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N.A.Q.B U L I . E T I N
I N T W O S E C T I O N S • S E C T I O N T W O
o� E �
FEBRUARY
National Assoc iation of Cos t Accountants
505 PARK AVENUE, NEW YORK 22, N. Y
1950
IN THIS ISSUE
IN THE NEWS
Research Committee Plans Studies of Costs forManagement Decisions ............ ............................... 783
William A. Boyle, 1897 -1950 ....... ............................... 784
Annual Cost Conference Program Taking Shape...... 785
Milwaukee Chapter Pioneers in Aiding JuniorAchievement ........................... ............................... 786
In the Public Eye ............ ............................... _ . 788
Congratulations To .................... ............................... 794
THE TECHNICAL SIDECost Currents ............................ ..... 789
Literature Notes ................... ...... 795
STEVENSON TROPHY STANDINGS ........ ......... ......... 792
CHAPTER MEETINGS ..................... ............................... 797
N. A. C. A. Bulletin Volume XXXI, Number 6
NATIONAL OFFICERS
PresidentLogan Monroe
Vice PresidentsCharles R. IsraelJulius E. JohnsonJohn J. LangNelson L. McCullyMayben P. NewbyClaude O. RaineyDuncan D. RichardsonCharles H. Towns
TreasurerPhilip J. Warner
HEADQUARTERS' STAFF
Arthur B. Gunnarson, SecretaryRaymond P. Marple, Assistant Sec-
retary— Technical ServiceJohn L. Doran, Assistant Secretary
— Chapter Relations and Confer-ences
Walter B. McFarland, Supervisorof Research — Member Service
George F. Wyman, Editor ofN. A. C. A. Bulletin
James A. Thompson, Office Man-ager— Membership Relations
Donald G. Keen, Supervisor ofPublicity and Public Relations
I N T H E N IEW S. .
RESEARCH COMMITTEE PLANS STUDIES OF COSTS
FOR MANAGEMENT DECISIONS
Cost Allocation Bases to Receive First Attention
FOLLOWING and in part basedon the work involved in the prep.
aration and publication of studies inthe field of standard costs in 1948and the field of cost - volume -profitrelationships in 1949 (the latterseries still to be completed), the field
I. WayneKeller
of cost information for managementdecisions will engage the principalattention of the Association's Re-search Staff in 1950, according to arecent announcement of the N. A.C. A. Committee on Research. Thefirst item in the Committee's programwill be a study of cost allocation,preliminary field work for which hasalready begun. This study, previouslyannounced as directed toward non -manufacturing costs, will be broad-ened in line with the Committee's an-nouncement to include manufacturingcosts as well.
Commenting on the decision of theCommittee, I. Wayne Keller, Assist-ant Controller of the Armstrong Cork
Co. and Chairman of the Committee,said: "Because good cost forecastingdepends on reliable past costs andon good measures of the perform.ance which can be expected, the de.velopment of this field of cost ac-counting has of necessity followedthe developments in cost finding andcost control. Once past costs havebeen properly classified and ana-lyzed, bases of measurement in theform of standards and budgets de-veloped, and the effect of volume oncosts determined, the industrial ac-countant has most of the data neededto enable him to inform managementof the cost effect of any contemplatedcourse of action. Having devoted thepast two years to studies of standardcosts and the effect of volume oncosts, the Committee on Research ofN. A. C. A. plans to utilize the in.formation obtained from these andearlier research studies to explorethe field of cost information for man.agement decisions."
As indicated, the initial project onthe Committee's agenda is a study ofcost allocation or assignment. Under.standing of the relative profit mar•gins of products, territories; and linesof activity requires the allocation ofmany costs which relate to two ormore products, territories, or lines ofactivity. The degree of judgment andunderstanding with which these jointcosts are divided determines the valueof the resulting figures to manage-
FEBRUARY, 1950 783
ment. Many of these joint costs arefixed and will not change in totalamount whether a new product lineis added or an old line dropped.Thus, the assignment of these coststo products, territories, or lines ofactivity is important, both in devel-oping good historical measurement ofresults by lines and in forecasting thecost effect of contemplated courses ofaction. Preliminary field studies inthis area have indicated considerablevariation in practice and a generalfeeling that cost allocation as a toolcan be sharpened and made moreuseful.
Originally planned to cover onlynonmanufacturing costs, with par-ticular emphasis on distributioncosts, the N. A. C. A. study has nowbeen broadened to cover the alloca-tion of all costs. The decision tocover the wider field was made bythe Committee because of the feelingthat production costs developed forinventory valuation purposes are notnecessarily proper for planning pur-poses and the further feeling thatemphasis on cost control during re-cent years had tended to reduce thesharpness of cost finding on whichcost forecasting must depend.
William A. Boyle1897 -1950
The death of former National VicePresident William A. Boyle on Janu-ary 12 came as a distinct shock tothose who knew him and worked with
WilliamA.
Boyle
him during his long period of asso-ciation with N. A. C. A. His passing,at the age of 52, brought to a closean active business and Associationlife— thirty years with the U. S. Hoff-man Machinery Corporation andtwenty -six years with N. A. C. A.Death came at the New Rochelle(N. Y.) hospital, after an illness ofseveral weeks.
Born in Auburn, N. Y., "Bill"Boyle spent most of his life in Syra-
cuse, where he joined the local chap-ter upon his election to membershipin the Association in 1924. He servedthe Syracuse Chapter as Vice Presi-dent for the years 1927 -1929, and asPresident, 1932 -1934. In 1937, hewas elected a National Director andwas Director in charge of Publicityfrom 1938 to 1940.
Mr. Boyle was elected to the SpotClub, organization of former Na-tional Officers and Directors of N. A.C. A., in 1940 and served as VicePresident of the Club, 19431944.He was elected President of thegroup in 1944, serving for a two -year period. In 1946, Mr. Boyle waselected to the office of National VicePresident for a one -year term, afterwhich he was appointed to the Per-manent Fund Committee in 1947.
During Mr. Boyle's thirty -year as-sociation with U. S. Hoffman Ma-chinery Corporation, manufacturersof pressing machinery, he rose to be-come Vice President and Controllerof that company. Six years ago hemoved to the New York area.
784 N. A. C. A. BULLETIN
ANNUAL COST CONFERENCE PROGRAM
TAKING SHAPE
PLANS for N. A. C. A.'s Thirty -First Annual International Cost
Conference are being rapidly formedunder the expert guidance of Confer-ence Committee Chairman Carl E.Lindquist and Technical ProgramCommittee Chairman John B. Inglis.Once again the annual conventionwill be held for a three -day period,with a meeting of the National Boardon the fourth day. The practice inrecent years of alternating the con-ferences between New York and Chi-cago will continue, with New York'sWaldorf-Astoria holding the spot-light this year, June 18 -21.
The daily program is expected toshape up in the same manner as lastyear's Chicago Conference. Appliedto the forthcoming Conference, thisindicates that Sunday, June 18, willbe devoted to registration and an in-formal afternoon reception. Mondaymorning, June 19, will be featuredby the first technical session, fol-lowed by a Chapter Secretaries'luncheon, afternoon technical session,Spot Club dinner, and the President'sBall. Tuesday will headline a morn-ing technical session with the AnnualMeeting and Election scheduled at itsclose, followed by a luncheon andmeeting of Chapter Officers and Di-rectors, with chapter hospitalityhours and other activities planned forthe evening. Wednesday morning andafternoon will be completely takenup with the final two technical ses-sions, after which the main N. A.C. A. social function of the year, theAnnual Dinner, will take place in theevening and will draw the Conferenceto a close. Thursday, June 22, willbe devoted to a meeting and luncheonof the National Board of Directors.
As the planning for the theme ofthe 1950 Conference develops, con-sideration is currently being given to
Carl E.Lindquist,
ConferenceChairman
suggested technical topics for the fivetechnical sessions. On Monday, theopening session is expected to treatthe general topic of economic impli-cations of the current drive for pen-sions and welfare funds and theirprobable extension, as well as theaccounting problems of economic se-curity plans. The second session istentatively scheduled to consider theproblems of making office functionsmore effective by increasing officeproductivity through training, andthrough measuring, planning, andcontrolling of output. The third ses-sion, on Tuesday, would undertakediscussion of costs to aid manage-ment in problems of alternate choice.
Scheduled for Wednesday, thefourth technical session is expectedto outline what is needed in cost re-ports, both for general managementpurposes and for factory supervisionpurposes. The expanding opportuni-ties for the industrial accountant—his role in labor relations and man-agement opportunities open to him —is likely to be the topic for windingup the fifth and final technical ses-sion of the Conference.
