESEARCH COMMITTEE
The thirty-two man Committee on Research is charged with the responsibil ity for
research in the field of industrial accounting: the outlining of objectives, the selectionof areas for study, the assignment of studies to the research staff at National Head-
quarters, the development of conclusions based on data supplied by the research staff,
the review and revision of reports and findings and the general supervision and direc-
tion of work in this field. Members of the Committee are as follows:
HERMAN C. HEISER, Chairman, Philadelphia, Pa.
OLIVER R. ALTUM, Indianapolis, Ind.
STERLING K. ATKINSON,
Philadelphia, Pa.
IRVING C. BARNES, Springfield, Mass.
NELSON J. BOWNE, Poughkeepsie, N. Y.
E. C. BRELSFORD, Cleveland, Ohio
DAVID S. BRIGHAM, Norwood, Ohio
STEWART C. BROWN, Milwaukee, Wis.
EUGENE E. BURKS, Davenport, Iowa
JAMES E. CALDWELL, Akron, Ohio
ERNEST A. CARLSON,
New Brunswick, N. J.
MAYNARD F. CARTER, Worcester, Mass.
CECIL L. CLARK, Springfield, Illinois
NORMAN A. LOAN, Menasha, Wis.
ROBERT L. DIXON, Ann Arbor, Michigan
S. D. FLINN, Chicago, Il l.
CHARLES H. GLEASON, New York, N. Y.
WALTER A. HOLT, Evansville, Ind.
T. R. HosICK, Winston - Salem, N. C.
E. W. KELLEY, Kansas City, MO.
W. L. M C K I N N O N , Houston, Texas
RALPH B. KNOTT, San Francisco, Calif.
CLARENCE B. NICKERSON, Boston, Mass.
THOMAS B. NOBLE, Birmingham, Ala.
M. R. ODERMATT, North Bergen, N. J.FRANK Z. OLEs, Baltimore, Md.
JOSEPH PELEJ, New York, N. Y.
ROBERT C. PERRY, Corning, N. Y.
GILES B. RAiSNER, Philadelphia, Pa.
SVEINN J. STORM, Cedar Rapids, Iowa
D. P. SWEETSER, New York, N. Y.
PAUL C. TAYLOR, New Orleans, La.
222 N.A.C.A. BULLETIN
International Accounting Congress Planned
M EMBERS TRAVELING IN EUROPE nextsummer may want to arrange their
plans so they can attend the Sixth Inter-national Congress on Accounting to beheld in London, England, June 16 -20,1952. The Congress is being sponsoredby nine accounting societies of England,Ireland, Scotland and Wales, includingthe Institute of Cost and Works Ac-countants with which N.A.C.A. has hadmany contacts over the years.
Topics for discussion will include:(a) The accountant in industry; (b)fluctuating price levels in relation to ac-counting; (c) the incidence of taxation;(d) accounting requirements for issuesof capital, and (e) the accountant inpractice and in public service. Followingthe introduction of each topic for dis-cussion through papers presented by prin-cipal speakers, there will be supplemen-tary papers on each subject by otherspeakers representing the various par-ticipating organizations.
By action of the Executive Committee,
the Association has accepted the invita-tion to bring to the attention of membersof the Association, the meetings of theCongress. In addition to the discussionon accounting subjects, a program of en-tertainment and sightseeing has been ar-ranged. It is planned that the first meet-ing of the Congress will be in the formof a service at Westminster Abbey onMonday, June 16.
With many accountants from GreatBritain having visited in the UnitedStates in recent years to study our ac-counting methods, the Congress in Lon-don will provide an opportunity forAmerican accountants to study Britishmethods and to exchange informationwith representatives from all parts of theworld.
Members of the Association who wishto attend the Congress are requested toinform the Secretary as soon as possibleso that full information concerning ar-rangements may be made available tothem.
W E R E M E M B E R . . .
Paul E. Snyder, 59, READING, Reading BusCompany.
C. Leroy Sahlin, 43, Los Angeles, Sales Rep-resentative, Comptometer Division, Felt& Tarrant Mfg. Co.
Joseph W. Roberts, 58, AKRON, AssistantComptroller, Goodyear T ire & RubberCo.
George H. Emery, 64, CHARLOTTE, CertifiedPublic Accountant.
J. Addison Owens, WICHrrA, Owner, J . Ad-dison Owens & Co.
Eric P. Van, 46, PORTLAND, Price Waterhouse& Co.
Halford T. Barry, 58, CEDAR RAPms, Presi-dent, Chandler Co.
William C. Hassey, 66, ROCHESTER, LevyBros. & Adler Rochester, Inc.
Ge or ge G. Johnson, 41, BROOKLYN.
OCTOBER, 1951 223
C A L L E D T O T H E C O L O R S
Anniston's Stuart M. Reynolds, to the AIR New Hampshire's David L. Lessels, to theFORCE, formerly Accountant with George ARMY, formerly Junior Accountant, AlfredD. King & Co. B. Hartford, C.P.A.
Binghamton's Charles J. Nelson, to the NAvY, New Orleans' George P. Gagnet, to the NAvY,formerly Accountant with John R. Shepler, formerly Office Manager, Sunrise Bakery,Oxford, N . Y. Inc.
Boston's E. Will iam Dander, to the ARMY,formerly with Bentley School of Account-ing and Finance.
Boston's Martin J. Murrett, to the ARMY,formerly with Ryan & Williams, Inc. Nowa 1st Lt. with the Army Engineers'amphibious units.
Chicago's Robert K. We r t , to the ARMY,formerly Senior Cost Clerk, ChicagoMolded Products Corp. Now a Privatein the Army Finance Corps, stationed atFort Benjamin Harrison, Ind.
Dayton's Robert N. Sturwold, to the ARMY,formerly Cost Clerk, Standard RegisterCo., and a student at Ohio State Uni-versity.
Detroit's Romeo J. Gadoua, to the ARMY,student.
Greenwich-Stamford's Ronald L. Hill , form-erly Assistant Secretary, The ReflectoneCorp.
Hawaii's Samuel Cho, to the AIR FORCE,formerly Senior Accountant, Char andFromm, C.P.A.'s. N ow a Captain withthe Honolulu Branch Office, Western Dis-trict, Auditor General, U.S.A.F.
Lancaster's Kenneth K. Wignall, to theARMY, formerly with Armstrong Cork Co.Curently serving as a Major with theComptroller's Section, Headquarters Sec-ond Army, Fort Meade, Md.
Boston's Walter H . De Quoy, to the AmFORCE, formerly Auditor, MassachusettsInstitu te of Technology, Cambridge, Mass.Now a Captain with the Mid Centra l Dis-trict, Auditor General, U.S.A.F.
Milwaukee's Jack E. Thomas, to the NAVY,formerly Accountant, Arthur Andersen &Co. Now serving as a Lt. Commander,handling the job of Assistant SupplyOfficer, U. S. Naval Station, Key West,Fla.
Newark's Bernard M. Hoey, to the AIR FORCE,formerly Salesman, Irvington Varnish &Insulator Co., Irvington, N . J. Now aMajor with the Boston Regional Office.,Northeastern Air Procurement District,Air Materiel Command.
San Antonio's Henry M. Williams, to the AIRFORCE, formerly with Prentice -Hall, Inc.Currently attached to the Air MaterielCommand in Chicago, as a 1st Lt.
Sangamon Valley's Will iam E. Petty, form-erly with Murphy, Nash and Jones,Decatur, I ll.
Syracuse's Joseph T. Hurley, to the ARMY.
Boston's Charles H. Kilty, Jr., to the NAVY,formerly Accounts Receivable Clerk, Gen-eral Electric Supply Corp.
Twin Cities' George W . Fornell, to the AIRFORCE, formerly with Toro ManufacturingCorp., Minneapolis. Now serving with theAir Weather Service.
