University of Mississippi eGrove American Institute of Certified Public Accountants AICPA Committees (AICPA) Historical Collection

1-1-1954 Officers and committees, trial board, state boards of accountancy, state societies of CPAs,minutes of annual meeting, awards, 1953-54 American Institute of Accountants

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Recommended Citation American Institute of Accountants, "Officers and committees, trial board, state boards of accountancy, state societies of CPAs,minutes of annual meeting, awards, 1953-54" (1954). AICPA Committees. 176. https://egrove.olemiss.edu/aicpa_comm/176

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Officers Committees

Trial Board

State Boards of Accountancy

State Societies of CPAs

Minutes of Annual Meeting

Awards

1953-1954 Copyright 1954 by the American Institute of Accountants 270 Madison Avenue New York 16, New York COMMITTEES

9 Accountants’ Liability & Liability Insurance 9 Accounting Personnel 16 Accounting Principles for Income Contents Tax Purposes 10 Accounting Procedure 10 Admissions 11 Arbitration 11 Auditing Procedure AMERICAN INSTITUTE OF ACCOUNTANTS 12 Awards 12 Bankruptcy & Reorganization 13 Budget & Finance Officers 5 13 By-Laws 14 College & University Accounting Council 5 14 Cooperation with Bankers 14 Cooperation with Bureau of Board of Examiners 12 Economic Research 14 Coordination of Activities of State Trial Board 29 & National Organizations 15 Credentials

Insurance Trust 30 15 Executive 15 Federal Taxation

Foundation 30 16 Foreign Affairs 16 Governmental Accounting

Benevolent Fund 30 16 History 17 Interstate Practice 10 Local Practitioners (Advisory Staff Organization 30 Committee) 17 Meetings Awards 32 17 Membership 27 National Defense State Boards of Accountancy 34 27 Natural Business Year 27 Nominations Association of CPA Examiners 41 27 Professional Ethics 27 Public Relations State Society of CPA's 42 28 Publication 28 Relations with Bar Minutes of AIA Annual Meeting 45 28 Relations with SEC 29 State Legislation 29 Technical Sessions 29 Terminology American Institute of Accountants

Members of Council OFFICERS

President—Arthur B. Foye...... 67 Broad Street, New York 4, New York Vice President—M. C. Conick...... First National Bank Bldg., Pittsburgh 22, Pa. Vice President—James E. Hammond...... 111 Sutter Street, San Francisco, Calif. Vice President—Wallace M. Jensen...... 1380 National Bank Bldg., Detroit 26, Mich. Vice President—John A. Peyroux, Jr...... 1812 American Bank Bldg., New Orleans, La. Treasurer—William M. Black...... 70 Pine Street, New York 5, New York Executive Director—John L. Carey. . . .270 Madison Avenue, New York 16, N. Y.

ELECTED MEMBERS For three years J. D. P. Arnold...... 1015 First National Bldg., Birmingham 3, Ala. R. D. Ashman...... 1356 Union Commerce Bldg., Cleveland 14, Ohio Michael D. Bachrach...... 2316 Farmers Bank Bldg., Pittsburgh 22, Pa. Robert Caldwell, Jr...... 1200 Bankers Securities Bldg., Philadelphia 7, Pa. Harold L. Child...... 609 First Security Bank Bldg., Salt Lake City 1, Utah M. T. Deaton...... 210 Central Bldg., Pocatello, Idaho William S. Deeming...... 105 West Adams Street, Chicago 3, Ill. C. C. Gabrielson...... 812 Pershing Square Bldg., Los Angeles 13, Calif. Donald E. Gill...... 413 First National Bank Bldg., Madison 3, Wis. Charles A. Hoyler...... 43 Broad Street, New York 4, N. Y. William P. Hutchison. . . .409 United States National Bank Bldg., Portland, Ore. Paul W. Lukens...... 508 Industrial Trust Bldg., Wilmington, Del. J. Sydnor Mitchell...... 512 Southern States Bldg., Richmond, Va. Fred T. Neely...... 207 Bank of Commerce Bldg., Greenwood, Miss. J. M. Neumayer...... 1100 Temple Bldg., Kansas City 6, Mo. L. H. Penney...... 1668 Russ Bldg., San Francisco 4, Calif. .Louis H. Pilie...... 600 Carondelet Bldg., New Orleans 12, La. Abraham H. Puder...... 60 Park Place, Newark 2, N. J. R. Warner Ring...... 1202 Alfred I. du Pont Bldg., Miami 32, Fla. John T. Steed...... 313 Little Bldg., Ardmore, Okla. John M. Stoy...... 1001 Connecticut Avenue, N. W., Washington 6, D. C. Charles H. Towns...... 80 Broad Street, New York 4, N. Y. Wayne B. Wagar...... 402 Second National Bank Bldg., Saginaw, Mich. Frank L. Wilcox...... 815 Liberty Bldg., Waco, Texas

For two years De Witt Alexander ...... 100 Bush Street, San Francisco 4, Calif. Frank L. Arnold...... 1127 Third National Bldg., Dayton 2, Ohio 6 American Institute of Accountants

Harry P. Baumann...... 208 South LaSalle Street, Chicago 4, Ill. Curtis H. Cadenhead...... 320 Fidelity Union Life Bldg., Dallas 1, Texas E. Ralph Gotham...... 804 Pyramid Bldg., Little Rock, Ark. Clarence B. Cox...... 1710 Dime Bank Bldg., Detroit, Mich. William R. Donaldson...... 424 Madison Avenue, New York 17, N. Y. Joseph Eisner...... 521 Fifth Avenue, New York 17, N. Y. Ira N. Frisbee...... 303 Bank of America Bldg., Beverly Hills, Calif. George A. Hewitt...... 2102 Packard Bldg., Philadelphia 2, Pa. J. H. Imig...... 915 First National Bank Bldg., Omaha, Neb. John J. Lang...... 509 Olive Street, St. Louis 1, Mo. Edward J. McDevitt ...... 201 Devonshire Street, Boston 10, Mass. Allen M. McRae...... 1002 Montgomery Bldg., Spartanburg, S. C. Leslie Mills...... 56 Pine Street, New York 5, N. Y. Clifton H. Morris...... 1205 Fair Bldg., Fort Worth, Texas Edwin W. Norberg. . . .1131 First National-Soo Line Bldg., Minneapolis 2, Minn. Maurice W. Powers...... 405 Lincoln Bank Bldg., Syracuse 2, N. Y. Allen Redeker...... 822 University Bldg., Denver, Col. Louis L. Siegel...... 24 Commerce Street, Newark 2, N. J. J. Bryan Stephenson...... 815 First National Bank Bldg., Albuquerque, N. M. Hugh C. Tennent...... P. O. Box 3556, Honolulu, Hawaii Roscoe L. Thomas...... 205 O’Rourke Estate Bldg., Butte, Mont. Robert E. Witschey...... 404 Knight Bldg., Charleston 21, W. Va.

For one year Harry W. Babineau...... 880 Main Street, Bridgeport 3, Conn. Horace G. Barden...... 231 South LaSalle Street, Rm. 1385, Chicago 4, Ill. Lloyd R. Bock ...... 708 Hubbell Bldg., Des Moines 9, Iowa William J. Carter...... 800 Peachtree Bldg., Atlanta 3, Ga. Edmund A. Clarke...... 1616 Williamson Bldg., Cleveland 14, Ohio R. Carl Counts...... 309 Commerce Street, Kingsport, Tenn. Russell C. Harrington...... 1702 Industrial Trust Bldg., Providence 3, R. I. Clifford V. Heimbucher...... 220 Bush Street, San Francisco 4, Calif. Alvin R. Jennings...... 90 Broad Street, New York 4, N. Y. Donald R. Jennings...... 33 North LaSalle Street, Chicago 2, Ill. Ralph S. Johns...... 141 West Jackson Boulevard, Chicago 4, Ill. Herbert L. Langrall...... 1010 American Bldg., Baltimore 2, Md. Saul Levy...... 1 Wall Street, New York 5, N. Y. Homer L. Luther...... 1446 Mellie Esperson Bldg., Houston 2, Texas John J. McIsaac...... 60 State Street, Boston 9, Mass. Robert Miller...... 1712 Heyburn Bldg., Louisville 2, Ky. Maurice E. Peloubet...... 25 Broadway, New York 4, N. Y. Sam W. Sinderson...... 475 New Brotherhood Block, Kansas City, Kansas Allen E. Strand...... 404 Southeastern Bldg., Greensboro, N. C. Marshall M. Thomas...... 744 Broad Street, Newark 2, N. J. Edward P. Tremper...... 1411 Fourth Avenue Bldg., Seattle 1, Wash. J. Robert White...... 530 West Sixth Street, Los Angeles 14, Calif. Council 7

William R. Winn .... 306 Williamsport National Bank Bldg., Williamsport 8, Pa. Fred H. Woodward...... 520 Luhrs Bldg., Phoenix, Ariz.

MEMBERS AT LARGE For three years John B. Inglis...... 56 Pine Street, New York 5, N. Y. Ralph B. Mayo...... 1200 Security Bldg., Denver 2, Col. Maurice H. Stans...... 1 North LaSalle Street, Chicago 2, Ill. For two years Marquis G. Eaton...... 1620 Alamo National Bldg., San Antonio 5, Texas George E. Perrin...... 203 Southeastern Bldg., Greensboro, N. C. Paul K. Webster...... 523 West Sixth Street, Los Angeles 14, Calif. For one year Roy C. Comer...... Dexter Horton Bldg., Seattle 4, Wash. J. S. Seidman...... 80 Broad Street, New York 4, N. Y. John H. Zebley, Jr...... 1622 Chestnut Street, Philadelphia 3, Pa. EX OFFICIO Past Presidents of the American Institute of Accountants T. Coleman Andrews. Room 3000, Internal Revenue Bldg., Washington 25, D. C. George D. Bailey...... 1380 National Bank Bldg., Detroit 26, Mich. Samuel J. Broad...... 70 Pine Street, New York 5, N. Y. Percival F. Brundage...... 56 Pine Street, New York 5, N. Y. Clem W. Collins...... 333 First National Bank Bldg., Denver 2, Col. Charles B. Couchman...... 233 Fifth Street, North, St. Petersburg, Fla. John F. Forbes...... 510 Crocker Bldg., San Francisco 4, Calif. J. William Hope...... 886 Main Street, Bridgeport 3, Conn. Norman Loyall McLaren...... 155 Montgomery Street, San Francisco 4, Calif. John B. Niven...... 233 Broadway, New York 7, N. Y. George S. Olive...... 528 Chamber of Commerce Bldg., Indianapolis 4, Ind. J. A. Phillips...... 1809 Second National Bank Bldg., Houston 2, Texas J. Harold Stewart...... 50 State Street, Boston 9, Mass. C. Oliver Wellington...... 111 Broadway, New York 6, N. Y. Edward B. Wilcox...... 120 South LaSalle Street, Chicago 3, Ill. T. Dwight Williams...... 2220 First National Bldg., Oklahoma City 2, Okla.

Past Presidents of the American Society of Certified Public Accountants George P. Ellis...... 7 South Dearborn Street, Chicago 3, Ill. Harry M. Jay...... 1301 Columbian Mutual Tower, Memphis, Tenn. Harry E. Lunsford...... 21 West Tenth Street, Kansas City 6, Mo. Frank Wilbur Main...... First National Bank Bldg., Pittsburgh 22, Pa. William D. Morrison. .840 San Diego Trust & Savings Bldg., San Diego 1, Calif. Herman C. J. Peisch...... 550 Baker Bldg., Minneapolis, Minn. Arthur C. Upleger...... 219 North Eighth Street, Waco, Texas

Past President of the American Association of Public Accountants F. W. Lafrentz...... 100 Broadway, New York 5, N. Y. 8 American Institute of Accountants

Presidents of State Societies of Certified Public Accountants (at November 24, 1953)

Frank L. Arnold...... 1127 Third National Bldg., Dayton 2, Ohio Samuel H. Baker...... P. O. Box 1993, Richmond, Va. Donald J. Bevis...... 1380 National Bank Bldg., Detroit 26, Mich. Nathaniel F. Bigelow, Jr...... 116 Lowell Street, Manchester, N. H. Russell S. Bock...... Room 220, 510 South Spring St., Los Angeles 13, Calif. John R. Borden...... P. O. Box 33, Montgomery 1, Ala. Harry W. Bower...... 338 North Main Street, Orlando, Fla. Otto P. Butterly...... 201 Clayton Street, Denver 2, Col. Marquis G. Eaton...... 1620 Alamo National Bldg., San Antonio 5, Texas Alexander Eulenberg...... 110 South Dearborn Street, Chicago 3, Ill. John L. Favaloro .... 1813 National Bank of Commerce Bldg., New Orleans, La. L. T. Flatley...... The National Bank Bldg., South Bend 1, Ind. Harry E. Fourcher, Jr...... 1104 Bankers Insurance Bldg., Macon, Ga. Barney Z. Goldberg...... 125 Church Street, Burlington, Vt. T. N. Grice...... 302 Security Bank Bldg., Raleigh, N. C. A. Stanley Harmon...... 1 Atlantic Street, Stamford 5, Conn. William P. Harris...... P. O. Box 906, Greenville, S. C. Sondof T. Helleloid...... 415 Phoenix Bldg., Minneapolis, Minn. Homer J. Henning ...... 200-03 Bennett Bldg., Ottawa, Kans. Clarence T. Hibbs ...... 440 Hoover Street, Las Vegas, Nevada William H. Hudson...... 1008 Luhrs Tower, Phoenix, Ariz. Bernard B. Isaacson...... 825 Washington Street, Wilmington, Del. Orvel M. Johnson...... 189 Sheridan Road, Park Hill, North Little Rock, Ark. Harold C. Jordan...... 465 Congress Street, Portland, Maine Ray B. Lambright...... 1012 Baltimore Avenue, Kansas City 6, Mo. Elmer M. Likes...... P. O. Box 895, Rock Springs, Wyo. James T. Malone...... 1001 Connecticut Avenue, N. W., Washington, D. C. Baldwin E. Martz...... 405 First Avenue Bldg., Minot, N. D. J. Woodrow Mathews...... 140 Stanwix Street, Pittsburgh 22, Pa. George B. Medeck ...... 1215 West 13th Street, Sioux Falls, S. Dak. Albert M. Miller...... 401 Fidelity Bankers Trust Bldg., Knoxville, Tenn. Corwin Moore...... 1015 Trust Bldg., Lincoln, Neb. Guy R. Neely...... 1040 Pacific Bldg., Portland 4, Ore. Louis I. Nussbaum...... 708 Hubbell Bldg., Des Moines, Iowa Edmund L. O’Brien...... 2504 Industrial Trust Bldg., Providence, R. I. Jesse C. Paris...... 208 Central Bank Bldg., Lexington, Ky. George R. Rea...... P. O. Box 546, Rosenbaum Bldg., Meridian, Miss. H. O. Reyburn...... 1107 Philtower Bldg., Tulsa 3, Okla. Robert Richardson...... 110 East Wisconsin Avenue, Milwaukee 2, Wis. Vernon Riddle...... Fidelity National Bank Bldg., Twin Falls, Idaho Alden C. Smith...... 56 Pine Street, New York 5, N. Y. Emmett J. Sullivan...... 730 Securities Bldg., Seattle 1, Wash. W. Price Trolinger...... 1408 First National Bank Bldg., Baltimore 2, Md. List of Committee Members 9

William J. VonMinden...... 412 Pondfield Place, Ridgewood, N. J. Harold Wald...... 40 Central Street, Boston 9, Mass. John M. Wallin...... 305 Securities Bldg., Billings, Mont. John Wiseman...... 1219 Chapline Street, Wheeling, W. Va. J. Arthur Wood...... 200 Beneficial Life Bldg., Salt Lake City, Utah Clifton E. Woodcock. . . .817 First National Bank Bldg., Albuquerque, N. Mex. Richard Wurdeman...... P. O. Box 3556, Honolulu 6, Hawaii

Committees 1953-4

ACCOUNTANTS’ LIABILITY AND LIABILITY INSURANCE John W. Queenan, Chairman ...... 67 Broad Street, New York 4, N. Y. R. D. Ashman...... 1356 Union Commerce Bldg., Cleveland 14, Ohio Frank S. Glendening...... 1816 Lincoln Liberty Bldg., Philadelphia 7, Pa. Ralph E. Kent...... 165 Broadway, New York 6, N. Y. Norman J. Lenhart ...... 90 Broad Street, New York 4, N. Y. Saul Levy...... 1 Wall Street, New York 5, N. Y. Ernest O. Lothrop...... 56 Pine Street, New York 5, N. Y. Robert L. MacReynolds...... 403 West Eighth Street, Los Angeles 14, Calif. Harvard L. Mann...... 60 State Street, Boston 9, Mass. James E. Mitchell...... 744 Broad Street, Newark 2, N. J. W. J. Oliphant...... 30 Federal Street, Boston 10, Mass.