FEBRUARY, 1950 765
MILWAUKEE CHAPTER PIONEERS IN AIDING
JUNIOR ACHIEVEMENT
Education in Free Enterprise
SEVENTEEN thousand youngsters,operating fifteen hundred "com-
panies," are giving the American freeenterprise system a dynamic publicrelations program of youth educa-tion. With "learn by doing" theirkeynote, and Junior Achievement,Inc., their mechanism, forged byAmerican business, thousands ofAmerica's youth are learning thetruth about business by actually en-gaging in it. Along with othergroups, N. A. C. A. members, in linewith an example set by MilwaukeeChapter, have an opportunity of fur-nishing a portion of the adult guid-ance and leadership needed for thefull success of the project.
As an organization, Junior Achieve-ment, Inc., with National Headquart-ers in New York City, is unique andthe significance of its methods and
Certificate of Merit Honoring "SuperiorRecord Keeping and Financial Control."Presented by Leslie Aspin, 1948 -1949 Presi-dent of Milwaukee Chapter, to TeenDreams, a Junior Achievement Company.
goals is now being fully realized bynational business, industrial, andeducational leaders, including N. A.C. A. members. It is designed to meetthe needs of youth for the practicaltraining and experience which willhelp them to take their places in theeconomic life of America. The JuniorAchievement movement has been inoperation for more than ten yearsand is organized today in 81 com-munities in 25 metropolitan areas ordistricts. It is supported by some5,000 business organizations and in-cludes more than 1,000 businessleaders on its area boards of direc-tors.
The training which Junior Achieve-ment provides is intensely practical.Under "J. A." guidance, groups ofboys and girls, fifteen to twenty -oneyears of age, are set up in small"companies" which are run and op-erated by the young people them-selves. J. A. companies raise theirown capital by selling stock at fiftycents a share and produce a varietyof products and services. A regularmeeting place for business centerpurposes is maintained by each com-pany or group of companies whichpay a nominal sum for rent, light,heat, and wages. In short, each com-pany finances itself, manages itself,produces a product or service, andsells that product or service throughits own efforts.
Each company has a sponsor, ob-tained by a local committee of busi-ness leaders, which may be a nearbybusiness concern or civic, profes-sional, or service group. In addition,Junior Achievement also arranges forthe supervision and guidance of each
786 N. A. C. A. BULLETIN
Cost Accounting Training Given JuniorAchievement Officers by Milwaukee Chap-ter Education Committee. Chapter VicePresident Robert Beyer (Right), CommitteeMember Edward A. Kovic (Left, standing).
company by adult advisers who areexperts in the fields of production,sales, and record keeping.
J. A.'s services and supporters arecontinuing to grow at a substantialrate. With all but one of its twenty -five operating districts located inN. A. C. A. chapter areas, many N. A.C. A. members are participating inthis worth -while activity. They areserving in advisory capacities in of-fering the benefit of their experienceto aspiring youngsters connected withthe financial function of the variouscompanies created. Interest is alsodeveloping among several N. A. C. A.chapters desiring to perform a genu-ine, coordinated public service as aspecial chapter activity.
Milwaukee Chapter Aids J. A.It is in organizing on an effective
and helpful basis the adult oversightof J. A. company operations, ascalled for by its rules, that Mil-waukee Chapter of N. A. C. A. hasbeen a pioneer among professionaland educational association groups
in giving Junior Achievement mate-rial support. In July 1948, RobertBeyer, currently Vice President ofthe Milwaukee Chapter, was ap-pointed to the Board of Directors ofJunior Achievement and was as-signed the position of Chairman ofthe Supervisory Committee. The com-mittee was given the responsibilityfor making monthly checks of the 57J. A. companies operating in theMilwaukee area during the 1948-1949 year to see that they maintainedstandards set. In administering theseresponsibilities, Mr. Beyer felt that,since three main activities— sales,production, and record keeping —were to be checked, it would be toadvantage if this review could be per-formed by qualified and unbiasedoutside sources. To fill this need, hesecured the services of the MilwaukeeChapter of N. A. C. A., the Mil-waukee Sales Managers' Association,and the Society for the Advancementof Management.
The Junior Achievement programalso attracted the attention of J. C.Freeman, 1949 -1950 President ofMilwaukee Chapter, and together heand Mr. Beyer set up the procedurefor supervising and instructing theJ. A. companies. In the fall of 1948,three supervisory sessions were held,at which time J. A. members and theadult advisers for each of their com-panies were invited to attend. Onesession consisted of a panel on sales-manship, another on production, andthe third on record keeping. Thesesessions were planned and executedby a four -man team representing eachof the three associations mentionedabove.
An award to the J. A. companythat did the best job in selling, pro-duction, and record keeping, respec-tively, was offered by the association
(Continued on page 791)
FEBRUARY, 1950 787
IN THE PUBLIC EYE . . .WASHINGTON'SRaymond G. Lochiel
has been appointed a member of theCivilian Panel to advise the Comp-troller of the Department of theArmy.
CEDAR RAPIDS Chapter's KeithDunn has been elected President ofthe Cedar Rapids Chamber of Com-merce.
DENVER'S Roscoe N. Bradt is thenew President of the Colorado Asso-ciation of Public Bookkeepers.
PROVIDENCE'S Philip A. Feiner hasbeen appointed to the Governor'sAdvisory Committee on Unemploy-ment Compensation.... Charles Hollhas been elected Treasurer of theState Fiscal Officers of New England.
WORCESTER'S George F. Shannonhas been appointed a member of theAdvisory Committee of IndividualPractitioners of the American Insti-tute of Accountants.
CLEVELAND'S Marion A. Frye hasbeen installed as National Presidentof the American Woman's Society ofCertified Public Accountants. Shehas also been named National Chair-man in charge of New Chapter De-velopment by the American Societyof Women Accountants.
DETROIT'S Gerald Faunde has beenelected a Director of the Down RiverChamber of Commerce.. . LionelSorensen recently spoke on "Controlof Engineering Expenses" at the An-nual Controllers Convention in SanFrancisco.
ST.Loots Chapter's Henry F. Cha-deayne has been appointed to theAdvisory Council for the state or-ganization of United World Fed-eralists.
PHILADELPHIA'SVerl L. Elliott hasbeen elected to the Board of Direc-tors of the Union League of Phila-delphia. Mr. Elliott recently ad-dressed the annual meeting of theAmerican Petroleum Institute on thesubject, "Employee Educational andTraining Programs." . . . Harold C.Stott has been appointed to the Boardof Corporators of Woman's MedicalCollege of Pennsylvania.... ArnoldL. Mettler recently served as Chair-man of the Conference Committee ofthe Philadelphia Regional Confer-ence of the American Society for theAdvancement of Management. Ray-mond B. Crean was a leader of oneof the workshop groups at the con-ference. Oscar Mallin recentlyaddressed several retail lumbergroups on "How to Meet the ProfitSqueeze with Better Cost Controls."He has also contributed several arti-cles to recent issues of the AmericanLumbermen.
HAMPTON ROADS Chapter's Wil.liam M. Files has been elected to theBoard of Directors of the newly or-ganized Richmond chapter of the In-stitute of Internal Auditors.
DAYTON'S John K. Vlahos is teach-ing advanced accounting in the eve-ning classes of the American Insti.tute of Banking.
BOSTON'S Joseph G. Rosenkranzwas recently elected to the IndustrialRelations Council of the QuincyChamber of Commerce.
CHATTAHOOCHEE VALLEY'S Mem-bership Director Leo J. Leonard hasbeen admitted to practice before theTax Court of the United States inWashington, D. C.
788 N.A. C. A. BULLETIN
COST CURRENTSShort Reports on Items of Current Interest
to Industrial Accountants
Situation in PensionsWhat Has Been Done: Pension
Plan Summary — A seven - column,two -page spread appearing in Fac-tory Management and Maintenance,July 1950, analyzes the principalfeatures of five pension plans. Thefirst two treated are industrial plansand consist of those entered into in1949 by Bethlehem Steel Companyand Ford Motor Company. The thirdpresented is that agreed to in 1948by the C.I.O. as employer with theUnited Office and Professional Work-ers of America. The remaining twoplans are the present and proposedFederal Old Age and Survivors In-surance plans.
The column headings under whichthe related provisions of each ofthese plans are summarized are en-titled: "What Are Eligibility Re-quirements?" "How Much DoesWorker Get When He Retires ?""Who Pays for Pensions ?" "WhoAdministers the Plan ?" "How Is theWorker's Pension Figured ?" "HowMuch Does a Worker Get at Age 65After Thirty Years of Service, Aver-age Wage $200 a Month ?" and "WhyIt's Important."
