W

N,A,.C,.A.B ULLET 1N

December ' xl In Two sections

1953 :.,I'u"+" Section 2

In the NewsSeason's Greetings from the National President 555

Committees Announced for Eastern States Regional 556

Charter Presented to Racine - Kenosha Chapter 559

Congratulations To 558

In The Public Eye 561

The Technical SideCost Currents 562

Literature Notes 565

Stevenson Trophy Standings

569

Chapter Meetings

570

I

qw

NAC.A. BULLETIN Volume XXXV, Number 4

0Published by NATIONAL ASSOCIATION OF COST ACCOUNTANTS

505 PARK AVE., NEW YORK 22, N. Y.

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

President

I. WAYNE KELLER

Vice PresidentsCASPER B. APPLE CHARLES E. HEADLEE

WILLIAM T. BRUNOT CLAIBORNE H. JOHNSON

RICHARD N. CARR MYRON W. KRUEGER

G. HOWARD CHAPPELL ROBERT B. MARTIN

Treasurer

PHILIP J. WARNER

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

ARTHUR B. GUNNARSONSecretary

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

and Conferences

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

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

6rasors'M (6repting from tot National PrPBibent

NINETEEN HUNDRED AND FIFTY -THREE YEARS ago there came into a world

dominated by the clank of Roman armor a new spirit — proclaimed by angel song—of "peace on earth, goodwill toward men." Down through the centuries that

spirit has grown and permeated the livesof more and more people. Each Christ-mas Season its reannunciation lifts menabove the daily tension and toil and fillstheir hearts with joy.

Throughout the world men give overtexpression to this joy of Christmas inthe friendly acts of giving and sharingand in meeting in prayer and brother-hood. Because of this we frequentlythink of the Christmas spirit as a groupreaction. But basically, it is deeplypersonal. Only as it fills each personcan he radiate it and share it withothers. The kindness and warmth ofChristmas reveal the basic goodness of

Q Fabian Baebratb1. W ayne Kel ler men. It is truly a time of peace and

goodwill.It is my wish that all of our members, their families, and their friends may share

in full measure in this joyous spirit of Christmas. In the words of Tiny Tim, "AMerry Christmas to All, God Bless Us Every One."

DECEMBER, 1953 5 5 5

Committees Announced for Eastern States Regional

WARREN BYRNEChairman of Operating Committee

THE MEMBERS OF THE OPERATINGAND PROGRAM COMMITTEES have

been announced and initial planningmeetings held for the Eastern States Re-gional Conference, to convene at theRoosevelt Hotel in New York City onFebruary 5 -6, 1954. Members of the Op-erating Committee, headed by GeneralChairman Warren Byrne, Treasurer, Sec-retary and Director of Lowry & Co., areas follows:

Chairman of Finance Committee: WIL-LIAM E. JACOBY, A. R. Purdy Co., Inc.Chairman of Meetings and Hotel Accom-modations Committee: ALAN M. JONES,Barrett Division, Allied Chemical & DyeCorp.

556

ERNEST CARLSONChairman of Program Committee

Chairman of Publicity and Printing Com-mittee: GERALD D. STONE, S. D. Leides-dorf & Co.

Chairman of Registration Committee:MICHAEL A. C. HUME, Arthur Andersen& Co.

Chairman of Ladies Activities Committee:MRS. ARTHUR B. COBURN

Operating- Program Committees Liaison:FRED J. SENGSTACKE, SCOVell, Welling-ton & Co.

All are members of the New YorkChapter which is sponsoring the event.

President Keller has appointed the fol-lowing members to The Program Com-mittee, which is chairmanned by ErnestA. Carlson, who is Controller of Johnson

N.A.C.A. BULLETIN

& Johnson and a member of NewarkChapter:

Chairman of- the 1st session, Friday Morn-ing: ROBERT C. PERRY, Corning GlassWorks (Elmira Area Chapter)Chairman of 2nd session, Friday Morn-ing: HUGH T. WALSH, Bausch & LombOptical Co., (Rochester Chapter)

Chairman of ist session, Friday After-noon: FRANCIS E. SWISHER, DennisonManufacturing Co., (Boston Chapter)

Chairman of 2nd session, Friday After-noon: HERBERT A. JOHNSON, W. L.Maxson Corp. (Brooklyn Chapter)

Coordinator, Concurrent Discussion ses-sion, Saturday Morning: PAUL M. HER-

RING, Kutztown Foundry & MachineCorp., (Reading Chapter)

Program Committee Chairman Carlsonreports that a technical theme and pro-gram have been decided upon. The themeis "Making Cost Information More Use-ful for Management Guidance." Twoaddresses each are scheduled for themorning and afternoon sessions on Fridayand will be based on the following out-lines:

Friday Morning, February S

1. THE ACCOUNTANT'S RESPON-SIBILITY IN FINANCIAL RE-PORTING, COST CONTROLAND PROFIT PLANNING

A discussion of the industrial ac-countant's responsibility in devel-oping cost information in termsof cost uses, with emphasis onthe type of cost informationneeded for various purposes.

MARTIN A. MOORE, Administrative

Assistant to the General Manager,

Hyatt Bearing Div., General Motors

Corp.

2. TIGHT ENING COST CON-

TROLS TO MEET INCREASED

COMPETITION

A discussion of improved tech-niques for cost control and reduc-tion, with emphasis on their ap-plication at the operating level.

WILLIAM H. PERKS, Assistant Con-

troller, The Norton Company

Friday Afternoon, February S

1. MORE USEFUL COSTS FORPROFIT PLANNING

A discussion of the industrial ac-countant's contribution to manage-ment decisions in the area of profitplanning, including product prof-itability, alternative methods, pric-ing, plant location, labor negoti-ations, equipment replacement,etc.

DR. CHARLES REITELL, Partner, Ste-

venson, Jordan & Harris

2. RETURN ON INVESTMENT —AGUIDE TO MANAGEMENT DE-

CISION

A discussion of methods of deter-mining and using return on in-vestment as an aid to managementin making decisions on the em-ployment of capital, by plants, di-visions and products, and as ameans of measuring performance.

MARK CRESAP, Vice President andAssistant to the President, the Wes-tinghouse Corp.

(Continued on page 560)

DECEMBER, 1953 557

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

A. W. Richardson, JACKSON, on being namedTreasurer of the General Box Companyof Mississippi at Meridian.

Lee T. Williams, HARTFORD, on his promo-tion to Cost Accounting and ProceduresSpecialist at Trumbull Electric Co.

George E. Pierce, BROOKLYN, who has beennamed Controller of Rockwood & Co.

Robert E. Chambers, ALBA NY, who is nowAssistant to the President of the PioneerBuilding & Loan and Savings Assoc. ofTroy.

Donald S. Perley, SAN DIEGO, on being ap-pointed as Controller of Ryan Aeronau-tical Co.

James W. Malone, ROCKFORD, who has beenpromoted to Comptroller of the MicroSwitch Division of Minneapolis-Honey-well Regulator Co.

Fred M. Hadley, INDIANAPOLIS, who was re-cently elected to the Board of Directorsand promoted to Executive Vice- Presidentof the Eli Lilly International Corp.

Wilbur R. Williamson, LOUISVILLE, who wasrecently made a partner in the firm ofErnst & Ernst.

Joseph E. Theobald, DAYTON, on his recentpromotion to Assistant Comptroller ofDayton Power and Light Co.

C. Warren Reed, SAN FRANCISCO, on his ap-pointment as a partner of Ernst & Ernst.

John F. McKee, Jr., CINCINNATI, who be-came Controller of the Continental Elec-tric Co. of Ludlow, Ky.

William R. Phelan, BALTIMORE, who waselected Assistant Secretary of the Del MarCo., a subsidiary of United States Fidelity& Guarantee.

James W. Straub, NEW YORK, on his elec-tion as Vice President and Treasurer ofthe Merchants Refrigerating Co.

John J. McManus, DETROIT, on his appoint-ment as Secretary - Treasurer of the AllMetals Products Co.

Milton L. Ganly, NEW YORK, who has re-joined Richards & Ganly, C.P.A.'s as apartner.

Maurice D. Atkin, C.P.A., Los ANGLES, whohas announced the opening of an office inRiverside, Calif.

Leslie 1. Asher, MASSACHUSETTS NORTHSHORE, on his appointment as Managerof Finance, Lynn Operations, GeneralElectric Company, West Lynn, Mats.