York's William H. Swartz, to the ARMY, for-merly with General Machine Works.Now a Captain stationed at Camp Lee,Va.
Twin Cities' Richard V. Ramstack, to theAIR FORCE, formerly with SuperiorSeparator Co.
Jamestown's Elmer A. He n ng , to the AIRFORCE, formerly Assistant Treasurer andController, Welch Grape Juice Co. Nowa Lt. Colonel with the Finance Division.
Portland's Lester L. Fordham, to the NAvY,formerly Accountant, Clackamas LoggingCo.
San Diego's Sam Kroschel, to the ARMY,formerly with Ryan Aeronautical Co.
Cedar Rapids' John J. Mobley, to the ARMY,formerly with La Plant- Choate Mfg. Co.
224 N. A . C . A . B U L L E T I N
C O S T C U R R E N T S
Short Reports on Items ofCurrent Interest to Industrial Accountants
Materials Control Problems—Early Sep-tember words and actions in the area of
materials control —to cover all products usingsteel, copper and aluminum starting October 1(but with certain transitional leeway) — suggestincreasing stringencies.
A somewhat detailed announcement offourth quarter metal quotas for consumerdurables conjures up a picture of production
in this classification below that of the previous
quarter. The copper strike, it is reported,may make revision of copper quotas for all
uses, except direct military purposes, a neces-sity. Producers whose final fourth quarterquotas of restricted metals have been cut belowadvance quotas, have been warned to cancel ex-cess orders which may have been placed. Itis also widely assumed that the fourth quarterwill see a marked increase in defense produc-tion.
Meanwhile, an expanded list of materialsin short supply has been issued by NPA and
a new agency has been created to seek aug-mented supply of the more crit ical items. This
agency is designated as the Defense MaterialsProcurement Agency and has functions a lso re-lating to encouragement of exploration andproduction.
Arrested Development Marks Price Con-trol Program—At the date of preparation ofcopy for this issue of the Bulletin, it had not yetbecome clear whether OPS direction and staffhad satisfied itself as to the proper approachfor proceeding with the planned progress of
price controls. These controls were, first, allbut frozen at their June 30 stage of develop-
ment by the temporary July extension of the
Defense Production Act of 1950 and then given
a somewhat new course by the more permanentlegislation effective July 31. Autos a lone, thefirst item to be controlled, received significant
action, a limited price boost.A draft of a revi sed price control order ap-
plicable to manufacturers generally and whichwould be known as Regulation 22x has beendiscussed with industry, with the apparentthought that other "x" orders might a lso be is-sued. In this way the progress toward specificceilings in limited areas could be resumed.However, substantial effective delay in the fur-ther pointing up of existing price control isgenerally acknowledged.
When Ceiling Prices Conflict with theRobinson-Patman Act—OPS has issued GOR
18 to meet the situation in which compliancewith its orders would force companies intoa postion of violating the provisions of theRobinson - Patman Act with regard to pricediscrimination. In general the OPS solutionis to provide for compliance with pricingorders on the over -a ll sales picture.
The substantive sections of GOR 18 follow:"Section 1. Wha t T hi s General Overriding
Regulation Does. This General OverridingRegulation provides for the adjustment of ceil-ing prices on the part of sellers whose ceilingprices under any OPS regulation involvean unlawful discrimination under the Robin -son-Patman Act (49 Stat. 1526).
"Sec. 2 Who May Apply. Applications foradjustment may be filed under this General
Overriding Regulation by any seller:(a ) Who has been found by the Federal
Trade Commission or any court of competent
OCTOBER, 1951 225
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uOni .D O.. :D. a ° ' � n+ n a • „ Oa.. n .n. • _ x ,CN. N w r t 7 . n w <ro o rD. 'a a N O C b rD r t rD .nn ^ w x G w � ' O .<. 5 ' ° ° ,G+ a N a� D O 7 7 00
C n O n pq _ N n � .., a N p
CLC rED ' ^ Q . ~ . b n 2 , O.. O• vJ i E3 n n T ° w " � •ne `bU' .w+ r 9 H n ° y ° O. . N rCD
h n 0 . 0 . w N rD S. , a .9 . .°+. rnD . ' K O n rD A • .
h y b w K rSD ° a y aw W O b rD 7 w
r1' ? VO .,, :; r" '+ n �, C, s:
yt r i o°q e n av N `o' w b c E G y a- raD ° K B Q " w o n o ' o
+� 0 . n w a ' (70 p L1" , p a 0 . ' 'L7 bo a N n i D rD C OQy� S • � � • � . a m 0 . N
� �• w w iD � . C w • O � . 0 . . . . w 7 - 5 - M. 7 m rn H ^ .7 rc , N r p n . O i t
-7 rnD H
a-N I J N G- O w O�• rD
•+.(D ` C n rD rp ` < W N
1951, such freight rate increases would notconstitute a cost increase which must be re-flected in ceiling prices under Section 104 (E)of the Defense Production Act amendmentsof 1951, which provides that certain cost in-
creases occurring prior to July 26, 1951, mustbe reflected in ceiling prices.
"It is the policy of the Office of PriceStabilization to afford relief to sellers where
cost increases would result in inequities, andvarious of the regulations issued provide foradjustments in certain cases. Freight costswould constitute 'costs' under these adjust-ment provisions and may, in appropria te cases,provide a basis for relief under the applicableregulations."
Deflating Appliance Trade -In Allow-ances—The Federal Reserve Board has issuedan interpretation relative to the provision in-cluded in the Defense Production Act of 1950
as amended by the Defense Production ActAmendments of 1951, and reflected in Amend-
ment to Regulation W as of July 31, 1951,
that trade -in values may be recognized indetermining down payments required on thepurchase of listed appliances in the samegeneral manner has been permitted in respectof automobiles. The interpretation, which re-flects difficulties encountered in administeringthis provision, reads in part as follows:
"Some of the more important principlesforbidding fictitious trade -in allowances areindicated below:
"1. It is evident that a transaction would
involve a rebate or sales discount rather
than a trade -in where the registrant in fact
did not receive delivery and possession of the
property for which a so- called trade -in allow-
ance was granted. In such a case an actual
trade -in has not occurred, and labeling the
transaction as a trade -in will not change
the essential characteristic as a mere rebate or
discount. The registrant has merely reduced
the price of the article sold. Accordingly
the required down payment would have to beobtained on the basis of the cash price of the
article net of such reduction.2. A transaction would similarly conflict
with the requirements of the regulation wherethere was applied against the required downpayment a so- called trade -in allowance in sub-
stantial amount of property having a valuethat was nominal or negligible, or that boreno reasonable relationship to the so- calledallowance. Among transactions that would thusconflict would be many made on the basisof a substantial uniform allowance for all so-called trade -ins irrespective of their make,
model or condition.3. A trade -in could not be counted as a
down payment to the extent that there hadbeen any offsetting increase in the price of thearticle being sold. The pr ice to be used as astandard here would be the actual value atwhich the registrant at the time is sellingthe same or like articles with an all -cashdown payment or on a comparable basis; thatprice might, of course, be lower than the
list price."4 . From the foregoing, it may be noted
that a trade -in allowance cannot be countedagainst the down payment required underthe regulation except to the extent that itreflects a bona fide exchange of property. Theregulation does not prevent a registrant fromgiving rebates or discounts, or from callingthem anything he may like; but no matterwhat he ma y choose to ca ll them for h is ownpurposes, they obviously cannot take the placeof the down payment required by the regu-
lation and cannot excuse the registrant from
the requirement that he actually obtain the
required down payment."In other words, a registrant is entirely free
to give any trade -in allowances, rebates, or dis-
counts that he desires, but such allowances,
rebates, or discounts cannot be used as a cloak
to conceal evasions of the down - payment re-(Continued on page 236)
O C T O B E R , 1 9 5 1 227
I N T H E P U B L I C E Y E
Hartford's Wil liam F. Blanchard recentlytook office as Comptroller of the Cityof Bristol, Conn.