ACCOUNTING PERSONNEL Samuel J. Broad, Chairman...... 70 Pine Street, New York 5, N. Y. Raymond G. Ankers...... 90 Broad Street, New York 4, N. Y. George H. Bald...... 10 Light Street, Baltimore 2, Md. E. G. Beamer...... 1620 Williamson Bldg., Cleveland 14, Ohio Samuel J. Duboff...... 125 Park Avenue, New York 17, N. Y. Thomas D. Flynn...... 165 Broadway, New York 6, N. Y. G. F. Gardner...... 56 Pine Street, New York 5, N. Y. William M. Gwynn...... 1421 Chestnut Street, Philadelphia 2, Pa. H. D. Klein...... 80 Broad Street, New York 4, N. Y. Mark D. Littler...... Penobscot Bldg., Room 2646, Detroit 26, Mich. Robert M. Musselman...... 317 East High Street, Charlottesville, Va. Leo A. Schmidt .... University of Michigan, School of Business Administration, Ann Arbor, Mich. H. T. Scovill...... University of Illinois, College of Commerce & Business Administration, Urbana, Ill. Edward P. Tremper...... 1411 Fourth Avenue, Seattle 1, Wash. William J. Von Minden...... 412 Ponfield Place, Ridgewood, N. J. Robert E. Walden...... Indiana University, School of Business, Bloomington, Ind. 10 American Institute of Accountants

ACCOUNTING PROCEDURE J. A. Lindquist, Chairman.... 1356 Union Commerce Bldg., Cleveland 14, Ohio Garrett T. Burns...... 67 Broad Street, New York 4, N. Y. Robert Caldwell, Jr...... 1200 Bankers Securities Bldg., Philadelphia 7, Pa. Almand R. Coleman. . Washington and Lee University, School of Commerce and Administration, Lexington, Va. L. T. Flatley...... The National Bank Bldg. South Bend 1, Ind. Roy F. Godfrey...... 1120 First National Bldg., Tulsa 3, Okla. Clifford V. Heimbucher...... 220 Bush Street, San Francisco 4, Calif. Thomas G. Higgins...... 165 Broadway, New York 6, N. Y. William L. Keating...... 90 Broad Street, New York 4, N. Y. Colin MacLennan...... 30 Broad Street, New York 4, N. Y. H. W. Maloy...... 1741 DeSales Bldg., Washington 6, D. C. Perry Mason...... University of California, School of Business Administration, Berkeley, Calif. John K. McClare...... 125 Park Avenue, New York 17, N. Y. John Peoples...... 70 Pine Street, New York 5, N. Y. Donald P. Perry...... 80 Federal Street, Boston 10, Mass. John W. Queenan...... 67 Broad Street, New York 4, N. Y. Maurice H. Stans...... 1 North LaSalle Street, Chicago 2, Ill. J. Harold Stewart...... 50 State Street, Boston 9, Mass. William W. Werntz...... 233 Broadway, New York 7, N. Y. Edward B. Wilcox...... 120 South LaSalle Street, Chicago 3, Ill. Robert W. Williams...... 123 South Broad Street, Philadelphia 9, Pa.

ADMISSIONS For three years Lloyd R. Bock...... 708 Hubbell Bldg., Des Moines 9, Iowa Benjamin Neuwirth...... 60 East 42nd Street, New York 17, N. Y. For two years George E. Perrin, Chairman...... 203 Southeastern Bldg., Greensboro, N. C. For one year C. C. Gabrielson...... 812 Pershing Square Bldg., Los Angeles 13, Calif. E. Ober Pride...... 40 Central Street, Boston 9, Mass.

ADVISORY COMMITTEE OF LOCAL PRACTITIONERS Homer L. Luther, Chairman...... 1446 Mellie Esperson Bldg., Houston 2, Texas Roy M. Abagnale...... 1387 Main Street, Springfield, Mass. Samuel Aftergut...... Paul Brown Bldg., St. Louis, Mo. A. L. Amacher...... 209 Commercial Bank Bldg., Hillsboro, Ore. Jesse H. Baldwin...... 44 West Gay Street, Columbus 15, Ohio Louis K. Bell...... 211 Marion Bldg., Augusta, Ga. Willard S. Bowen...... 217 Valentine Bldg., Pocatello, Idaho Edward W. Brady...... 304 First National Bank Bldg., Grand Forks, N. D. Winston Brooke...... 802 Commercial National Bank Bldg., Anniston, Ala. James E. Burgess...... 312 East Wisconsin Avenue, Milwaukee 2, Wis. List of Committee Members 11

Harold L. Child...... 609 First Security Bank Bldg., Salt Lake City 1, Utah Albert Christen...... 1011 Kentucky Home Life Bldg., Louisville 2, Ky. Orin Contryman...... P.O. Box 65, Grand Island, Neb. S. Preston Douglas...... 105 North Court Square, Lumberton, N. C. Morris Fedder...... 421 Title Bldg., Baltimore 2, Md. Edgar S. Gage, Jr...... 725 Brick and Tile Bldg., Mason City, Iowa Benjamin Goldenberg...... 12 South 12th Street, Philadelphia, Pa. Myron E. Guill...... 259 South Los Robles Avenue, Pasadena 1, Calif. William D. Hayes...... Box 864, Bangor, Maine Leslie A. Heath...... P.O. Box 1966, Charlotte 1, N. C. H. F. Hinderer...... P. O. Box 655, Johnson City, Tenn. Stanley A. Hittner...... 604 Traction Bldg., Cincinnati 2, Ohio Joe L. Jackson...... Clover, S. C. Benjamin E. James...... 122 West Forsyth Street, Jacksonville, 2, Fla. J. T. Koelling...... 1420 Union National Bank Bldg., Wichita 2, Kans. Ernest G. Maihack...... 744 Broad Street, Newark 2, N.J. E. Eugene Mapes...... 224 Meers Bldg., Little Rock, Ark. Virgil R. Martin...... 531 U. S. National Bank Bldg., Denver 2, Colo. Eli Mason...... 521 Fifth Avenue, New York 17, N. Y. Clinton S. McCracken...... 405 Date Street, San Diego 1, Calif. Stanley A. Miller...... 33 Church Street, Willimantic, Conn. John G. Moody...... 203 College Street, Burlington, Vt. Robert M. Musselman...... 317 East High Street, Charlottesville, Va. George W. Myers...... 625 Lincoln Tower, Fort Wayne 2, Ind. Fred T. Neely...... 207 Bank of Commerce Bldg., Greenwood, Miss. Edwin W. Norberg. . .. 1131 First National-Soo Line Bldg., Minneapolis 2, Minn. Edwin L. Pearson...... 510 Essex Bldg., Minneapolis 2, Minn. Theodore N. Perry...... 231 South LaSalle Street, Chicago 4, Ill. Leonard D. Riccio...... 875 Elm Street, Manchester, N. H. Manis G. Roush...... 211 Consolidated Royalty Bldg., Casper, Wyo. W. Kenneth Simpson...... 1712 Heyburn Bldg., Louisville 2, Ky. W. S. Wittlesey, Jr...... 15 Lewis Street, Hartford 3, Conn. ARBITRATION Lincoln G. Kelly, Chairman. .603 Walker Bank Bldg., Salt Lake City 1, Utah C. A. Blankenburg...... 410 First National Bank Bldg., Houston 2, Texas Martin F. Kortjohn...... 10 East 40th Street, New York 16, New York Charles N. McClendon...... 533 Bankers Mortgage Bldg., Houston, Texas Charles Rossdutcher...... 327 Beacon Bldg., Wichita 2, Kan. Clarence L. Turner...... 1622 Chestnut Street, Philadelphia 3, Pa. AUDITING PROCEDURE Gordon M. Hill, Chairman...... 250 Park Avenue, New York 17, N. Y. Horace G. Barden...... 231 South LaSalle Street, Rm. 1385, Chicago 4, Ill. Donald J. Bevis...... 1380 National Bank Bldg., Detroit 26, Michigan J. B. Carson...... 801 William-Oliver Bldg., Atlanta 3, Ga. Stephen Chan...... 521 Fifth Avenue, New York 17, N. Y. 12 American Institute of Accountants Harry C. Grumpelt...... 165 Broadway, New York 6, N. Y. Joel D. Harvey...... 80 Federal Street, Boston 10, Mass. B. F. Jackson...... 1221 Locust Street, St. Louis 3, Mo. R. A. Lile...... 427 Pyramid Life Bldg., Little Rock, Ark. John C. Martin...... 33 North High Street, Columbus 15, Ohio Jesse W. Massey, Jr...... 641 Wainwright Bldg., Norfolk, Va. Ben L. McGee, Jr...... 1601 Oil & Gas Bldg., Ft. Worth, Texas Fred G. Page...... 407 American Trust Bldg., Nashville 3, Tenn. L. H. Penney...... 1668 Russ Building, San Francisco 4, California J. Leonard Penny...... 105 West Adams Street, Chicago 3, Ill. Ira A. Schur...... 125 Park Avenue, New York 17, N. Y. Harold M. Solstad...... 1120 Northwestern Bank Bldg., Minneapolis 2, Minn. W. D. Sprague...... 67 Broad Street, New York 4, N. Y. Ralph L. Stauffer...... 1518 Walnut Street, Philadelphia 2, Pa. Charles H. Towns...... 80 Broad Street, New York 4, N. Y. AWARDS Ralph B. Mayo, Chairman...... 1200 Security Bldg., Denver 2, Colo. Almand R. Coleman. . Washington and Lee University, School of Commerce and Administration, Lexington, Va. A. M. Hart...... 10 Commerce Court, Newark 2, N. J. O. Kenneth Pryor...... 351 California Street, San Francisco 4, Calif. R. Warner Ring...... 1202 Alfred I. du Pont Bldg., Miami 32, Fla. BANKRUPTCY AND REORGANIZATION Anson Herrick, Chairman...... 465 California Street, San Francisco 4, Calif. Lewis J. Laventhol...... 1528 Walnut Street, Philadelphia 2, Pa. Maurice I. Sohn...... 295 Madison Avenue, New York 17, N. Y.

BOARD OF EXAMINERS For three years Richard H. Grosse...... 140 Stanwix Street, Pittsburgh 22, Pa. Louis M. Kessler...... 1 North LaSalle Street, Chicago 2, Ill. Roman R. Sevenich...... 2515 Foshay Tower, Minneapolis 2, Minn. For two years Philip Bardes...... 90 Broad Street, New York 4, N. Y. James W. Hickey...... 750 Main Street, Hartford 3, Conn. Harry L. Stover...... 1012 Baltimore Avenue, Kansas City 5, Mo. For one year Herman W. Bevis, Chairman...... 56 Pine Street, New York 5, N. Y. D. Lyle Dieterle...... Monroe County State Bank Bldg., Bloomington, Ind. Thomas W. Leland. . . . P. O. Box 267 Faculty Exchange, College Station, Texas

ADVISORY COMMITTEE ON UNIFORM CPA EXAMINATION A. A. Augustine...... 715 Securities Bldg., Des Moines, Iowa Martin L. Black, Jr...... P. O. Box 4765, Duke University, Durham, N. C. E. C. Boye...... 528 Buder Bldg., St. Louis 1, Mo. Ida S. Broo...... 525 Indiana Trust Bldg., Indianapolis 4, Ind. List of Committee Members 13

James N. Buccalo...... 33 North High Street, Columbus 5, Ohio O. M. Cordle...... 605 Denham Bldg., Denver 2, Colo. E. C. Daniels...... 212 Symons Bldg., Spokane 4, Wash. P. W. Fisher...... 118 West Adams Street, Jacksonville 2, Fla. L. E. Fonteine...... 225 East Michigan Street, Milwaukee 2, Wisc. George Gibbs, Jr...... 221 Yale Avenue, Claremont, Calif. Paul J. Graber .... The University of Tulsa College of Business Administration, Tulsa 4, Okla. B. F. Harrison...... Oklahoma A. & M. College, Dept. of Accounting, Stillwater, Okla. Cal P. Hollis...... Simmons National Bldg., Pine Bluff, Ark. William H. Holm...... 203 Mayer Bldg., Portland 5, Ore. Arthur W. Holmes. . . . ,...... University of Cincinnati, Cincinnati 21, Ohio Francis P. Kirk...... 111 Devonshire Street, Boston 9, Mass. R. D. Koppenhaver ...... University of North Dakota, University Station, Grand Forks, N. D. William B. Kottinger...... P. O. Box 30, 29 East First Street, Reno, Nevada Bert W. Lockhart...... 1610 Textile Tower, Seattle 1, Wash. Raymond L. Mannix...... Boston University, 685 Commonwealth Ave., Boston 15, Mass. Victor Markwalter...... 1023 Southern Finance Corp. Bldg., Augusta, Ga. O. R. Martin...... 508 First National Bank Bldg., Lincoln 8, Neb. R. K. Mautz...... University of Illinois, College of Commerce & Business Administration, Urbana, Ill. Z. Turner McGuire ...... 204 Fannin State Bank Bldg., Houston, Texas J. C. McNab...... 216 Crown Street, New Haven 10, Connecticut William L. Norton ...... P. O. Box 1031, Jackson, 5, Miss. Edmund L. O’Brien ...... 2504 Industrial Trust Bldg., Providence, R. I. Henry S. Owens...... 1001 Connecticut Avenue, N.W., Rm. 428, Washington 6, D. C. Merrill C. Patten...... 7 Pendleton Street, Greenville, S. C. Erle E. Peacock...... University of North Carolina, Chapel Hill, N. C. Everett J. Penny...... 31 Mamaroneck Avenue, White Plains, N. Y. R. L. Persinger...... 127 Maple Avenue, Covington, Va. George S. Rapier...... 1127 Hibernia Bank Bldg., New Orleans 12, La. John J. Reighard...... University of Minnesota, Minneapolis 14, Minn. P. K. Seidman...... Farnsworth Bldg., Memphis 3, Tennessee O. C. Stallings...... 304 Arizona Title Bldg., Phoenix, Arizona Joseph Thieberg...... 64 Hamilton Street, Paterson, N. J. Daniel G. Weinstein...... 185 Church Street, New Haven 10, Conn.

BUDGET AND FINANCE J. William Hope, Chairman...... 886 Main Street, Bridgeport 3, Conn. William M. Black...... 70 Pine Street, New York 5, N. Y. Alvin R. Jennings...... 90 Broad Street, New York 4., N. Y. 14 American Institute of Accountants

BY-LAWS Harold R. Caffyn, Chairman...... 43 Broad Street, New York 4, N.Y. John H. Hanover...... 533 Industrial Trust Bldg., Providence 3, R. I. John F. Macha...... 1905 First National Bank Bldg., Pittsburgh 22, Pa. Virgil S. Tilly...... 410 National Bank of Tulsa Bldg., Tulsa 3, Okla. Paul K. Webster...... 523 West Sixth Street, Los Angeles 14, Calif.

COLLEGE AND UNIVERSITY ACCOUNTING Ralph S. Johns, Chairman 141 West Jackson Blvd., Chicago 4, Ill. Simon Loeb...... 501 Fifth Avenue, New York 17, N. Y. Marcus Robbins...... Yale University, 119 College Street, New Haven, Conn. Stanley W. White...... 80 Federal Street, Boston 10, Mass. Howard A. Withey...... 444 Madison Avenue, New York 22, N. Y.

COOPERATION WITH BANKERS R. G. Rankin, Chairman...... 30 Broad Street, New York 4, N. Y. Paul J. Adam...... 21 West 10th Street, Kansas City 5, Mo. A. W. Barr...... 1946 Penobscot Bldg., Detroit 26, Mich. R. Bauhof...... 1356 Union Commerce Bldg., Cleveland 14, Ohio Frank S. Calkins...... 311 Mutual Bldg., Richmond, Va. C. F. Davis...... 1804 Munsey Bldg., Baltimore 2, Md. William S. Deeming...... 105 West Adams Street, Chicago 3, Ill. J. Cyril McGarrigle...... 112 South 16th Street, Philadelphia 2, Pa. Harold A. Mock...... 50 State Street, Boston 9, Mass. John B. Norberg...... 812 Pershing Square Bldg., Los Angeles 13, Calif. Harry M. Prevo...... 2472 National Bank Bldg., Detroit 26, Mich. James A. Runser...... 155 Montgomery Street, San Francisco 4, Calif.

COOPERATION WITH BUREAU OF ECONOMIC RESEARCH Maurice E. Peloubet, Chairman...... 25 Broadway, New York 4, N. Y. James L. Dohr. . . .705 Business Bldg., Columbia University, New York 27, N. Y. Edward B. Wilcox...... 120 South LaSalle Street, Chicago 3, Ill.

COORDINATION OF ACTIVITIES OF STATE AND NATIONAL ORGANIZATIONS George O. Carlson, Chairman...... 510 South Spring Street, Rm. 220, Los Angeles 13, Calif. Frank L. Arnold...... 1127 Third National Bldg., Dayton 2, Ohio Ben M. Davis...... 823 Mims Bldg., Abilene, Texas Everett W. Delaney...... 886 Main Street, Bridgeport 3, Conn. Kermit T. Hart...... 602 First National Bank Bldg., Mobile 13, Ala. L. M. Henderson...... 425 Merchants Bank Bldg., Indianapolis 4, Ind. J. Wesley Huss...... 1212 Heyburn Bldg., Louisville 2, Ky. Donald R. Jennings...... 33 North LaSalle Street, Chicago 2, Ill. Orvel M. Johnson...... 189 Sheridan Road, Park Hill, North Little Rock, Ark. Ray G. McKennan...... 2515 Foshay Tower, Minneapolis 2, Minn. A. William Morris...... 1429 Old National Bank Bldg., Spokane 1, Wash. O. G. Roquemore...... 806 World Bldg., Tulsa 3, Okla. List of Committee Members 15

H. Talcott Stith, Jr....P. O. Box 363, 1226 Sumter St., Columbia, S. C. John M. Stoy...... 1001 Connecticut Avenue, N.W., Washington 6, D. C. John B. Taylor...... 8614 North Crawford Street, Portland 3, Oregon Carl D. Tisor...... 500 Title and Trust Bldg., Phoenix, Ariz. Gordon G. Volz...... 800 Gay Bldg., Madison 3, Wisc. James B. Willing...... 201 Devonshire Street, Boston 10, Mass. William R. Winn. . . 306 Williamsport National Bank Bldg., Williamsport 8, Pa. W. C. Witthoff...... 202 First National Bank Bldg., Freemont, Neb. Charles A. Zarini...... U. S. National Bank Bldg., Denver 2, Colo. CREDENTIALS J. Arthur Marvin, Chairman...... 100 Broadway, New York 5, N. Y. Sidney B. Kahn...... 295 Madison Avenue, New York 17, N. Y. Harry E. Van Benschoten. .295 Madison Avenue, Suite 1101, New York 17, N. Y. EXECUTIVE Arthur B. Foye, Chairman...... 67 Broad Street, New York 4, N. Y. M. C. Conick...... First National Bank Bldg., Pittsburgh 22, Pa. James E. Hammond...... 111 Sutter Street, San Francisco, Calif. Wallace M. Jensen...... 1380 National Bank Bldg., Detroit 26, Mich. John A. Peyroux, Jr...... 1812 American Bank Bldg., New Orleans, La. William M. Black...... 70 Pine Street, New York 5, N. Y. Roy C. Comer...... Dexter Horton Bldg., Seattle 4, Wash. J. William Hope...... 886 Main Street, Bridgeport 3, Conn. John B. Inglis...... 56 Pine Street, New York 5, N. Y. Alvin R. Jennings...... 90 Broad Street, New York 4, N. Y. Saul Levy...... 1 Wall Street, New York 5, N. Y. J. A. Phillips...... 1809 Second National Bank Bldg., Houston 2, Texas Robert E. Witschey...... 404 Knight Bldg., Charleston 21, W. Va. FEDERAL TAXATION J. S. Seidman, General Chairman...... 80 Broad Street, New York 4, N. Y.