Beneath this final column heading,a brief summary is given to point upthe place which each of the five planshas taken in the present pension pic-ture. It is indicated that the Steeland Ford plans are significant in theeffect they may have in setting a moreor less immediate pattern for otherplans in their own and other indus-tries. The C.I.O. plan is stated to beits own practical application of aplan, preceding its 1949 drive for
negotiated pension plans. The datagiven for Federal pensions under thepresent and proposed new law is in-dicated as significant for the way inwhich it figures in calculation of fur-ther benefits under many voluntaryand negotiated plans in industry.
Technical Assistance — Keyed tothe thought that the present interestin pension and retirement plans willinevitably call for the services ofprofessional actuaries in greaternumbers than heretofore, the Janu-ary 14, 1950, issue of Business Weekreports the formation of a groupknown as the Conference of Actu.aries in Public Practice. Noting theplace that actuarial staffs hold in theoperations of insurance companies,the report reviews the course whichtraining of actuaries ordinarily takes.
As presented, membership in theSociety of Actuaries is the end resultof eight examinations, only three ofwhich may be taken by college un-dergraduates and relate to languageaptitude, general mathematics, andspecial mathematics (finite differ-ences, probability, statistics). Twosubsequent examinations — in themathematics of life contingenciesand the construction of mortality ta-bles —may qualify successful candi-dates for Associate Membership inthe Society of Actuaries. The threeremaining examinations on the roadto full membership are further spe-cialized.
The report in the issue of BusinessWeek cited and which gives furtherinformation on the subject, indicatesthat qualified actuaries are not nu-merous, only some 600 individualsbeing fellows of the society.
FEBRUARY, 1950 789
Bidding for Government BusinessTie Bids for Civilian Con-
tracts— Revised rules for the awardof contracts for which tie bids havebeen received, supplanting the pro-cedure of selection by lot only, havebeen announced by the General Serv-ices Administration which now holdsan authoritative position with respectto Federal Civilian purchasing. Thenew rules have as their purpose tofavor small companies and /or areasconsidered as "distressed employ-ment" areas. A small company isdesignated as one "whose aggregatenumber of employees, including (em-ployees of) affiliates is less than500." Tie bids are regarded as bids"equal in all respects, taking intoconsideration costs of transportation,cash discounts, and other factorsproperly to be considered."
The procedure to be followed is toaward contracts by lot among thoseequal bidders representing smallcompanies unless any of the biddersare to perform the work in an em-ployment distress area. If so, theselection by lot will be among smallcompanies in this situation or, if nosuch companies are in the "small"category, award will go to a companynot in this category which will per-form the work in an employment dis-tress area.
More Information on MilitaryProcurement Bid Invitations — Pressreports indicate that about Febru-ary 1 a plan, designed for the De-partment of Defense by the Muni-tions Board, is expected to go intoeffect under which there will beestablished nine military public in-formation offices in cities not yet se-lected as this item is written. Theseoffices are to receive information onbid requests air - mailed daily fromeach of the nearly seventy major pur-
chasing offices of the Army, Navy,and Air Force. The information tobe so distributed is planned to in-clude type and quantity of materialto be purchased and the time andplace when bids will be opened.
Companies interested in respond-ing to bids are to have the option ofwriting to the purchasing office forfull details or of inspecting the bidinvitations at the new informationoffices. A reservation is that the newprocedure will not apply to invita-tions to bid on so- called classifiedcontracts.
Status of DemandDurable Goods Backlog —Recent
editorial comment in The Journal ofCommerce, January 13 issue, high-lights the changed operating condi-tions to be encountered by many com-panies in 1950 as compared withearlier postwar years. Reporting that,on the basis of figures from govern-mental statistical sources, the over-all backlog of orders for durablegoods rose from a level of one andone half months' sales in 1939 to sixmonths' sales in 1946, the editorialcites less than three months' salesas the present level. The viewpointis taken that, while the drop as re-ported is an average decline, the re-duction may well constitute an in-dustrial weather sign that one of theheaviest areas of pent up consumerdemand is appreciably thinning.
Issuance of SecuritiesS.E.C. Considers New Proposal —
The problem imposed by time re-quired for preparation of registrationstatements covering new security is-sues and by the existence of an in-terval between the filing and effectivedates of these statements, continuesto plague the Securities and Ex-
790 N. A. C. A. BULLETIN
change Commission, the investmentbanking industry, and companies de-sirous of raising capital or borrow.ing in the market. The proposal madeby the commission while congress wasin session last summer that (amongother things) advance distribution ofa skeleton prospectus be permittedand issuers and others be absolvedfrom certain liabilities in connectionwith material included in it, was notformally presented as proposed legis-lation. Meanwhile, changes in com-mission personnel have resulted in
suggestions along a different line.These suggestions, originating withHarry A. MacDonald, new chairmanof the commission, look toward cer-tain liberalizations in permissiblecontract arrangements among issuers,underwriters, and dealers during thewaiting period, with continuation ofpre- effective oral solicitation andorders, and include pre - effective dis.tribution of a document similar tolong -form newspaper advertisementsnow permitted and indicating the fu.ture availability of a final prospectus.
JUNIOR ACHIEVEMENT(Continued from page 787)
concerned with each of these func.tions. The awards were donated bylocal business concerns. L. C. Ho-bert, of Milwaukee Chapter, wasChairman of the Awards Committeelast year.
Due to the intense efforts of theMilwaukee Chapter of N. A. C. A.,and the cooperation it inspired withother professional groups, the JuniorAchievement program in Milwaukeehas had as high a level of supervi-sion as any J. A. program in thenation. Not only is this fine effortcontinuing this year, but it is ex-
WE REMEMBER . . .Harry J. Payne, 55, LANSING, Office
Manager, Lonergan Mfg. Co., Albion,Mich.
Myron M. Strain, 53, SAN FRANCISCO,Dean, School of Accountancy, GoldenGate College.
Kenneth McIntyre, 43, PORTLAND.
panding continually as more andmore N. A. C. A. members partici.pate as advisers at weekly meetingswith J. A. companies.
The Junior Achievement move-ment is one of the most potent forcesin America for giving the nation'syouth real knowledge of the work-ings of our free enterprise system.Its effectiveness may be measuredperhaps in the degree and origin ofthe attacks made upon it by forcesinimical to this system, as an indi-cator that J. A. is spoiling theirgame.
Raymond J. Landringham, 37, Mo-HAWK VALLEY, Cost Accountant, TheBossert Co., Division of Timken - DetroitAxle Co.
Warren W. Nissley, 57, NEW YORK,Partner, Arthur Young & Co. At thetime of his death he was Treasurer ofthe American Institute of Accountants.
Correction: The January "We Remember ..." column erred in listing the follow-ing obituary: Gustav J. Schultz, 61, PITTSBURGH, U. S. Steel Corp. The notice shouldhave referred to Gustav J. Schultz, 61, NEWARK, connected with Heyden ChemicalCorp., New York.
FEBRUARY, 1950 791
STEVENSON T ROPHYP1E Y S7C'1 NDINGS EFor Seen
ndingvDec. 31, 1949wc
y m> o x e4 m S to
ne
rneOtv
s
ee : e eC. 3
e em 3
p ea =
C + + e a
s751. Elmira Area...... 101 1,470 457 1,927 206 - 182 140 200 34 300 80
805050 75
300300
275140
1,8421,797
3,7693,468
85
-
3,6843,468
2.3.
Fo r t W o r t h . . . . . . .Chatt. Valley......
104118
1,1901,106
481422
1,6711,528
200216
80120
97190
120120
200200
3535
420330 80 50 75 300 175 1,891 3,419 - 3,419
4. Binghamton 111 1,779 471 2,250 248 60 189 140 200200
3534
390360
8080
5050
7575 -300
195165
1,6621,910
3,9123,322
588
-
3,3243,322
5.6.
GreenwichMo h a w k V a l l e y . . .
107138
9941,176
418422
1,4121,598
34682
2080
140140
140140 200
2003535
390390
8080
4050
7575
300290
155165
1,7171,871
3,3153,272
--
3,3153,272
7.8.
Paterson .........Anniston
18768
1,0331,575
368354
1,4011,929
166125
100105
180100
140120 200 23 388 80 30 75 300 65 1,611 3,540 318 3,222
9. ........Wichita .......... 126 875 406 1,281 312 75 52 140 200 33 360 80 5050
7575
295300
265140
1,9371,708
3,2183,203
--
3,2183,203
10. Los Angeles...... 510 929 566 1,495 78 - 190 140 200 35 420 80
11. Baltimore ........ 310 777 445 1,222 290 115 155 140 200 35 360 7280
5050
7575
300 180155
1,9721,639
3,1943,064
--
3,1943,064
12. Cedar Rapids..... 11798
991986
434347
1,4251,333
264187
3025
221188
140140
200200
3425
390330 80 50 75
-300 115 1,725 3,058 - 3,058
13.14.