Piedmont's Ervin R. Squires was recentlyelected President of the North CarolinaAssociation of C. P. A.'s . . . Ric ha r d A .Cherry is the new President of the NorthCarolina Society of Accountants.
Buffalo's Matthew A. Hall has been namedPresident of the Buffalo Area Chapter ofthe New York Sta te Society of C. P. A.'s.
Rochester's W . Le Roy Jordan is now Chiefof the Automotive Branch of the Office ofPrice Stabilization, Washington.
Boston's Past President and National DirectorNorman H. S. Vincent addressed theNorthern New England Accounting StudyConference at Dartmouth College lastmonth, on the topic, "Organization andAdministra tion of a Public AccountingOffice."
Dayton's Past President Frank L. Arnold wasrecently elected State Director of the OhioSociety of C. P. A.'s.
Milwaukee's President Warren L. Johnsonserved as Chairman of the Second AnnualAccountants Graduate Study Conferenceheld in Madison, Wisc., August 20 -22.Dayton's Gordon S. Battelle was one ofthe principal speakers at the conference.
Indianapolis' Vice President Fred H. Brett -hauer was recently named Secretary of theIndianapolis Control of the ControllersInstitute of America. . . Vice PresidentJohn D. Harrington is also serving asPresident of the Indiana Society ofC. P. A.'s.
New York's Director of Education MichaelA. C. Hume is currently conducting acourse on "Mechanized Accounting Meth-ods" at the Evening and Extension Di-vision of the City College School ofBusiness.
Detroit's James B. Bonner has been namedVice President of the Detroit Control ofthe Controllers' Institute of America.
Douglas S. Brown was Chairman ofthe Fourth Accountants' Graduate StudyConference held recently at Ann Arbor.
Cincinnati's Vernon D. Jolley recently ad-dressed state conventions of the WestVirginia Association of Higher Educa-tion and the West Virginia Society ofPublic Accountants.
Richmond's Walter B. Gillette is the newPresident of the Richmond Junior Cham-ber of Commerce.
Portland's William H. Holm has been ap-pointed to the Oregon State Board ofAccountancy, currently serving as Secre-tary- Treasurer. . James E. Keys wasrecently elected National President of theNational Society of Public Accountants.
Binghamton's Vice President Howard D.Brown has been appointed to direct theAudit Division of Binghamton's 1952United Red Feather Campaign.
Rochester's J. Raymond Tytler was recentlyelected President of the Rochester DistrictConference of the National Associa tion ofBank Auditors and Comptrollers.
Cleveland's Edith P. Rennison has beenelected President of the local chapter ofthe American Society of Women Account-ants.
Sangamon Valley's Thomas E. Moran is nowserving on the Mayor's Advisory Unit ofthe City of Decatur, I11.
Omaha's Merle Gotfredson and Joseph T .Sullivan were elected President and Sec-retary, respectively, of the Nebraska So-ciety of Certified Public Accountants . .Pat O'Donnell was elected Treasurer ofthe Independent Truckers Association.
Washington's Charles W . Tucker has beenmade Controller of the United States Mar-itime Commission.
Boston's Ted Peary was recently elected Presi-dent of the Northeastern UniversityAlumni Association . Nathaniel P.Williamson was recently named Secretaryof the New England Chapter of the In-stitute of Internal Auditors.
Dayton's Robert K. Arthur was recently electedPresident of the local chapter of the In-stitute of Internal Auditors . John E.Shirley was elected Secretary- Treasurer ofthe Dayton chapter of the Ohio Societyof Certified Public Accountants.
2 2 8 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 and Manuals
Accounting, Auditing, SystemsAdvanced Text —
Advanced Accounting Volume IGeorge H. Newlove and S. Paul Garner, D. C.Heath, 1931, 626 pp. $6
Preceded by Volume II issued late in 1950
and dealing with more specialized matters,this text concerns "corporate capital and in-come." It is directed to undergraduates,professional examination candidates, and practi-tioners. Interest may attach to the presence ofa chapter on the nature of business income and
two succeeding ones on "The Periodicity Factorand Business Income." "Stabilized Account-
ing" is the subject of the concluding chapter.
Task Force
Industrial Internal AuditingW. A. Walker and W . R. Davies, McGraw -Hill, 1951, 329 pp. $5
This volume stems from the experience of its
authors, who hold accounting posts at UnitedStates Steel Co., and was prepared to meet theneeds of a college course in internal auditing.Topical coverage is comprehensive, also exten-sive, as such titles as "Control of ProductionReporting" and "Traffic and TransportationAudits" may indicate.
New Perspective —Systems Analysis for Effective Ad-ministrationNorman H. Barish, Funk & Wagnalls, 1951,316 pp. $5
Planned as a "practical presenta tion of how tomake successful systems analyses," this work isdivided into four principal parts. These relateto systems as a business tool, their effective
analysis, their evaluation and installation, andsystems management. Chapters in the secondsection deal with (among other things) system
flow, lay -out, motion economy, forms design,
and machine utilization.
Trio on TaxationExecutives —
EfFects of Taxation on ExecutivesThomas H. Sanders, Harvard Business School,1951, 229 pp. $3.25
There is something more personal in this book
than might be expected. In contains sys-tematized observation on the job of the execu-
tive, his attitude toward it and conduct in it,and what successive tax laws have done to its
possibilities. One chapter discusses stock op-tions and stock purchase plans in the light of
the Revenue Act of 1950.
Retirement Plans —Efiects of Taxation on ExecutiveCompensation and Retirement PlansChallis A. Hall, Jr., Harvard BusinessSchool, 1951, 365 pp. $4.25
A substantial portion of the present volumerelates to "deferred -type compensation plans,"their use and tax advantages. The applicablechapters are supplemented by tables in ap-
pendices to the book. Retirement and compen-sation plans and practices are also treated.
Mergers—Effects of Taxation on CorporateMergersJ. Keith Butters, John Lintner, and WilliamL. Cary, Harvard Business School, 1951, 364PP. $4.25
The authors relate the "merger movement of
1940- 1947" and specific mergers to tax factorsand compare the movement with mergers of
other periods. The estate tax, income tax and"alternatives to sale or merger" come in for
consideration.(Continued on page 238)
O C T O B E R , 19 5 1 22 9
C O N G R A T U L A T I O N S T O . . . .
Leonard O. Zink, DETROIT, elected President,C. M. Hall Lamp Co.
Edgar O. Reynolds, Past President of LAN-SING CHAPTER, appointed Manager of thenewly - opened Lansing Office of Ernst &Ernst.
Kenneth T. Rudd, CHICAGO, President ofATLANTA CHAPTER, elected Treasurer,Link -Belt Speeder Corp., with headquartersin Cedar Rapids, Iowa.
Kirk Parer, BIRMINGHAM, now Vice Presi-dent, Zac Smith Co.
Carl G. Westerlund, Secretary of MUSKEGONCHAPTER, now Resident Manager, ThreeRivers Casting Co.
Francis L. Dabney, HARTFORD, transferring toOmaha, to become Financial Vice Presi-dent, Fairmont Food Co.
Howard A. Pierucki, LANSING, named 0 ffnceManager, Radio -TV Division, Sparks -Withington Co.
Carlton T. Crobb, GREENWICH- STAMFORD,appointed Acting Cashier, First - StamfordNational Bank.
Robert M. Coplin, Anthony Colaneri, andSigmund A. Strenkowski, NEWARK, pro-moted to Staff Accountants, GrasselliWorks Division, General Aniline & FilmCorp, Linden, N. J.
William F. Palmer, formerly of PHILADELPHIACHAPTER, appointed Controller, AmericanAirmotive Corp., Miami, Fla.
Edward C. Roberts, NEWARK, promoted toAdministrative Manager, Morris PlainsPlant, American Home Foods, Inc.