Frank E. Clayton, BRIDGEPORT, on his ap-pointment as Assistant Manager of theStratfield Hotel , and to AlexanderWeis on his appointment as Manager ofthe Fiscal Division at Casco ProductsCorp.

Emmett M. Avery, Jr., RIC HM ON D, on hisappointment as sales representative of theRichmond area of the Friden CalculatingMachine Co.

Luke C. Clemens, TOLEDO, who was appointedController of the Toledo Scale Co.

Donald S. Perley, Los ANGELES, on joiningRyan Aeronautical Company as Controller.

Robert H. Hollenback, CLEVELAND, who be-came manager of the new branch officeopened by the Statistical Tabulating Co.

J. Earl Pedelahore, NEW ORLEANS, who he-came a member and was elected secretaryof the State Board of Certified Public Ac-countants of Louisiana.

DeWitt C. Carney, BROOKLYN, who has beennamed assistant to the vice president ofFinance of the Control Instrument Com-pany of Brooklyn.

J. R. Cherry, DENVER, on his promotion toTreasurer of J. J. Monaghan Co.

George J. McKnight, DETROIT, on being ap-pointed Director of Industrial and LaborRelations of the Detroit Plants of theTimken- Detroit Division, Rockwell Springand Axle Company.

Harley O. Barney, NORTHERN WISCONSIN,on his promotion to Comptroller of FoxRiver Paper Corp. . . . and to KennethWhite who has been named Director ofAccounting in addition to his duties ofoffice manager.

Douglas B. Scott, OMAHA, on his acceptanceof the position of Manager, Tax Depart-ment, Cudahy Packing Company.

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

Charter Presented to Racine - Kenosha Chapter

National President I. Wayne Keller presentscharter to Chairman of the Organization Com-mittee Victor Bunck as National Director Theo-dore Bonnevier, Chapter President Chester Chan-dler, National Vice President Robert B. Martinand National Secretary Arthur B. Gunnarsonlook on.

O N N O V E M B E R 7, Racine - Kenoshajoined the roll of N.A.C.A. chapters

as holder of the Association's 117th

charter. The Charter of Organization waspresented at appropriate ceremonies atthe Racine Elks Club by National Presi-

dent Keller. Accepting for the new groupwas Victor Bunck, Chairman of the Or-ganization Committee. The presentationmarked the culmination of over a year ofplanning and interest in the establishmentof a chapter to better serve members andindustry in the Racine - Kenosha area of

Wisconsin.Among the 85 well - wishers in attend-

ance at the event were several members

distinguished in N.A.C.A. circles —Na-tional Vice President Robert B. Martin,Rockford Chapter; National DirectorTheodore W. Bonnevier, Chicago Chap-ter; Past National Directors ClarenceStender of Milwaukee and John Chandler

of Chicago; and the current presidents

of Milwaukee and Rockford Chapter,Elmer Bischoff and John R. Cook, re-

spectively.In addition to presenting the Charter

of Organization, National President 1.Wayne Keller also delivered a technical

address before the assembly. He spoke

on the subject "Cost Analysis for Man-agement Guidance."

First Board Elected

Under the supervision of National Sec-retary Arthur B. Gunnarson, electionsof officers and directors of the new chap-ter were held. Following is a list oftheir names, titles and company affilia-

tions:

— Officers —

President — Chester B. Chandler, ChiefAccountant, Modine Mfg. Company

Vice President — Joseph P. Dorau, Con-troller, Dynamic Corporation

Vice President — Jerome E. Gross,Chief Cost Accountant, Western Prtg.

& Litho. Co.Secretary —H. Myron Bohn, Chief Cost

Accountant, Webster Electric Co.

Treasurer — Anthony J. Demencius,Cost Dept. Supervisor, Simmons Company

— Directors —

Director of Meetings—John Glebs,

Controller, Famco Machine Company

D E C E M B E R , 1953 55 9

A1RVIEW OF RACINE

Director of Publicity — Raymond J.Kressig, Chief Cost Accountant, YoungRadiator Company

Director of Membership —Victor E.Bunck, Assistant Treasurer, JacobsenManufacturing Co.

AIRVIEW OF KENOSHA

Director of Member Attendance —Ed-ward C. Onosko, Supervisor Cost Dept.,Tri- Clover Machine Co.

Director of Program —John B. Culver,Branch Accountant, American Brass Com-

pany

COMMITTEES ANNOUNCED FOR REGIONAL (Continued from page 557)

Concurrent Discussions AreSaturday Attraction

On Saturday Morning an INDUS-TRIAL ACCOUNTANTS EXCHANGEwill be featured. This comprises sevendiscussion groups, operating concurrently,where a participant in exchange for hisideas, experience and viewpoints, may ob-tain the ideas, experience and viewpointsof others who are faced with similarproblems. No agendas will be providedfor these discussion groups. The mattersdiscussed will depend solely on the in-terests and wishes of the participants. Itis assured, however, that the discussionof subjects by each group will be of spe-cific interest to those in the group, be-

cause those attending represent industriesof a single type.

The seven discussion groups are asfollows:

1. MASS PRODUCTION INDUS-TRIES—DURABLE GOODS

2. MASS PRODUCTION INDUS-TRIES —SOFT GOODS

3. JOB ORDER INDUSTRIES

4. PROCESSING INDUSTRIES

5.SERVICE INDUSTRIES

6. MERCHANDISING

7.GOVE RNMENT CONTRACTPROBLEMS

560 N.A.C.A. BULLETIN

EI N T H E P U B L I C E Y E

Oakland's Roger Rush, recently spoke beforethe Systems & Procedures Association inSan Francisco on the subject "EffectivePaperwork Simplification."

Cleveland's Thomas W . Harris, was advisedby the American Bankers Association,Graduate School of Banking, that his sen-ior thesis, "Budgetary Control for Com-mercial Banks," has been accepted as apermanent reference volume for the Grad-uate School library.

New Orleans' John Favaloro, N.A.C.A. pastnational director, spoke before the Bir-mingham Chapter of the Alabama Societyof Certified Public Accountants on "TaxFacts."

Rockford's John Carsten was named chairmanof the commercial division of the Com-munity Chest drive.

Syracuse's Charles W . Nichols was selectedto head the publishing and business sup-plies division of the Community Chestdrive.

Dayton's Ben S. Graham spoke at the PortlandChapter of the National Office ManagersAssociation on the topic, "Meeting To-day's Challenge Through Paperwork Sim-plification."

Mid- Hudson's Donald P. Love spoke on"Credits and Collection" before the an-nual fall meeting of the Empire StatePetroleum Association.

New York's Solomon Newborn has beenelected president of the Plainview JewishCommunity Center.

Bridgeport's Joseph Raslaysky has been electedto the Mi lford Town Cou nci l . . . . WalterGarrity has been elected Treasurer of the

Mill River Country Club.... Joseph Foerthhas been elected National Vice Presidentof the Controllers Institute.

Chicago's Lowell Doak was elected AssistantSecretary of the LaSalle Extension Uni-versity by their Board of Directors.

Fort Wayne's Treasurer Herbert Cooper hasbeen appointed District Chairman of theNorthern Indiana Conference Church Ex-tension Crusade.

Los Angeles' John Marder was the principalspeaker at the United States Army AuditAgency training course for staff account-ants. His topic was "Pension Plans.'

New Haven's Frank Hull was recently namedby Governor Lodge of Connecticut as amember of the State Rent Control Board.. . . John E. Lloyd appeared as a panelmember on insurance accounting at the an-nual conference of the Insurance Account-ing Association.

Waterbury's Ivan L. Coulter has been electedto the Finance Board of Cheshire, Con-necticut.

Buffalo's Francis Chute was feted for thefourth consecutive year by the 100 010 Clubof Diebold, Inc., composed of sales repre-sentatives who meet or surpass their sa lesquota.

Boston's Paul Tierney has been appointed tothe Rent Control Board for the City ofSomerville.

Trenton's James Campbell has been elected tothe Presidency of the Retarded Children'sSociety of the Trenton Area.

Newark's William Wright was a guest lec-turer before the graduate class on topmanagement at Rutgers University.

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

R. William Mudgett, 38, SPRINGFIELD, Travel-ers Insurance Co.

Nils F. Johnson, 50, PITTSBURGH, Jones &Laughlin Steel Corp.

J. D. M. Crockett, 85, KANSAS CITY, Crock-ett, Couchman & Crawford, C.P.A.'s.

Oscar W. Gardner, 67, ROCKFORD, Head ofAccounting Machine Department, Under-wood Corporation.