Sabine . . . . . . . . . .Lansing ......... 129 1,349 372 1,721 92 20 130 140 200 35 330 80 30 75
75300300
90125
1,5221,787
3,2432,931
199
-
3,0442,931
15. Yo rk . . . . . . . . . . . . 164 622 522 1,144 172 80 140 140 200 35 390 80 50
16. Hous ton . . . . . . . . . 323 636 474 1,110 148 100 116 140 200 33 420 80 4040
7575
290300
13090
1,7721,600
2,8822,880 -
-2,8822,880
17.18.
Muskegon ........Kansas City......
69258
791676
489431
1,2801,107
108223
6580
11271
140140
200200
3035
360420
8080 50 75 300 90 1,764 2,871 - 2,871
19. W as hington . . 224 619 542 1,161 73 40 189 140 200 34 358 8068
5050
7575
290 180265
1,7091,613
2,8702,852
--
2,8702,8 52
20. Me r r im a c k Va l le y . 90 840 399 1,239 192 60 139 14 0 200 34 39040 75
-90 1,658 2,852 - 2,852
20.22.
SyracuseSpringfield
326286
754583
446428
1,1941,011
305125
6520
238189
140120
200200
3534
390420
8080 50 75 -280 240 11833 2,844 _ 2,844
23........Birmingham 261 700 498 1,198 238 80 190 140 200 35 390 80
805040
7575
-265
16590
1,6431,773
2,8412,819 -
2,8412,819
24.25.
AtlantaNort hern W i s c . . . .
242128
646728
400438
1,0461,166
29178
8040
87228
140140
200200
3525
390300 80 50 75 300 115 1,631 2,797 - 2,797
25. W aterloo . . . . . . . . 61 896 422 1,318 287 125 71 120 200 28 360 6880
4050
7575
-275
105125
1,4791,742
2,7972,795 -
-2,7972,795
27.28.
Providence . . . . . . .Tulsa
313140
700746
353430
1,0531,176
204280
4520
12458
140140
200200
3430
390420 80 40 75 275 - 1,618 2,794 - 2,794
29. ...........Jackson 75 1,283 498 1,781 170 - 67 140 200 33 415 80 5050
7575
--
165130
1,3951,427
3,1762,786
386
-
2,7902,786
30. Read ing 150 875 484 1,359 84 115 188 140 200 35 330 80
31. New Hampshire... 140 653 396 1,049 174 40 158 80 200 35 360 80 5050
7575
290 19080
1,73211383
2,7813,016
-2502,7812,766
32. Wabash Valley.... 49 1,050571
583397
1,633968
19982
7575
111173
120140
200200
3535
358390
8080 50 75
-280 205 1,785 2,753 - 2,753
33.34.
E r i e . . . . . . . . . . . .Chicago . . . . . . . . .
1661,102 903 417 1,320 148 65 234 140 200 30 270 80 50
507575
- 13090
1,4221,469
2,7422,741
--
2,7422,741
35.36.
Columbus . . . . . . . .Lehigh Valley.....
301134
914799
358450
1,2721,249
222170
6085
127140
140140
200200
3535
390390
SO80 30 75
-- 130 1,475 2,724 - 2,724
37. Dayton . . . . . . . . . . 509 600 437 1,037 218 90 186 140 200 35 420 8080
5050
7575 -
-190190
1,6841,461
2,7212,713
--
2,7212,713
38.39.
RichmondTw i n Cities
157389
826832
426373
1,2521,205
182145
7055
139167
140140
200200
3535
300420 80 50 75 - 140 1,507 2,712 - 2,712
40. St. L o u i e . . . . . . . . . 510 798 367 1,165 210 80 134 140 200 35 360 80 50 75 - 180 1,544 2,709 - 0
41. Fall River. . . . . . . . 128 786 435 1,223 76 105 193. .
140. .
200n . n
32. e
270a e n
80un
40en
757r.
--
260an
1,4711 .346
2,6942.749
-57
2,6942.692
47. A lbany . . . . . . . . . . 128 513 473 986 66 35 116 140 200 35 420 80 SO 75 285 110 1,612 2,598 2,59848. H a r t f o r d . . 342 331 440 771 78 120 188 140 200 35 390 80 50 75 300 150 1,806 2,577 2,57749. Sangamon V a l l e y . . 138 656 434 1,090 88 60 121 120 200 32 330 80 40 75 290 40 1,476 2,566
-
2,56650. Rochester . . . . . . . . 322 646 428 1,074 206 25 190 140 200 35 390 80 50 75
-
90 1,481 2,555-
2,555
51. Lancaster . . . . . . . . 309 583 468 1,051 166 70 190 140 200 35 330 80 50 75-
155 1,491 2,542-
2,54252. A k r o n . . . . . . . . . . . 246 406 397 803 141 105 96 140 200 35 330 80 50 75 280 185 1,717 2,520
-
2,52053. New ark . . . . . . . . . 598 466 384 850 145 50 190 120 200 35 360 72 40 75 280 90 1,657 2,507
-
2,50754. Youngstow n . . . . . . 196 700 432 1,132 172
-
138 140 200 35 360 80 50 75-
90 1,340 2,472-
2,47255. New O r l e a n s . . . . . . 176 588 394 982 238 60 124 140 200 35 360 80 40 75
-
130 1,482 2,464-
2,464
56. Evans vi l l e . . . . . . . 97 636 436 1,072 218 70 91 140 200 35 328 80 50 75-
90 1,377 2,449-
2,44957. Mi lw auk ee . . . . . . . 488 362 374 736 230 100 233 140 200 34 390 80 50 75
-
180 1,712 2,448-
2,44858. Phi ladelphia . . . . . . 866 394 418 812 253 80 240 140 200 35 390
3608080
5040
7575
-
90180
1,6331,293
2,4452,437
-
-
2,4452,43759. Grand R a p i d s . . . . .
60. Denver . . . . . . . . . .160201
700735
444339
1,1441,074
-
1356040
128119
140140
200200
3033 390 80 50 75
-
-
100 1,362 2,436-
2,436
61. Jamestown . . . . . . . 114 592 380 972-
40 105 120 200 35 330 80 30 75 275 165 1,455 2,427-
2,42762. W aterbury . . . . . . 193 405 361 766 96
-
190 120 200 35 330 80 40 75 295 175 1,636 2,402-
2,40263. Bangor . . . . . . . . . . 60 600 389 989 113 20 139 140 200 23 355 80 50 75
-
215 1,410 2,399-
2,39964. Ham pton Ro ad s . . . 181 370 475 845 80 40 140 140 200 35 300 80 40 75 285 130 1,545 2,390
-
2,39065. Indi anapol is . . . . . . 357 399 479 878 300 80 111 140 200 35 300 80 40 75
-
140 1,501 2,379-
2,379
66. Roc k fo rd . . . . . . 255 606 380 986 220 55 84 140 200 34 300 80 50 75-
140 1,378 2,364-
2,36467. Hagers town . . . . . . 71 900 405 1,305
-
35 163 140 200 34 360 80 50 75-
40 1,177 2,482 128 2,35468. Scranton . . . . . . . . . 149 576 384 960 86 80 190 140 200 33 360 80 50 75
-
90 1,384 2,344-
2,34469. Br idgeport . . . . . . . 275 212 308 520 339 20 92 140 200 35 330 80
-
75 285 220 1,816 2,336-
2,33670. South B e n d . . . . . . . 178 466 401 867 82 60 92 140 200 33 330 76 40 75 295 40 1,463 2,330
-
2,330
71. Mid - Huds on . . . 141 549 392 941 82 75 190 140 200 29 330 80 50 75-
130 1,381 2,322-
2,32272. Da l l as . . . . . . . . . . . 267 350 436 786 154 40 131 140 200 35 390 80 50 75
-
205 1,500 2,286-
2,28673. Mem ph i s . . . . . . . . 158 903 427 1,330 188
-
36 120 200 34 240 80 50 75-
115 1,138 2,468 192 2,27674. San Anton io . . . . . 87 1,050 320 1,370 95 15 47 140 200 32 330 68 50 75
-
65 11117 2,487 253 2,23475. F o r t W a y n e . . . . . . 242 350 398 748 146 145 104 140 200 35 330 80 40 75
-
165 1,460 2,208-
2,208
76. Tri- Ci t ies . . . . . . . . 215 613 379 1,010 72 35 106 100 200 30 300 80 40 75-
155 1,193 2,203-
2,20377. Pi t t s burgh . . . . . . . 707 312 366 678 225 45 196 140 195 35 360 80 40 75
-
130 1,521 2,199-
2,19978. Piedmont . . . . . . . . 119 466 359 825
-
85 95 140 200 33 300 68 50 75 280 40 1,366 2,191-
2,19179. Charlotte . . . . . . . . 70 350 317 667 102 40 89 120 200 30 270 79 50 75 295 160 1,509 2,176
-
2,17680. W orces ter . . . . . . . 207 481 375 856 147
-
179 140 200 35 300 80 40 75-
115 1,311 2,167-
2,167
81. Kalamazoo 76 437 359 796-
-
136 140 200 35 210 80 50 75 285 155 1,366 2,162-
2,16282. Cinc inna ti . . . . . 253 470 356 826 115 15 169 140 200 35 300 80 50 75
-
80 1,259 2,085-
2,08583. Toledo . . . . . . . . . . 283 263 391 654 157 120 107 120 200 35 360 80 50 75
-
115 1,419 2,073-