N. J. Litherland, Past President of EVANS-VILLF. CHAPTER, promoted to Treasurer,and RUDOLPH SCHNAKENBURG namedVice President, Servel, Inc.
Stanley E. Brackett, BOSTON, appointed Con-troller, Walter Baker Chocolate and CocoaDivision, General Foods, Inc. . SydKravetz, made Assistant Office Manager,Gillette Safety Razor Co., and William E.Harding named Factory Accountant.
Herman C. Heiser, Past President of PHILA-DELPHIA CHAPTER, and a National Di-rector, elected Vice President, Crown CanCo., and Howard R. Eddy, also a PastPresident of the chapter, named Treasurer.
John E. Goodman, elected AssistantTreasurer, Hercules Powder Co.Edward Clark, appointed Controller, DeLaval Steam Turbine Co., Trenton, N. J.
John E. Gallagher, BUFFALO, promoted toTreasurer, Cornell Aeronautical Labora-tory. . Wesley J. Warnock, Directorof Membership, transferred to Long Islandas supervisor of that territory for Cornp-tometer Division, Felt & Tarrant Mfg. Co.
R. H. Bischoff, PITTSBURGH, appointed Assist-ant Controller, Follansbee Steel Corp.. ..N. E. Hoffman, named Auditor, Jones &Laughlin Steel Corp.
Charles C. Coy, LOUISVILLE, now VicePresident, Vulcan -Hart Manufacturing Co.
E. L. Jones, PATERSON, named Secretary -Treasurer of all U. S. plants of WestonBiscuit Co., Inc.
F. A. Lightbourn, SYRACUSE, promoted toChief Accountant, Auburn Plant, GeneralElectric Co. . . . John A. Walsh, namedFunctional Accountant, Schenectady Plant,American Locomotive Co.
James W. Rowe, COLUMBIA, promoted toTabulating Manager, Colonial Stores, Inc.
Robert A. Berthold, HARTFORD, elected As-sistant Secretary, Hartford Electric SteelCo. . . . Howard R. Ackerman, nowFactory Manager, The Thomson CandyCo. , Meride n, Con n.. . . Anton J. Zidek,now Supervisor of Accounting, RussellManufacturing Co., Middletown, Conn.
Steve H. Bomar, Past President of ATLANTACHAPTER, named Vice President andTreasurer, Trust Company of Georgia.
Julian Kurzmann, NEWARK, elected AssistantTreasurer, R. B. Davis Co.
Irving Kaplinsky, SPRINGFIELD, elected Treas-urer, Stanley Home Products, Inc., West-field, Mass.
230 N.A.C .A . B U L L E T I N
STEVENSON TROPHY COMPETITION
Standings of Chapters -Three Months Ended September 1, 1951
PLACE CHAPTER CREDITS
I. WATERLOO....
!
.................1,426
2. HOUSTON........................
1,1333. KANSAS CITY 1,083
4. BALTIMORE . . 1,071
5. WABASH VALLEY. ..............
1,0236. FORT WORTH
........... ........1,018
7. PATERSON ........................1,016
8. SAN DIEGO......................
993
9. MERRIMACK VALLEY.............
984
10. INDIANAPOLIS...................
960I I . SPRINGFIELD
....................956
12. MUSKEGON......................
946
13. CHATTAHOOCHEE VALLEY......
92114. LOS ANGELES
....................916
15. DALLAS...........................
913
16. EVANSVILLE......................
89917. TOLEDO
..........................881
18. ELMIRA AREA....................
880
19. CHARLOTTE......................
87019. GRAND RAPIDS
.... .... .... ..870
21. FALL RIVER.......................
853
22. NEW ORLEANS..................
84623. ERIE
..... ........................24. TW IN CITIES....................
827
25. KALAMAZOO....................
81326. LANCASTER
......................810
27. LEHIGH VALLEY.................
805
28. WORCESTER......................
80229. ST. LOUIS
....................798
30. BIRMINGHAM....................
784
31. ALBANY..........................
78332. BOSTON
..........................777
33. SCRANTON.......................
763
34. GREENWICH - STAMFORD........
76235. SAN FRANCISCO
................761
36. NORTHERN W ISCONSIN........
748
37. SABINE...........................
74638. PHILADELPHIA
...................
73739. ROCHESTER
......................
726
40. RICHMOND............. ........
72441. READING
........................
72142. BANGOR
.........................
718
43. LONG ISLAND...................
71043. W ASHINGTON
..................
71045. LOUISVILLE . . . . . . . . . . . . . . . . . . . . . . 709
45. NEW YORK.......................
70947. HAMPTON ROADS
...............
70548. BUFFALO
.........................
704
49. FOX RIVER VALLEY................
70250. CINCINNATI
.....................
69951. CLEVELAND
......................
686
52. PITTSBURGH . . . . . . . . . . . . . . . . . . . . . . 68353. BROOKLYN
.......................
68154. SHREVEPORT
.....................
674
PLACE CHAPTER CREDITS
55. PEORIA..........................
67156. HARTFORD
.......................
667
56. WILLIAMSPORT..................
667
58. MID - HUDSON....................
666
59. ATLANTA.........................
66159. MILW AUKEE
.....................
661
61. AKRON...................... I...
656
62. HARRISBURG.....................
65563. TULSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650
64. SOUTHERN MAINE..............
6476S. DAY lON
.........................
64166. CALUMET
........................
636
67. HA W A II.........................
63568. YORK
.............................
63369. SYRACUSE
........................
627
70. NEW HAMPSHIRE...............
62470. DENVER
..........................
62472. TRI- CITIES . . . . . . . . . . . . . . . . . . . . . . . . 617
73. CH IC AG O . . . . . . . . . . . . . . . . . . . . . . . 61374. WATERBURY
.....................
60475. ROCKFORD
.........I .............
591
76. NEWARK.........................
58676. W ICHITA . . . . . . . . . . . . . . . . . . . . . . 586
78. COLUMBUS.......................
583
79. COLUMBIA.......................
57380. CHATTANOOGA
.................
56781. CEDAR RAPIDS
..................
560
82. PROVIDENCE.....................
559
83. BINGHAMTON...................
84. NASHVILLE.......................
549
85. SAGINAW VALLEY...............
547
85. YOUNGSTOW N...................
54787. DETROIT . . . . . . . . . . . . . . . . . . . . . . . . . . 545
88. BRIDGEPORT . . . . . . . . . . . . . . . . . . . . . 540
89. OM A H A..........................
538
90. DES MOINES.....................
532
90. LANSING............
............
92. BATON ROUGE..................
53093. PIEDMONT
.......................
516
94. MEMPHIS........................
513
95. MOHAW K VALLEY...............
512
96. NEW HAVEN.... ...............
510
97. JAMESTOWN. .................
506
98. SOUTH BEND. ...............
497
99. SANGAMON VALLEY............
492
100. SAN ANTONIO.................
486101. SEATTLE . . . . . . . . . . . . . . . . . . . . . . . . . 485102. PORTLAND
.....................
475
103. FORT WAYNE....................
471104. NORW ICH
.......................
449105. HAGERSTOWN . . . . . . . . . . . . . . . . . . . 432
106. JACKSON........................
375107. CUBA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360108. ANNISTON
.................
284
OCTOBER, 1951 2 '1
C H A P T E R M E E T I N G S-11AKRON, Ohio October 17
Women's City ClubAdding to Our Religion —J. J. GOLDIE,Dir. of Distribution, The General T ire& Rubber Co., Akron, Ohio.
ALBANY„ N, Y. October 16Shaker Ridge County Club Lathams, N. Y.
Modern Methods of Industrial Manage -ment—C. R. EKHOLM, Elkholm Assoc.,Boston, Mass.