Erich Noock, 60, PATERSON.

Col. Oliver A. Seaver, 60, FORT WORTH.

Stan Ullriek, 48, TRI- CITIES, Parr InstrumentCo.

CorrectionThe death of J . G. Wingo was erroneously

reported in the September issue of the N.A.C.A.Bulletin.

D E C E M B E R , 19 5 3 561

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

FROM THE BUSINESS FIELD

Short Reports on Items of Current Interest to Industrial Accountants

What's the Score for 'S41—Although the

game won't begin for another month, concernabout the results of business competition next

year (against other firms, in part, but more

particularly against the impact of economicchange) runs at least neck -in -neck with the in-

terest in the results which have been achievedfor the year now closing. Responding to the

interest in conditions which may prevail in1954 —by general consensus next year seems

to have been picked prospectively as a pivotalperiod —The Journal of Commerce (80 Varick

Street, New York 13, N. Y.) published in itsOctober 20, 1953 issue a group of special

articles on influences which may come intoplay and current opinion as to the effect of

these influences.

Among the articles, is a staff written reportof a survey which tends, in one direction, to

the opinion that prices may resist change and

that cost control, new products, and diligentselling will be depended upon to maintainearnings and position. An article by Joseph R.Slevin of the paper's Washington Bureau fo-

cuses attention on the civilian spending rate asan indicator.

A Washington Bureau dispatch suggests that

government spending may still be depended

upon, as expressed in the title "Slowly de-

clining defense spending still will be strong

industry prop" and the dispatch elaborates

upon this. Two further articles refer to the

relationship of taxes to business activity. One

of these, authored by Harold Gold and Ben

Weberman, considers the effects of the end of

the excess profits tax and the other, a bureau

dispatch, relates the prospects of further tax

relief for business in the face of desire of the

administration to work toward a balanced Fed-eral budget. The former a lso deals with plant

expansion programs.

Special articles on conditions expected to

prevail in particular industries in 1954, espe-cially the more nearly foreseeable first half,

cover automobiles, their supply of steel andalso of parts, television and radio sets, farm

tools and railroads.From government sources, a dispatch re-

ports industry in a good position as to "in-ternal funds" for 1954 needs, at least the initial

ones. From financial sources, the factor of

seasonal decline in bank credit is briefly ap-praised. Articles in the same issue of The

Journal of Commerce, which have corollaryimport to those cited, include announcementof cut in progress payments to contractors by

the Defense Department, indication that theprice dip in the commodity markets is likely

to continue into 1954, and description of costcutting equipment exhibited at last October'sshows of plant and office machinery. A con-tinued "farm income cost squeeze" is reflectedin a U. S. Department of Agriculture release.

Only the nature of the texts of the forego-

ing papers is indicated by the above comments,

and the viewpoint which they represent. They

would need to be read for their full import.

Perhaps the central article is the staff feature

first mentioned, which reports on the view-

point of industry as to 1954 prospects. It in-

cludes the following table representing survey

replies:

562 N.A.C.A. BULLETIN

Analysis of 496 Replies from Industry Executives on First Half 1954 Outlook

Industry Sales Outlook Pricer Earnings

Steel . . . . . . . . . . . . . . . . . . . . . . . . . . 10% Lower No Change 5% LowerAutomotive . . . . . . . . . . . . . . . . . . . . 8% Lower No Change 10% LowerHousehold Appliances, Radio & Tele-

vision . . . . . . . . . . . . . . . . . . . . . . . 3% Lower No Change No ChangeChemicals . . . 6% Higher 2% Higher 15% HigherNonferrous Metals . . . . . . . . . . . . . . . 8% Lower 5% Lower 5 % LowerMachinery . . . . . . . . . . . . . . . . . . . . . 3% Lower No Change HigherBuilding Materials and Construction 3% Lower No Change 2% HigherAir Conditioning & Refrigeration . . Higher Unchanged

to Lower HigherSoft Goods . . . . . . . . . . . . . . . . . . . . 5% Lower Lower 10% LowerAircraft . . . . . . . . . . . . . . . . . . . . . . . No Change No Change No ChangeMiscellaneous . . . . . . . . . . . . . . . . . . 6% Lower No Change No Change

Note: Data represent averages for various industries

When asked how they were going about

taking steps "to offset the impact of any busi-

ness decline," the replies of executives (further

amplified in article text) envisioned a varietyof precautionary measures, as summarized be-

low:Per Cent of

Steps Being Taken All Industry

Reduce production costs . . . . . . . . . 74Rush new product development . . . 64Step up plant modernization . . . . . 48Increase sales force . . . . . . . . . . . . . 43Increase advertising and promotion. 37

*Cut back production, if necessary.. 32

* A few respondents stated that they alreadyhad begun to cut back production.

The general viewpoint on prices is indicated

by the following report of reactions:"For the most part, industry looks for no

important changes in the selling prices of its

products. A number of executives indicated

that they will attempt to maintain prices at

present levels but, if competition necessitates,will lower prices in order to maintain the

markets for their products."Producers and processors of non- ferrous

metals, however, were less optimistic than mostother industrialists of their ability to maintainprices at current levels. Although some look

for no important price changes, the majorityexpect further reductions, running up to sizable

percentages.

"Soft goods manufacturers also were in-clined to look for lower selling prices for

their products, although no great declines were

expected."In the chemicals industry, on the other

hand, it is expected that the trend of prices

will be unchanged to higher. Only one chem-ical producer indicated the possibility of

lower prices, and the indicated declines were

slight."

Description of Internal Audifing —A bro-

chure describing the field of internal auditing,intended to attract the interest in that field of

students and others seeking employment hasbeen put out by the Institute of Internal Audit-ors (120 Wall Street, New York 5, N. Y.)

and suggests a type of literature adaptable torelated fields in which it may be desired to

recruit more aggressively than at present.The text is offered under such side headings

as "What is internal auditing ?" "How is in-ternal auditing regarded by business ?" "Where

does the internal auditor fit on the organizationchart ?" "What is the work like ?" etc. Inclosing, the pamphlet characterizes internal

auditing in the following manner:"Business operates through controls and in-

ternal auditing is an element of control that

is important and is receiving increasing recog-nition. In his role as appraiser of controls, the

internal auditor must exercise judgment, sepa-

D E C E M B E R , 19 5 3 563

rating the important and the unimportant. As

in other jobs, his inclinations and his educa-tional background will help in beginning; from

that point, progress will depend on perform-

ance and opportunity. The internal auditor is

in a position where there is broad scope of

operation, and a chance to demonstrate his

capabilities to a wider audience than in many

other sectors of a business.

"As compared with many operations of a

business, internal auditing has less of prosaic,

routine work. The internal auditor moves

around in his company. He meets, serves and

works with people of all levels in the organi-

zation, and he learns how his business is or-

ganized and how it runs."The increasing application of internal audit-

ing means opportunity in the extension of in-

ternal auditing to businesses that are beginning

this control work —or in expanding the scope

of internal audit work to new business func-

tions."Generally speaking, the progressive busi-

ness will have an internal auditing operationthat has won the acceptance of all levels ofthe organization. In such a business, internal

auditing will be interesting, challenging in its

work, and a good path to advancement in the

organization."

WITH THE GOVERNMENT

When Renegotiation Proceedings Appear

Not Applicable—A revision of the rules setforth in The Renegotiation Board's Staff Bulle-

tin 4A, for concluding assigned cases by letterfrom the Regional Board to the contractor,

sta ting that it will not proceed further, is con-tained in Renegotiation Staff Bulletin 4B, issuedunder date of October 9, 1953, the text of

which follows:"Staff Bulletin No. 4A provides that as-

signed cases may be concluded by a letter from

the Regional Board notifying the contractorthat the Regional Board will not proceed fur-ther in two types of cases described therein.The Board has revised the categories of as-signed cases which may be closed by use of

such a letter to include the following:

(1) When it is plainly apparent that no

excessive profits were realized and re-

negotiation of the case has not beencommenced by the mailing of a noticeunder RBR 1472.2.

(2) When the renegotiable sales of the

contractor and all related contractors, if

any, were below the statu tory minimum

for the year under review. This mayresult from the making of a special ac-

counting agreement, as well as from thecorrection of errors.