2,07384. Chattanooga . . 139 560 429 989
-
-
131 140 200 34 300 80 30 75-
50 1,040 2,029-
2,02985. Port land . . . . . . . . . 172 393 396 789 92 40 69 120 200 30 360 68 40 75
-
140 1,234 2,023-
2,023
86. B rook l yn . . . . . . . . 354 326 369 695 140 40 131 140 200 35 300 80 50 75-
125 1,316 2,011-
2,01187. New Y o r k . . . . . . . . 1,628 325 375 700 70 65 189 140 200 35 390 80 50 75
-
-
1,294 1,994-
1,99488. Peoria . . . . . . . . . . . 257 175 411 586 80 40 181 140 200 35 330 80 30 75
-
205 1,396 1,982-
1,98289. San Fr a n c i s c o . . . . 418 264 350 614 233 95 107 140 200 35 300 72 30 75
-
80 1,367 1,981-
1,98190. Lou i s vi l l e . . . . . . . . 233 327 423 750 150 15 42 140 200 35 330 72 40 75
-
130 1,229 1,979-
1,979
91. Bu f fa l o . . . . . . . . . . 374 366 361 727 142 60 72 140 200 34 300 80 50 75-
40 1,193 1,920-
1,92092. Calumet . . . . . . . . . 93 1,085 400 1,485
-
20 9 140 200 29 300 80 50 75-
40 943 2,428 542 1,88693. New H a v e n . . . . . . . 234 323 339 662 72
-
139 140 200 35 300 80 50 75-
130 1,221 1,883-
1,88394. Boston 862 230 375 605 78 45 139 140 200 35 360 80 40 75
-
80 1,272 1,877-
1,877. . . . . . . . . . .95. Seattle . . . . . . . . . . 108 484 470 954
- -
26 140 200 20 270 80 50 75-
75 936 1,890 18 1,872
96. Ha rr i s bu rg . . . . . . 98 254 384 638-
15 67 140 200 29 330 80 30 75-
215 1,181 1,819-
1,81997. Ha w a i i . . . . . . . . . . 111 215 488 703
- -
61 120 200 30 360 80 50 75-
50 1,026 1,729-
1,72998. Cuba . . . . . . . . . . . . 160 165 420 585 96
-
96 140 200 18 330 80 50 75-
40 1,125 1,710-
1,71099. Omaha . . . . . . . . . . 84 466 346 812
-
25 22 140 200 23 270 80 50 75- -
885 1,697-
1,697100. Nas hvi l l e . . . . . . . . 95 350 259 609
-
-
68 140 200 34 330 72 50 75-
115 1,084 1,693-
1,693101. Saginaw Va l l ey. . 128 300 404 704
- -
31 100 200 29 330 80 40 75-
40 925 1,629-
1,629102. F o x Ri ve r Va l l ey . 112 161 152 313
- -
20 20 100 5 30 20-
50- -
245 559-
559
CONGRATULATIONS TO . . .John W. Hooper, BROOKLYN, elected George E. Brown, HARTFORD, appoint -
President, Lincoln Savings Bank of ed Departmental Auditor, Research De-Brooklyn. partment, United Aircraft ... . William
Elmer Eisermann, CLEVELAND, ap-pointed Controller, Hamilton Steel Co.
S. D. Williams, TULSA, named Assist-ant Controller, Sohio Petroleum Co.
James J. O'Donnell, NEW YORK, ad-mitted to partnership, W. C. HeatonCo.
Dan Vass, LANSING, now Vice Presi-dent, Michigan Molded Plastics, Inc.
Jackson S. Raider, SAGINAW VALLEY,recently appointed Controller, Wallace &Morley, Bayport, Mich.
Elmer H. Streithof, formerly of SAGI-NAw VALLEY Chapter, now Controller,Stahl- Meyer, Inc., New York.
Henry Adamany, AKRON, elected As-sistant Treasurer, Lehr Iron & Steel Co.,Inc.
Harold J. Althouse, WASHINGTON,promoted to Comptroller, Peoples DrugStores.
Kenneth R. Sechrist, YORK, now Con-troller, Coastal Tank Lines.
Roy Barnes, CEDAR RAPIDS, namedPartner, McGladrey, Hansen, Dunn & Co.
Past President Kenneth Bergstrom,WORCESTER, appointed Director of Sys-tems and Procedures, Allentown Mfg.Co., Philadelphia.
Mark Z. Hanlon, SYRACUSE, electedComptroller and Secretary First Trust &Deposit Co. . . .Robert h.Wilkinson,promoted to Chief Accountant, AircooledMotors, Inc.
Robert W. Smith, WILLIAMSPORT,promoted to Purchasing Agent, Stroeh-mann Bros. Co.
B. Castenholz, Jr., Director of Publica-tions, elected Assistant Secretary, Ameri-can Thermos Bottle Co., Norwich, Conn.
William Savage, Los ANGELES, as-signed to head Industrial Division, Na-tional Cash Register Co., San Diego,
& Calif.
James K. Flannery, BALTIMORE, nowSales Representative, Le Febure Corp.,Towson, Md.
Edward C. Wiggert, DETROIT, ap-pointed Office Manager, Jim Gold's Hud-son Sa les . . . . Wayne E. Norman, ap-pointed Regional Business Manager,Kaiser- Frazer Corp., Cleveland.
P. D. Eastman, ST. Loots, now Super-visor of General Accounting, EmersonElectric Co.... G. P. Keethler, electedAssistant Secretary, Alco Valve Co....Marshall D. Howell, elected to Board ofDirectors and named Secretary, Nixdorff-Krein Mfg. Co.
Victor L. Howell, HAMPTON ROADS,now Comptroller, Seaboard Citizens Na-tional Bank.
Lawrence E. Murphy, formerly ofBOSTON Chapter, now Assistant Treasurer,Wyman Gordon Co., Worcester, Mass.
Leon W. Aldrich, BOSTON, appointedComptroller, Chilton Greetings Co.
John I. Marder, Director of Member-ship of Los ANGELES Chapter, now aPartner, Bernard Kotkin & Co.
Edgar J. Cossette, Jr., HARTFORD,made a Partner, Knust, Everett & Cam-bria.
The firm of Manrara & Perez Daple, of which National DirectorLuis V. Manrara, member of Cuba Chapter, is a Senior Partner, haspublished a tax manual entitled "Impuestos al Dia" ( "Taxes Up toDate "). This is the first comprehensive tax guide ever published inCuba, a series of ten volumes covering all of the country's currentgeneral tax laws. It is available as a special technical service of theaccounting firm, which will issue revisions as changes in tax laws occur.
794 N. A. C. A. BULLETIN
LITERATURE NOTES
Books and Pamphlets
PENSION AND BENEFIT PLANSe The comprehensive approach —Handbook for Pension Planning,Symposium, The Bureau of NationalAffairs, Inc., 1949. 363 pp. $5.Treats design, tax qualification,financing, and cost determination ofpension plans in separate chapters,with chapters also on pension plan-ning, amending or ending plans, tax-ability of benefits to employees, bar-gaining on pensions, and presenta-tion of plans to employees. Theseveral parts are authored individ-ually by members of a group of con-tributors consisting principally of ac-tuaries and attorneys or by the edi-rial staff of the publisher.
There are six appendices. Of these,one gives the text of the AmericanCyanamid Company pension plan, asecond reproduces the plan explana-tion offered employees by the Na-tional Biscuit Company, and a thirdprovides the question and answer in-formation utilized by Rohn & Haasas part of a booklet. The remainingappendices comprise a brief glossaryof pension terms, a sample trustagreement in connection with a pen-sion plan, and a group of specimenclauses from labor agreements, re-lating to such plans.
e Bibliography — Social Insurance,Pensions, and Other "Fringe Bene-fits," Business Information Sources,November, 1949. Lists some onehundred recent studies and articlespublished in 1949 dealing with thefield of pensions, profit sharing, andrelated topics. The captions underwhich titles are listed include "Howto Set Up a Pension Plan," "WhatIs Profit Sharing Doing ?" and "Col-
lective Bargaining Procedures." Thepresent issue is a supplement to thatof March 1949 entitled "Social In-surance, Pension, and Profit - SharingPlans." The latter issue has beenrecently reprinted.