Subcommittee on Current Tax Legislation Wallace M. Jensen, Chairman...... 1380 National Bank Bldg., Detroit 26, Mich. Everett C. Johnson...... 120 South LaSalle Street, Chicago 3, Ill. Hilary H. Osborn...... 407 American Trust Bldg., Nashville 3, Tenn. Waymon G. Peavy...... 920 Mercantile Securities Bldg., Dallas 1, Texas Henry J. Sebastian...... 1620 Alamo National Bldg., San Antonio 5, Texas T. T. Shaw...... 165 Broadway, New York 6, N. Y. Louis L. Siegel...... 24 Commerce Street, Newark 2, N. J. Charles N. Whitehead...... 155 Montgomery Street, San Francisco 4, Calif. David Zack...... 511 Fifth Avenue, New York 17, N. Y.

Subcommittee on Long-Range Tax Policy J. P. Goedert, Chairman...... 1 North LaSalle Street, Chicago 2, Ill. M. F. Blake ...... 43 Broad Street, New York 4, N. Y. W. M. Bury...... 1204 First National-Soo Line Bldg., Minneapolis 2, Minn. J. S. Cowing...... 2222 Packard Bldg., Philadelphia 2, Pa. 16 American Institute of Accountants

Benjamin Harrow...... 19 Rector Street, New York 6, N. Y. Philip G. Johnson...... 1224 Sharp Bldg., Lincoln 8, Neb. Gerhard Mayer...... 38 South Dearborn Street, Chicago 3, Ill. Bradley O. Turner...... 1712 Heyburn Bldg., Louisville 2, Ky. Maxwell A. H. Wakely...... 209 Washington St., Boston 9, Mass. I. D. Wood...... 203 Mayer Bldg., Portland 5, Ore.

Subcommittee on Tax Administration Leslie Mills, Chairman...... 56 Pine Street, New York 5, N. Y. Michael D. Bachrach...... 2316 Farmers Bank Bldg., Pittsburgh 22, Pa. John E. Brown...... Luhrs Tower, Phoenix, Ariz. Sidney J. Collins...... 711 Mahoning Bank Bldg., Youngstown, Ohio Walter R. Flack...... 210 Alamo Title Bldg., San Antonio 5, Texas Waller Grogan ...... Madrid Bldg., Louisville 2, Ky. Mary Lanigar...... 465 California Street, San Francisco 4, Calif. James J. Mahon, Jr...... 2101 Packard Bldg., Philadelphia 2, Pa. James F. Pitt...... 1010 Foshay Tower, Minneapolis 2, Minn. John F. Prescott...... 235 Bryan Bldg., Raleigh, N. C. ACCOUNTING PRINCIPLES FOR INCOME TAX PURPOSES Walter L. Schaffer, Chairman...... 90 Broad Street, New York 4, N. Y. Thomas J. Green...... 70 Pine Street, New York, 5, N. Y. J. A. Lindquist...... 1356 Union Commerce Bldg., Cleveland 14, Ohio Leslie Mills ...... 56 Pine Street, New York 5, N. Y. Maurice E. Peloubet...... 25 Broadway, New York 4, N. Y. J. S. Seidman...... 80 Broad Street, New York 4, N. Y. William W. Werntz...... 233 Broadway, New York 7, N. Y.

FOREIGN AFFAIRS J. W. F. Neill, Chairman . 56 Pine Street, New York 5, N. Y. Francis V. Collinge .... 67 Broad Street, New York 4, N. Y. John J. Deering...... 165 Broadway, New York 6, N. Y. Percy R. Everett...... 67 Broad Street, New York 4, N. Y. Norman J. Lenhart...... 90 Broad Street, New York 4, N. Y. H. B. Simpson...... 70 Pine Street, New York 5, N. Y.

GOVERNMENTAL ACCOUNTING J. M. Lowery, Chairman ...... Auditor, County of Los Angeles, 302 Hall of Records, Los Angeles 12, Calif. Osa F. Alexander...... 512 Greenville National Bank Bldg., Greenville, Tex. James L. Benson...... 1827 Munsey Bldg., Baltimore 2, Md. C. H. Cavness...... The State Auditor, State Capitol, Austin, Texas Joseph M. Cunningham...... 111 Broadway, Room 804, New York 6, N. Y. Robert L. Leonard...... 146 City Hall, Philadelphia, Pa. William H. Sherman...... Comptroller, Town of Greenwich Town Hall, Greenwich, Conn. Irving Tenner...... 10 North Clark Street, Chicago 2, Ill. George A. Wilson...... 201 Devonshire Street, Boston 10, Mass. List of Committee Members 17

HISTORY Norman E. Webster, Chairman...... 50 Broadway, New York 4, N. Y. L. G. Battelle...... 403 West First Street, Dayton 2, Ohio Henry G. Burke...... 1016 Munsey Bldg., Baltimore 2, Md. Alfred H. Coe...... 508 Industrial Trust Bldg., Wilmington, Del. Carl E. Dietze...... 213 West Wisconsin Avenue, Milwaukee 3, Wisc. William Dolge...... 351 California Street, San Francisco 4, Calif. William M. Franklin...... 1227 Comer Bldg., Birmingham 3, Ala. William P. Hilton...... 119 West Tazewell Street, Norfolk 10, Va. Lawrence D. Hinman...... Box 106, Enid, Okla. Harry M. Jay...... 1301 Columbia Mutual Tower, Memphis, Tenn. Orrin R. Judd...... 275 Clinton Avenue, Brooklyn 5, N. Y. William E. Keen...... 406-7-8 Harvey Bldg., West Palm Beach, Fla. Ethel S. Kingman...... 211 Congress Street, Boston 10, Mass. Theodore Krohn...... 9 Clinton Street, Newark 2, N. J. A. C. Littleton...... 1157 South Steele, Denver 10, Colo. George S. Olive...... 528 Chamber of Commerce Bldg., Indianapolis 4, Ind. Edward I. Petze...... 205 Church Street, New Haven 10, Conn. Ernest Reckitt...... 425 Greenwood Boulevard, Evanston, Ill. T. Edward Ross...... 2101 Packard Bldg., Philadelphia 2, Pa. James A. Smith...... 27 East McKinley Street, Phoenix, Ariz. Roscoe L. Thomas...... 205 O’Rourke Estate Bldg., Butte, Montana George A. Treadwell...... 8428 Pritchard Place, New Orleans 18, La. Mervyn B. Walsh...... 120 Madison Avenue, Detroit 26, Mich. Roy L. Ward...... 31 Third Street, N.E., Atlanta 5, Ga. Rodney D. White...... 1411 Fourth Avenue, Seattle 1, Wash. INTERSTATE PRACTICE S. W. Eskew, Chairman...... 706 Kentucky Home Life Bldg., Louisville 2, Ky. Harry P. Bauman...... 208 South LaSalle Street, Chicago 4, Ill Russell S. Bogue...... 501 South Morgan Street, Tampa 1, Fla. Stanley V. Davies...... U. S. National Bank Bldg., Denver 2, Colo. M. M. Devore...... 523 West Sixth Street, Los Angeles 14, Calif. Charles W. Hatter...... 8 West Hamilton Street, Baltimore 1, Md. Harry D. Hopson...... 1630 Bank of Commerce Bldg., Houston 2, Texas Kenneth Hurst...... 2220 First National Bldg., Oklahoma City 2, Okla. T. S. Mauldin...... 109 South Monroe Street, Albany, Ga. MEETINGS Charles H. Towns, Chairman,...... 80 Broad Street, New York 4, N. Y. Benjamin Grund...... 80 Broad Street, New York 4, N. Y. Charles A. Hoyler...... 43 Broad Street, New York 4, N. Y. Leonard Price...... 60 East 42nd Street, New York 17, N. Y. Alden C. Smith...... 56 Pine Street, New York 5, N. Y.

MEMBERSHIP Policy Committee Gordon S. Ballette, Chairman...... 403 West First Street, Dayton 2, Ohio 18 American Institute of Accountants

R. Carl Counts ...... 309 Commerce Street, Kingsport, Tenn Harry D. Hopson...... 1630 Bank of Commerce Bldg., Houston 2, Texas Edward L. Lawson...... 50 East 42nd Street, New York 17, N. Y. Coleburke Lyons...... 2200 Book Tower, Detroit 26, Mich. J. Arthur Marvin...... 100 Broadway, New York 5, N. Y. Harry W. Verhoef...... 711 Hoge Bldg., Seattle 4, Wash.

Alabama Winston Brooke...... 802 Commercial National Bank Avenue, Anniston Gilbert F. Dukes...... 311-19 First National Bank Bldg., Mobile Ferd C. Harwood...... Philipson Bldg., Gadsden James Regan, Jr...... 1304 Empire Bldg., Birmingham 3 James W. Thornton...... 411 Shepherd Bldg., Montgomery 4

Arizona Samuel Kiviat...... 140 South Central Avenue, Phoenix K. E. Mackey...... 520 Luhrs Bldg., Phoenix Merle W. Moore...... 84 West Pennington Street, Tucson Robert M. Williams...... Ross-Favour Bldg., Prescott

Arkansas Harold Balch...... 411 Wallace Bldg., Little Rock Ingram G. Hartje...... 211 Schuler Bldg., P. O. Box 507, El Dorado Howard F. Pratt...... 411 Wallace Bldg., Little Rock E. B. Sparks, Jr...... 604 Merchants Nat’l Bank Bldg., Ft. Smith Walter F. Theis...... 508 Simmons Nat’l Bldg., Pine Bluff Knox L. Webb...... 216 West Oak Avenue, Jonesboro

California Willard N. Anderson...... 2371 Davidson Avenue, San Bernardino A. D. Benson...... 740 South Broadway, Los Angeles 14 H. V. Blankenbaker ...... 533 Dobbins Drive, San Gabriel Robert Blumenthal. .. 201 Security-First Nat’l Bank Bldg., Redlands David H. Brodie...... 111 Sutter Street, San Francisco 4 James L. Cockburn, Jr...... 351 California Street, San Francisco 4 . B. C. Coit...... 155 Montgomery Street, San Francisco 4 Dillon J. Gnagy...... 811 Helm Bldg., Fresno George E. Hefter...... 465 California Street, San Francisco Albert M. Hudson...... 727 First National Bldg., San Diego 1 Russell J. Knapp...... 21 East Canon Perdido, Santa Barbara Robert M. Lawson...... 328 First Trade Bldg., Pasadena Rudolph E. Lindquist...... 660 Market Street, San Francisco 4 Walter R. Marshall...... 3752 Long Beach Blvd., Long Beach Jim McCown...... 254 Haberfelde Bldg., Bakersfield John B. Norberg...... 812 Pershing Square Bldg., Los Angeles 13 George A. Peterson...... 7800 Ivanhoe Avenue, La Jolla James J. Petrinovich ...... 177 West Santa Clara Street, San Jose List of Committee Members 19

Arnold I. Rue...... 919 Bank of America Bldg., Stockton Robert W. Ruggles...... 303 Bank of America Bldg., Beverly Hills Robert L. Spencer...... 523 West Sixth Street, Los Angeles 14 John S. Stoughton...... 1837 Fulton Street, Fresno Lyman M. Straine...... California State Life Bldg., Sacramento 14 J. Walker Voris...... 510 South Spring Street, Los Angeles Herman E. Ward...... 612 South Flower Street, Los Angeles 17 Sidney W. Williams...... 5275 Claremont Avenue, Oakland 9 Colorado Clayton A. Becker...... 340 Thatcher Bldg., Pueblo Alfred D. Peabody...... 333 First National Bank Bldg., Denver 2 John P. Proctor. .207-212 Colorado Savings Bank Bldg., Colorado Springs Connecticut Joseph F. Capossela, Jr...... 945 Main Street, Bridgeport 3 Aaron B. Goldberg ...... 9 Thames Street, Norwich Martin F. Hayden...... 48 Leavenworth Street, Waterbury 20 E. H. Heilman, Jr...... 15 Lewis Street, Hartford Winston C. McGann...... 111 Pearl Street, Hartford 3 Nicholas J. Nardi, Jr...... 3 Belden Avenue, Norwalk Marino Possidente...... 205 Church Street, New Haven 10 Kathryn A. Reynolds...... 216 Crown Street, New Haven 10 Frank N. Robinson...... 66 N. Main Street, South Norwalk 2 Frederick F. Robinson...... 31 West Street, Danbury Myrtle A. St. Arnauld...... 880 Main Street, Bridgeport 3 Delaware Benjamin Stolper...... 825 Washington Street, Wilmington District of Columbia Clarence E. Kefaufer, Jr...... 210 Shoreham Bldg., Washington Paul Matthews...... 1010 Vermont Avenue, N. W., Washington Florida Robert M. Altemus...... 1620 Alfred I. du Pont Bldg., Miami 32 John E. Loucks...... 338 North Main Street, Orlando Raymond V. Patrick...... 501 Jackson Street, Tampa E. Russell Sheldon...... First National Bank Bldg., St. Petersburg 1 Lee C. Shepard, Jr...... 309 Citizens Bldg., West Palm Beach Paul R. Smoak...... Suite 310, Seminole Bldg., Jacksonville 2 Georgia Louis K. Bell...... 211 Marion Bldg., Augusta Claude M. Hamrick, Jr...... 830 West Peachtree Bldg., Atlanta 2 Thomas R. Spilkane...... 1303 Savannah Bank & Trust Bldg., Savannah W. A. Walker...... 406 Professional Bldg. Macon Charles E. Williams, Jr...... 909 Realty Bldg, Savannah James H. Willis .... 312 Columbus Bank & Trust Company Bldg., Columbus

Idaho John F. Hayden 312 South Washington, Moscow 20 American Institute of Accountants

Neal A. Jordan .. 508 Carlson Bldg., Pocatello Marcell Learned . . . .260 Sonna Bldg., Boise

Illinois Harry P. Baumann...... 208 South LaSalle Street, Chicago 4 J. Edward Burke...... 231 South LaSalle Street, Chicago 4 Rolland E. Craig...... 420 North Walnut Street, P. O. Box 16, Danville John S. Darling...... 33 North LaSalle Street, Chicago 2 Lowell C. Doak...... 417 South Dearborn Street, Chicago 5 Frank P. Doheny...... 412 Commercial National Bank Bldg., Peoria 2 L. S. Dunham...... 1 North LaSalle Street, Chicago 2 Donald L. Glass...... 138 South Locust Street, Centralia George M. Horn...... 39 South LaSalle Street, Chicago 3 George E. Hunt, Jr...... 203 West Green Street, Champaign Robert E. Linn...... 20’8 Citizens Bldg., Decatur Wayne E. Pollard...... 1010 Rockford Trust Bldg., Rockford Irving Richardson...... 1 North LaSalle Street, Chicago 2 C. J. Schlosser...... 115 Market Street, Alton H. T. Scovill...... University of Illinois, College of Commerce and Business Administration, Urbana Roy Soll...... 33 North LaSalle Street, Chicago 2 Ralph W. Turnbull...... First National Bank Bldg., Springfield Hal S. Wilson...... 105 South LaSalle Street, Chicago 3

Indiana David G. Bartram...... Merchants National Bank Bldg., Terre Haute Joseph L. Bubul...... 728 Illinois Bldg., Indianapolis William Andrew Caddick . . .507 Old National Bank Bldg., Evansville Otto P. DeJean...... 1427 East Division Street, Evansville 14 J. A. DeWald...... 625 Lincoln Tower, Fort Wayne 2 John J. Dobson, Jr...... 511 Whitcomb-Keller Bldg., South Bend 1 L. A. Easterday...... 213 North Washington Street, Kokomo George E. Greene...... 20½ East Vincennes Street, Linton Joseph E. Hamaker...... 130 East Washington Street, Indianapolis 4 Robert L. Hughes ...... 114 South Franklin Street, Muncie William A. Markle...... 425 Merchants Bank Bldg., Indianapolis 4 John R. Miller...... American Bank Bldg., Rm. 317, Vincennes Stanley A. Pressler...... 311 South Walnut Street, Bloomington John M. Raber...... Chamber of Commerce Bldg., Indianapolis 4 John L. Yarian...... 113½ South Buffalo Street, Warsaw

Iowa Edward F. Bock...... 227 Guaranty Bldg., Cedar Rapids W. E. Brooks...... 315 Bank & Insurance Bldg., Dubuque George H. Hansen...... 927 Davenport Bank Bldg., Davenport R. W. Pederson...... 610 Davidson Bldg., Sioux City 13 Sidney B. Smith...... 433 Insurance Exchange Bldg., Des Moines 9 List of Committee Members 21

E. L. Stover...... 400 West Mullan Avenue, Waterloo Kansas C. L. Coe...... United Bldg., Salina Robert Gladman...... Bennett Bldg., Kansas City Don F. Gresser...... 912 National Bank of Topeka Bldg., Topeka Ben F. Kubik...... 1106 Brown Bldg., Wichita 2 A. L. Pierce...... 401 Wolcott Bldg., Hutchinson Kentucky Espy Bailey...... First National Bank Bldg., Covington J. O. Boswell...... Holland Bldg., Owensboro Robert L. Collins...... Ohio Valley Bank Bldg., Henderson Lyman Everly...... 208 Central Bank Bldg., Lexington Charles H. Oakley ...... 203 South Fifth Street, Murray U. S. Whalin...... 543 South Third Street, Room 201, Louisville 2 Louisiana L. A. Champagne . . 305 Guaranty Income Life Insurance Bldg., Baton Rouge Robert B. Hawthorn...... 1038 Main St., Baton Rouge S. Berton Heard...... P. O. Box 1304, Shreveport Robert E. Opferkuch...... 818 Commercial Bldg., Shreveport J. Earl Pedelahore ...... 1136 National Bank of Commerce Bldg., New Orleans 12 Maine Richard F. Garland...... 105 Preble Street, Portland 3 William D. Hayes...... P. O. Box 864, Bangor Maryland Charles W. Hatter. . . .8 W. Hamilton Street, Baltimore 1 Joseph D. O’Connell 8701 Georgia Avenue, Silver Spring Massachusetts Ernest A. Berg...... 31 Elm Street, Springfield 3 Harold G. Bowen ...... 416 Bay State Bldg., Lawrence James T. Cotter...... 80 Federal Street, Boston 10 John J. Harrington...... 675 Main Street, Waltham 54 John J. Hurley...... 174 Central Street, Lowell John J. McIsaac...... 60 State Street, Boston 9 Francis E. Moore ...... 80 Federal Street, Boston 10 B. J. Murphy...... 507 Main Street, Worcester Michael J. Regan...... 142 Second Street, Fall River Michigan Harry R. Bond...... 1407 Jackson City Bank, Jackson Robert L. Dixon, Jr...... University of Michigan, School of Business Administration, Ann Arbor John B. Engelbreit...... 1207 American National Bank Bldg., Kalamazoo Harold H. Gilbert...... 908 David Stott Bldg., Detroit 26 Max D. Harris...... 1102 Olds Tower Bldg., Lansing 2 Linn W. Hobbs...... 700 Book Building, Detroit 26 22 American Institute of Accountants