(3) When the contractor has no renegoti-able sales in the year under review, ir-

respective of the amount of renegotiablesales of related contractors. If a con-

tractor having no renegotiable sales isa member of a consolidated group, it

will be separated from the consolidatedproceeding in accordance with RBR

1464.6. The foregoing shall not apply

to the common parent corporation ina consolidated affiliated group.

(4) When, in combined renegotiation under

RBR 1457.2, it is found that the con-tractor had no renegotiable sales in onepart of its split fiscal year.

(5) Any other case where disposition byrefund or clearance would manifestly

not be appropriate."

564 N.A.C.A. BULLI ?TIN

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

Books

Company Practices in MarketingResearchRichard D. Crisp, (Director of Marketing Re-search), Tatum Laird, Inc., American Manage-ment Corp., 330 W . 42nd St., New York 18,N. Y. , Pamphlet, 1953, 63 pp., $2.50 ($1.75to A.M.A. Members).

What industry now does in the way of re-

searching its market is the concern of the firsthalf of this volume, which surveys practice.The second portion takes up the task of "de-termining industry trends and company market

position," as well as related matters. A closingsection asks "What does the fu ture hold ?"

Delivery Costs —Their Measurementand Comparison, for Departmentand Specialty StoresBishop Brown (Dean, School of Retailing,University of Pittsburgh) and Collarobators,University of Pittsburgh Press, 1953, 55 pp.

This small volume is devoted, as i ts title indi-cates, to a special field but its contents mayhave relevance to delivery operations through-out a wider segment of industry. Accountingfor delivery expenses and volume are sepa-

rately taken up and a chapter is devoted to aclose -up of the delivery task and the relatedcost - influencing factors.

Profit Analysis, Distribution Costsand Working PapersFrederick M. Eisner, C.P.A., 70 Linda Ave.,White Plains, New York, (Author - Published),1953, 364 pp., $10.

Subtitled, "How to allocate, report and controldistribution costs, for controllers, accountants,

sales (executives) and management execu-

tives," this volume presents an orderly con-sideration of distribution cost analysis, innumerous aspects. A closing chapter offers

"check lists of suggestions for managerial con-sideration which may add to the marketing

efficiency of a company."

Reports to Top ManagementAmerican Management Association, 330 West42nd St., New York 36, N. Y . Paper bound,1953, 117 pp., $3.75.

Case studies in internal reporting make up

this book and relate to Burroughs Corpora-tion, Carrier Corporation, Koppers Company,Thompson Products, Inc., and Ford Motor Co.,

each by a representative of the company in-volved. Forms and tables made use of are

reproduced. Action motivation, report circu-

lation, charting, and constructing a reportingsystem are among the themes embodied in the

papers.

Organization and Operation of AnInternal Auditing DepartmentResearch Committee Report No. 1, Instituteof Internal Auditors, 120 Wall S t., New York,N . Y. , 1953 Pamphlets, 40 pp., $1.

Utilizing the results of a 1950 survey, pre-viously reported upon in the "Internal Audi.

tor," the present report emanating from theInstitute of Internal Auditors, is intended "toillustrate the practical use of the survey, by

indicating a method of approach for the useof this information" and also includes other

materials related to the survey.

Articles

Analyzing the Economic Cycle

GeoErey H. Moore, Dun's Review and Mod-ern Industry, October 1953.

"Bewildering and often misleading facts andfigures" are here acknowledged to be the

material of forecasting but the approach taken

is not a pessimistic one. Among several chartsillustra ting the paper, is one entitled "cyclicaltiming of 21 indicators." The method pro-posed is informed statistical use of selected data.

DECEMBER, 1953 565

SELECTED ARTICLES FROM ACCOUNTING PERIODICALS

ACCOUNTANT'S JOURNAL, September 1953 (304 Burke Building, Manila, Philippines,single copy I peso)

Reports for Commercial Banks Chester G. BabstAudits of Branches and Warehouses. Ricardo O. IsipAccounting for a Fire Insurance System. Enberto S. Pineda

THE ACCOUNTING REVIEW, October 1953 (c /o Charles Gaa, David Kinley Hell, Uni-versity of Illinois, Urbana, III., single copy $1.50)

*Disclosure as a Standard of Income Reporting. Wendell P. TrumbullRevaluations of Fixed Assets. J. Fred WestonThe Momentum Theory of Goodwill. Robert H. Nelson

*Using Supplementary Data to Interpret Recorded Income. Norton M. BedfordNew Techniques in Consolidations. G. H. Newlove

*The Genesis of Cost Control. Paul GrossmanAccounting Under Conditions of Changing Prices from Debtor and Creditor Viewpoint.

Eugene L. ZiehaThe Effect of Growth in the Adequacy of Depreciation Allowances. Felix Kaufman and

Alan GleasonComplimentary Accounting Through the General Ledger, Oscar Mantner and Joseph

A. MaurielloA Review of Improvements in Federal Government Accounting. Dorsey E. Wiseman

ARTHUR ANDERSEN CHRONICLE, October 1953 (120 S. LaSalle Street, Chicago 3,III.)

Certain Accounting and Tax Aspects of Patents, Trade Marks and Copyrights. HerbertD. Sofer

THE CONTROLLER, October 13, 1953 (1 E. 42nd Street, New York 17, N. Y., singlecopy .50)

*The Lawyer and Controller Consider Corporate Morality. Christian B. PeferHow Gillette Protects Its Records. Richard M. RigleyConstruction and Uses of Break -Even Analysis. Glenn A. Welsch

*Standard Product Investment: A Tool for Profit and Financial Planning. J. E. ZwislerCOST AND MANAGEMENT, November 2, 1953 (66 King Street, E., Hamilton, Ontario,

Canada, single copy .50)Planning for Pensions and Profit Sharing. J. Fraser ContesFinancial Forecasting and Budgetary Control. W. H. Hopkins

FEDERAL ACCOUNTANT, September 1953 (P. O. Box 53, Washington 4, D. C.)Writing the Report of Audit. Henry LudmerAn Accounting System With Accrual Features for an Agency Operating on an Annual

Appropriation. T. E. RussellILLINOIS CERTIFIED PUBLIC ACCOUNTANT, September 1953 (208 S. LaSalle Street,

Chicago 4, III., single copy .40)Hospital Accounting, Theory and Practice. Leon E. HayOil and Gas Leasing Transactions. Donald L. Glass

JOURNAL OF ACCOUNTANCY, November 1953 (270 Madison Avenue, New York 16,N. Y., single copy .75)

The Resurgence of the Balance Sheet As a Useful Element in Financial Analysis. WilliamW. Werntz

Some Problems Regarding Consolidated and Parent Company Statements. ResearchDept. of A I A

NEW YORK CERTIFIED PUBLIC ACCOUNTANT, October 1953 (677 Fifth Avenue, NewYork 22, N. Y., single copy .50)

Employee Profit Sharing and Savings Plan. Philip BardesCosting for the Petroleum Refining Industry. Charles Berkowitz

November, 1953Forensic Accounting. Max Lowrie

(Continued on next page)

566 N.A.C.A. BULLETIN

(Continued from previous page)

RETAIL CONTROL, September 1953 (100 W. 31st Street, New York I, N. Y., singlecopy .75)

Executive Compensation. Raymond Flopes and others.Branch Store Accounting R. L. Schaffe and others

October 1953Department Store Expense Control. Malcolm P. McNairOrganization and Operation of Unit Control. E. L. Harling

November 1953What is the Controller's Job. Leo C. Levin

* Further mentioned in accompanying notes on particular articles.

SELECTED ARTICLES FROM THE BUSINESS PRESS

ADVANCED MANAGEMENT, October 1953 (411 Fifth Avenue, New York 16, N. Y.,Single copy .75)

*Applying Research to Business. Frank Long• Program for Personnel Quality Control. Thomas J. Wright• History of Scientific Management. Henry P. Dutton

AMERICAN TRADE ASSOCIATION, October 1953 (Executives Journal, 820 DuPont CircleBuilding, Washington 6, D. C., single copy 1.00)

*Industry -Wide Product Promotion. Merrill A. WatsonAssociation- Conducted Sales Training Clinics. Thomas W. Douglas

DUN'S REVIEW and MODERN INDUSTRY, October 1953 (99 Church Street, New York,N. Y., single copy .75)

Approaches to Tomorrow. Carter G. Higgins*Analyzing the Economic Cycle. Geoffrey H. Moore

FACTORY MANAGEMENT AND MAINTENANCE, October 1953 (330 W. 42nd Street,New York 36, N. Y., single copy .50)

Operations Research. Morley G. MildenMerit Rating for Executives. William Hodge

November 1953Statistical Quality Control in Small -Lot Manufacturing. Leo W. BoschMaterials Control in a Job Shop. S. Eisenberger

JOURNAL OF MARKETING, October 1953 (1525 E. 53rd Street, Chicago 15, III.)Special Incentives for Salesmen. Albert Hanrig and Robert H. MyersCan Advertising Markets Be Defined or Measured as Geographical Areas. Alan S.