ACCOUNTING TODAYe Many minds— Proceedings of theEleventh Annual Institute on Ac.counting, Ohio State University,1949. 134 pp. Reports the addressesgiven at the sessions of the Instituteon Accounting, held on May 20 and21, 1949. These include "New Finan-cial Statements for New Price Levels"by Howard C. Greer, "Costing Prob-lems Posed by Price Fluctuations"by Clinton W. Bennett, and "Budget-ing in Periods of Changes in Priceand Volume" by James B. Fenner.Public affairs and economic policytake some part in other addresses alsopresented, among them "CurrentProblems in Business and Account-ing" by Percival F. Brundage.
ON OUR HORIZONSe Regulation of credit — MonetaryManagement, E. Sherman Adams,Ronald Press, 1949. 127 pp. $2.50.Concerned largely with the situationwhich places the Federal ReserveBoard, the U. S. Treasury Depart-ment, and the banking communityin separate and by no means alwayscoordinate roles affecting the volumein which (and terms on which)credit is available to various groupsin society to which it is significant,including government, business, andconsumers. The author states "OurAchilles heel is economic instability.Monetary management can help usachieve stability."
FEBRUARY, 1950 795
• Specialized records — HospitalRecords Administration, Manual ofProcedures, American Hospital Asso-ciation, 1949. 72 pp. Intended as areference study for hospitals alreadyhaving adequate and well - plannedfiling systems and as a basis forbuilding such systems in other hos-pitals, this product of the A. H. A'sCommittee on the Administration Fil-ing Manual seeks to achieve com-pleteness in its presentation and im-
AGAIN — PENSIONS
plementation of a "basic pattern" forthe filing, retention, and destructionof hospital records. Organization ofthe filing service, definition of filingterms, a description of planned files,procedures for their establishment,and records retention and disposalare considered in that order. Thereare seven appendices, including alist of filing subject captions and aretention time schedule.
Articles
0 What kind of plans ? — PensionPlans front an Accountant's Point ofView, Percival F. Brundage, TheJournal of Accountancy, January1950. Includes mention of early pen-sion plans, the inception of Federalpensions in 1935, the present statusof private plans, and the plans whichhave developed out of recent labor -management negotiations. Note istaken of pay -as- you -go, funding orretirement, and more immediate pastservice funding as bases of financingpension plans. The area of publicpolicy consideration with respect topensions is reviewed and some recom-mendations made.
• A new deadline —will Your Old -Timers Be Ready to Retire? by Dr.George R. Lawton, is the pertinentquery -title of a presentation in theJanuary 1950 issue of Factory Man-agement and Maintenance whichtackles a question in employee rela-tions not at first thought to be ofgreat importance. Counsel given bythe author is directed towards pre-senting a clear picture of how re-tirement may prove a satisfactoryoccurrence to the individual if its de-tails, especially the practical ones,
are given adequate thought before-hand.
FOR IMPROVED CONTROL• Importance of the future —A Sim-plified Financial Budget for SmallerManufacturers, Fred Rubman, NewYork Certified Public Accountant,January 1950. Keyed to the thoughtthat credit grantors may not be satis-fied in these times with static or pastperformance statements of borrow-ers, the author suggests that financialbudgeting may well have a practicaluse in smaller companies in facili-tating banking accommodations. Itis also noted that such forecasting in-volves estimates of cost which in turninvolve reliable sales estimates andso tend toward development of adefined picture of future opera.tions. Illustrations included with thearticle cover a "Cost CalculationCard," "Operating Cash Budget,""Estimated Collections On Sales,"and "Budgeted Disbursements toMerchandise Suppliers for DirectMaterial Costs."
• Missing links— Small BusinessNeeds More Cost Accounting In.formation,Stephen V. Troll. The Jour-nal of Accountancy, January, 1950.
(Continued on page 802)
796 N. A. C. A. BULLETIN
Akron, Ohio February 15Mayflower Hotel
Impending Tax Legislation— George W.Daverio, Partner, Chandler, Murray &Chilton.
Albany, N. Y. February 21Hotel Van Curler, Schenectady
Factors Affecting the Present EconomicSituation —W. Franklin Spafford, Head,Department of Management Engineer-ing, Rensselaer Polytechnic Institute.
Anniston, Ala. February 15Y.M.C.A.
History of the Income Tax— MillerSproull, Anniston Hardware Co.
Atlanta, Ga. February 21. Ansley Hotel
Reducing Cost Through Systems andProcedure Studies—Mason Smith,Partner, A. T. Kearney & Co.
Baltimore, Md. February 21Emerson Hotel
Subject to be announced —Cyrus S. Ching,Director, Federal Mediation & Concilia-tion Service.
Bangor, Maine February 27Windsor Hotel
Financing Government in the State ofMaine—Lawrence Pelletier, Professorof Economics, Bowdoin College, Bruns-wick, Maine.
Binghamton, N. Y. February 16Arlington Hotel
The Importance of Tax Planning —Addi-son B. Clohosey, Washington Staff,Research Institute of America.
Birmingham, Ala. February 22Tutwiler Hotel
Cost Reduction —Mason Smith, Partner,A. T. Kearney & Co.
Boston, Mass. February 15Hotel Bradford
Cost Reduction in the Of fice and FactoryThrough Time and Motion Studies —Mrs. Lilliam M. Gilbreth, IndustrialConsultant.
Bridgeport, Conn. February 21Stratfield Hotel
Recent Federal and State Tax Develop-ments —Alger B. Chapman, Partner,Chapman, Bryson & Walsh.
Brooklyn, N. Y. February 15Clements Club
Are Fixed Costs Fixedf —I. WayneKeller, Assistant Controller, ArmstrongCork Co.
Buffalo, N. Y. February 16Hotel Markeen
Internal Control — Arthur C. Chubbuek,Partner, Patterson, Teele & Dennis.
Calumet February 28Phil Smidt's Restaurant,
Hammond, Ind.Investigative Accounting —H. G. Foster,
Special Agent in Charge, Federal Bu-reau of Investigation.
Cedar Rapids, Iowa February 21Hotel Montrose
America and the Free Enterprise Sys -tem—C. E. Hammer, Clinton Indus-tries, Inc.
Charlotte, N. C. February 17Mecklenburg Hotel
Budgetary Controls in Cost Accounting—J. Roy Lawing, Accountant, J PStevens & Co.
Chattahoochee Valley February 20Ralston Hotel, Columbus, Ga.
Cost Reduction —Mason Smith, Partner,A. T. Kearney & Co.
Chattanooga, Tenn. February 23.Hotel Patten
Cost Reduction —Mason Smith, Partner,A. T. Kearney & Co.
Chicago, Ill. February 23The Furniture Club of America
Labor Accounting for Cost Control: ACase Study —Theodore E. Hauser,Works Auditor, National Works, Na-tional Tube Co.
FEBRUARY, 1950 797
Cincinnati, Ohio February 16Hotel Gibson
Wages, Prices, and Profits—WilliamGomberg, Director, Management En-gtne e ring Department, InternationalLadies Garment Workers, A. F. of L.
Cleveland, Ohio February 16Carter Hotel
The Federal Tax Outlook— George W.Daverio, Partner, Chandler, Murray &Chilton.
Columbus, Ohio February 20Athletic Club
Making Cost Accounting More Useful —J. W. McEachren, Partner, Touche,Niven, Bailey & Smart.
Cuba February 15American Club, Havana
Notes for the Modification of PersonalIncome Tax —Jose Garcia Braojos,Technical Assistant to the SecondUnder- Secretary of the Treasury.
Dallas, Texas February. 17Melrose Hotel
Food Cost Control —Henry W. Espersen,Manager, Foods Department, Horwath& Horwath.
Dayton, Ohio February 21Engineers Club
Labor Outlook and What It Means tothe Accountant —Fred W. Climer, VicePresident, The Goodyear Tire & Rub-ber Co.
Denver, Colo. February 21University Club
A Sales Manager Looks at Costs —Franklin P. Gray, Sales Manager,Fanbclt Div., Gates Rubber Co.
Des Moines, Iowa February 22Standard Club
Cost Ammunition for the Battle of Com-petition —Frank Wallace, Principal,McKinsey & Co.
Detroit, Mich. February 16Book Cadil lac Hotel
The Billion Dollar Question: Some Criti-cal Problems in Economics and Poli-tics—Theodore O. Yntema, Vice Presi-dent, Finance, Ford Motor Co.