Lloyd G. Juengel...... 3356 Penobscot Building, Detroit 26 John D. Morrison...... 213 North Front Street, Marquette Wendell I. Nichols...... Evening News Building, Cadillac John J. Spinetto...... Peoples National Bank Bldg., Grand Rapids 2 Howard M. Stiller...... 1217 National Bank Bldg., Detroit 26 Donald H. Taylor...... Mott Foundation Building, Flint 3 Minnesota William M. Dolan, Jr. 619 McKnight Bldg., Minneapolis 1 M. Rodney Effress___ . . 428 Minnesota Bldg., St. Paul 1 R. J. Grover...... 311 Sellwood Bldg., Duluth 4 Earl J. Lockhart...... 311 Sellwood Bldg., Duluth 4 Mississippi Jack F. Burke...... Magnolia State Bldg., Hattiesburg Robert H. Crook...... Threefoot Bldg., Meridian Clive F. Dunham...... University of Mississippi, College of Commerce and Business Administration, University B. H. Hirsberg...... 405 McWilliams Bldg., Clarksdale Herbert I. Holt...... P. O. Box 46, Laurel R. H. Middleton...... P. O. Box 515, Greenwood A. E. Sanford...... Medical Building, Jackson Missouri Urban J. Albers...... 7 North Seventh Street, St. Louis 1 C. S. Dobson...... 215 Joplin National Bank Bldg., Joplin Carl Lipoff...... 411 Lathrop Bldg., Kansas City 6 Philip V. Maher...... 818 Olive Street, St. Louis 1

Montana Maurice R. Colberg...... 302 Securities Bldg., Billings George F. DuVall...... 501 Montana Bldg., Missoula S. Clark Pyfer...... 555 Fuller Avenue, Box 1699, Helena J. Rodney Renman...... 705 First National Bank Bldg., Great Falls

Nebraska John H. Becker...... 620 W.O.W. Bldg., Omaha 2 Orin Contryman...... P. O. Box 65 Grand Island J. Edmunds Miller...... 1015 Trust Bldg., Lincoln 8

Nevada Nelson Conway...... 440 Hoover Street, Las Vegas W. B. Kottinger P. O. Box 30, 29 East First Street, Reno

New Hampshire Leonard D. Riccio 875 Elm Street, Manchester John E. Rich...... 9 Capitol Street, Concord

New Jersey Robert T. Allen. . 146 Lincoln Avenue, Elizabeth 3 Richard H. Ashton . .64 Hamilton Street, Paterson 1 List of Committee Members 23

Edmund D. Bowman...... 312 Cooper Street, Camden 2 Morris A. Colner...... 744 Broad Street, Newark Morris H. Gard...... 118 East Front Street, Plainfield Max Gottlieb...... Peoples Bank Bldg., Passaic Jacob D. Linn...... 3510 Bergenline Avenue, Union City Isadore Miller...... Broad Street Bank Bldg., Trenton 8 Arnold B. Rosenthal...... 5 Elm Row, New Brunswick O. Jay Silverman...... Schwehm Bldg., Atlantic City New Mexico J. Bryan Stephenson...... 816 First National Bank Bldg., Albuquerque New York Harold J. Beairsto...... 55 Liberty Street, New York 5 Arthur J. Bretnall...... 150 Broadway, New York 7 J. Andrew Crafts...... 424 Madison Avenue, New York 17 Morton I. Davis...... 521 Fifth Avenue, New York 17 Sidney B. Kahn...... 295 Madison Avenue, New York 17 Frederick H. Kelley...... 43 Broad Street, New York 4 Arthur Korotkin...... 82 State Street, Albany 7 Martin F. Kortjohn...... 10 East 40th Street, New York 16 Philip B. Kravitz...... 99-30 64th Avenue, Forest Hills Samuel J. Lasser...... First National Bank Bldg., Jamestown Robert M. Leng...... 80 Broad Street, New York 4 Simon Loeb...... 501 Fifth Avenue, New York 17 Edgar G. Lucker...... 1013 Liberty Bank Bldg. Buffalo 2 Charles L. Marvin ...... 246 State Street, Schenectady 5 Leo Mattersdorf...... 135 Broadway, New York 6 Raymond F. Murphy...... 306 University Bldg., Syracuse 2 Leonard Price...... 60 East 42nd St., New York 17 Henry W. Rowley...... 31 Exchange Street, Rochester 14 Joseph Sandler...... 511 Fifth Avenue, New York 18 Harold Stanley Schlesinger...... 494 Main Street, White Plains Harry E. Van Benschoten. .295 Madison Avenue, Suite 1101, New York 17 William Wallach ...... 116 North Main Street, Port Chester North Carolina E. J. Bamberger...... 1510 Liberty Life Bldg., Charlotte 2 William C. Barfield ...... Murchison Bldg., Wilmington Worth B. Bowman...... 213 Professional Bldg., High Point Hoyt Butler...... 601 Commercial Bldg., Gastonia Thomas J. Cribbin ...... 203 Southeastern Bldg., Greensboro S. Preston Douglas...... 105 North Court Square, Lumberton Phil W. Haigh, Jr...... First Citizens Bank Bldg. Fayetteville T. R. Hosick...... Patten Bldg., Winston-Salem 3 Otho J. Jones, Jr...... Liberty Life Building, Charlotte Sidney H. Shaw...... Planters National Bank Bldg., Rocky Mount E. W. Smith...... Miller Bldg., Lenoir 24 American Institute of Accountants

George C. Smith...... Box 1327, Salisbury R. Glenn Snipes...... P. O. Box 1393, Asheville Norwood A. Thomas...... Depositors National Bank Bldg., Durham Walter A. Watts...... 606 Lawyers Bldg., Raleigh North Dakota F. L. Castle...... 315 First National Bank Bldg., Grand Forks Gerald R. Conoboy...... 312 Black Bldg., Fargo Carl A. Person...... P. O. Box 565, Bismarck Ohio E. A. Clarke...... 1616 Williamson Bldg., Cleveland 14 W. Lowell Doty...... 210 West Spring Street, Lima O. N. Folker...... 402 Harries Bldg., Dayton 2 Leonard L. Hopkins...... 33 North High Street, Columbus 15 Robert U. Patterson...... Ohio Bldg., Toledo 4 John M. Penman...... 711 Mahoning Bank Bldg., Youngstown Clarence G. Rausch ...... 510 Metropolitan Bldg., Akron Ellsworth P. Scales, Jr...... 222 Cleveland Avenue, N.W., Canton Harry Sonkin...... 712 Traction Bldg., Cincinnati 2 Gordon S. Stubbs...... The First National Bank Bldg., Cincinnati 2 Oklahoma Ford L. Billups...... 1349 First National Bldg., Oklahoma City 2 John W. Burns...... Center Bldg., Ponca City Paul C. Campbell...... 309-310 Mining Exchange Bldg., Miami Walter D. Ennis...... 412 The Philtower Bldg., Tulsa 3 John A. Green, Jr...... 1701 North Broadway, Oklahoma City 2 B. F. Harrison...... Oklahoma A. & M. College, Department of Accounting, Stillwater John F. Y. Stambaugh ...... 1515 Hunt Bldg., Tulsa 3 John T. Steed...... 313 Little Bldg., Ardmore Oregon Ward R. Davis...... 415 Pioneer Trust Bldg., Salem Albert J. Henke...... Goldy Bldg., Medford Myron F. Pinkstaff___ ...... 72 West Broadway, Eugene Norman E. Swanson ...... 471 Pittock Block, Portland 5 Adolph Zamsky, Jr...... 204 First National Bank Bldg., Klamath Falls Pennsylvania Rowland Carr...... Walnut Street, Suite 721, Allentown Edwin C. Chinlund ...... 140 Stanwix Street, Pittsburgh 22 William Craemer, Jr. 1200 Bankers Securities Bldg., Philadelphia 7 Stanley D. Ferst...... 1528 Walnut Street, Philadelphia 2 William M. Gwynn...... 1421 Chestnut Street, Philadelphia 2 Abram S. Kimmel...... Fulton Bldg., Lancaster W. E. Koehler, Jr...... 216 Pine Street, Harrisburg Jerome A. LaManna. . . 632 Washington Street, Room 200, Reading List of Committee Members 25

Alexander E. Loeb* ...... 642 Miners National Bank Bldg., Wilkes-Barre Wilbert J. Nace...... 123 East Market Street, York William H. Peterson...... 215 North Washington Avenue, Scranton 3 Charles J. Rowland...... 12 Glennland Bldg., State College Lawrence J. Scully 1832 Fidelity Philadelphia Trust Bldg., Philadelphia 9 J. Douglas Smiley...... 610 Marine Bank Bldg., Erie Charles F. Toewe...... 2222 Packard Bldg., Philadelphia 2 John W. Whiting, Jr...... 216 First National Bank Bldg., Williamsport Walter C. Wilson...... 112 South 16th Street, Philadelphia 2

Rhode Island Carl W. Christiansen...... 409 Hospital Trust Bldg., Woonsocket Nicholas Picchione...... 1230 Industrial Trust Bldg., Providence

South Carolina Elmer E. Chasteen...... P. O. Box 1184, Florence Daniel L. McKnight...... 12 Broad Street, Charleston Allen M. McRae...... 1002 Montgomery Bldg., Spartanburg Magnus A. Monsen...... P. O. Box 175, Charleston Joseph E. Whitmire...... 1518 Pickens Street, P. O. Box 135, Columbia William C. Wright...... 307 Masonic Temple, Greenville

South Dakota Henry A. Scholten. .810 National Bank of South Dakota Bldg., Sioux Falls

Tennessee D. H. Hirsberg...... 2100 West End Avenue, Nashville 3 C. H. Lockerby...... 703 James Bldg., Chattanooga 2 Albert M. Miller...... 401 Fidelity Bankers Trust Bldg., Knoxville Clinton R. Pearson...... 890 Shrine Bldg., Memphis John St. C. Werth...... 150 Commerce Street, Kingsport

Texas T. C. Anthony...... 531-34 Wichita National Bank Bldg., Wichita Falls J. C. Armstrong...... 603 Myrick Bldg., Lubbock Horace M. Condley...... P. O. Box 993, Abilene George W. Graham ...... 508 Sterling Bldg., Houston 2 William A. Harrison ...... State Capitol, Austin Benny H. Hughes...... 226A San Jacinto Bldg., Beaumont Herbert E. Hughes...... El Paso National Bank Bldg., El Paso Ben F. Irby ...... 1106-15 First National Bank Bldg., Dallas 2 Ned James...... 1310 Commercial Standard Bldg., Fort Worth Worth F. Johnson...... 560 Fair Foundation Bldg., Tyler L. Ludwell Jones...... 1621 Commerce Bldg., Houston 2 Paul H. Laverty ...... 403 First National Bank Bldg., Midland Chas. A. Meroney ...... P. O. Box 5088, Dallas Shelby Scott ...... 2226 Washington Avenue, Waco Henry J. Sebastian ...... 1620 Alamo National Bldg., San Antonio 5 26 American Institute of Accountants

Harold B. Shile...... 817 West 6th Avenue, Amarillo Otis K. Smith...... First State Bank Bldg., Mission Velda V. Woods...... 206 Kaffie Bldg., Corpus Christi

Utah Millen D. Atwood...... 464 24th Street, Ogden S. E. Newman...... 1303 Continental Bank Bldg., Salt Lake City 1 Fred M. Oliver...... 407 Kearns Bldg., Salt Lake City 1 De Lance W. Squire...... 232 West Center Street, Provo

Vermont Barney Z. Goldberg ...... 125 Church Street, Burlington

Virginia Hayden Q. Anderson...... Shenandoah Bldg., Roanoke Walker E. Burnham...... 217 Lynch Bldg., Lynchburg Roy H. Halquist...... 2049-15th Street N., P. O. Box 470, Arlington Jesse W. Massey, Jr...... 641 Wainwright Bldg., Norfolk Jack Persinger...... 127 Maple Avenue, Covington Allen C. Tanner...... 2610 West Avenue, Newport News Daniel Witt...... P. O. Box 3-B, Richmond Ralph P. Yount...... P. O. Box 392, Winchester

Washington Lee J. Adamson...... 333 Seattle First National Bank Bldg., Bellingham Willis D. Brown...... 102 Exchange Bldg., Wenatchee D. W. Frame...... 223 Miller Bldg., Yakima Howard B. Hornaday...... 800 Insurance Bldg., Seattle A. William Morris...... 1429 Old National Bank Bldg., Spokane 1 William A. Safstrom...... 941 Stuart Bldg., Seattle 1 William W. Taylor...... 716 Pacific Avenue, Tacoma 2

West Virginia A. L. Baumgarner...... 1214 West Virginia Bldg., Huntington Jesse L. Cramer...... Citizens National Bank Bldg., Parkersburg Norman S. Fitzhugh, Jr., 508 Kanawha Banking & Trust Bldg., Charleston 1 H. S. Hutzell...... 512 Laconia Bldg., Wheeling Louis F. Tanner...... 515 Monongahela Bldg., Morgantown Wisconsin G. A. Bark...... 740 North Plankinton Avenue, Milwaukee 3 C. A. Bertelson...... 509 South Barstow Street, Eau Claire John P. Chole...... 633 North Water Street, Milwaukee 2 E. A. Dettman...... 516 North Bateman Street, Appleton Louis A. Feurer...... 110 East Wisconsin Avenue, Milwaukee 2 Wilson A. Gibson...... 324 Exchange Bldg., LaCrosse Donald E. Gill...... 413 First National Bank Bldg., Madison 3 Harold A. Kugler...... 817 Chicago Street, Manitowoc John W. Ullrich...... First American State Bank Bldg., Wausau List of Committee Members 27

L. W. Van Natta...... 201 Sixth Street, Racine Gordon G. Volz...... 800 Gay Bldg., Madison 3 Wyoming Alford W. Cooper...... Veile Bldg., Worland Clyde W. Gaymon...... 204 Hynds Bldg., Cheyenne E. R. Jeffryes ...... 221 South Second Street, Laramie Charles L. Tangney...... 205 Consolidated Royalty Bldg., Casper Hawaii Theo. C. H. Char...... 81 South Hotel Street, Honolulu 13 NATIONAL DEFENSE John W. McEachren, Chairman. . .1380 National Bank Bldg., Detroit 26, Mich. George R. Catlett...... Railway Exchange Bldg., St. Louis 1, Mo. H. T. McAnly...... 1356 Union Commerce Bldg., Cleveland 14, Ohio Leslie Mills...... 56 Pine Street, New York 5, N. Y. Edwin P. Noell...... 1070 Union Commerce Bldg., Cleveland 14, Ohio Maurice E. Peloubet...... 25 Broadway, New York 4, N. Y. J. S. Seidman...... 80 Broad Street, New York 4, N. Y. Everett J. Shifflett...... 67 Broad Street, New York 4, N. Y. Henry W. Sweeney...... 52 Wall Street, New York 5, N. Y. NATURAL BUSINESS YEAR Thomas J. Green, Chairman...... 70 Pine Street, New York 5, N. Y. Burnell H. DeVos...... 1000 Vermont Ave., N.W., Washington 5, D. C. Alexander Eulenberg...... 110 South Dearborn Street, Chicago 3, Ill. Charles E. Fernald...... 110 South 20th Street, Philadelphia 3, Pa. Rudolph E. Lindquist...... 660 Market Street, San Francisco 4, Calif. Edwin H. Wagner, Jr...... 1218 Arcade Bldg., St. Louis 1, Mo. NOMINATIONS J. A. Phillips, Temporary Chairman...... 1809 Second National Bank Bldg., Houston 2, Texas Edward J. McDevitt...... 201 Devonshire Street, Boston 10, Mass. Gordon S. Battelle...... 403 West First Street, Dayton 2, Ohio George O. Carlson. . . 510 South Spring Street, Room 220, Los Angeles 13, Calif. Harlan H. Holben...... 904 Security Bldg., Denver 2, Colo. Fred G. Page...... 407 American Trust Bldg., Nashville 3, Tenn. Mark E. Richardson...... 90 Broad Street, New York 4, N. Y. PROFESSIONAL ETHICS Edward J. McDevitt, Chairman...... 201 Devonshire Street, Boston 10, Mass. George A. Hewitt...... 2101 Packard Bldg., Philadelphia 2, Pa. Edwin W. Norberg. . . .1131 First National-Soo Line Bldg., Minneapolis 2, Minn. Paul K. Webster ...... 523 West Sixth Street, Los Angeles 14, Calif. Frank L. Wilcox...... 815 Liberty Building, Waco, Texas

PUBLIC RELATIONS A. Stanley Harmon, Chairman...... 1 Atlantic Street, Stamford 5, Conn. 28 American Institute of Accountants