DonnahoeTHE OFFICE, November 1953 (270 Madison Avenue, New York 16, N. Y., single copy .25)

Office Operating Controls. Edward M. CaineStoring Tabulating and Time Cards. H. F. HorstmeyerHow to Use Time Sampling. Leslie H. MatthiesOffice Due for Big Change in 25 Years. Walter H. Wheeler, Jr.

PERSONNEL, November 1953 (330 W. 42nd Street, New York 36, N. Y., single copy 1.00)Changing Supervisory Practices Through Training: A Case Study. Paul C. Buchanan

and Charles J. Ferguson

* Further mentioned in accompanying notes on particular articles.

The Lawyer and Controller Con- Starting with history— "the geneology of thesider Corporate Morality modern corporation" —the present author seeksChristian B. Peper, The Controller, October1953. to recognize the place of the corporation in

DECEMBER, 1953 567

society and to discern and discuss the principal

areas in which moral responsibilities lie most

heavily on management. There is reference

to the need for "constant awareness of theobligations of management to report to its

constituents" and a delineation of various trans-actions in which management personnel mayparticipate and which raise moral questions.

Disclosure as a Standard of IncomeReporting

Wendell P. Trumbull, Accounting Review,October 1953.

Noting that "the public reporting of incomedata is still in midpassage" and stating that

"sound reporting induces better accounting,"

the author of this article comments on the

greater emphasis accorded the bases of account-

ing statements than has been accorded to dis-closures through them. He points to a needfor greater development along lines of pro-

viding information to readers of financial state-

ments.

Using Supplementary Data to Infer -pret Recorded Income

Norton M. Bedford, Accounting Review, Oc-tober 1953.

". . . . the reported income of a firm is not

a homogeneous item and often contains signifi-

cantly distinct elements," in the words of thepresent article which contains a proposed listof supplementary data for interpretation, com-

prising some twenty -five topics for interpre-

tative comment. These are proposed to help"clear up the generally neglected area of ac-

counting income activities."

Standard Product Investment: ATool for Profit and Financial Plan-ning

J. E. Zwisler, The Controller, October 1953

Exhibiting in tabular form an analysis of in-

vestment to products and, in like form, of "re-turn" to products (down to "pre -tax return "),

this article then carries on to a comparativeoperating statement by products.

The Genesis of Cost ControlPaul Crossman, The Accounting Review, Octo-ber 1953

This article embodies a venture into the his-

torical and brings up to 1900 (the point at

which most of us begin) the story of the ad-

vances toward using accounting data to aid in

control of operations.

Applying Research to BusinessFrank Long, Advanced Management, October1953.

A diversity of directions in which researchcan be used to improve aspects of operation

from which they have in the past been con-

sidered remote, is underscored by this articleand author. "Workshop" to investigate cost

reduction, the question of centralization vs.

decentralization, the cutting of labor costs,

etc., are given exposition, together with varia-tion of examples on some points.

Industry -Wide Product PromotionMerrill A. Watson, American Trade Associa-tion Executives' Journal, October 1953.

Before describing a program in line with the

title of the article, the author of this paper

indicates the usual conditions impelling promo-tion of the type indicated. He states, "Ordi-

narily, in the background there is an economic

situation where the sales of the product havebeen tending downward for a number of

years." The "launching," technique, and goalsof the program are then set forth.

Correction

The note in the October, 1953 issue of theN.A.C.A. Bulletin relating to Cases on Busi-ness Law by Ronald A. Anderson erroneouslyidentified Walter A. Stumpf, co- author ofthe related textbook on business law, as de-ceased. The second statement of the noteshould read:

"The work parallels the fourth edition of atextbook on business law by Ronald A. Ander-son, Dwight A. Pomeroy and Walter A.Kumpf, and supersedes a case book by Dr.Pomeroy, now deceased."

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

STEVENSON TROPHY COMPETITIONStandin,esof Chapters-For Five Months Ended Nov. I st, 1953PLACE CHAPTER POINTS

I. EVANSVILLE.....................

26652. NEW ORLEANS

..................2424

3. LANCASTER......................

2160

4. FORT WAYNE....................

20885. CUBA

............................1977

6. CHATTAHOOCHEE VAL.........

1932

7. GRAND RAPIDS.................

19278. CHARLOTTE

.....................1911

9. BROOKLYN......................

1879

10. HARRISBURG....................

1860I I . AKRON

..........................1830

12. ELMIRA AREA...................

1825

13. ST. LOUIS........................

181914. GREENWICH-STAM FORD

........1816

14. MEMPHIS........................

1816

16. CALUMET........................

180817. CLEVELAND

.....................1798

18. READING........................

1784

19. DENVER..........................

176420. SABINE

..........................1762

21. LOS ANGELES...................

1760

21. LOUISVILLE......................

176023. ROCKFORD

......................1746

23. TOLEDO.........................

1746

25. BOSTON.........................

172326. HAW AII

.........................1720

27. DAYTON.........................

1719

28. ATLANTA........................

171329. FORT WORTH

...................1701

30. RICHMOND.....................

1689

31. CINCINNATI.............. . .

168732. ALBANY

.................... .. .1677

32. BIRMINGHAM............... ..

1677

34. FOX RIVER VALLEY..............

167335. LEHIGH VALLEY

................1672

36. HAGERSTOWN..................

1670

37. ERIE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165638. BINGHAMTON

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

165439. SAN ANTONIO

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

1648

40. PATERSON. .....................

164441. KANSAS CITY ................ 164142. WABASH VALLEY . . . . . . . . . . . . . . . . 1637

43. SAN DIEGO. ...................

163244. MID - HUDSON

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

163145. KALAMAZOO

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

1626

46. COLUMBIA......................

162147. NORW ICH

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

161448. YORK

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

1611

49. ROCHESTER.....................

159850. HARTFORD

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

159551. SOUTHERN MAINE

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

1580

52. SAN FRANCISCO................

157753. HAMPTON ROADS

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

156954. PHILADELPHIA

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

1566

55. NEW HAVEN....................

156156. MERRIMACK VALLEY

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

155857. OM A H A

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

1550

PLACE CHAPTER POINTS

58. NASHVILLE......................

153659. MILWAUKEE

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

153260. NEWARK

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

1527

61. INDIANAPOLIS..................

152162. TULSA . . . . . . . . . . . . . . . . . . . . . . . . . . . 152063. W ICHITA . . . . . . . . . . . . . . . . . . . . . . . . 1518

64. OAKLAND.......................

151165. PORTLAND

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

148666. LONG ISLAND

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

1482

67. SPRINGFIELD....................

148068. WORCESTER . . . . . . . . . . . . . . . . . . . . . 146969. BUFFALO

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

1468

70. ANNISTON......................

146471. COLUMBUS

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

146372. KNOXVILLE

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

1461

72. SHREVEPORT.....................

146174. W ASHINGTON

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

144975. BALTIMORE

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

1446

76. CH IC AG O.......................

144277. PROVIDENCE

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

142278. WATERLOO . . . . . . . . . . . . . . . . . . . . . . 1414

79. LANSING........................

141280. DES MOINES. . . _ _ _ _ : ,

.....

141081. JACKSON . . . . . . . . . . . . . . . . . . . . . 1405

82. WATERBURY.....................

140483. PITTSBURGH

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

139884. MOHAW K VALLEY

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

1392

85. SOUTH BEND....................

139086. YOUNGSTOW N

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

138987. EAST TENNESSEE

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

1385

88. TW IN CITIES . . . . . . . . . . . . . . . . . . . . 138489. HOUSTON

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

138090. BATON ROUGE

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

1377

91. WILLIAMSPORT..................

137292. PIEDMONT

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

136593. CEDAR RAPIDS

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

1363

94, SAGINAW VALLEY..............