Elmira Area February 21Allen Wales Adding Machine Div.
National Cash Register Co.,Ithaca, N. Y.
Cost Control —David B. Caminez, Assist-ant Comptroller, Hyatt Bearings Di-vision, General Motors Corp.
Erie, Pa. February 20Moose Club
Management Surveys— Edward S. Reno,Partner, Price, Waterhouse & Co.
Evansville, Ind. February 16Alpine House
Investigative Accounting —Lee R. Pen-nington, Inspector, Federal Bureau ofInvestigation.
Fall River, Mass. February 15Stone Bridge Inn, Tiverton, R. I.
The Human Side of Insurance— BennettMoore, Vice President, Liberty Mutual.
Fort Wayne, Ind. February 21Chamber of Commerce
Inventory and Production Control forManagement Use —L. W. Perkins,Manager, Materials Control, Interna-tional Harvester Co.
Fort Worth, Texas February 16Worth Hotel
Cutting Costs by Controlled Production— Raymond R. Meyers, Assistant Gen-eral Manager and Assistant Treasurer,Pangburn Co., Inc.
Fox River Valley February 21Fairbanks Hotel , Aurora, Ill.
Federal and Stale Taxes and the Indus-trial Accountant —F. J. Munchalfen,Principal, F. J. Munchalfen & Co.
Grand Rapids, Mich. February 21Rowe Hotel
Are Standard Costs and Budgets Uni-versally Usable ? — Benedict M. Sayre,Senior Partner, Benedict M. Sayre& Co.
Greenwich, Conn. February 21Rich's Restaurant
Paper Work Simplification and Multi-purpose Systems—John J. McCarthy,Assistant General Manager, GimbelBrothers.
798 N. A. C. A. BULLETIN
Hagerstown, Md. February 16Anthony Wayne Hotel
Accounting Problems in the Mint Serv-ice—Leland Howard, Assistant Direc-tor of the Mint, U. S. Treasury Dept.
Hampton Roads February 17Norfolk Yacht and Country Club,
Norfolk, Va.Internal Auditing: A Tool of Modern
Management —R. E. Noonan, AssistantTreasurer, Reynolds Metals Co.
Harrisburg, Pa. February 28Penn - Harris Hotel
Distribution Costs—Jesse G. Kline, ChiefCost Accountant, The Atlantic Refin-ing Co.
Hartford, Conn. February 21Indian Hill Country Club, NewingtonBreak -Even Point—Charles H. Gleason,
Assistant to Vice President in Chargeof Operations, Sylvania Electric Prod-ucts, Inc.
Hawaii February 14Commercial Club, Honolulu
Accounting and Budgetary Control inthe Pineapple Industry —Mrs. VivienKimber Gilbert.
Houston, Texas February 9Weldon Cafeteria
The Current Scene in Labor Law andCost Factors in Collective Bargaining —LeRoy Jeffers Attorney, Vinson, El-kins, Weems & Francis.
Indianapolis, Ind. February 15Marott Hotel
Labors' Concept of Costs and FinancialStatements — William E. Gomberg, Di-rector, Management Engineering Dept.,International Ladies' Garment Workers'Union, A. F. of L.
Jackson, Miss. February 16Heidelberg Hotel
Panel Discussion—Chairman: W. W.Littlejohn, Professor of Accounting,Mississippi State College.
Jamestown, N. Y. February 21Hotel Jamestown
Control of Indirect Costs —V. P. Blair,Comptroller, Inland Manufacturing Di-vision, General Motors Corp.
Kalamazoo, Mich. February 22Harris Hotel
The Accountant Comes of Age —WilliamH. Franklin, Controller, CaterpillarTractor Co.
Kansas City, Mo. February 20Hotel President
The Accountant's Role in Reducing Dis-tribution Costs —J. P. Compton, As-sistant Secretary - Treasurer, AmericanAsphalt Roof Corp.
Lancaster, Pa. February 17Hotel Brunswick
Are Fixed' Costs Fixed f —I. Wayne Kel-ler, Assistant Controller, ArmstrongCork Co.
Lansing, Mich. February 23Hart Hotel, Battle Creek, Mich.
The Accountant Comes of Age —WilliamH. Franklin, Controller, CaterpillarTractor Co.
Lehigh Valley February 17Bethlehem Hotel, Bethlehem, Pa.
Interpretation of Operating Costs inCredit Appraisal—Robert Young, As-sistant Treasurer, Bethlehem Steel Co.
Los Angeles,Calif. February 21Alexandria Hotel
Break -Even Points in Management —FredV. Gardner, Senior Partner, Fred V.Gardner & Associates.
Louisville, Ky. February 21Kentucky Hotel
Management's Attitude Toward Account-ing—James F. Lillis, Assistant Comtroller, Burroughs Adding Machine Co
Memphis, Tenn. February 15King Cotton Hotel
What Management Expects from an Ac-counting Department —Aaron Scharff,President, Lowenstein's.
Merrimack Valley February 16Red Tavern, Methuen, Mass.
Panel on Methods of Allocating Burden— Raymond J. Hooper, Pacific Mills.
Mid - Hudson February 20Nelson House, Poughkeepsie, N. Y.
Standard Cost —A. R. Kassander, StaffMember, Lybrand, Ross Bros. & Mont-gomery.
FEBRUARY, 1950 799
Milwaukee, Wis. February 20Milwaukee Atheltic Club
What Does the Public Know AboutYour Business?—George Baile , Part-ner, Touche, Niven, Bailey & mart.
Mohawk Valley February 13Hotel Utica, Utica, N. Y.
Financial Controls for Management Use—E. C. Brelsford, Assistant to VicePresident and Treasurer, ThompsonProducts, Inc.
Muskegon, Mich. February 20The Cottage Inn
The Human Element in Budgeting andCost Control —G. E. Altmansberger,Associate Director, Financial Analysis,Ford Motor Co.
Nashville, Tenn. February 20Andrew Jackson Hotel
Cost Accounting for Ice Cream Plants —A. W. MacDougall, Comptroller, UnionIce Cream Co.
Newark, N. J. February 23Robert Treat Hotel
Control of Indirect Costs —V. P. Blair,Inland Manufacturing Division, Gen-eral Motors Corp.
New Hampshire February 21Calumet Club, Manchester
The Economic Outlook for New England—Dr. Alfred C. Neal, Vice Presidentand Director of Research, Federal Re-serve Bank of Boston.
New Haven, Conn. February.28The Seven Gables Towne House
Control of Distribution Costs — ThomasJ. Nagle, District Manager, Shell OilCo., Inc.
New Orleans, La. February 16New Orleans Athletic Club
Accounting for a New Industry: Syn-thetic Rubber —J. M. Stonnell, Comp-troller, Copolymer Corp.
New York, N. Y. February 20Governor Clinton Hotel
Break -Even Line: Its Analysis and Howto Hold It —I. Wayne Keller, AssistantController, Armstrong Cork Co.
Northern Wisconsin February 21Green Bay, Wis.
Industrial Engineering and Its Place inBudget Control —Lee S. Whitson, ChiefIndustrial Engineer, Minnesota Min-ing & Mfg. Co.
Omaha, Nebr. February 28Fontenelle Hotel
Turning an Expensive Hobby Into aProfitable Business —Fred Maytag II,President, The Maytag Co.
Paterson, N. J. February 15Tree Restaurant
Profit Planning • How to Do It —GouldL. Harris, Professor of Accounting,School of Commerce, Accounts, andFinance, New York University.
Peoria, Ill. February 15Jefferson Hotel
Embezzlement and Defalcation — GordonH. Fox. Vice President, Marsh &McLennan, Inc.
Philadelphia, Pa. February 16Kugler's Restaurant
Control of Investment in Fixed Assets—Sterling K. Atkinson, Professor of Ac-counting, Temple University.
Piedmont February 17O. Henry Hotel, Greensboro, N. C.
The Relationship of Costs to Production—A. W. Sykes, Budget Officer andFinancial Adviser to City Manager,City of Norfolk.
Pittsburgh, Pa. February 15William Penn Hotel
Federal Taxes—Charles Oliphant, ChiefCounsel, Bureau of Internal Revenue,Washington, D. C.
Portland, Oregon February 21Heathman Hotel
Reports for Management — Eugene Cald-well, Vice President and General Man-ager, Hyster Co.
Providence, R. I. February 20Narragansett Hotel
What's Wrong With the Tax Laws? —Frederick S. Blackall, Jr., Presidentand Treasurer, The Taft - Peirce Mfg.Co.
800 N. A. C. A. BULLETIN
Reading, Pa. February 17The Wyomissing Club
Marginal Costing —Adolph Matz, Asso-ciate Professor of Accounting, Whar-ton School of Finance and Commerce,University of Pennsylvania.