Gordon P. Blitch...... 718 Laura Street, Jacksonville 2, Fla. T. N. Grice...... 302 Security Bank Bldg., Raleigh, N. C. Russell C. Harrington ...... 1702 Industrial Trust Bldg., Providence 3, R. I. Paul W. Lukens...... 508 Industrial Trust Bldg., Wilmington, Del. Robert J. Murphey...... 240 North Church Street, Decatur, Ill. Weldon Powell...... 67 Broad Street, New York 4, N. Y. Gerald C. Schroeder...... 2300 Penobscot Bldg., Detroit 26, Mich. Fladger F. Tannery...... 1113 Magnolia Bldg., Dallas 2, Texas Kenneth L. Thompson...... 1100 Financial Center Bldg., Oakland 12, Calif. PUBLICATION Arthur B. Foye, Chairman...... 67 Broad Street, New York 4, N. Y. J. William Hope...... 886 Main Street, Bridgeport 3, Conn. J. A. Phillips...... 1809 Second National Bank Bldg., Houston 2, Texas EDITORIAL ADVISORY BOARD David M. Beights...... Stetson University, Box 566, De Land, Fla. Victor Z. Brink...... 18 East Eighth Street, Hinsdale, Ill. Arthur M. Cannon ...... College of Business Administration, University of Washington, Seattle 5, Wash. Le Roy H. Cole...... 210 West Seventh Street, Los Angeles 14, Calif. Donald R. Eaton...... 1620 Alamo National Bldg., San Antonio 5, Texas R. L. Floyd...... 1600 Toledo Trust Bldg., Toledo 4, Ohio Ira N. Frisbee...... 303 Bank of America Bldg., Beverly Hills, Calif. J. C. Goldrainer...... 471 Pittock Block, Portland 5, Ore. Leonard B. Johnson...... 157 Church Street, New Haven 10, Conn. M. A. Kenyon...... 105 Hudson Street, Jersey City 2, N. J. I. H. Krekstein...... 1528 Walnut Street, Philadelphia 2, Pa. Eleanor McCormick...... 33 West 42nd Street, New York 36, N. Y. Stewart Y. McMullen .... Northwestern University, The School of Commerce, Evanston, Ill. Charles Melvoin...... 110 South Dearborn Street, Chicago 3, Ill. Melvin D. Moersh...... 100 Broadway, New York 5, N. Y. Archibald M. Peisch...... 1 Main Street, Norwich, Vt. George W. Price...... 67—35th Street, Brooklyn 32, N. Y. Weston Rankin...... 56 Pine Street, New York 5, N. Y. J. Edward Robertson...... 67 Broad Street, New York 4. N. Y. John F. Y. Stambaugh...... 1515 Hunt Bldg., Tulsa 3, Okla. RELATIONS WITH BAR Mark E. Richardson, Chairman...... 90 Broad Street, New York 4, N. Y. Thornton G. Douglas...... 530 West Sixth Street, Los Angeles 14, Calif. Marquis G. Eaton...... 1620 Alamo National Bldg., San Antonio 5, Texas Thomas J. Green...... 70 Pine Street, New York 5, N. Y. Maurice H. Stans...... 1 North LaSalle Street, Chicago 2, Ill. RELATIONS WITH SEC John B. Inglis, Chairman...... 56 Pine Street, New York 5, N. Y. J. A. Lindquist...... 1356 Union Commerce Bldg., Cleveland 14, Ohio Trial Board 29

Glen E. Martin...... 105 South LaSalle Street, Chicago 3, Ill. Edward J. McDevitt...... 201 Devonshire Street, Boston 10, Mass. Weldon Powell...... 67 Broad Street, New York 4, N. Y. STATE LEGISLATION Thornton G. Douglas, Chairman . 530 West Sixth Street, Los Angeles 14, Calif. Roy C. Comer...... Dexter Horton Bldg., Seattle 4, Wash. Gayle L. Dalferes...... 906 Hibernia Bank Bldg., New Orleans 12, La. L. C. Dodge...... Montgomery Bldg., Spartansburg, S. C. A. D. Howell...... 1601 Liberty Bank Bldg., Oklahoma City 2, Okla. John J. Lang...... 509 Olive Street, St. Louis 1, Mo. Coleburice Lyons...... 2200 Book Tower, Detroit 26, Mich. Robert L. Miller...... 428 Chestnut Street, Lebanon, Pa.. J. Sydnor Mitchell ...... 512 Southern States Bldg., Richmond, Va. Hatcher A. Pickens...... 1205 Fair Bldg., Fort Worth, Texas. Raymond E. Rickbeil...... 921 First National Bank Bldg., Springfield, Ill. H. M. Turnburke ...... First National Bank Bldg., Clearwater, Fla. Norman H. S. Vincent...... 50 Congress Street, Boston 9, Mass. TECHNICAL SESSIONS Alvin R. Jennings, Chairman...... 90 Broad Street, New York 4, N. Y. William R. Donaldson...... 424 Madison Avenue, New York 17, N. Y. Joseph Eisner...... 521 Fifth Avenue, New York 17, N. Y. Howard L. Guyett...... 25 Broadway, New York 4, N. Y. Thomas J. Hogan...... 18 East 48th Street, New York 17, N. Y. J. B. C. Woods...... 107 William Street, New York 38, N. Y. TERMINOLOGY Perry Mason, Chairman...... University of California, School of Business Administration, Berkeley, Calif. Maurice H. Stans...... 1 North LaSalle Street, Chicago 2, Ill. Edward B. Wilcox...... 120 South LaSalle Street, Chicago 3, Ill.

TRIAL BOARD AMERICAN INSTITUTE OF ACCOUNTANTS For three years William M. Black...... 70 Pine Street, New York 5, N. Y. Percival F. Brundage...... 56 Pine Street, New York 5, N. Y. Clem W. Collins...... 333 First National Bank Bldg., Denver 2, Colo. Marquis G. Eaton...... 1620 Alamo National Bldg., San Antonio 5, Texas Arthur B. Foye...... 67 Broad Street, New York 4, N. Y. J. A. Phillips...... 1809 Second National Bank Bldg., Houston 2, Texas Edward B. Wilcox...... 120 South LaSalle Street, Chicago 3, Ill. For two years William J. Carter ...... 800 Peachtree Bldg., Atlanta 3, Ga. Roy C. Comer...... Dexter Horton Bldg., Seattle 4, Wash. John J. McIsaac...... 60 State Street, Boston 9, Mass. 30 American Institute of Accountants

Maurice E. Peloubet...... 25 Broadway, New York 4, N. Y. Prior Sinclair...... 90 Broad Street, New York 4, N. Y. William R. Winn .. . 306 Williamsport National Bank Bldg., Williamsport 8, Pa. John H. Zebley, Jr...... 1622 Chestnut Street, Philadelphia 3, Pa. For one year J. William Hope, Chairman...... 886 Main Street, Bridgeport 3, Conn. George D. Bailey...... 1380 National Bank Bldg., Detroit 26, Mich. Clifford V. Heimbucher...... 220 Bush Street, San Francisco 4, Calif. George S. Olive...... 528 Chamber of Commerce Bldg., Indianapolis 4, Ind. J. Harold Stewart...... 50 State Street, Boston 9, Mass. Virgil S. Tilly...... 410 National Bank of Tulsa Bldg., Tulsa 3, Okla. C. Oliver Wellington...... 111 Broadway, New York 6. N. Y.

AMERICAN INSTITUTE OF ACCOUNTANTS INSURANCE TRUST Insurance Committee Prior Sinclair, Chairman...... 90 Broad Street, New York 4, N. Y. Simon Loeb...... 501 Fifth Avenue, New York 17, N. Y. Maurice E. Peloubet...... 25 Broadway, New York 4, N. Y. Trustee The Hanover Bank...... 70 Broadway, New York 15, N. Y.

AMERICAN INSTITUTE OF ACCOUNTANTS FOUNDATION Officers and Board of Trustees Arthur B. Foye, President...... 67 Broad Street, New York 4, N. Y. John A. Peyroux, Jr., Vice President ...... 1812 American Bank Bldg., New Orleans, La. William M. Black, Treasurer...... 70 Pine Street, New York 5, N. Y. John L. Carey, Secretary...... 270 Madison Avenue, New York 16, N. Y. Roy C. Comer...... Dexter Horton Bldg., Seattle 4, Wash. J. William Hope...... 886 Main Street, Bridgeport 3, Conn. Alvin R. Jennings...... 90 Broad Street, New York 4, N. Y. J. A. Phillips...... 1809 Second National Bank Bldg., Houston 2, Texas

AMERICAN INSTITUTE RENEVOLENT FUND, INC. Officers and Board of Trustees C. Oliver Wellington, President...... 111 Broadway, New York 6, N. Y. William M. Black, Treasurer...... 70 Pine Street, New York 5, N. Y. John L. Carey, Secretary...... 270 Madison Avenue, New York 16, N. Y. Samuel J. Broad...... 70 Pine Street, New York 5, N. Y. Percival F. Brundage...... 56 Pine Street, New York 5, N. Y. J. William Hope...... 886 Main Street, Bridgeport 3, Conn. George S. Olive...... 528 Chamber of Commerce Bldg., Indianapolis 4, Ind. J. Harold Stewart...... 50 State Street, Boston 9, Mass. Staff Organization 31

AMERICAN INSTITUTE OF ACCOUNTANTS STAFF ORGANIZATION

Executive Director ...... John L. Carey Assistant to Executive Director ...... Elizabeth Arliss

Director of Research ...... Carman G. Blough Assistant Director of Research...... Richard C. Lytle Assistant to Tax Committee ...... Albert H. Cohen

Director of Education ...... Robert L. Kane, Jr. Assistant to Directorof Education...... Harold Howarth Assistant to Directorof Education...... Louis A. Sigaud Assistant to Directorof Education...... Elsie L. O’Mara

Director of Public Relations ...... Charles E. Noyes Assistant Director of Public Relations ...... Melvin R. Freeman Assistant to Director of Public Relations...... Richard A. Stimson

Director of Publications...... John L. Lawler Assistant Editor ...... Jan W. Leemhorst Advertising Manager...... S. L. Mason Circulation Manager ...... Mitchell Gresser

Director of State Society & Membership Services...... Chester G. Anderson Asst. to Dir. of State Soc. & Membership Services. William O. Doherty

Director of Legal Department ...... Alan F. McHenry

Administrative Secretary ...... H. T. Winton Assistant to Administrative Secretary...... Eunice G. Merritt Supervisor of Admissions ...... Edith Carnahan

Controller ...... William H. Hird Supervisor of Addressograph, Shipping, & Mailing. Lewis J. Squires Purchasing Agent ...... James D. Bennett Assistant in Charge of General Books and Records. . Mary Valois Cashier ...... Estelle C. Tocchet Systems Asst. & Supervisor of Secondary Records. . Olive M. Hinderer Supervisor of General Office Personnel...... Helen A. Williams Librarian ...... Miriam W. Donnelly AMERICAN INSTITUTE OF ACCOUNTANTS Awards 1944 J. HAROLD STEWART For having rendered outstandingly valuable service to his country and to the accounting profession as executive assistant to the director of the Cost Inspec­ tion Service of the Bureau of Supplies and Accounts, Navy Department and assistant in charge of accounting to the director of contract settlements during the fiscal year ended August 31, 1944. GEORGE OLIVER MAY For service to the profession and for his book, “FINANCIAL ACCOUNT­ ING,” the most important and valuable book on an accounting subject, published in the fiscal year ended August 31, 1944. WILLIAM A. PATON For the most significant and valuable article of the year, “ACCOUNTING POLICIES OF THE FEDERAL POWER COMMISSION.”

1945 VICTOR H. STEMPF For outstanding public service bringing credit to the accounting profession —as a member of the distinguished Committee on Postwar Tax Policy.

E. L. KOHLER and W. W. COOPER For their article, “COSTS, PRICES AND PROFITS: ACCOUNTING IN THE WAR PROGRAM,” published in The Accounting Review, July 1945— which is considered the most significant and valuable article on an account­ ing subject published in the fiscal year.

1946 ARTHUR H. CARTER For outstanding services to his country and to the accounting profession in the wartime office, which he relinquished in the year ended August 31, 1946, of Fiscal Director Headquarters Army Service Forces. MAURICE E. PELOUBET For his many contributions to the literature of the accounting profession in the United States, among the most recent of which is his article on “FORENSIC ACCOUNTING,” published in The Journal of Accountancy, June, 1946.

1947 T. COLEMAN ANDREWS For outstanding service to the accounting profession through service to his country at significant personal sacrifice in organizing the Corporation 32 Awards 33

Audits Division of the General Accounting Office of the United States and in supervising the operation thereof for its first two years.

1948 EDWARD A. KRACKE For outstanding service to the profession and the public interest as chair­ man and organizer of the Institute’s committee on cooperation with Con­ gressional Appropriations Committees. N. LOYALL McLAREN For outstanding service to the profession and for his book, “ANNUAL REPORTS TO STOCKHOLDERS.”

1949 HIRAM T. SCOVILL For outstanding service to the accounting profession rendered over a period of almost forty years, through his educational activities as head of the Accounting Department of the University of Illinois. ROBERT H. MONTGOMERY For outstanding service to the profession over the years and for his writings as typified by the seventh edition of his book, “AUDITING.”

1950 and 1951 (No Awards.)

1952 SAMUEL J. BROAD For outstanding achievement in the service of the accounting profession over a long term of years as chairman of technical committees and as writer and public speaker on accounting subjects.

PERCIVAL F. BRUNDAGE For outstanding achievement in the service of the accounting profession over a term of years; for leadership, wise counsel and consistent action con­ tributing to the wider recognition of the profession.

1953 CARMAN G. BLOUGH For outstanding service to the profession, in active practice, as teacher of accounting, first chief accountant of the Securities and Exchange Com­ mission and service as Director of Research of the American Institute of Accountants.

MARK E. RICHARDSON For outstanding service to the profession as statesman, writer and leader, especially in the field of federal taxation. State Boards of Accountancy

(At November, 1953)

ALABAMA STATE BOARD OF PUBLIC ACCOUNTANCY Francis B. Latady, CPA, Chairman. . . . 935 Brown-Marx Bldg., Birmingham 3 H. C. Crane, CPA, Member...... 411 Shepherd Bldg., Montgomery 4 George D. King, CPA, Member...... 1050 Forrest Avenue, Gadsden

ALASKA TERRITORIAL BOARD OF PUBLIC ACCOUNTANCY Elmer G. Johnson, CPA, President...... P. O. Box 1969, Ketchikan Antonie van Seventer, CPA, Secretary...... P. O. Box 859, Anchorage George R. Jones, Treasurer ...... 201 Loussac-Sogn Bldg., Anchorage Charles M. Marler, Member ...... P. O. Box 1532, Ketchikan Frederic J. A. Randall, Member...... 221 Lavery Bldg., Fairbanks

ARIZONA STATE BOARD OF ACCOUNTANCY Max A. Millet, CPA, President...... 709 Security Bldg., Phoenix Carl D. Tisor, CPA, Secretary...... 500 Title & Trust Bldg., Phoenix K. E. Mackey, CPA, Treasurer...... 520 Luhrs Bldg., Phoenix Francis L. Decker, CPA, Member...... P. O. Box 28, Flagtasff E. G. Rawlins, CPA, Member...... P. O. Box 472, Ajo

ARKANSAS STATE BOARD OF ACCOUNTANCY L. R. Moffett, CPA, President...... 503 Rector Bldg., Little Rock Peter E. Stanley, CPA, Secretary...... Pyramid Bldg., Little Rock Oscar Luebben, CPA, Treasurer. . . .Arkansas National Bank Bldg., Hot Springs

CALIFORNIA STATE BOARD OF ACCOUNTANCY Francis P. Farquhar, CPA, President...... 220 Bush Street, San Francisco 4 George O. Carlson, CPA, Vice President. .510 South Spring Street, Los Angeles 13 Glen H. Whalen, CPA, Secretary...... 25 Taylor Street, San Francisco 2 Charles C. Cobun, CPA...... 315 West Ninth Street, Los Angeles 15 Walter G. Draewell, CPA...... 100 Bush Street, San Francisco 4 George Gibbs, CPA...... 221 Yale Avenue, Claremont Hilliard R. Giffen, CPA...... 801 Bank of America Bldg., Fresno Paul K. Webster, CPA...... 523 West Sixth Street, Los Angeles 14

COLORADO STATE BOARD OF ACCOUNTANCY F. Tillman Brownne, CPA President C. Boyd Neville, CPA, Secretary Paul L. Schmitz, CPA Treasurer

Note: All correspondence should be addressed to the Secretary at: 901 Majestic Bldg., Denver, 34 State Boards of Accountancy 35

CONNECTICUT STATE BOARD OF ACCOUNTANCY J. C. McNab, CPA, President Daniel G. Weinstein, CPA, Secretary Milton H. Friedberg, CPA, Treasurer Note: All correspondence should be addressed to the- Secretary at: 185 Church St, New Haven 10.