ATLANTA, Ga. October 16Ansley Hotel
Current Business Conditions and What'sAhead — JOSEPH K. HEYMAN, Pres.,Joseph K. Heyman Co., Atlanta , Ga.
BALTIMORE, Md. October 16Sheraton Belvedere Hotel
Marketing Costs —E. W. KELLEY, Con.troller, Macy's, Kansas City, Mo.
BANGOR, Me. October 15Lucerne Inn Dedham
Mechanical Technique for Manufactur-ing Controls — PALMER HAGER, Mgr.,Controls Div., I. B. M., Endicott, N. Y.
BATON ROUGE, La. October 17Heidelberg Hotel
Have Yo u Tried Listening?— WESLEYWIKSELL, Assoc. Prof., Louisiana StateUniv. & Consultant on CommunicationsIndustry, Baton Rouge, La.
BIRMINGHAM, Ala. October 16Tutwiler Hotel
Industrial Mobilization —ALLEN RUSH.TON, Pres., Birmingham Ice and ColdStorage Co., Birmingham, Ala.
BOSTON, Mass. October 17Hotel Bradford
Labor in a Cold War Economy —Wm.GOMBERG, Dir., Mgt. Engr. Dept.,I. L. G. W. U., New York City.
BROOKLYN, N. Y. October 17Clement's Club
How to Operate an Effcient Cost Con-trol Program —,a Case Study —NICHOLASST. PETER, Ass't Controller, Hyatt Bear-ings Div., G. M. C., Harrison, N. J.
BUFFALO, N. Y. October 18Trap and Field Club
The Economic and Accounting Implica.tions of Employee Pension and SecurityPlans—WILLIAM A. PATON, Prof.,
2 3 2
School of Bus. Adm., Univ. of Mich.,Ann Arbor, Mich.
CALUMET October 23Phil Smidt 6 Son Hammond, Ind.
Education and Research —Wm. VEND -LEY, Assoc. Prof. of Acctg., PurdueUniv., West Lafayette, Ind.
CEDAR RAPIDS, Iowa October 16Hotel Montrose
Psychology Contributes to PersonnelEvaluation— CHARLES S. DEWEY, In-dustrial Psychologist, Charles S. Dewey& Assoc., Chicago, Ill.
CHARLOTTE, N. C. October 19Hotel Mecklenburg
Multiple Management —W. ERNESTISSEL, Ass't. Treas. & Asst. Sect 'y., Mc-Cormick & Co., Baltimore, Md.
CHATTAHOCHEE VALLEY October 8Ralston Hotel Columbus, Go.
What Labor Looks for in CorporationReports — GEORGE E. MANNERS, Resi-dent Dean, Atlanta Div., Univ. of Ga.,Atlanta, Ga.
CHATTANOOGA, Tenn. October 18Hotel Patten
Preparing for the Annual Audits —J.WESLEY Huss, Lybrand, Ross Bros. &Montgomery, Louisville, Ky.
CHICAGO, III. October 2SFurniture Club of America
Control of Distribution Costs —J.BROOKS HECKERT, Prof. of Accounting,Ohio State Univ., Columbus, Ohio
CINCINNATI, Ohio October 18Hotel Sheraton- Gibson
The Effect of Taxes on Business Plan-ning—JAMES J. MAHON, JR., ResidentPartner, Lybrand, Ross Bros. & Mont-gomery, Philadelphia, Pa.
CLEVELAND, Ohio October 17Hotel Carter
Industrial Accounting in a DefenseEconOmy—CHARLES HEADLEY, Con-troller, Westinghouse Electric Corp.,Pittsburgh, Pa.
COLUMBIA, S. C. October 18Jefferson Hotel
What the Executive Wants From Ac-counting— CHARLES W . KOKER, Exec.Vice Pres., Sonoco Products Co., Harts-ville, S. C.
N.A. C .A . B U L L E T I N
COLUMBUS, Ohio October 22Hotel Fort Hayes
Accounting Problems Under Wage Sta-bilization—R. ALLAN PARKER, Partner,Touche, Niven, Bailey & Smart, Day-ton, Ohio.
GRAND RAPIDS, me. Oetaber 16October 19 Rowe Hotel
The Cost Accountant's Problems withthe Cost Ac- Wage -Hour Regulations —J. B. FEN -GREEN, Pres., NER, Vice Pres. & Comptroller, ElectricTexas. Auto -Lite Co., Toledo, Ohio.
FOX RIVER VALLEY October 17Caterpillar Cafeteria Joliet, III.
Pricer and Profits —Wm. A. BLAME,Vice - Pres., Caterpillar Tractor Co., Jo-liet, Ill.
DALLAS, Tax.Melrose, Hotel
Management Looks tocountant— LEONARD M.Dr. Pepper Co., Dallas,
DAYTON, Ohio October 16Engineer's Club
The Current Problem — Overhead Ex-pense Control—GOULD L. HARRIS,Prof , o f Acc tg ., N. Y. U ., N . Y. C.
DENVER, Colo. October 16University Club
Estate Planning— HERMAN FEUCHT,Vice Pres., American National Bank,Denver, Colo.
DES MOINES, Iowa October 17Standard Club
Profit Path Control —FRED V. GARDNER,Principal, Fred V . Gardner & Assoc.,Milwaukee, Wisc.
DETROIT, Mich. October ISVeterans Memorial Bldg.
Industrial Accounting on a DefenseEconomy— CHARLES E. HEADLEE, Con-troller, Westinghouse Electric Corp.,Pittsburgh, Pa.
ELMIRA AREA October 16Mark Twain Hotel Elmira, N. Y.
Cost Accounting for Management Use—ERIC A. CAMMAN, N. Y . C.
EVANSVILLE, III. October 18Alpine House
The Effects of Federal Taxation onCorporate Affairs—ADDISON B. CLO-HOSEY, Dir., Washington Tax Bureau,R. I . A., Inc., Washington, D. C.
FORT WAYNE, Ind. October 16Chamber of Commerce
But Figures Do Lie—RALPH L. LEE,Dept. of Public Relations, G. M. C.,Detroit, Mich.
FORT WORTH, Texas October 18Worth Hotel
The Control Material Plan as It AffectsIndustrial Planning and Management —ERNEST L. TuTT, Regional Dir., Bu-reau Foreign and Domestic Comm.,
•U. S. Gov't., Dallas, Texas.
GREENWICH-STAMFORD October 16Halfway House Stamford, Conn.
Planning for Effective Co t s —THOMASW. SPICER, Div. Comptroller, WesternElectric Co., N. Y. C.
HAGERSTOWN, Md. October 18Anthony Wayne Hotel Waynesboro, Pa.
The Economic Outlook —M. L. STOKES,Chairman, Dept. of Econ. and Politi-cal Science, Gettysburg College, Gettys-burg, Pa.
HAMPTON ROADS, Va. October 17Hague Club Norfolk, Va.
Methods to Take Advantage of RatingSchedule—WILLIAM B. PURSER, Chiefof Research, Statistics and Information,Unemployment Compensation Comm,Richmond, Va .
HARRISBURG, Pa. Ocetber 23Penn Harris Hotel
Trends in Modern Banking —E. N.THOMAS, Pres., First National Bank,Gettysburg, Pa.
HOUSTON, Texas October 22Weldon's Cafeteria
The Position of the Accountant at aPerson in the Organization —E. C.RECHTIN, Gen. Mgr., Bethlehem SteelCo., Shipbuilding Div., Gulf District,Beaumont, Texas.
INDIANAPOLIS, Ind. October 17Marott Hotel
The Business Outlook —JOHN K. LAN -GUM, Prof. of Bus. Admin., School ofBusiness, Indiana Univ., and Pres.,Business Economics, Inc., Chicago, Ill.
JACKSON, Miss. October 18WalthalI Hotel
Agricultural and Industrial Developmentof the South—ELLIS T. WOOLFOLK,Pres., Mid -South Oil Co., Memphis,Tenn.
