NAABULLETIN

SECTION 2 OF ryAH TWO SECTIONS

oil X77 3

.1

Ti'lliwl.

W, F

F E R E N C E N E W S

NAA's conference planners have in-troduced a number of innovations forthe 1962 -63 conference year. Fourteenconferences are scheduled; 4 Regional,4 Seminar, 5 Subject and the National;two more than last year. One SubjectConference, "Flexible Budgets for CostControl," is scheduled twice, in Dallason Dec. 3 -4 and in San Francisco onDec. 6 -7.

No conference will be held in Jan-uary, 1963 since that is traditionallythe management accountant's busiestmonth. However, every other monthfrom Sept. 1962 through June, 1963has at least one conference and fivemonths, October, November, Decem-ber, February and March, have twoconferences each.

The complete conference schedulefor 1962 -63 is as follows:

Sept. 27 -28, 1962SEMINAR CONFERENCE: Modernizing Your

Standard Costs New York, Barbizon -Plaza Hotel

Oc t. 11 -12, 1962SUBJECT CONFERENCE: Management Ac-

counting for the Non -Accounting Execu-tives Cleveland, Statler- Hilton Hotel

Oct. 26 -27, 1962REGIONAL CONFERENCE: Varied Program

Pittsburgh, Penn - Sheraton Hotel

Nov. 9 -10, 1962REGIONAL CONFERENCE: Varied Program

Birmingham, Dinkier- Tutwiler Hotel

Nov. 15 -16, 1962SEMINAR CONFERENCE: Direct Costing Chi-

cago, Conrad Hilton Hotel

Dec. 3.4, 1962SUBJECT CONFERENCE: Flexible Budgets for

Cost Control Dallas, Statler - Hilton Hotel

Dec. 6 -7, 1962SUBJECT CONFERENCE: Flexible Budgets for

Cost Control San Francisco, St. FrancisHotel

Feb. 7 -8, 1963SUBJECT CONFERENCE: Control and Appli-

cation of Research and DevelopmentCosts Boston, Statler- Hilton Hotel

Mar. 1 -2, 1963REGIONAL CONFERENCE: Varied Program

New York, Commodore Hotel

Mar. 14 -15, 1963SEMINAR CONFERENCE: Accounting for For-

eign Operations Philadelphia, Bellevue -Stratford Hotel

Mar. 28 -29, 1963REGIONAL CONFERENCE: Varied Program

St. Louis, Chase -Park Hotel

Apr. 18 -19, 1963SUBJECT CONFERENCE: Contribution Ap-

proach to Profit Planning and DecisionMalting Chicago, Conrad Hilton Hotel

May 2 -3, 1963SEMINAR CONFERENCE: Financial Account-

ing to Serve both Stockholders & Man-agement Cleveland, Statler- Hilton Hotel

June 23 -26, 1963ANNUAL CONFERENCE: Varied Program San

Francisco, Fairmont Hotel

CERTIFICATESOF

MERITThirty authors of manuscripts submitted in the Chapter

Competition during the 1961 -62 year have been chosen asCertificate of Merit winners. In addition, an Emeritus LifeAssociate will also receive a Certificate for a winning manu-script. At the same time, the Lybrand Awards Committee hasbeen appointed by National President Don G. Eder to selectthe Gold and Silver Medal winners from among the authorsof the 10 manuscripts which rated highest in the competition.

Lybrand Awards Committee

Members of the Lybrand Awards Committee are John B.Inglis, New York, chairman; William E. Jackman, Rochester;and Charles H. Towns, New Hampshire.

The Lybrand awards were instituted in 1949 by the part-ners of Lybrand, Ross Bros. & Montgomery, the public ac-counting firm co- founded by the late William M. Lybrand,past president of NAA. The Gold and Silver Medals areawarded to the best and second best manuscripts submittedeach year in Chapter Competition.

The Medals will be presented to the winners during theannual dinner on the last day of the Association's 43rd An-nual Conference, June 27, in the International Ballroom ofthe Conrad Hilton Hotel, Chicago. The winner's names will

be announced in a future issue of Section 2.The Certificatesof Merit will be presented on Monday, June 25, at the annualbusiness meeting of the Association.