DELAWARE STATE BOARD OF ACCOUNTANCY T. Crawley Davis, CPA, President...... Room 9022, du Pont Bldg., Wilmington Charles I. Belfint, CPA, Secretary. . . .400 North American Bldg., Wilmington Harry E. Deppert, CPA...... 9 Alfred Avenue, Wilmington Joseph I. Haggerty, CPA...... 1011 Washington Street, Wilmington Harold Leshem, Attorney-at-Law ...... North American Bldg., Wilmington

DISTRICT OF COLUMBIA BOARD OF ACCOUNTANCY Simon W. Levitan, CPA, President...... 610 Bond Bldg., Washington Henry S. Owens, CPA, Secretary. .1001 Connecticut Avenue Bldg., Washington 6 Henry A. O’Neill, CPA, Treasurer. . .517 Metropolitan Bank Bldg., Washington

FLORIDA STATE BOARD OF ACCOUNTANCY George W. Dandelake, CPA, Chairman, Suite 7, 1628 San Marco Boulevard, Jacksonville Prim W. Fisher, CPA, Secretary...... 10th Floor, Schultz Bldg., Jacksonville Charles C. Colley, Jr., CPA, Member. ... 14 East Washington Street, Orlando Robert M. Morgan, CPA, Member...... 1620 du Pont Bldg., Miami Harry M. Turnburke, CPA, Member...... First National Bank Bldg., Clearwater Miss Elizabeth Shields, Executive Secretary...... 831 du Pont Bldg., Miami

GEORGIA STATE BOARD OF ACCOUNTANCY M. H. Barnes, CPA, Chairman...... Citizens & Southern Bank Bldg., Atlanta W. W. Stribling, CPA, Vice Chairman...... William Oliver Bldg., Atlanta C. R. Bush, CPA, Member...... P. O. Box 428, Macon Victor Markwalter, CPA, Member...... Southern Finance Bldg., Augusta C. V. Stanton, Attorney Member...... Waycross R. C. Coleman, Joint Secretary ...... State Examining Boards, 111 State Capitol, Atlanta

HAWAII TERRITORIAL BOARD OF ACCOUNTANCY Hugh C. Tennent, CPA, President, Cameron, Tennent & Dunn, P. O. Box 3556, Bishop Trust Bldg., Honolulu Robert H. Paris, CPA, Secretary...... 1160 Bishop Street, Honolulu 13 Hideo Kajikawa, CPA, Treasurer ...... 657 Kapiolanj Blvd., Honolulu John A. Baker, Jr., CPA, Member...... Alexander Young Bldg., Honolulu Harry A. Hanson, CPA, Member...... Box 380, Dillingham Bldg., Honolulu 9

IDAHO Department of Law Enforcement Wayne Summers, Commissioner,...... State House, Boise Britt Nedry, Director...... Occupational License Bureau, State House, Boise 36 American Institute of Accountants

State Examining Board for Certified Public Accountants James F. Butler, CPA...... Continental Bank Bldg., Boise Willard J. Wilde, CPA...... c/o University of Idaho, Moscow Ruland E. Williams, CPA...... P. O. Box 457, Idaho Falls

ILLINOIS University Committee on Accountancy William Everett Britton, A.M., J.D., Chairman...... Urbana George Philip Tuttle, B.S., Secretary...... 100-A Administration Bldg., Urbana Horace M. Gray, Ph.D...... Urbana Donald A. Grossman, LL.B., Clerk...... Urbana

Board of Examiners in Accountancy Louis Kessler, CPA, Chairman...... One North LaSalle Street, Chicago Charles D. McDaniel, CPA, Secretary,...... 120 South LaSalle Street, Chicago James A. Velde, A.B., LL.B...... First National Bank Bldg., Chicago

INDIANA STATE BOARD OF CERTIFIED ACCOUNTANTS John D. Harrington, CPA, President...... 528 Chamber of Commerce Bldg., Indianapolis 4 Ida S. Broo, CPA...... Indiana Trust Bldg., Indianapolis D. Lyle Dieterle, CPA...... Indiana University, Bloomington Thomas M. Hindman, Deputy State Examiner, Secretary...... 304 State House, Indianapolis Gordon E. Olvey, Deputy State Examiner, Treasurer...... 304 State House, Indianapolis IOWA BOARD OF ACCOUNTANCY E. S. Gage, Jr., CPA, Chairman...... 725 Brick & Tile Bldg., Mason City A. A. Augustine, CPA, Secretary-Treasurer. . . .715 Securities Bldg., Des Moines C. B. Knobbe, CPA, Member...... 1010 Savings & Loan Bldg., Des Moines 9

KANSAS STATE BOARD OF ACCOUNTANCY George W. Sinderson, CPA, Chairman. .475 New Brotherhood Bldg., Kansas City Ross D. Hogue, CPA, Vice-Chairman. . . .First National Bank Bldg., Dodge City Howard F. Stettler, CPA, Secretary. . . .2 Strong Hall, University of Kansas, Lawrence Ira L. Houghton, CPA, Member...... 502 Bitting Bldg., Wichita Wallace J. Loy, CPA, Member...... Commerce Bldg., Pittsburg Ivan M. West, CPA, Member...... 918 Central Bldg., Wichita

KENTUCKY STATE BOARD OF ACCOUNTANCY L. C. J. Yeager, CPA, President. . . .Kentucky Home Life Bldg., Louisville 2 W. Kenneth Simpson, CPA, Secretary...... Heyburn Bldg., Louisville J. O. Boswell, CPA, Treasurer...... Holland Bldg., Owensboro *Stollings De Journett, Executive Secretary. . . Kentucky Home Life Bldg., Louisville 2 *Not a member of the board, but the retained Executive Secretary; also, Executive Secretary of the State Society of CPAS. State Boards of Accountancy 37

LOUISIANA STATE BOARD OF CERTIFIED PUBLIC ACCOUNTANTS Edward J. DeVerges, CPA, President...... 720 Whitney Bldg., New Orleans 12 J. Earl Pedelahore, CPA, Secretary. .1136 National Bank of Commerce Bldg., New Orleans 12 George S. Rapier, CPA, Treasurer. . . . 1127 Hibernia Bank Bldg., New Orleans 12 Lionel A. Champagne, CPA, Member...... 305 Guaranty Income Life Bldg., Baton Rouge Dwight E. Saur, CPA, Member...... P. O. Box 1192, Shreveport

MAINE BOARD OF ACCOUNTANCY William D. Hayes, CPA, Chairman...... Box 864, Bangor Richard M. Millett, CPA, Secretary...... 465 Congress Street, Portland 3 Harvard W. Blaisdell...... Ellsworth

MARYLAND BOARD OF EXAMINERS OF PUBLIC ACCOUNTANTS Edward J. Stegman, CPA, Chairman. .1208 Mercantile Trust Bldg., Baltimore 2 J. Wallace Bryan, CPA, Ph.D., Secretary-Treasurer. . 1101 Mercantile Trust Bldg., Baltimore 2 George H. Bald, CPA...... Mathieson Bldg., Baltimore 2 G. Heberson Evans, Jr., Ph.D...... 5734 Pimlico Road, Baltimore 9 W. Frank Every, LL.B...... 1134 Mathieson Bldg., Baltimore 2

MASSACHUSETTS BOARD OF REGISTRATION OF CPAs Laurence P. Harrington, CPA, Chairman...... 27 State Street, Boston William E. Hayes, CPA, Secretary ...... 199 Washington Street, Boston Ernest A. Berg, CPA, Member...... 31 Elm Street, Springfield Max Freedman, CPA, Member ...... 159 Devonshire Street, Boston Anthony F. Kearney, CPA, Member...... 60 State Street, Boston Note: All correspondence should be addressed to the Secretary.

MICHIGAN STATE BOARD OF ACCOUNTANCY David P. Zack, CPA, Chairman James C. Finney, CPA, Secretary Edgar W. Pugh, Counsel G. Mennen Williams, Governor Note: AH correspondence should be addressed to: 411 Boulevard Bldg., 7310 Woodward Avenue, Detroit 2, Michigan. MINNESOTA STATE BOARD OF ACCOUNTANCY Edwin L. Pearson, CPA, Chairman...... 510 Essex Bldg., Minneapolis Lawrence R. Graving, CPA, Vice Chairman...... 604 Lonsdale Bldg., Duluth Roman R. Sevenich, CPA, Secretary-Treasurer..2515 Foshay Tower, Minneapolis 2

MISSISSIPPI STATE BOARD OF PUBLIC ACCOUNTANCY Fred T. Neely, CPA, Chairman ...... P. O. Box 894, Greenwood W. B. Roberts, CPA, Vice Chairman...... 310 Bank of Gulfport Bldg., Gulfport Louis A. Miazza, CPA, Secretary...... P. O. Box 65, Jackson 5

MISSOURI STATE BOARD OF ACCOUNTANCY Thomas M. Keyes, CPA, President...... 900 Walnut Street, Kansas City 6 Paul A. Williams, CPA, Vice President...... 14-A North Ninth Street, Columbia 38 American Institute of Accountants

Waiter E. Braeckel, CPA, Secretary...... 320 North Fourth Street, St. Louis 2 Benjamin F. Jackson, CPA, Treasurer...... 1221 Locust Street, St. Louis 3 Thomas J. Cusack, CPA, Member...... 207 West Fourth Street, Joplin Miss Ruth Calhoun, Executive Secretary. . . .209 Monroe Street, Jefferson City

MONTANA STATE BOARD OF EXAMINERS IN ACCOUNTANCY Alfred J. Rowland, CPA, Chairman...... Masonic Temple Bldg., Miles City Mack J. Hamilton, CPA, Secretary...... 533 Ford Bldg., Great Falls William B. Finlay, Jr., CPA, Member. . . .First National Bank Bldg., Great Falls

NEBRASKA STATE BOARD OF EXAMINERS Oscar R. Martin, CPA, Chairman...... 508 First National Bank Bldg., Lincoln John P. Begley, CPA, Secretary-Treasurer...... Creighton University, Omaha 2 Ray C. Johnson, Auditor of Public Accounts...... State Capitol, Lincoln

NEVADA STATE BOARD OF ACCOUNTANCY L. J. Semenza, CPA, President...... Box 30, Reno A. W. Blackman, CPA, Vice President...... P. O. Box 151, Las Vegas W. B. Kottinger, CPA, Secretary...... Box 30, Reno

NEW HAMPSHIRE BOARD OF ACCOUNTANCY Louis Spector, CPA, Chairman...... 875 Elm Street, Manchester Donald J. Henderson, CPA, Secretary-Treasurer.... 71 West Pearl Street, Nashua Ernest F. Johnson, CPA, Member ...... 32 Main Street, Littleton

NEW JERSEY STATE BOARD OF PUBLIC ACCOUNTANTS Abraham H. Puder, CPA, President...... 60 Park Place, Newark Joseph Thieberg, CPA, Vice President...... 64 Hamilton Street, Paterson Joseph J. Seaman, CPA, Secretary...... 430 Market Street, Perth Amboy

NEW MEXICO STATE BOARD OF PUBLIC ACCOUNTANCY Stephen J. Gasparich, CPA, Chairman...... P. O. Box 187, Raton Darwin Sprouls, CPA, Vice Chairman...... P. O. Box 502, Clovis John K. Reindorp, CPA, Secretary-Treasurer...... 601 Sunshine, Albuquerque Rex R. Ragsdale, RPA...... Carter Bldg., Carlsbad H. Albert Ward, RPA...... P. O. Box 1617, Santa Fe

NEW YORK BOARD OF CERTIFIED PUBLIC ACCOUNTANT EXAMINERS Joseph I. Lubin, CPA, Chairman...... 521 Fifth Avenue, New York 17 Winfield McKeon, CPA, Secretary...... 12 East 41st Street, New York 17 Hilton R. Campbell, CPA...... 90 Broad Street, New York 4 Everett Penny, CPA...... 31 Mamaroneck Avenue, White Plains Leonard Price, CPA...... 60 East 42nd Street, New York 17 Howard Swartz, CPA...... University Bldg., Syracuse Carl Thomy...... 1416 Temple Bldg., Rochester John R. Wilkinson, CPA, Executive Secretary. .23 South Pearl Street, Albany 2

N. C. STATE BOARD OF CERTIFIED PUBLIC ACCOUNTANT EXAMINERS A. T. Allen, CPA, President...... P. O. Box 1266, Raleigh Ernest W. Smith. CPA, Vice President...... Miller Bldg., Lenoir State Boards of Accountancy 39

Martin L. Black, Jr., CPA, Secretary-Treasurer...... Duke University, Durham Frank P. Buck, CPA, Member...... Drawer 1327, Salisbury R. R. Rains, Administrative Secretary...... 304 Hanes Hall, University of North Carolina, Chapel Hill Miss Katharine D. Guthrie, Administrative Assistant...... 304 Hanes Hall, University of North Carolina, Chapel Hill

NORTH DAKOTA STATE BOARD OF ACCOUNTANCY Carl Person, CPA, President...... Missouri Valley Motor Bldg., Bismarck R. D. Koppenhaver, CPA, Secretary-Treasurer...... Box 417, University of North Dakota, Grand Forks Gerald Conoboy, CPA, Member...... 312 Black Bldg., Fargo

ACCOUNTANCY BOARD OF OHIO Robert J. Kirk, CPA, President...... 1600 Toledo Trust Bldg., Toledo James N. Buccalo, CPA, Secretary-Treasurer. . . .33 North High Street, Columbus John F. Drake, CPA, Member...... 1108 Keith Bldg., Cleveland 15 James R. Favret, CPA, Member. . . .805 Mercantile Library Bldg., Cincinnati John H. Ziegler, CPA, Member...... 107 West Liberty Street, Medina

OKLAHOMA STATE BOARD OF ACCOUNTANCY Ross T. Warner, CPA, Chairman...... 1120 First National Bldg., Tulsa B. F. Harrison, CPA, Secretary...... Oklahoma A. & M. College, Stillwater Ford L. Billups, CPA...... 1340 First National Bldg., Oklahoma City Lawrence D. Hinman, CPA...... Box 106, Enid Kenneth Hurst, CPA...... 2220 First National Bldg., Oklahoma City

OREGON STATE BOARD OF ACCOUNTANCY Floyd K. Bowers, CPA, Chairman...... 315 Pioneer Trust Bldg., Salem William H. Holm, CPA, Vice Chairman...... 203 Mayer Bldg., Portland 5 Ralph B. Stratford, CPA, Secretary-Treasurer. .636 Pacific Bldg., Portland 4 Percy W. Brown, CPA, Member...... 257 Eugene Medical Center Bldg., Eugene Charles E. Rawlinson, CPA, Member. . 1410 American Bank Bldg., Portland 5 Harold Faunt, CPA, Executive Secretary. . . .637 American Bank Bldg., Portland

PENNSYLVANIA STATE BOARD OF EXAMINERS OF PUBLIC ACCOUNTANTS M. C. Conick, CPA, Chairman...... First National Bank Bldg., Pittsburgh 22 Wilhelm E. Shissler, Esq., Secretary...... Bergner Bldg., Harrisburg George R. Drabenstadt, CPA...... 2101 Packard Bldg., Philadelphia 2 Dr. Francis B. Haas, Superintendent of Public Instruction, ex-officio. . Harrisburg

PUERTO RICO BOARD OF EXAMINERS OF ACCOUNTANCY Luis E. Garcia Benitez, CPA, President. . 1184 Munoz Rivera Avenue, Rio Piedras Joaquin Mercado Cruz, Administrative Secretary... . P. O. Box 9156, Santurce Alfonso Roman Garcia, CPA...... P. O. Box 2268, San Juan Jaime A. Montoya, CPA...... P. O. Box 8213, Santurce Pedro E. Purcell, CPA...... P. O. Box 1263, San Juan Aquiles Montanez Rivera, CPA...... 557 Navas Street, Santurce 40 American Institute of Accountants

RHODE ISLAND BOARD OF ACCOUNTANCY Seth B. Gifford, CPA, Chairman...... 911 Hospital Trust Bldg., Providence George T. Helm, CPA, Secretary...... 1210 Union Trust Bldg., Providence Edward Blackman, CPA, Treasurer...... 1209 Industrial Trust Bldg., Providence

SOUTH CAROLINA BOARD OF EXAMINERS OF PUBLIC ACCOUNTANTS M. C. Patten, CPA, President...... 7 Pendleton Street, Greenville C. C. McGregor, CPA, Vice President. .1316 Washington Street, P. O. Box 135, Columbia W. J. Stubbs, Jr., CPA, Secretary-Treasurer. . 1226 Sumter Street, P. O. Box 363, Columbia SOUTH DAKOTA STATE BOARD OF ACCOUNTANCY John W. Sorensen, CPA, President...... 107 East 11th Street, Sioux Falls John C. Penne, Vice President...... Comptroller, State of South Dakota, Pierre Harry E. Olson, CPA, Secretary...... University of South Dakota, Vermillion

TENNESSEE STATE BOARD OF ACCOUNTANCY J. George Griesbeck, CPA, President . 607 Union Planters National Bank Bldg., Memphis Thomas M. McIntyre, CPA, Vice President. Third National Bank Bldg., Nashville George W. Laws, CPA, Secretary...... 308 Sudekum Bldg., Nashville Edward N. Backus, CPA, Member...... 408½ South Roan Street, Johnson City Oliver P. Cobb, Jr., CPA, Member...... 205 Peabody Hotel Bldg., Memphis Elliott D. Adams, CPA, Member...... 301 Commercial National Bank Bldg., Knoxville Fred S. Powell, Attorney Member...... Nashville Trust Bldg., Nashville

TEXAS STATE BOARD OF PUBLIC ACCOUNTANCY B. S. Mothershead, CPA, Chairman .... 113 East Harrison Street, Harlingen Z. Turner McGuire, CPA, Secretary-Treasurer .... 1020 Holcombe Boulevard, Houston George H. Abbott, CPA, Member . . . .920 Mercantile Securities Bldg., Dallas H. L. Briner, CPA, Member ...... 2109 San Pedro Avenue, San Antonio Hatcher A. Pickens, CPA, Member...... 1205 Fair Bldg., Forth Worth Hugh B. Hackney, Member...... 717 Wilson Bldg., Corpus Christi Charles B. Hagans, Member...... 203 Muckleroy Bldg., Nacogdoches L. E. Tennison, Member...... 211 West Fifth Street, Clifton Milton E. West, Member...... 404 Lubbock National Bank Bldg., Lubbock Miss Pauline Thomas, Assistant to the Secretary. The Perry-Brooks Bldg., Austin

UTAH Department of Business Regulation J. Percy Goddard, CPA, Chairman..527 Phillips Petroleum Bldg., Salt Lake City 1 Lynn E. Baxter, CPA, Member...... 408 Kearns Bldg., Salt Lake City 1 Lincoln G. Kelly, CPA, Member . . 603 Walker Bank Bldg., Salt Lake City 1 Registration Division Frank A. Yeamans, Secretary...... 314 State Capitol, Salt Lake City 1 Frank E. Lees, Director...... 324 State Capitol, Salt Lake City 1 State Boards of Accountancy 41

VERMONT STATE BOARD OF ACCOUNTANCY Archibald M. Peisch, CPA, Chairman...... Norwich Seth A. Densmore, CPA, Secretary...... 118A College Street, Burlington Ralph C. Kendrick, CPA...... 150 Cherry Street, Burlington

VIRGINIA STATE BOARD OF ACCOUNTANCY A. Frank Stewart, CPA, Chairman...... State Planters Bank Bldg., Richmond Turner N. Burton, Secretary ...... Department of Professional & Occupational Registration, Finance Bldg., Richmond Samuel H. Baker, Jr., CPA...... Travelers Bldg., Richmond William S. Gay, CPA, Member...... P. O. Box 36, Blacksburg R. L. Persinger, CPA, Member...... Rooklin Bldg., Covington Donald T. Stant, Member...... Reynolds Arcade Bldg., Bristol

VIRGIN ISLAND BOARD OF EXAMINERS OF ACCOUNTANTS Hein Christensen, Chairman...... Charlotte Amalie, St. Thomas E. A. Gomez, Secretary...... Charlotte Amalie, St. Thomas D. Victor Bornn...... Charlotte Amalie, St. Thomas

WASHINGTON STATE BOARD OF ACCOUNTANCY Roy C. Comer, CPA, Chairman...... 1460 Dexter Horton Bldg., Seattle J. R. Randall, CPA, Vice Chairman...... 501 Peyton Bldg., Spokane Thomas R. Toole, LPA, Secretary...... 409 Empire State Bldg., Spokane Bert W. Lockhart, CPA, Member...... 1610 Textile Tower, Seattle N. James Yeakel, LPA, Member...... 1008 American Bldg., Seattle