O C T O B E R , 19 5 1 23 3
JAMESTOWN, Pa. October 16
Hotel Jamestown
Price Controls— JOSEPH A. NicoslA,Dist. Council, and P. BLAKE SAUNDERS,His Assoc. and Attorney Advisor,O. P. S., Buffalo, N. Y .
KAL AM AZO O, Mich. October 16Columbia Hotel
Cost Reduction Through Accounting —H. A. WILLIAMS, General Plant Con-trol. , Eaton Mfg. Co., Cleveland, Ohio.
KANSAS CITY, Mo. October 15President Hotel
The Effect of Taxer on Business Plan-ning —JAMES J. MAHON, JR., Partner,Lybrand, Ross Bros. & Montgomery,Philadelphia, Pa.
LANCASTER, Pa. October 19Hotel Brunswick
Current Renegotiation Problems —LEs-LIE MILLS, Partner, Price Waterhouse &Co., N. Y. C.
LANSING, Pa. October 18Hart Hotel Battle Creek, Mich.
Financing in the Public Utility Field —ROBERT P. BRIGGS, Financial Vice Pres.,Consumers Power Co., Jackson, Mich.
LEHIGH VALLEY October 5Easton Hotel Easton, Pa.
Controlled Material Procedure for Busi.ness—E. HAINES HILLIARD, Chief ofControlled Material, Sect., U. S. Dept.of Comm., Philadelphia, Pa.
LONG ISLAND, N. Y. October 16Garden City Hotel
Management Control Through CostAcctg.— C . OLIVER WELLINGTON, Sr.Partner, Scovell, Wellington & Co.,N. Y. C.
LOS ANGELES, Cali f. October 16Elks Club
The Impact of High Taxes on the Na.tional Economy — MERRYLE STANLEYRUKEYSER, Lecturer, Author and Col-umnist, New Rochelle, N. Y.
LOUISVILLE, Ky. October 16Kentucky Hotel
Some of the Economies of Accountancy—CARL B. ROBBINS, Pres., GeneralPlywood Corp., Louisville, Ky.
MEMPHIS, Tenn. October 17Hotel King Cotton Memphis
Developments in Financial Reporting —JOHN PEOPLES, Partner, Peat, Marwick,Mitchell & Co., N. Y. C.
MERRIMACK VALLEY October 18Haverhill Country Club Haverhill, Mass
The Time Is Now (Inflation the Gov-ernment's Cost Problem) —ROGER S.HAMILTON, Dean, College of Bus.Admin., Northeastern Univ., Boston,
Mass.M I D - HUDSON October 15
Nelson House Poughkeepsie, N. Y.
Employee Education and Training —MERRILL E. KILRY, Dir. of Training,Calco Chemical Div., American Cyana-mid Co., Boundbrook, N. J.
MILWAUKEE, Wis. October 15
Milwaukee Athletic Club
Modern Fictions and Fables of CostAccounting —MYRON W . KRUEGER,Treas., Raymond Concrete Pile Co.,N. Y. C.
MO H AWK VALLEY October 15Hotel Utica Utica, N. Y.
Distribution Costs—ARTHUR H. SMITH,Ass't. Comptroller, General Mills, Inc.,Minneapolis, Minn.
MUSKEGON, Mich. October 8Cottage Inn
A Touch of Recognition —N. A. GEORGE—Dir. of Industrial Relations, TheMurray Corp. of America, Detroit,Mich.
NASHVILLE , Tenn. October 9
Andrew Jackson
Budgetary Control —FRANK Z. OLES,Supervisor, Budgets and Reports, Davi-son Chemical Corp., Baltimore, Md.
NEW HAMPSHIRE October 16Calumet Club Manchester
Estimating and Standard Costs UsingMT M —DOUGLAS M. ANDERSON, Sr.,Assoc., Bruce Payne and Assoc., West-port, Conn.
NEW HAVEN, Conn. October 23Seven Gables Towne House
Problems Involved in Current Tax Re-visions— THOMAS N. TARLEAU, Will.kie, Owen, Farr, Gallagher and Wal-ton, N. Y. C.
NEW ORLEANS, La. October 18New Orleans Country Club
Cost Saving Through Detection ofFrauds —J. M. LoPEz, Special Agent inCharge, F. B. I., New Orleans, La.
NEW YORK, N. Y. October 15
Belmont Plaza
Budgets —Key to Profits—E D M o N D LAROSE, Controller, Bauch & Lomb Op-tical Co., N. Y. C.
234 N.A .C . A . B U L L E T I N
NEWARK, N. J. October 25Robert Treat Hotel Newark, N. J.
A Practical Method of Keeping Infla-tion Out of Inventory Valuations —HERBERT T . MGANLY, Partner, Ernst& Ernst, Cleveland, Ohio.
NO. WISCONSIN October 12Valley Inn Neenah, Wis.
Modern Fictions and Fables of CostAccounting—M y R o N W . KRUEGER,Raymond Concrete Pile Co., N . Y . C.
NORWICH, Conn. October 18Mohican Hotel New London, Conn.
Observations on the Misuse of Costs inDetermining Management Policy —G. R. HAWES, Vice - Pres., BarringtonAssoc., Inc., N . Y . C.
OMAHA, Neb. October 23Fontenelle Hotel
Time Out for Self Appraisal —H. FER-RIS WHITE, Partner, Booz Allen &Hamilton, Chicago, Ill.
PEORIA, III. October 17Jefferson Hotel
Accounting for Fixed Assets —A. B.HOSSACIC, Pres., American AppraisalCo., N. Y. C.
PHILADELPHIA, Pa. October 18Kugler's Chestnut St. Restaurant
Cott Determination for GovernmentContract) —EARL R. UHLIG, Controller,The Glenn L. Martin Co., Baltimore,Md.
PITTSBURGH, Pa. October 17Hotel Wm. Penn
Cost Accounting Quiz—DAVID P. FRY,
JR . , Vice- Pres., Pioneer Suspender Co.,Philadelphia, Pa.
READING, PA. October 19Wyomissing Club
Tax Development — Federal and Penn -sylvania— WILLIAM McFARLAN, C.P.A.,Mgr., Tax Dept., Sun Oil Co., Inc.,Philadelphia, Pa.
RICHMOND, Va. October 18Hotel Richmond
Effective Budgeting for Increased Profits— STANLEY Z. BRON NER, Asst. Treas.,Bridgeport Brass Co., Bridgeport Conn.
ROCHESTER, N. Y . October 17Seneca Hotel
Distribution COSts— ARTHUR H. SMITH,Asst. Comptroller, General Mills, Inc.,
Minneapolis, Minn.
ROCKFORD, III. October 16
Lafayette HotelWages Wi th th e Fringe on Top—SAMMARSH, Prof. of Acctg., WashingtonUniv., St. Louis, Mo.
SABINE October 15Goodhue Hotel Port Arthur, Texas
The Part and Guesstimates for the Fu-ture— ROBERT W . FRENCH, Dean Col-lege of Comm. & Bus. Admn., TulaneUniv ., New Orleans, La.
ST. LOUIS, Mo. October 16
Sheraton HotelModern Fictions and Fables of CostAcconnting—MYRON W . KRUEGER,Treas., Raymond Concrete Pile Co.,N. Y. C .
SAN ANTONIO, Texas October 16
Manger HotelWage Stabilization, Wage and Hoursand Their Effect on Industry —JACKG. HIGH, Field Office Super., U . S.Dept. of Labor, San Antonio, Texas.
SANGAMON VALLEY October 16Elks Club Springfield, Ill.
Words Mean So Many Different Things— ALEXANDER EULENBERG, Counsellor -at -Law, Chicago, Ill.
SCRANTON October 15
Hotel CaseyCurrent Industrial Accounting Problems—GILES B. RAISNER, SKF Industries,Inc., Philadelphia, Pa.