Richmond, Va. February 16The Oak Leaf
The Preparation, Presentation, and Analy-sis of Financial Reports —Forum Dis-cussion. Chairman: Edward F. Gee,Vice President, State - Planters Bank &Trust Co.
Rochester, N. Y. February 15Sheraton Hotel
Trends in Industrial and Labor Relations— Matthew J. Murphy, Associate Editorof "Factory."
Rockford, Ill. February 21Hotel LaFayette
The Accounting Office of Tomorrow —Roger Connors, Vice President, McBeeCo.
Sabine February 20Hotel Beaumont, Beaumont, Texas
Training of Industrial Accountants —M.M. Hargrove, Dean, College of Busi-ness Administration, University ofTulsa.
Saginaw Valley February 8Zehnders Hotel, Frankenmuth, Mich.
Economic Fallacies of Cost Accounting— Professor Floyd E. Armstrong.
St. Louis, Mo. February 21Sheraton Hotel
Budgetary Control —E. S. LaRose, Con-troller, Bausch & Lomb Optical Co.
San Antonio, Texas February 21Menger Hotel
The Importance of the Fringes of an Ac-counting Education— Brother G. B.Kohnen, S. M., Head, Department ofBusiness Administration, St. Mary'sUniversity.
San Francisco, Calif. February 28Engineers Club
Behind the Screen—Thomas W. Parham,Treasurer, East Bay Municipal UtilityDistrict.
Sangamon Valley February 21Sangamo Electric Co. Auditorium,
Springfield, Ill.What Will Accounting Machines Do!—
J. S. Glickauf, Jr., Manager, ArthurAndersen & Co.
Scranton, Pa. February 20Hotel Jermyn
Reducing Clerical Work —Carl E. Lind-quist, Chief Development Account-ant, Western Electric Co.
Seattle, Wash. February 15Seatt le Town and Country Club
Opportunities for Cost Reduction andControl— Michael E. O'Byrne, ResidentCost Inspector, Naval Supply Depot.
South Bend, Ind. February 21LaSalle Hotel
Grass Roots Cost Controllers —S. W.White, Jr., Assistant to Vice President,The Oliver Corp.
Southern Maine February 17Eastland Hotel, Portland
Internal Controls— Arthur C. Chubbuek,Partner, Patterson, Teele & Dennis.
Springfield, Mass. February 15Hotel Sheraton
Employee Relations as They Affect Costs— Robert T. Borth.
Syracuse, N. Y. February 16Syracuse Hotel
Appraisals and How They Can Be Effec-tively Used by Accountants —James J.Ward, Vice President of Costs, Burch -ard Co.
Toledo, Ohio February 21Secor Hotel
Breathing Life Into Accounting State-ments—Frank Wallace, Principal, Mc-Kinsey & Co.
Tri- Cities February 21LeClaire Hotel, Moline, I1L
Product Pricing for Profit Control —Robert Beyer, Resident Manager, Tou-che, Niven, Bailey & Smart.
Tulsa, Okla. February 15Mayo Hotel
Treasurer's Fiscal Policies— Falkner C.Broach, Vice President, National Bankof Tulsa.
FEBRUARY, 1950 801
Twin Cities February 23The Covered Wagon Cafe
Minneapolis, Minn.Internal Auditing —Earle H. Cunningham,
General Auditor, General Motors Corp.
Wabash Valley February 21Terre Haute House, Terre Haute, Ind.The Accountant's Potential As an Entre-
preneur— Stanley Pressler, Professorof Accounting, Indiana University.
Washington, D. C. February 15Sheraton Hotel
Current Tax Accounting Problems —Le-land G. Sutherland, Partner, Price,Waterhouse & Co.
Waterbury, Conn. February 14Hotel Elton
Cost Currents —Panel Discussion. Chair-man: Norman A. Greist, Chase Brass& Copper Co., Inc.
Waterloo, Iowa February 21Black's Tea Room
Personnel Administration in Today's Pic -ture —O. W. Roberts, Professor of Ac-counting, Northwestern University.
Wichita, Kan. February 21Broadview Hotel
Dollars and Sense— Lawrence L. Ellis,Account Manager, Booz, Allen &Hamilton.
Williamsport, Pa. February 13Lycoming Hotel
Standard Costs and Their Uses —WalterB. McFarland, Research Director, Na-tional Association of Cost Accountants.
Worcester, Mass. February 16Putnam & Thurston's Restaurant
Massachusetts Corporate Taxes —HenryF. Long, State Commissioner of Cor-porations and Taxes.
York, Pa. February 15Hotel Yorktowne
Trends of Modern Banking — Edmund W.Thomas, President, First NationalBank.
Youngstown. Ohio February 15Tippecanoe Country Club
Accounting Aids to Management —H. B.West, Works Manager, WestinghouseElectric Corp.
LITERATURE NOTES(Continued from page 796)
Lists and comments upon six factorswhich have impeded wider use ofcosting methods in smaller businessunits and offers also nine points atwhich approaches to more completegeneral accounting and to amplifiedcost and /or operating data are pert i-nent to better control. The useful-ness and relative ease of maintain-ing proper departmentalization,quanti ty records, and stat ist ical dataare among the matters developed.
AND TAXES• Kaleidoscope —Income Tax Deci-sions of 1949, Jack Schlosser, NewYork Certified Public Accountant,
January 1950. In ten pages undertwelve topical heads, the author ofthis article cites some fifty courtcases of 1949 vintage. Among sec-tions of the article of interest tocorporate taxpayers part icularly arethose entitled "Leaseback Arrange-ments," "Sale of Corporate Propertyto Stockholders," "Capital Gains andLosses," and "Sale of TreasuryStock," as well as others captioned"Culbertson and Family Partner-ship," "Jackson and the Forgivenessof Indebtedness," "Section 45"(multicorporate setups), "CorporateLoans or Stocks," "Penalties," and"Personal Holding Companies."
802 N. A. C. A. BULLETIN
• Delayed payments to individuals —How to Defer Compensation to Ob-tain Minimum Tax to Both Employeeand Employer, J. K. Lasser. TheJournal of Accountancy, January1950. Comment in this article is di-rected to the status in the eyes of theBureau of Internal Revenue ofamount of compensation received byindividuals from or credited throughsix principal deferred compensationmethods: (1) pension, profit sharing,stock bonus, (2) annuities, (3) con-tract, (4) usual deferral, (5) stockplan, and (6) options.
INFLATION —AND PROFITS• Problem still significant—Measur-ing Profit Under Inflated Conditions,William A. Paton, The Journal ofAccountancy, January 1950. In Dr.Paton's view, the question of adjust.ing accounting conventions to recog-nize the present price level is not onewhich has gone by but one whichstill calls for solution. He believesthat, on the broad picture, the pres.ent price level is not in for reversaland that the amount of fixed assetsof preinflation years yet to be costedinto production is substantial.Recommended is the use of either a
replacement cost or an index of cur-rent cost adjustment basis (with apreference for the former) of stat.ing costs for income statement pur-poses, at least for internal use andas supplementary published informa.tion. Suggested also is the possibledesirability of recognizing price leveladjustments in corporate accountson a "fresh start" basis.
• Balance of viewpoints—Deprecia-tion and Profit Determination, SidneyDavidson, The Accounting Review,January 1950. Devoted to a consid-eration of opinions in a field wherethey are diverse and to a pointing upof the issues involved, this presen-tation finds, in the words of theauthor, that "depreciation based oncurrent cost is slightly to be pre-ferred in most, though not all, profitcontexts" but that "technical consid.erations indicate substantial difficul-ties in having corporate records andreports reflect current cost deprecia-tion." He further states that "at aminimum, management should besupplied with supplementary costdata which reflect current cost depre-ciation wherever allocation decisionsare to be made."
ADDRESSES OF PUBLISHERS AND PERIODICALS
Accounting Review, School of Business, University of Chicago, Chicago 37, Ill.Single copy, $1.
American Hospital Association, 18 E. Division St., Chicago 10, Ill.Bureau of National Affairs, Inc., 1231 24th St., N.W., Washington, D. C.Business Information Sources, Bulletin of the Business Information Bureau of the
Cleveland Public Library. Single copy, 100.Factory Management and Maintenance, 330 W. 42nd St., New York 18, U. Y. Single
copy, 50¢.Journal of Accountancy, 270 Madison Ave., New York 16, N. Y. Single copy, 60¢.New York Certified Public Accountant, 677 Fifth Ave., New York 22, N. Y. Single
copy, 50¢.Ohio State University, Columbus, Ohio.Ronald Press Co., 15E. 26th St., New York 10, N. Y.
FEBRUARY, 1950 803
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