WEST VIRGINIA BOARD OF CERTIFIED PUBLIC ACCOUNTANTS M. F. Kirsch, CPA, President...... P. O. Box 172, Morgantown Robert L. Baughan, CPA, Secretary. . 1122 First Huntington National Bank Bldg., Huntington R. E. Witschey, CPA...... P. O. Box 129, Charleston 21

WISCONSIN STATE BOARD OF ACCOUNTANCY Lamont E. Fonteine, CPA, President. . . .225 East Michigan Street, Milwaukee 2 John H. Evans, CPA, Vice President...... Northern Bldg., Green Bay John L. Sonderegger, CPA, Secretary...... 1000 State Office Bldg., Madison

WYOMING STATE BOARD OF ACCOUNTANCY Gordon J. Raab, CPA, President...... 211 Consolidated Royalty Bldg., Casper A. H. MacDougall, CPA, Vice President...... Rawlins C. B. Coolidge, CPA, Secretary-Treasurer...... 1902 Thornes, Cheyenne ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANT EXAMINERS* Officers President...... Lincoln G. Kelly, 603 Walker Bank Bldg., Salt Lake City, Utah First Vice President. .Roy C. Comer, Dexter Horton Bldg., Seattle 4, Washington Second Vice President...... Henry S. Owens, 1001 Connecticut Avenue, N.W., Washington 6, D. C. Secy-Treas. . . . D. P. Williams, 1807 Boatmens Bank Bldg., St. Louis 2, Missouri

Membership includes all present and past members of state boards of accountancy and Institute board of examiners. State Societies of CPAs

Alabama Society of CPAs “Georgia Society of CPAs S. Paul Garner, Secretary Lyle E. Campbell, Secretary 2431 E. 15th Street P. O. Box 397 Tuscaloosa, Alabama Emory University, Georgia

*Arizona Society of CPAs Idaho Society of CPAs Benard R. McMorris, Exec. Director John H. Peterson, Secretary 642 Security Bldg. 1-5 Baugh Bldg. Phoenix, Arizona Twin Falls, Idaho

*Arkansas Society of CPAs “Illinois Society of CPAs Julian B. Priddy, Secretary Miss Jeannette M. Cochrane, Exec. Sec’y. 411 Wallace Bldg. Room 1006, 208 South LaSalle Street Little Rock, Arkansas Chicago 4, Illinois

*California Society of CPAs “Indiana Association of CPAs Arthur M. Sargent, Exec. Director Roy W. Steele, Exec. Secretary Room 249, 681 Market Street 1602 Merchants Bank Bldg. San Francisco 5, California Indianapolis 4, Indiana Colorado Society of CPAs Lesly E. Kring, Secretary Iowa Society of CPAs 435 U. S. National Bank Bldg. Roger R. Cloutier, Secretary Denver, Colorado 706 Savings & Loan Bldg. Des Moines, Iowa *Connecticut Society of CPAs Frederick F. Fischer, Secretary “Kansas Society of CPAs Room 807-808, 185 Church Street W. Keith Weltmer, Executive Secretary New Haven 10, Connecticut University of Kansas 2 Strong Hall Delaware Society of CPAs Lawrence, Kansas Frank Gunnip, Secretary I2th & Tatnall Streets “Kentucky Society of CPAs Wilmington, Delaware Stollings Dejournett, Exec. Secretary Rms. 910-911, Kentucky Home Life Bldg. *District of Columbia Institute of CPAs Louisville 2, Kentucky Mrs. Gloria Simmerman, Asst. Secretary Rm. 804, Albee Bldg. Society of Louisiana CPAs Washington 5, D. C. Clifton A. Morvant, Secretary 403 American Bank Bldg. “Florida Institute of CPAs New Orleans 12, Louisiana Clifford C. Beasley, Managing Director Box 2433, University Station Maine Society of Public Accountants Gainesville, Florida E. Frederick Low, Secretary 465 Congress Street *Permanent Address. Portland, Maine 42 State Societies of Certified Public Accountants 43

*Maryland Association of CPAs New Hampshire Society of CPAs George S. Robertson, Adm. Secretary Elmer H. Southard, Secretary 1508 Fidelity Bldg. Highland Avenue Baltimore 1, Maryland Littleton, New Hampshire

*Massachusetts Society of CPAs *New Jersey Society of CPAs Mrs. Ruth M. Welton, Exec. Secretary Mrs. Mary S. Tross, Secretary Room 608, 44 School Street Room 1204, 744 Broad Street Boston 8, Massachusetts Newark 2, New Jersey

*Michigan Association of CPAs Hiram P. Todd, Jr., Exec. Secretary New Mexico Society of CPAs 2124 Dime Bldg. Frederic Comstock, Secretary Detroit 26, Michigan 801 South Madeira Albuquerque, New Mexico

*Minnesota Society of CPAs Mrs. Lillian K. Polzin, Adm. Secretary *New York State Society of CPAs 1750 Hennepin Avenue at Groveland Wentworth F. Gantt, Exec. Secretary Terrace 677 Fifth Avenue Minneapolis 3, Minnesota New York 22, New York

Mississippi Society of CPAs *North Carolina Association of CPAs Edwin C. Brown, Secretary Raymond R. Rains, Exec. Secretary Box 711 University of North Carolina Meridian, Mississippi 304 Hanes Hall Chapel Hill, North Carolina *Missouri Society of CPAs Mrs. Mary Mueller, Adm. Secretary North Dakota Society of CPAs Room 3, Bacon Bldg. R. D. Koppenhaver, Secretary Jefferson City, Missouri 504 Hamline Grand Forks, North Dakota Montana Society of CPAs Donald J. Emblen, Secretary Montana State University *Ohio Society of CPAs Missoula, Montana Robert R. Bangham, Exec. Secretary 17 South High Street Columbus 15, Ohio Nebraska Society of CPAs William E. Hemmer, Secretary 1925 Sewell Street Oklahoma Society of CPAs Lincoln, Nebraska Miss Corinne Childs, Secretary 432 Kennedy Bldg. Tulsa 3, Oklahoma Nevada Society of CPAs R. York Funston, Secretary 440 Hoover Street Oregon Society of CPAs Las Vegas, Nevada Ralph B. Coulson, Secretary 401 Selling Bldg. *Permanent Address. Portland 5, Oregon 44 American Institute of Accountants

*Pennsylvania Institute of CPAs *Virginia Society of Public Accountants F. Willard Heintzelman, Adm. Director Dean F. Byers Miller, Exec. Secretary 619 Land Title Bldg. University of Richmond, Virginia Philadelphia 10, Pennsylvania

*Washington Society of CPAs Rhode Island Society of CPAs Miss Nellie J. Marks, Asst. Secretary Richard W. A. Taylor, Secretary 1618 Northern Life Tower Room 209, 146 Westminster Street Seattle 1, Washington Providence 3, Rhode Island

*South Carolina Association of CPAs West Virginia Society of CPAs Joseph E. Whitmire, Exec. Secretary Mendel Schwartz, Secretary P. O. Box 671 205 Union Bldg. Columbia, South Carolina Huntington, West Virginia

South Dakota Society of CPAs *Wisconsin Society of CPAs Harry E. Olson, Secretary Miss Camilla L. Ebert, Adm. Assistant University of South Dakota Rm. 401, 152 W. Wisconsin Avenue Vermillion, South Dakota Milwaukee 3, Wisconsin

Tennessee Society of CPAs Charles M. Bibb, Secretary Wyoming Society of CPAs 325 50th Avenue North Gilbert A. D. Hart, Secretary Nashville, Tennessee P. O. Box 393 Cheyenne, Wyoming

*Texas Society of CPAs Dan Dansby, Exec. Director *Hawaii Society of CPAs F. E. Box 267 Frank R. Hough, Secretary College Station, Texas P. O. Box 1754 Honolulu 6, Hawaii

Utah Association of CPAs Herbert J. Zimmerman, Secretary 861 LeGrand Street *Puerto Rico Institute of Accountants Salt Lake City, Utah Mrs. Josefina O. Seneriz, Exec. Secretary P. O. Box 2165 San Juan 10, Puerto Rico

Vermont Society of CPAs Ralph C. Kendrick, Secretary 150 Cherry Street Virgin Islands Society of CPAs Burlington, Vermont Ezra Gomez, Secretary Charlotte Amalie *Permanent Address. St. Thomas, Virgin Islands AMERICAN INSTITUTE OF ACCOUNTANTS Minutes of the Annual Meeting Chicago, Illinois October 20, 1953

he sixty-sixth annual meeting of Honorable T. Coleman Andrews, Commis­ Tthe American Institute of Accountants sioner of Internal Revenue convened at 9:40 A. M., October 20, 1953,O . Gordon Delk, special consultant to the at the Palmer House, Chicago, Illinois. Commissioner of Internal Revenue J. A. Phillips, president of the Institute, Norman A. Sugarman, Assistant Commis­ presided. sioner of Internal Revenue The chairman announced that there I. W. Carpenter, Director of Practice, was a total registration of 1,918 at the Treasury Department meeting. Earle C. King, Chief Accountant, Secur­ The chairman read a message of greet­ ities and Exchange Commission ings and good wishes from the president Andrew Barr, Chief Accountant of the and council of The Society of Incorpor­ Division of Corporation Finance, Secur­ ated Accountants and Auditors. ities and Exchange Commission; presi­ Alexander Eulenberg, president of the dent of the Federal Government Ac­ Illinois Society of Certified Public Ac­ countants Association countants, gave an address of welcome, Morton Bodfish, chairman of the Board of which was acknowledged by the chair­ Directors of the United States Savings man. and Loan League Minutes of the annual meeting of Octo­ Charles H. Borsom, manager of the ac­ ber 7, 1952, were approved as printed counting division of the American Sav­ and circulated to the membership. ings and Loan Institute, and executive The president read his report. secretary of the Society of Savings and The chairman welcomed the following Loan Controllers guests: Thomas J. Boodell, lawyer member of the Rosemary Hoban, president of the Amer­ National Conference of Lawyers and ican Woman’s Society of Certified Pub­ Certified Public Accountants lic Accountants Charles D. Hamel, lawyer member of the Russell H. Hassler, president of the Amer­ National Conference of Lawyers and ican Accounting Association Certified Public Accountants Belen Enrile Gutierrez, president of the A. Frank Stewart presented the report Philippine Institute of Accountants of council. Ramon Cardenas, representing the Insti­ tute de Contadores Publicos Titulados The chairman requested that the mem­ de Mexico bers present consider a proposal to amend W. T. Hamilton, president of the Institute the by-laws, as recommended in the re­ of Internal Auditors, Inc. port of council, to discontinue admission Edmund L. Grimes, president of the Con­ to the Institute of international associ­ trollers Institute of America ates after August 31, 1954. The matter Raymond P. Marple, assistant secretary was put to a vote, seconded and carried. of the National Association of Cost Ac­ It was thereupon moved and seconded countants that the following proposed amendment Lloyd Morey, acting president of the Uni­ to the by-laws be submitted to the mem­ versity of Illinois * bership for mail vote: 45 46 American Institute of Accountants

Amend Article II by adding after the words changes in the by-laws, which had been “the council may” of Section 6 thereof, the submitted to the membership in the com­ words “not later than August 31, 1954,” and by adding thereto the following new addi­ mittee’s report included in the official tional sentences: notice of the annual meeting. The chair­ “There shall be no further election of man called for a vote on Proposal No. 1 international associates by the council which reads as follows: after August 31, 1954. Those persons en­ titled prior to August 31, 1954, to The purpose of this amendment is to bring describe themselves as ‘international as­ the total amount payable by a member seek­ sociates of the American Institute of ing reinstatement under Article V, Section Accountants’ will continue to be so en­ 3(b), to $45.00 rather than $35.00. This titled after that date.” change is recommended in view of the recent The motion was approved by unani­ by-law amendment revising annual member­ ship dues. mous vote. Amend Article V, Section 3(b) by sub­ Mr. Stewart moved adoption of the fol­ stituting $45.00 for $35.00 at the end of the lowing resolution proposed in the council section so it shall read: report, which on motion duly seconded “(b) The executive committee, in its dis­ cretion, may reinstate a member whose was approved: membership shall have been forfeited for Resolved, That the American Institute of non-payment of dues or other sums due Accountants, assembled in its 66th annual by him to the Institute, provided the per­ meeting in Chicago, Illinois, hereby records son applying shall submit with his appli­ its profound sorrow in the loss of its great cation for reinstatement the amount of leader, Robert H. Montgomery, who died at dues and assessments which would have the age of 80 on May 2, 1953; and orders been payable by him if he had not for­ to be inscribed in the minutes of this meet­ feited his membership, plus a reinstate­ ing the following memorial: ment fee of $5, the total amount pay­ The Accounting profession in the United able in any case not to exceed $45.” States will remain forever in the debt of Colonel Robert H. Montgomery for his count­ Upon motion duly seconded, the pro­ less contributions to its progress. He was a posed amendment was approved for sub­ pioneer in the development of the profes­ mission to the membership for mail vote. sional accounting organizations. He was The chairman called for a vote on largely responsible for the existence today of one national organization of certified pub­ Proposal No. 2 which reads as follows: lic accountants. He was a pioneer in the de­ velopment of an American literature of ac­ The purpose of this amendment is to re­ countancy—notably through organization of duce from 4 to 3, the number of consecutive The Journal of Accountancy and his books times a member of council may be absent in the fields of auditing and taxation. He from council meetings before his seat shall helped to promote and supported accounting be rendered vacant. The present by-law was education at the collegiate level, the interna­ adopted when the period of service on coun­ tional congresses on accounting, and many cil was five years instead of the present three- other useful projects. year term. By his example of vigor, industry, integrity, Amend Article VII, Section 5, by substitut­ and courage; by his devotion to his profes­ ing for the word, “four” the word, “three” so sion, by his eagerness to fraternize with his that Section 5 shall read as follows: fellow accountants, he provided inspiration “Section 5. Except in the case of past and leadership which greatly accelerated the presidents the office of a member of growth of our young profession to its pres­ council shall be rendered vacant by his ent honorable status. absence from three consecutive meetings For all this, his life, and his work, we of the council.” solemnly record our gratitude. Be it further resolved, That copies of Upon motion duly seconded, the pro­ this resolution be transmitted to Mrs. Robert posed amendment was approved for sub­ H. Montgomery and to the partners of the firm of Lybrand, Ross Bros. & Montgomery. mission to the membership for mail vote. The chairman called for a vote on Upon motion duly seconded, the report Proposal No. 3 which reads as follows: of council and all acts of council during the year were approved. The purpose of this amendment is to elimi­ At the request of the chairman, Har­ nate from the list of standing committees, the committee on education and add thereto, the old A. Mock, chairman of the committee committee on accounting personnel. on by-laws, presented seven proposed Amend Article IX, Section 1, by deleting Report of 1953 Annual Meeting 47

the word, “education” and inserting the to terminate the membership of the mem­ words, “accounting personnel” after the word, ber involved pursuant to its authority to “admissions” in the list of sixteen standing do so under Article V, Section 4, para­ committees so that Article IX, Section 1, will graph (f).” read as follows: “Section 1. There shall be a trial board Upon motion duly seconded, the pro­ and sixteen regular standing committees, namely: posed amendment was approved for sub­ Executive By-Laws mission to the membership for mail vote. Professional Ethics Credentials The chairman called for a vote on Admissions Federal Taxation Proposal No. 5 which reads as follows: Accounting Personnel Meetings Accounting Procedure Nominations Auditing Procedure Publication The purpose of the following amendment Arbitration State Legislation is to eliminate the number of years a mem­ Budget and Finance Terminology” ber has served in the armed services in com­ Amend Article IX, Section 2, by eliminat­ puting for annual dues purposes the number ing paragraph (f) pertaining to the com­ of years a member has been in possession of mittee on education. his certified public accountant certificate. Amend Article III, Section 1, by adding a new paragraph at the end of Section 1, to Upon motion duly seconded, the pro­ read as follows: posed amendment was approved for sub­ “. . . For dues classification purposes in computing the number of years a mem­ mission to the membership for mail vote. ber has been in possession of a certified The chairman called for a vote on public accountant certificate, the number Proposal No. 4 which reads as follows: of full years of a member’s active service in the armed forces of the United States during which he has been in possession The purpose of this amendment is to em­ of a certified public accountant certifi­ power the executive committee to terminate cate shall be omitted.” without referral to the trial board, member­ ship of a member whose certified public ac­ countant certificate has been revoked, when Upon motion duly seconded, the pro­ in the opinion of the executive committee posed amendment was approved for sub­ such action is in the best interest of the mission to the membership for mail vote. profession. The chairman called for a vote on Amend Article V, Section 4 of the by-laws by deleting the following paragraphs (f) and Proposal No. 6 which reads as follows: (g): “(f) his certificate as a certified public The purpose of this amendment is to make accountant is revoked or withdrawn by it clear that mailing a notice summoning a the authority of any state, territory, or member to trial before the trial board shall territorial possession of the United States be considered as having been properly served or of the District of Columbia, or when mailed by registered mail, postage pre­ “(g) his certificate as a certified public paid, addressed to the member concerned at accountant shall have been revoked or his last known address, according to the rec­ withdrawn by the authority of any state, ords of the Institute. territory, or territorial possession of the Amend Article VI, Section 3, by deleting United States or of the District of Co­ the first sentence thereof reading as follows: lumbia and such revocation or with­ “For the purpose of adjudicating charges drawal remains in effect.” against members of the Institute as pro­ and substituting therefor the following para­ vided in the foregoing sections, the ex­ graph (f) : ecutive committee shall instruct the sec­ “(f) his certificate as a certified public retary to send due notice to the member accountant is suspended, revoked or with­ concerned at least thirty days prior to the drawn by the authority of any state, ter­ proposed session.” ritory, or territorial possession of the and inserting in lieu thereof two new sen­ United States or the District of Colum­ tences reading as follows: bia. However, should the executive com­ “For the purpose of adjudicating charges mittee be of the opinion that it is in the against members of the Institute as pro­ best interest of the Institute, it may ter­ vided in the foregoing sections, the ex­ minate without referral to the trial board, ecutive committee shall instruct the secre­ the membership of a member whose cer­ tary to mail to the member concerned, tificate has been so suspended, revoked at least thirty days prior to the proposed or withdrawn.” meeting of the trial board, written notice Amend Article VI, Section 1, by adding at of the charges to be adjudicated. Such the end of that paragraph, the following: notice when mailed by registered mail, “unless the executive committee decides postage prepaid, addressed to the mem­ 48 American Institute of Accountants