SEATTLE, Wash. October 17University Club Tacoma, Wash.
Determining Optimum Plant Capacity --EDWARDS R. FISH,JR.,Office Mgr.,U . S. Plywood, Corp., Seattle, Wa sh .
SHREVEPORT, La. October 18
Caddo HotelAnalyzing a Financial Statement —J. G. O'BRIEN, Vice Pres. and Treas.,J. B. Beaird Co., Inc., Shreveport, La.
SOUTH BEND., Ind. October 16
La Salle HotelRudimentary Cost Accounting for theSmall Manufacturer —J. S. GUSTAFSON,Mgr., Special Services Dept., Touche,Niven, Bailey & Smart, Chicago, Ill.
SOUTHERN MAINE October 19Elm Hotel Auburn
Responsibility of Accounting to theOperating Department —ERIC PRIOR,Mill Controller, Oxford Paper Co.,Rumford, Me.
O C T O B E R , 19 51 2 3 3
SPRINGFIELD, Mass. October 17Hotel Sheraton
The Employer and the Employment Se-curity Laic—DEWEY G. ARCHAMBAULT,Ass't. Dir., Mass. Div. of EmploymentSecurity, Boston, Mass.
SYRACUSE, N. Y. October 18Hotel Syracuse
Presenting Financial Information toStockholders —J. E. TURNER, Talon,Inc., Meadville, Pa.
TRI- CITIES October 16Fort Armstrong Hotel Rock Island, III.
Financing of Defense Contracts —A. L.OLSON, Vice - Pres., Federal ReserveBank of Chicago, and R. O. BYERRUM,Pres., Univ. National Bank of Chicago,Chicago, Ill.
TULSA. Okla. October 17Mayo Hotel Tulsa
Job Relations Training —M. J. RULEY,Superv., Industrial Arts and VocationalEducation, Tulsa Public Schools Sys-tem, Tulsa, Okla.
WABASH VALLEY October 16Terre Haute House Terre Haute, Ind.
The Function of the Personnel Depart-ment in Making the Budget Work —O. I. BROWN, Mgr., Industrial Rela-tions, Rand McNally & Co., Chicago,III.
WASHINGTON, D. C. October 17Willard Hotel
What W e Need in Cott Reports forGeneral Management —Roy T. HURLEY,Pres., Curtiss - Wright Corp., Wood-ridge, N. J.
WATERBURY. Conn. October 9Hotel Elton
Recording Realities —EARL BUNTING,Managing Dir., N.A.M., N. Y. C.
WATERLOO October 16Black's Tea Room
Accounting in a Large ManufacturingCo.—A. N. WHITLOCK, Ass't. Con-troller, Caterpillar Tractor Co., Peoria,Ill.
WICHITA, Kansas October 16Broadview Hotel
Investment Planning —JACKE UPE, Har-ris Upham & Co., Wichita, Kansas.
WILLIAMSPORT, Pa. October 9Republican Club Williamsport, Pa.
But Figures Do Lie—RALPH L. LEE,Dept. Public Relations, GMC., Detroit,Mich.
WORCESTER, MASS. October 18Putnam & Thurston Restaurant
Industrial Isurance Costs and Problems—PERCY D. BETTERLY, Consultant forInsurance Buyers, Percy D. Betterly,Worcester, Mass.
YORK, Pa. October 17Hotel Yorktowne
Cost Determination for GovernmentContracts —E. R. UHLIG, Controller,Glenn L. Martin Co., Baltimore, Md.
YOUNGSTOWN, Ohio October 17Tippecanoe Country Club
Broad Application of Lifo—HERBERTT. McANLY, Gen'l Partner, Ernst &Ernst, Cleveland, Ohio.
C O S T C U R R E N T S(Cont'd from page 227 )
quirements of the regulation contrary to theprinciples here set out.
"5 . Under section (8a) of the regulationthe registrant is required in any given caseto keep such records as are relevant to estab-
lish that his treatment of an allowance as atrade -in or exchange in payment or part pay-
ment of the required down payment is in con-formity with the foregoing and with the re-
quirements of the regulation."
Wage Policy to Encourage Job Reten-Non—It is reported in the press that the WageStabilization Board is currently engaged informulating a policy for administration in field
236
offices, which will assist in eliminating differ-
ing levels of pay among companies for thesame work, a situation which gives rise tomovement of labor and turnover costs. In itsdeliberations the board is said to be confronted
with two possible approaches, one more ac-ceptable to labor and the other to industry,and may compromise between them.
Industry generally is said to be partial to
the view that levelling of differentials (which,
as a practical matter, is likely to come about
largely in case -by -case rulings on wage adjust-
ment applications) should be aimed at con-
sistency within geographical areas, an approach
N.A .C . A . B U L L E T I N
which had a governing influence during World
War II. To labor is attributed a desire forindustry -wide standards for work of similar
type. It is suggested that this approach maybe adopted with respect to some lines of
business.
Materials in Short Supply—NPA's newlist of materials presenting supply problems
was issued late in August and will be re-issued approximately every two months, asindicated in the release accompanying it. Thefollowing portions of the release text aredescriptive:
"Nearly 400 materials are grouped alpha-betically within their commodity classifications
according to whether the supply of each is(1) very short, (2) in approximate balance
with essential demand, or (3) fair to good.
"Classifications have been determined incollaboration with various material divisions
and production evaluation division in Na-tional Production Authority, and with Officeof Materials Resources in Munitions Board.
"Among important factors determininggroup classification for each material are thefollowing:
"Supply: Availability of materials; sources— domestic or foreign; transportation required;
production capacity; manpower.
"Demand: Military requirements; defense -
supporting programs; stockpiles; domestic in-dustries; civilian economy.
"Two group definitions have been clarified
in this issue. Group I 'in very short supply,"
is unchanged. Group II becomes materials
whose supply is 'in approximate balance with
essential demand.' Group III becomes ma-
terials 'in fair to good supply.'
"Conditions in the chemical industry today
make the availability of most chemicals sub-
ject to rapid change. Because of this fact,
plus the impracticality of rating the full list
of over 5,000 chemicals, starting with this
issue only well -known and widely used chem-icals will be classified, thereby eliminating
about 200 items from the 550 of the previouslist- Plastics are included among chemical
listings.
"Latest ratings of the many unlisted chemi-cals may be had by inquiring direct from
Chemical Division, National Production Au-
thority, Washington 25, D. C.
"In steel, the tightening of alloys has
moved all alloy castings into Group I whereall types of sheet and strip have followed. An
increasing threat to winter steel productioncontinues to be an unseasonable shortage of
scrap."Among larger tonnage non - ferrous mate-
rials copper is most critical. Good domesticcopper production in spite of recent strikes
has not been enough to affect loss in foreign
imports of concentrates and ores, due to in-flated world prices. Refined copper and cop-
per and brass scrap are very short with someopen facilities in refining and fabricating.
"Increased imports are needed to relievethe shortage in tin and lead, but probably
must await adjustment in world market prices.
Zinc is tight because 70 per cent of its ton-nage is taken by the three controlled materials,steel, copper, and aluminum, largely in gal-
vanizing, brass, and aluminum alloys.
Leather's improved situation reflects in-creased imports during the last six months,plus reduction both in military requirementsand in seasonable civilian consumption.
"Domestic graphite, properly sized, hasbeen substituted successfully for madagascarflake in making crucibles.
"Mica paper is being used in certain appli-cations to replace mica splittings in capacitors.
"Reinforced plastics are finding many usesfor all- weather applications.
"Glass fibers are replacing a widening rangeof materials ranging from asbestos to silk.
"Use of stainless clad equipment is con-serving nickel by replacing solid stainless."