134095. JAMESTOWN

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

133796. DALLAS . . . . . . . . . . . . . . . . . . . . . . . . . . 1326

97. TRI- CITIES . . . . . . . . . . . . . . . . . . . . . . . 132198. DETROIT . . . . . . . . . . . . . . . . . . . . . . . 131499. MUSKEGON

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

1308

100. NO. W ISCONSIN...............

1292101. SCRANTON

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

1291102. BRIDGEPORT . . . . . . . . . . . . . . . . . . . . . 1288

103. MASS. NORTH SHORE..........

1287104. MOBILE

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

1284105. CHATTANOOGA

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

1267

06. SEATTLE . . . . . . . . . . . . . . . . . . . . . . . . . 1255i07. PEORIA . . . . . . . . . . . . . . . . 1253

108. TRENTON.. .... ..............

1236

109. NORTH ALABAMA.............

1165110. NEW YORK

I .............

1145III. FALL RIVER . _ . . . . . . . . . . . . . . 1144

112. NEW HAMPSHIRE..............

1134113. BANGOR

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

1121114. SYRACUSE

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

1118

115. SANGAMON VALLEY............

1054116. SALT LAKE CITY . .............. 1046

DECEMBER, 1953 569

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

AKRON, Ohio December 16Women's City Club

Incentive and the Individual — RUSSELLJ. VAN DAME, Controller, Lincoln Elec-tric Co., Akron, Ohio.

ALBANY, N. Y. December 15Aurania Club

The Operations of the Merit RatingPlan Under Unemployment Insurance —PAUL R. JONES, Mgr., N. Y. Div.,Gates, McDonald & Co., Syracuse, N.Y.

ANNISTON. Ala. December 17Y. M. C. A.

The Truck In Your Life—CHARLES L.HOLLINGSWORTH, Dir. of Pub. Rela-tions, Alabama Trucking Assn., Inc.,Montgomery, Ala.

ATLANTA, Go. December 15Ansley Hote l

Let's Simplify the Mechanics of Takingand Controlling Inventories —EDWIN L.HARLING, Asst. to Gen'l. Mgr., Rich's,Inc., Atlanta, Ga.

BALTIMORE, Md. December 15Sheraton Belvedere Hotel

Direct Costing: Public Accountant'sViewpoint— HERMAN C. HEISER, Su-perv., IndT Acct'g. Service, Lybrand,Ross Bros. & Montgomery, Philadel-phia, Pa.

BANGOR, Me. December 21Torrantine Club

Current Trends in Business— WALLACET. PARSONS, Pres., Keyes Fibre Co.,Waterville, Me.

BATON ROUGE, La. December 16Bob & Jake's Steak House

Taxes of the Oil Industry—KNOX MC-CLERKIN, Tax Mgr., Lion Oil Co., ElDorado, Ark.

BINGHAMTON, N. Y. December 17Hote l Arlington

Significant Trends in Industrial Ac-counting—J. BROOKS HECKERT, Prof.of Acct'g., Ohio Sta te Univ., Columbus,Ohio.

BIRMINGHAM, Ala. December 15Tutwiler Hote l

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

BOSTON, Mass. December 16Hote l Bradford

Federal Income Taxes —JOEL BARLOW,Partner, Covington and Burling, Wash-ington, D. C.

BRIGEPORT, Conn. December 15Sfratfield Hotel

Short Cut Approach to Break -Even PointAnalysis —T. L. MORISON, Prof., Bent-ley School of Accounting & Finance,Boston, Mass.

BROOKLYN, N. Y. December 16Clements Club

Federal Taxes—ALEXANDER CAMERON,Mgr., Tax Dept., Price Waterhouse &Co., New York, N. Y.

BUFFALO, N. Y. December 10Trap & Field Club

Present Economic Situation and Out-look—EDWARD F. MCGINLEY, Pres.,Liberty Bank of Buffalo, Buffalo, N. Y.

CALUMET December 15Hote l Gary Gary, Ind.

Public Relations and Its Political Im-pacts—WILLIAM E. HAYES, Exec. Asst.to Pres., Chicago Rock Island & PacificR. R. Co., Chicago, III.

CEDAR RAPIDS, Iowa December 15Hotel Montrose

Outlook Fos Business in 1954—GEORGEW. MITCHELL, Vice Pres., Research,Federal Reserve Bank, Chicago, Ill.

CHARLOTTE, N. C. December 11Hotel Mecklenburg

Employer - Employee Relations —W. B.MALONEY, Personnel Dir., Esso Stand-ard Oil Co., New York, N. Y.

CHATTAHOOCHEE VALLEY December 14Ralston Hotel Columbus, Go.

Internal Control —Panel Discussion.

5 7 0 N.A. C.A. B U L L E T I N

CHATTANOOGA, Tenn. December 17Hotel Patten

New Developments in Pensions and Re-tirement Plan s—J. HOMER HARDY,C. P. A., Chattanooga, Tenn.

CHICAGO, III. December 3Furniture Club of America

Cost Analysis for Management Guid-ance — I. WAYNE KELLER, Pres.,N.A.C.A. and Controller, ArmstrongCork Co., Lancaster, Pa.

CINCINNATI, Ohio December 17Sheraton Gibson Hotel

The Cost Accountant Looks at Distribu-tion COSTS—JAMES E. CALDWELL, Asst.Comptroller, Goodyear Tire & RubberCo., Akron, Ohio.

CLEVELAND, Ohio December 17Carter Hotel

Sales Prices and Government Regula-tions— HERBERT F. TAGGART, Prof. ofAcctg., School of Bus. Adm., Univ. ofMichigan, Ann Arbor, Mich.

COLUMBIA, S. C. December 17Jefferson Hotel

Expanding Opportunities for the Ac-countant —HARRY E. HOWELL, Howell& Co., Washington, D. C.

COLUMBUS, Ohio December 7

Fort Hayes HotelArbitration of Labor Management Dis-putes —PAUL LEHOCZKY, Prof. Indus.Engineering, Ohio State Univ., Colum-bus, Ohio.

CUBA December 17Hotel Nacional

Efectos del crediio bancario en el In-grelo Nacional— JULIAN DE ZULUETABESSON, Pres. of the Continental Bankof Cuba, Havana, Cuba.

DALLAS, Texas December 18Melrose Hotel

Military Aircraft Contract Cost Ac-counting—G. D. MONROE, Cost Ac-countant, Chance Vought Aircraft Div.,United Aircraft Corp., Dallas, Texas.

DAYTON, Ohio December 15Engineers Club

Supplementing Good Accounting —DONALD H. SUNDERLIN, Pres., Societyfor Advancement of Management, NewYor k, N. Y .

DENVER, Colo. December 15

University ClubTax Planning and The Cost Accountant—Panel Discussion.

DES MOINES, Iowa December 16

Standard ClubProfits on the Stockshelves or in theBank — LAMBERT H. SPRONCK, Lybrand,Ross Bros. & Montgomery, New Yor k,N. Y .

DETROIT, Mich. December 10Park Sheraton Hotel

A Forecast of Business Conditions in1954—GEORGE P. HITCHINGS, Mgr.,Economic Analysis Dept., Ford MotorCo., Dearborn, Mich.

EAST TENNESSEE December 10Ridgefields Country Club Kingsport, Tenn.

Direct Costing Overhead Distribution —JONATHAN N. HARRIS, Consultant toTreas., Dewey & Almy Chemical Co.,Cambridge, Mass.

ELMIRA AREA December 15Mark Twain Hotel Elmira, N. Y.

Research: Today's Cost and Tomorrow'sProfit—EDWARD U. CONDON, Dir., Re-search & Development, Corning GlassWorks, Corning, N. Y.

ERIE, Pa. December 21Erie Moose Club

Presenting Financial Results withCharIS—CARROLL E. STOUT,Works Ac-countant, Household RefrigerationDept., General Electric Co., Erie, Pa.

EVANSVILLE, Ind. December 17Smitty's Steak 6 Sea Food House

The Art of Managing: Go or Grow —WILLIAM LEVY, Gen'l. Mgr., NationalAssn. of Foremen, Dayton, Ohio.

FALL RIVER, Mass.Stone Bridge Inn

Some Current Federalmeats— M AURICE H.Staff, J. K. Lasser &N. Y .

December 10Tiverton, R. I.

Tax Develop -GREENBERGER,

;o., New Yor k,

FORT WAYNE, Ind. December 15Chamber of Commerce

Humanizing Business Relationships —REv. ERWIN PETZNIK, Pastor, FirstEvangelical Church, Fort Wayne, Ind.