ber concerned at his last known address, nor money expended otherwise than as according to the records of the Institute, provided in the budget without the ap­ shall be deemed properly served.” proval of a majority of the council. The Amend Article XIII, Sections 3 and 7, by council shall, at its fall meeting, appoint inserting after the words, “at his last known certified public accountants to audit the address,” the words “according to the rec­ accounts of the Institute and its affiliated ords of the Institute,” to read as follows: organizations for the current fiscal year. “Section 3. Notice of each meeting of The report of the auditors shall be sub­ the Institute, whether regular or special, mitted to the members of the Institute at shall be mailed to each member of the the annual meeting and shall be pub­ Institute, at his last known address, ac­ lished for the information of the mem­ cording to the records of the Institute, bership.” at least thirty days prior to the date of Redesignate present Section 4, as Section such meeting.” 3, and delete the following words at the close “Section 7. Notice of each meeting of of the section, “and the adoption or altera­ the council except the meeting subsequent tion of a budget,” so that the newly num­ to the date of the annual meeting of the bered Section 3 will read as follows: Institute shall be sent to each member of “Section 3. The council may, in its dis­ the council at his last known address, ac­ cretion, delegate to the executive com­ cording to the records of the Institute, mittee all functions of the council except twenty-one days before such meeting. the election of officers and members, the Such notice as far as practicable shall right to review the rules and regulations contain a statement of the business to be of the board of examiners and committee transacted.” on admissions, and filling a vacancy in the executive committee.” Upon motion duly seconded, the pro­ Amend Article IX, Section 2, by inserting posed amendment was approved for sub­ a new paragraph (f) in place of paragraph (f) deleted by proposal number 3. mission to the membership for mail vote. “(f) There shall be a committee on The chairman called for a vote on budget and finance appointed as provided Proposal No. 7 which reads as follows: in and having the duties described in Article XI of these by-laws.” The purpose of this amendment is to clarify Amend Article X, Section 2, by deleting the duties of the treasurer and the committee the second paragraph which reads: on budget. Amend Article VIII, Section 1, “No payments except for duly authorized by deleting the following paragraph: salaries shall be made by the treasurer “. . . The duties of the vice presidents without the approval of the executive and the treasurer shall be those usually committee.” appertaining to their respective offices.” Following Article X, insert a new Article In lieu of the paragraph quoted above, XI, to read as follows: include the following two paragraphs: “Article XI “The duties of the vice presidents shall BUDGETS AND FINANCIAL CONTROLS be those usually appertaining to the office “Section 1. The committee on budget and of vice presidents. finance shall consist of the treasurer and two “The duties of the treasurer shall be to members of the executive committee ap­ familiarize himself with financial policies, pointed by the president to serve until the investment policies and the accounting annual meeting of the Institute next follow­ procedures, controls and financial report­ ing their appointment. ing of the Institute and to consult with “Section 2. The committee on budget and the executive director and the inde­ finance shall prepare and, after approval by pendent auditors on such matters. He the executive committee, shall present for shall act in an advisory capacity to the consideration and approval of the council, members of the executive committee and such budget statements as may be requested the executive director on all of the fore­ by the council. The council may delegate going matters and shall report thereon to authority to amend its approved budgets, but the executive committee to the extent only to the executive committee. that he deems desirable or as the execu­ “The council shall, by resolution, state spe­ tive committee may direct. He shall per­ cifically: form such other related duties as may “(1) The extent to which its approval of be assigned to him by the council or budgets shall constitute authorization of com­ executive committee.” mitments and expenditures. Amend Article VIII, by deleting Section 3 “(2) The extent to which it delegates to which reads as follows: the executive committee authority to amend “Section 3. The council shall adopt an its approved budgets. annual budget showing the money appro­ “Section 3. The committee on budget and priated for the purposes of the Institute finance shall supervise the investments of the and estimating the revenue for the ensu­ Institute and shall have power to authorize ing year. No debts shall be contracted sales, purchases and other transactions affect­ Report of 1953 Annual Meeting 49 ing such investments. The committee on The chairman announced that the next budget and finance shall report to the execu­ order of business was election of officers tive committee at each meeting thereof all securities transactions authorized since the and members of council for the ensuing previous report and the executive committee year. Upon request of the chairman, J. may direct such further changes in the in­ William Hope presented the report of the vestment portfolio of the Institute as it deems committee on nominations, proposing Ar­ desirable. No personal liability shall attach to any of the members of the committee on thur B. Foye, of New York, for president. budget and finance or the executive commit­ It was moved that the nominations be tee for losses resulting from the exercise of closed and the secretary cast one ballot their judgment in the purchase or sale of for the election of Mr. Foye as president. securities. The motion was seconded and carried, “The executive committee shall report to the ballot was cast and Mr. Foye was de­ the council at each regular meeting thereof clared duly elected. Mr. Foye was es­ all securities transactions since the previous report. corted to the platform and expressed his thanks and appreciation for the honor “Section 4. (a) The council shall, at the conferred upon him. fall meeting in each fiscal year, appoint a The following names offered by the certified public accountant or certified public accountants to audit the accounts of the In­ nominating committee for vice presidents stitute and its affiliated organizations. The re­ were presented: port of the auditor or auditors for each fiscal M. C. Conick, Pennsylvania year shall be submitted to the members of James E. Hammond, California the Institute at the annual meeting and shall be published for the information of the mem­ Wallace M. Jensen, Michigan bership. John A. Peyroux, Jr., Louisiana “(b) The president shall appoint from A motion was made and seconded that among the members of the executive com­ the nominations be closed and that the mittee a committee on audit to make arrange­ secretary cast one ballot for the candi­ ments with the auditor or auditors for their dates named. The motion carried, the bal­ examination and to review the audit report. lot was cast, and the members named “Section 5. All funds of the Institute not were declared elected. otherwise employed shall be deposited from Mr. Hope announced that the commit­ time to time to the credit of the Institute tee on nominations proposed William M. in general or special bank accounts with such banks, trust companies or other depositories Black, of New York, for treasurer. A mo­ as the executive committee may from time tion was made and seconded that the to time designate. The executive committee nominations be closed and that the secre­ may make such special rules and regulations tary cast one ballot for the election of with respect to any such bank accounts not inconsistent with the provisions of these by­ Mr. Black as treasurer. The motion car­ law's as it may deem desirable. ried, the ballot was cast, and Mr. Black was declared elected. “Section 6. All checks, drafts, deeds, mort­ gages, bonds, contracts, reports, proxies and The chairman of the nominating com­ other instruments may be executed on behalf mittee presented the names of the fol­ of the Institute by such officer or officers or lowing members proposed for members employee or employees as the council or the of council: executive committee may from time to time designate, either generally or in specific in­ stances.” For Council Members at Large: Amend the by-laws so as to designate pres­ ent Articles XI, XII, XIII, and XIV as XII, (Three-year term) XIII, XIV, and XV, respectively. John B. Inglis, New York Ralph B. Mayo, Colorado Upon motion duly seconded, the pro­ Maurice H. Stans, Illinois posed amendment was approved for sub­ mission to the membership for mail vote. Howard A. Withey presented the report For Members of Council: of the *auditors. On motion duly sec­ (Three-year term) onded, the report was received. J. D. P. Arnold, Alabama C. C. Gabrielson, California * Published in “Annual Report of the American Institute of Accountants 1952-1953.” L. H. Penney, California 50 American Institute of Accountants

Paul W. Lukens, Delaware laws, the council had elected J. A. Phil­ John M. Stoy, District of Columbia lips, of Texas, and Edward J. McDevitt, R. Warner Ring, Florida of Massachusetts, to serve on the nomi­ M. T. Deaton, Idaho nating committee, the first named to act William S. Deeming, Illinois as temporary chairman until the commit­ Louis H. Pilie, Louisiana tee elected a permanent chairman. The Wayne B. Wagar, Michigan following were nominated: Fred T. Neely, Mississippi J. M. Neumayer, Missouri Gordon S. Battelle, Ohio Abraham H. Puder, New Jersey George O. Carlson, California Charles A. Hoyler, New York Harlan H. Holben, Colorado Charles H. Towns, New York Fred G. Page, Tennessee R. D. Ashman, Ohio Mark E. Richardson, New York John T. Steed, Oklahoma It was moved and seconded that the William P. Hutchison, Oregon nominations be closed and that the sec­ Michael D. Bachrach, Pennsylvania retary cast one ballot for the election of Robert Caldwell, Jr., Pennsylvania those named. The motion carried, the bal­ Frank L. Wilcox, Texas lot was cast, and the members named Harold L. Child, Utah were declared elected. J. Sydnor Mitchell, Virginia Donald E. Gill, Wisconsin The chairman introduced Walter J. Macdonald, president of The Canadian It was moved and seconded that the Institute of Chartered Accountants, who nominations be closed and that the sec­ gave an address entitled, “Canada—A retary cast one ballot for the election of Challenge to the Profession.”* the council members named. The motion The chairman thanked Mr. Macdonald was carried, the ballot was cast, and the for his excellent and profitable message. members named were declared elected. Herman W. Bevis, chairman of the The chairman announced that the com­ board of examiners, awarded the Elijah mittee on nominations proposed the names Watt Sells scholarship prizes to the fol­ of the following members to fill vacancies lowing accountants who had received on the council created by the election of highest grades in the November, 1952 and the president and a vice president, and May, 1953, examinations: the resignation of a member of council who had left public accounting: November, 1952 First prize (gold medal)—Kenneth J. Hanni, Salt Lake City, Utah Second prize (silver medal)—Richard For members of council: F. Martin, Dayton, Ohio (Two-year term to fill vacancies) DeWitt Alexander, California May, 1953 William R. Donaldson, New York First prize (gold medal)—Irvin Ralph Joseph Eisner, New York Ecke, Los Angeles, California Second prize (silver medal)—Paul It was moved and seconded that the Pommier, Tulsa, Oklahoma nominations be closed and that the sec­ Mr. Bevis announced that honorable retary cast one ballot for the election of mention had been given the following the council members named. The motion accountants: was carried, the ballot was cast, and the members named were declared elected. November, 1952 The chairman announced that the next Arnold Holt Robinson, Los Angeles, order of business was election of five California; William Hughes McCue, members of the committee on nominations Springfield, Illinois; Curtis Carl Ver- for the current year, stating that in ac­ * Published in “Accounting, Auditing, Taxes— cordance with the provisions of the by­ 1953." Report of 1953 Annual Meeting 51 schoor, Grand Rapids, Michigan; John sonal sacrifice. He has served on many Blyer Callahan, Oak Park, Illinois; Kazuo important committees and has brought to Edward Shinno, Chicago, Illinois; Charles each his capacity for work and unique E. Beall, Decatur, Georgia. ability to produce results. His outstand­ ing achievements have been in federal May, 1953 taxation and as chairman of the Institute’s Charles F. Dalton, Jr., New Haven, committee in that field, which imposed Connecticut; Glenn E. Wabel, Oak Park, a tremendous burden on time and called Illinois; Martin Harry Fishman, Chicago, for personal qualities of effective states­ Illinois; Crane C. Hauser, Oak Park, manship. As a representative of the pro­ Illinois; Everett G. Meeker, St. Paul, Min­ fession in Washington, he has been a stal­ nesota; Charles Edward Dwyer, St. Louis, wart and capable exponent, enhancing the Missouri; Jack L. McBride, Omaha, Ne­ prestige of the profession. His writings braska and editorial work on taxation, though not always signed, are well known, volu­ Ralph B. Mayo, chairman of the com­ minous and accepted authority. Practi­ mittee on awards, presented the follow­ tioners in many cities have been greatly ing certificates of awards to two members helped by his lectures and discussion of of the Institute in recognition for out­ tax subjects. His breadth of understand­ standing service to the accounting pro­ ing, depth of basic material, familiarity fession: with the most complex angle, is clearly evident and his cheerful modesty is re­ freshing. CARMAN G. BLOUGH: This award is made in grateful rec­ For outstanding service to the account­ ognition of the excellent quality and ing profession over many years, during breadth of scope of his distinguished which he has been a member of the In­ service through many years of devotion stitute. to the profession. He has been a member of the profes­ sion in active practice, a teacher of ac­ counting, and served both state and Fed­ Samuel W. Eskew moved adoption of eral governments in many capacities. He a resolution, on behalf of the members was selected from our profession to be the of the Institute, members of council, the first Chief Accountant of the Securities officers and the staff, expressing appreci­ and Exchange Comission. The profession ation and thanks to the members of the is fortunate in that he has brought such Illinois Society of Certified Public Ac­ a rich and varied background to the en­ countants, and particularly to Miss Jean­ hancement of his services as Director of nette M. Cochrane, executive secretary of Research of the American Institute of Ac­ the society, for their efforts in arranging countants. He has made a noteworthy con­ for the 66th annual meeting. Upon mo­ tribution to the development of account­ tion duly seconded, the resolution was ancy. He has benefited practitioners adopted by a rising vote. across the country by his writings, lec­ tures and discussions of technical subjects, so important to accounting progress. This Harold R. Caffyn moved that a rising award is made in grateful recognition of vote of appreciation and affection be his generous and effective devotion to his given to Mr. Phillips in recognition of profession. his leadership during the past year. The motion carried. Mr. Phillips expressed his thanks to the officers, committee members MARK E. RICHARDSON: and the membership. For outstanding service to the account­ ing profession over an extended period of time involving his giving generously The meeting adjourned sine die at 12:25 of time, talent and energy at great per­ P.M. 52 American Institute of Accountants

TECHNICAL SESSIONS 2. Organizing for the Year—Clifford C. Beasley The committee on technical sessions 3. The Employment of a State Society under the chairmanship of Ralph S. Executive—J. Wesley Huss Johns, arranged the following technical 4. A Case Study of Some State Society sessions, the papers from which are pub­ Projects— Raymond R. Rains lished in a separate pamphlet entitled, “Accounting, Auditing, Taxes—1953”: Events Occurring Subsequent to Monday, October 19th Balance Sheet Date 9:30 A.M.—Technical Sessions Wallace M. Jensen, Chairman 1. Their Significance to the Indepen­ Employee Problems of the dent Public Accountant—Ralph S. Local Practitioner Johns Homer L. Luther, Chairman 2. A Study of Some Specific Cases— Robert E. Witschey, Speaker Alan P. L. Prest Panel: Orin Contryman, H. F. Hinderer, Tuesday, October 20th Edwin W. Norberg, W. Kenneth Simpson 9:30 A.M.—General Session Accounting Services to Small Business Canada—A Challenge to the Profession —William B. Mitchell —Walter J. Macdonald Special Accounting Problems 8:30 P.M.—Informal Technical Session and the SEC on Taxation (Papers not published) (papers not published) Alexander Eulenberg, Chairman John B. Inglis, Chairman Panel: Michael D. Bachrach, William Participants: Earle C. King, Andrew Herbert Danne, John P. Goedert, Ben­ Barr, Members of committee on relations jamin Harrow, Paul F. Johnson, J. S. with SEC Seidman Wednesday, October 21st Direct Costing and Its Implication 9:30 A.M.—Technical Session in Financial Reporting Dr. Raymond P. Marple, Chairman Accounting Principles to Meet 1. Affirmative Aspects of Direct Cost­ Current Problems ing—Charles R. Fay Paul K. Knight, Chairman 2. Arguments Against Direct Costing— 1. The Work of the Committee on Ac­ Roger Wellington counting Procedure — Carman G. Blough 12:30 P.M.—Luncheon for Members and 2. Accounting for Stock Options—Wil­ Guests liam W. Werntz J. A. Phillips, Chairman 3. Accounting for Stock Dividends— Learning to live with a Flexible Mon­ Walter L. Schaffer etary Policy—Meyer Kestnbaum 4. Emergency Facilities — Depreciation 2:30 P.M.—Technical Sessions and Tax Allocation—J. A. Lindquist

Office Problems of the Local 2:30 P.M.—Technical Sessions Practitioner Meeting Our Responsibilities John A. Peyroux, Jr., Chairman as Auditors Winston Brooke, Speaker Panel: M. T. Deaton, S. Preston Douglas, Gordon M. Hill, Chairman Myron E. Guill, Leonard D. Riccio 1. Institute Survey Reveals Report Defi­ ciencies—Charles H. Towns State Society Problems, Activities 2. Does “Codification” Change “Exten­ and Management sions of Auditing Procedure”?— James E. Hammond, Chairman Fred G. Page 1. Coordination of State and National 3. What “Other Procedures Are Ac­ Activities—George O. Carlson ceptable?—Russell C. Harrington Report of 1953 Annual Meeting 53

4. Pitfalls in Preparing Special Re­ ENTERTAINMENT ports—Donald J. Bevis 5. Cash Basis Statements—A Report­ Highlights of the entertainment pro­ ing Problem—Harry C. Grumpelt gram were a musical comedy entitled 6. Current Practices in Long-Form Re­ “Three Balance Sheets to the Wind,” pre­ port Preparation—Carl M. Esenoff sented on Monday evening; and four re­ gional cocktail parties, followed by a ban­ Accountants’ Liability quet and entertainment, and dancing, on (papers not published) T. Dwight Williams, Chairman Wednesday evening. A reception was held on Sunday afternoon for members, wives Accountant’s Legal Responsibility and and guests. Civil Liability—Saul Levy Budget Preparation The ladies’ program under the chair­ J. Brooks Heckert, Chairman manship of Mrs. Jackson W. Smart, in­ 1. From the Standpoint of Industry— cluded the following: Sky-Line Tour of Arthur H. Smith Chicago, luncheon at the South Shore 2. From the Standpoint of the Public Country Club, and Sulie Harand in Accountant—Charles S. Rockey “Wonderful Town” on Monday; High Thursday, October 22nd Fashion Tea in the Narcissus Room of 10:00 A.M.—General Tax Session Marshall Field & Company on Tuesday; Thomas J. Green, Chairman and various optional activities throughout The Honorable T. Coleman Andrews, the week including a tour of the “Mer­ Speaker chandise Mart.”