OCTOBER, 1951 237
LITERATURE NOTES(Con t ' d from p . 229 )
ManualImpression Process—
Budget Cost ManualLithographers' National Association, looseleaf, 1931, 169 pp ., $17.30
The loose -leaf arrangement of this manual isto enhance its usefulness. Obvious care has
Problems
been taken in its physical assembly (includingattractiveness) as well as in its contents. Themanual revises a preceding one issued severalyears ago and it is further stated that thepresent work retains "tested principles of costaccounting for the industry which have beendeveloped over the years since 1888."
Articlesholds and improvements to them, and voluntary
One for f I f o"— removal of buildings.
The Need for Agreement on a Uni-form Basis of Inventory ValuationH. T . McAnly, The Controller, August 1931
Considering profits determined on the basis ofinventory valuations at current cost as springsin the inflationary spiral, the author of thisarticle advocates wider use of last in first outinventory valuations. He concludes that "anyhindrance to the adoption of 'lifo' should beremoved so that we may progress towardrealism."
Beyond th e Board —
Tax Court Background of Renegotia-tion and Its Effect on Income andExcess Profits TaxationSamuel S. Starr, Journal of Accountancy,September 1931
Pertinent history of prior renegotiation cases,primarily those which reached the Tax Court,is here given as orientation which may behelpful when the Renegotiation Act of 1951 ,
now in force, is also in procedural operation.
Th e Di st in c t io n an d th e D i f f e r en c e —
Capital and Revenue Expendituresfor Federal Income Tax PurposesJames E. Lordeman, Jr., Accounting Review,July 1931
Here presented is a review of cases and funda-mental considerations which have affected theinterpretation of the distinction between ex-pense and capital outlay for determination oftaxable net income. Among the areas givenattention are repairs and replacements, lease-
Pay Rules and Act ions —
What Can Be Done About SalaryRaises Under WSB Regulations: TheRules and the ExceptionsHenry J. Griswold and Walter W . King,Journal of Accountancy, Augmit, 1931
Under this title are presented two articles intandem. Mr. Griswold's contribution reviewsprincipal Wage Stabilization Board ordersthrough Regulation 9. Mr. King generallyreviews the record of wage actions since theactivation of controls.
From WithinA Tool a t Hand —
Management Control Through In-ternal AuditingH. C. M. Cobb, The Internal Auditor, June1951
In this paper, the internal auditor appears as"management's internal control specialist."There is introductory material and a considera-tion of the way in which the internal auditorplays a part in sales control, budgetary controland factory operations control. The over -allfunction is further characterized as "bridgingthe gap of delegated responsibility and au-thority."
I n t h e A r m y N o w —
The Army's Internal Audit Program:How It Works, What It Is Designedto AccomplishSta , Internal Audit Branch, Audit Division,Opce of Comptroller of the Army, Journal of
Accountancy, September 1931
2 3 8 N . A . C . A . B U L L E T I N
This article introduces the Army's new internalauditing program, relates its viewpoints to
those of internal auditing in industry, andindicates the probable character of its applica-
tion to army activities. The advent of the pro-
gram is tied to concepts of the National Se-curity Act Amendments of 1949 and theBudget and Accounting Procedures Act of 1950.
The CampusCosts in Colleges —
Budgetary Control for Colleges andUniversitiesHoward A. Withey, New York CertifiedPublic Accountant, August 1931
Written by a practit ioner whose firm is known
to have many clients in the educational world,this article goes over the main points of pro-cedure involved in the operation of controlbudgets for educational institutions. The au-
thor states that "budgetary control — providesa most effective tool for educational admin-
istration."
Lr There a Difference? —Depreciation as Applied to Institu-tional Property of all KindsAlice H. Aubert, New York Certified PublicACCOnntant, August 1931
It has been common for institutions not to
record depreciation of fixed assets, largely be-cause they frequently come (and are replaced)in the form of gifts or bequests. There is a
current school of thought which would put
this matter on the same basis as in businesses
conducted for profit. The author of the present
article takes a balanced view between the two
camps.
Many SubjectsLetting in the Light —
Research Projects in AccountingRalph Conghenour Jones, Accounting eview,July 1931
This presentation is a classified listing, both of
projects completed and under way. Masters'
theses, doctors' theses, and faculty research are
grouped separately. The eighteen topical group-ings include accounting history, cost account-ing, budgeting and controllership, accountingsystems, and reports and statements.
On Our HorizonsContingencies —
A Corporate Insurance Check ListSid Mo r e ^ The Comptroller, August 1931
Under the six heads of (1) fire and extended
coverage for property damage, (2) businessinterruption, (3) liability, (4) criminal loss,
(5) miscellaneous coverages and (6) insuranceon officers and employees, this article lists and
characterizes points to watch in programminginsurance and carrying out the program. Forexample, in respect of the first type, the mat-ters taken up are valuation, coinsurance, re-porting forms, selling price clause, vandalism,
and demolition.
ADDRESSES OF PUBLISHERS AND PERIODICALS
ACCOUNTING REVIEw, THE, c/o Charles Gaa, David Kinley Hall, University of Illinois, Urbana,111. Single copy $1.50
CONTROLLER, THE, 1 E. 42nd St., New York 17, N. Y. Single copy 50¢FUNK & WAGNALLS CO.,153 E. 24th St., New York 10, N. Y.HARVARD BUSINESS SCHOOL, Soldiers Field Station, Boston 63, Mass.HEATH, D. C. & COMPANY, 285 Columbus Ave., Boston 16, Mass.INTERNAL AUDITOR, The, 120 Wall St., New York 5, N. Y. Single copy $1.JOURNAL OF ACCOUNTANCY, The, 270 Madison Ave., New York 16, N. Y. Single copy 60¢LITHOGRAPHERS NATIONAL ASSOCIATION, INC., 420 Lexington Ave., Rm. 300, New York 17, N. Y.McGRAw -HILL BOOK Co., 330 W. 42nd St., New York 18, N. Y.NEw YORK CERTIFIED PUBLIC ACCOUNTANT, The, 677 Fifth Ave., New York 22, N. Y. Single
copy 50¢.
OCTOBER, 1951 239
N. A. C. A.tools for better industrial accounting
— REGIONAL COST CONFERENCES, 1951 -52 am—
NEW ENGLAND CONFERENCE Sheraton- Biltmore Hotel
OCTOBER 12 -13, 1951 Providence, R. I.
Participating Chapters:AlbanyBangor Hartford Providence (sponsor)
Boston Merrimack Valley Southern Maine
Bridgeport New Hampshire Springfield
Fall River New Haven Waterbury
Greenwich - Stamford Norwich Worcester
NORTHWEST CONFERENCE Radisson Hotel
OCTOBER 19 -20, 1951 Minneapolis, Minn.
Participating Chapters:
Cedar Rapids Milwaukee Rockford
Chicago Northern W isconsin Tri- Cities
Des Moines Omaha Twin Cities (sponsor)
Fox River Valley Peoria Waterloo
MIDWEST CONFERENCE Claypool Hotel
APRIL 4.5, 1952 Indianapolis, Ind.
Participating Chapters:
Calumet Fort Wayne Sangamon Valley
Cincinnati Indianapol is (sponsor) South Bend
C o l u mb u s Lo ui s v i l le To l e do
Da y t o nP i t t s bu r gh W a ba s h V a l le y
Ev a ns v i l le St . Lo ui s Y o ungs t o wn
SOUTHERN CONFERENCE
APRIL 18.19, 1952
Anniston
Atlanta (sponsor)
Baton Rouge
Birmingham
Charlotte
Participating Chapters:
Chattahoochee Valley
ChattanoogaColumbiaHampton RoadsJacksonMemphis
Ansley HotelAtlanta, Go.
Nashvi lle
New Orleans
Piedmont
Richmond
Shreveport
33rd ANNUAL INTERNATIONAL COST CONFERENCE
JUNE 15 -18, 1952 • Waldorf- Astoria • NEW YORK CITY
.wx o:' `Ifl1 jl' F