D E C E M B E R , 19 5 3 57 1

FORT WORTH, Texas December 17Worth Hotel

Variance Accounts in Relation to CostAccounting —ED KINLOCK, Acctg. Su-perv., Bell Aircraft Corp., Fort Worth,Texas.

FOX RIVER VALLEY December 9Fairbanks Georgian Room Aurora, III.

Electronic Accounting —E. J. CUNNING -HAM, Asst. Comptroller, MonsantoChemical Co., St. Louis, Mo.

GRAND RAPIDS, Mich. December 15Pontlind Hotel

Cost Accounting Applied to MotorTransportation — O. L. DOUD, VicePres., Finance Roadway, Express, Inc.,Akron, Ohio.

GREENWICH- STAMFORD December 15Halfway House Darien, Comm.

Accounting for Profit Sharing —SARTELLPRENTICE, JR., Council of Profit Shar-ing Industries, New York, N. Y.

HAGERSTOWN, Md. December 17Home Spun Inn Chambersburg, Pa.

Standardized Accounting In Municipali-tieJ — HON. WILLIAM S. LIVENGOOD,JR., Secy. of Internal Affairs, Common-wealth of Pa., Harrisburg, Pa.

14AMFTON ROADS December 17Suburban Country Club Portsmouth, Va.

An Accountant Looks at Christmas —RAYMOND B. PINCHBECK, Dean, Rich-mond College, Univ. of Richmond,Richmond, Va.

HARRISBURG, Pa. December 15Van Colonial Resfurant

What's New in Federal Income Taxes—LEE E. BOYER, Lee E. Boyer & Co.,Harrisburg, Pa.

HARTFORD, Comm. December 15Indian Comm" Club Newington, Conn.

A Case Study on Who le Dollar Ac-counting —WAYNE R. ARCHERD, Asst.to Controller, Bethlehem Steel Co.,Bethlehem, Pa.

HAWAII December 18Commercial Club

Crop vs. Annual Accounting in Agri-culture— HERBERT C. DUNN, Partner,Cameron, Tennent & Dunn, Honolulu,T . H .

HOUSTON, Texas December 3Alabaman Catering Service

Current Trends in Federal Income Taxes— WILLIAM O. TAYLOR, Tax Attorney,Butler, Binion, Rice & Cook, Houston,Texas.

INDIANAPOLIS, Ind. December 16More" Hotel

Business Outlook for 1954 —E. F. AN-DREws, Dir. of Purchases, Pitman -Moore Co., Indianapolis, Ind.

JACKSON, Miss. December 10Walfball Hotel

Present Tax Status of Certain Organi-zations Previously Exempt from FederalIncome Tax under Section 101 of In-ternal Revenue Code —A. N. MoRGAN,Partner, M. O. Carter Co., Jackson,Miss.

JAMESTOWN, N. Y. December 15Hotel Jamestown

Control of Advertising Costs —JAY E.MAsoN, Pres., Jamestown BroadcastingCo., Jamestown, N. Y.

KALAMAZOO, Mich. December 15Columbia Hotel

Responsibility Accounting for Manu-facturing Companies —R. C. BRANDT,Partner, Arthur Andersen & Co., Chi-cago, Ill.

KANSAS CITY, Mo. December 14Hotel President

Profits on the Stockshelves or in theBank —LAMBERT H. SPRONCK, Lybrand,Ross Bros., & Montgomery, New York,N . Y.

KNOXVILLE, Tenn. December 15Whittle Springs Hotel

Governmental Influence on Cost Ac-counting —CHARLES H. TowNs, Loomis,Suffern & Fernald, New York, N. Y.

LANCASTER. Pa. December 18Hotel Brunswick

Accounting Foibles and Fables — 1.WAYNE KELLER, Pres., N.A.C.A. andController, Armstrong Cork Co., Lan-caster, Pa.

LANSING, Mich. December 17Y. M. C . A.

Costing Methods Under CompetitivePricing Conditions —J. F. LILLIS, Bur-roughs Corp., Detroit, Mich.

LEHIGH VALLEY December 18Hotel Bethlehem Bethlehem, Pa.

Year End Planning— SAMUEL M. VONKUMMER, Tax Mgr., Arthur Andersen& Co., Philadelphia, Pa.

LONG ISLAND, N. Y. December 15Garden City Hotel Garden City, N. Y.

The Annual Audit —Panel Discussion.

57 2 N. A . C .A . B U L L E T I N

LOS ANGELES, Calif. December 1SElks Club

Practical Process Coning —JACK D.GARDINER, Treas., Van De Kamp's Hol-land Dutch Bakers, Inc., Los Angeles,Calif.

LOUISVILLE, Ky. December 15Kentucky Hotel

Reorganization and How It Affects You— GEORGE E. NEAL, District Commis-sioner, U. S. Treasury Dept., Cincinnati,Ohio.

MASSACHUSETTS NORTH SHORE December 15Hotel Hawthorne Salem, Mass.

Legislating for Taxes —HON. PHILLIPA. GRAHAM, State Senator, Third EssexSenatorial District, Mass.

MEMPHIS, Tenn. December 16Gayoso Hotel

Tariffs and Tariff Cost Analysis —HUGHCAMERON, Ford Motor Co., Detroit,Mich.

MERRIMACK VALLEY December 10Andover Country Club Andover, Mass.

Practical Cost Problems —Panel Discus-sion.

MI&HUDSON December 14Nelson House Poughkeepsie, N. Y.

Economic Policy Geared to the Eco-nomic Outlook — EMERSON P. SCHMIDT,Dir., Economic Research, U. S. Cham-ber of Commerce, Washington, D. C.

MILWAUKEE, Wis. December 15Elks Club

Is Direct Costing the Answer ? —ROB-ERT BEYER, Partner, Touche, Niven,Bailey & Smart, Milwaukee, Wis.

MOBILE, Ala. December 16Battle House

What N.A.C.A. Has Meant to Me—J. D. P. ARNOLD, Arnold, Keller &Smith, Birmingham, Ala.

MOHAWK VALLEY December 21Club Monarch Yorkville, N. Y.

Income Taxes —Panel Discussion.

MUSKEGON. Mich. December 14ShurRne Room

Salesmanship of Accounting— CHESTERSHAN, Controller, Michigan Carton Co.,Battle Creek, Mich.

NASHVILLE, Tenn. December 22Andrew Jackson Hotel

Taxes ! ! ! —J. MARSHALL EWING, At-torney, Nashville, Tenn.

NEW HAMPSHIRE December 15Calumet Club Manchester, N. H.

Current Tax Developments — HERMANSTUETZER, JR., Lybrand, Ross Bros. &Montgomery, Boston, Mass.

NEW HAVEN, Conn. December 29Seven Gables Towne House

History of New Haven Chapter—AL-FRED L. BRISTOL, Chapter Historian;Rockbestos Product Corp., New Haven,Conn.

NEW ORLEANS, La. December 10Lenfant's Boulevard Room

The Accountant Keeps Pace With Mod-ern Trends —Panel Discussion.

NEW YORK, N. Y. December 14Belmont Plum Hotel

Opportunities for Savings in the TaxCost of Doing Business —PAUL DSEGHERS, Attorney, New York, N.

NEWARK, N. J. December 10Robert Treat Hotel

The Economic Outlook for 1954 --GOR-DON MCKINLEY, Asst. Dir., AgenciesResearch, Prudential Insurance Co. ofAmerica, Newark, N . J.

NORTH ALABAMA December 14Russell Erskine Hotel Huntsville, Ala.

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

NORTHERN WISCONSIN December 15Hotel Beaumont Groan Bay, Wis.

Salesmenship in Industrial, Accounting— CHESTER SHAN, Controller, Michi-gan Carton Co., Battle Creek, Mich.

NORWICH, Conn. December 17Commerce Club

Method - Time- Measurement for the In-dustrial Accountant —JOHN L. SCHWAB,Pres., John L. Schwab Assoc., Bridge-port, Conn.

OAKLAND -EAST BAY December 17The Sea Wolf Oakland, Calif.

Departures From Generally AcceptedAccounting Principles in Income TaxAccounting — LEVERNE W . GARCIA,Partner, Thompson, Dechow, Garcia &Reich, Oakland, Calif.

OMAHA, Neb. December 15Hill Hotel

Profits on the Stockshelves or in theBank — LAMBERT H. SPRONCK, Lybrand,Ross Bros. & Montgomery, New York,N. Y.

D E C E M B E R , 1 9 5 3 5 7 3

PATERSON, N. J. December 16The Tree Restaurant

Cott Accountants and Operations Re-search— JOHN-B. VANHAELEN, VicePres., Paul B. Mulligan & Co.; NewYork, N. Y.

PEORIA, 111. December 16Hotel Pere Marquette

How Do W e Educate Accountants? —PAUL M. GREEN, Dean, College ofCommerce & Bus. Adm., Univ. of Ill-inois, Urbana, Ill.

PHILADELPHIA, Pa. December 17Kugler's Restaurant

Federal Tax Developments— KENNETHW. GEMMILL, Legislative Counsel,U. S. Treasury Dept., Washington,D. C.

PIEDMONT December 18Starmount Forest Country Club Greensboro, N. C.

Management and Cost Accounting —W.A. TOMLINSON, Pres., Tomlinson ofHigh Point, Inc., High Point, N. C.

PITTSBURGH, Pa. December 9Hotel William Penn.

Accounting Involved in GovernmentContracts — MAURICE E. PELOUBET,Partner, Pogson, Peloubet & Co., NewYork, N. Y.

PORTLAND, Ore. December 15Heathman Hotel

Business Outlook for 1954 — ERNEST G.SWIGERT, Pres., Hyster Co., Portland,Ore.

PROVIDENCE, R. 1. December 21Johnson's Hummocks

Women: A Ne w Factor in Industry —MRS. VERA GREEN, Asst. Treas. andSecy., Botwinik Brothers of Mass., Inc.,Worcester, Mass.

READING, Pa. December 18Wyomissing Club

Cutting Insurance COIIS— IRVING PERRY,Ark - Wright Mutual Fire Insurance Co.,Philadelphia, Pa.

RICHMOND, Va. December 16Hotel John Marshall

The New Richmond —HON. EDWARD E.HADDOCK, M.D., Mayor, City of Rich-mond, Richmond, Va.

ROCHESTER, N. Y. December 16Seneca Hotel

An Introduction to Direct Costing —WINTHROP E. HEYER, Treas., RitterCo., Inc., Rochester, N. Y.

ROCKFORD, Ill. December 15Hotel Lafayette

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

SABINE, Texas December 14Goodhue Hotel Port Arthur, Texas

The Accountant As A Human: HisCivic and Social Responsibilities—BAR-NEY M o m s , Business Mgr., E. W .Brown Industries Orange, Texas.

SAGINAW VALLEY December 16Zehader's Hotel Frankenmuth, Mich.

Current Economic and Political Develop-ments — RICHARD LINDHOLM, Ph.D.,Prof., School of Economics, MichiganState College, E. Lansing, Mich.

ST. LOUIS, Mo. December 8Sheraton Hotel

Techniques of Cost Control —CECIL L.CLARK, Vice Pres. & Treas., SangamoElectric Co., Springfield, Ill.

SALT LAKE CITY, Utah December 28Aviation Club

Industrial Development of the Inter-mountain Area —ELROY NELSON, Dir.,Bureau of Business Research, Univ. ofUtah, Salt Lake City, Utah.

SAN ANTONIO, Texas December 1SGunter Hotel

Federal Income Taxes — WRIGHT MAT -THEWS, member, law firm, Leachman,Matthews & Gardner, Republic BankBldg., Dallas, Texas.

SAN DIEGO. Calif. December 2Cuyamoca Club

Problems of Year End Closing —PanelDiscussion.

SAN FRANCISCO, Calif. December 15Engineers Club

Innovations in Cost Reduction — ARTHURB. POOLE, Vice Pres. & Treas., Ameri-can President Lines, Ltd., San Francisco,Calif.

SANGAMON VALLEY December 15Elks Club Springfield, 111.

Labor Contract Negotiations —JOHNBYRNE CHAMBERLAIN, Attorney at Law,McDermott, Will & Emery, Chicago, 111.

SCRANTON, Pa. December 21Scranton Club

Tax Planning— DONALD J. TREGO, Has-kins & Sells, Philadelphia, Pa.

57 4 N.A. C.A. B U L L E T I N

SEATTLE, WASH. December 16Sorrento Hotel

Accounting As Interpreted in Sweden —Speaker to be announced.

SHREVEPORT, La. December 17Caddo Hotel

The Accountant's Responsibility To HisCompany, Community and Country —EARL SHARP, Attorney, Kenley -Sharp &Ritter, Longview, Texas.

SOUTH BEND, Ind. December 8Morris Inn Notre Dame, Ind.

Business Outlook for 1954— GEORGEW. MITCHELL, Federal Reserve Bank,Chicago, Ill.

SOUTHERN MAINE December 10Elm Hotel Auburn, Me.

Use of Statistics in Business— WILFREDLAKE, Dean, College of Liberal Arts,Northeastern Univ., Boston, Mass.

SPRINGFIELD, Mass. December 16Hotel Sheraton

Labor Costs From the Union Standpoint— GEORGE W. BROOKS, Dir. of Re-search & Education, International Broth-erhood of Pulp, Sulphite and Paper MillWorkers, Washington, D. C.

SYRACUSE, N. Y. December 17Hotel Syracuse

What Are Product COStS—STERLING K.ATKINSON, Prof. of Acctg., TempleUniv., Philadelphia, Pa.

TOLEDO, Ohio December 1SPark Lane Hotel

Simplified Costs and Budget Procedures—PAUL E. HAMMAN, Partner, Touche,Niven, Bailey & Smart, Detroit, Mich.

TRENTON, N. J. December 8Hotel Stacy -Trent

Standard Costs vs. Actual Costs —PanelDiscussion.

TRI•CITIES December 15Ship's Wheel East Moline, III.

What Can Yo u Get Out of N.A .C.A.?—Panel Discussion.

TULSA, Okla. December 15Alvin Hotel

The Public Accountant Looks At Costs—JOHN F. Y. STAMBAUGH, Partner,Frazer & Torbet, Tulsa, Okla.

TWIN CITIES December 3Radisson Hotel Minneapolis, Minn.

Effective Cost Control —J. D. ZAHN,Asst. to Exec. Vice Pres., ContinentalCan Co., Inc., New York , N. Y.

WABASH VALLEY December 15Deming Hotel Terre Haute, Ind.

Recent Changes in Federal Income Taxes— Indiana C.P.A. Association Tax Panel.

WASHINGTON, D. C. December 16Willard Hotel

Progress in Accounting —EDWIN C. Bos-WORTH, Dean, Benjamin Franklin Univ.,Washington, D. C.

WATERBURY. Conn. December 8Hotel Elton

Flow Well D o You Know Yo u r Job? —DAVID P. FRY, JR,,C. P. A., Philadel-phia, Pa.

WATERLOO, Iowa December 9Black's Tea Room

Wh a t I s A Pension CoSt ?— CHARLES L.KLUSS, SR. Partner, Edwin Shields Hew-itt & Assoc., Libertyville, III.

WICHITA, Kansas December 15Broadview Hotel

Evidence and Bank Credit —R. ELMOTHOMPSON, Exec. Vice Pres., First Na-tional Bank & Trust Co., of Tulsa,Tulsa, Okla.

WILLIAMSPORT. Pa. December 14Lycoming Hotel

Fraud and Embezzlement and InsuranceValuation Problems —FRANK S. GLEN -DENING, Frank S. Glendening & Co.,Philadelphia, Pa.

WORCESTER, Mass. December 17Putnam 6 Thurston's Restaurant

Standard C O S t s —CLINTON W. BEN -NETT, Partner, Cooley & Marvin, Bos-ton, Mass.

YORK, Pa. December 16Caterpillar Tractor Co. Plant

Prices, Profits and Progress— WILLIAMBLACKIE, Vice Pres., Caterpillar TractorCo., York, Pa.

YOUNGSTOWN, Ohio December 16Tippecanoe Country Club

The Accountant and His Job in Man-agement—GEORGE S. CASE, JR., Pres.,The Lamson and Sessions Co., Cleve-land, Ohio.

D E C E M B E R , 19 5 3 575

SELECT your Conference and

make your plans to attend NOW!

Eastern States Regional ConferenceFebruary 5 -6, 1954 Roosevelt Hotel

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

Southwestern Regional ConferenceApril 2 -3, 1954 Hotel Texas

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

Sabine

Southeastern Regional ConferenceApril 23 -24, 1954 Hotel John Marshall

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