Committee Chairman

The chairman of the Lybrand Awards Committee, JohnB. Inglis, served the Association as national president in1958 -59. He was national vice president in 1951 -52; na-tional director of education in 1947 -48; and served on variousnational committees and on the national board of directors.He retired recently after many years as partner of Price,Waterhouse & Co., New York.

Mr. Jackman served as national vice president during Mr.Inglis's term as president and is a past president of the StuartCameron McLeod Society. He first joined the Association in1927 and has been associated in various capacities with East-man Kodak Co., Rochester, since 1923.

Mr. Towns, who was national treasurer from 1956 to 1960,has been a member of the Association for 39 years. For manyyears he was a partner in Loomis, Suffern & Fernald, NewYork, which merged into Lybrand, Ross Bros. & Montgomeryshortly before his retirement two years ago.

Award's Thirteenth Year J. H• INGLI -Chairman

The past year —the thirteenth since Certificate of Meritwas instituted as an authorship award —has been a veryfruitful one. Thirty -one NAA authors, previous contributorsand new ones, whose articles ranked highest by chapter com-petition standings, have qualified for the award.

Most of these outstanding papers have already been pre-sented to NAA members through the Bulletin and have thusadded to the wealth of information and knowledge that NAAmembers share by exchanging their ideas, communicatingexperience and fostering further progress of the art of ac-counting.

Listed below are the winning articles, together with thename of the author, the chapter (if any) receiving credit forthe manuscript and date of publication where that has takenplace. Topics of current interest as well as further contribu-tions on some familiar issues are represented. The listing isarranged according to subject and relevance of the coverage.

W. E. JACKMAN

C. H. TOWNS

Frontier Thinking

DIVISIONAL PROFIT CALCULATIONS —NOTES ON THE"TRANSFER PRICE" PROBLEM— Howard C. Greer

The writer analyzes the three bases principally applicable for estab-lishing interdepartmental transfer prices, designated as cost, marketand negotiation bases. Each one is evalua ted as to its mechanics andusefulness. The author concludes that the demonstrably fallaciousnotion of calcula ting individual profitableness could be supplanted byanother approach, the characteristics of which are outlined in thearticle.

GUIDEPOSTS IN DEVELO PMENT OF ACCOUNTING EDUCA-TION— William A. Terrill, Piedmont, November 1961

Accounting education is both education as such and education for ac-counting. The present author notes and approves of a current shift inbalance from the latter to the former. It is his opinion that improve-ments in accounting education must focus about the inculcation ofcritical thinking and orderly thinking both of which are necessary toproviding the fu ture accountant with the capacity to cope with changeand to be precise in serving varied demands for information.

THE BALANCE SHEET—A CRITICAL ANALYSIS— George L.Battista and Gerald R. Crowningshield, Trenton

The authors discuss the balance sheet as to its value and usefulnessand come to the conclusion that as a general purpose sta tement itis of questionable value. It is their opinion that the balance sheetin its present form should be either removed from annual financialreports or labeled in such a manner as to point out its weaknessesand limitations.

CAN WE PASS THE CHI SQUARE TEST? —Paul R. McClenon,Washington, June 1962

A "made easy" presenta tion is offered here to enhance understandingof a sta tistica l technique that not only appears quite often in variousarticles but also could well be included in the accountant's kit ofanalytical tools when estimating the significance of variances.

THREE APPLICATIONS OF PRICE INDICES IN PROPERTYACCOUNTING — Robert H. McCleary, Pennsylvania Northwest,March 1962

Starting with a few insights into his company's flexible, centralized,mechanized system of property accounting, the author of this articletarns to applications by which replacement cost indices are used (1)to get a t cost of components reta ined in rebuilding equipment, (2) toestablish prices of used equipment for sale and (3) to list insurablevalues of property items.

COMING IMPROVEMENTS IN INFORMATION PROCESSINGSYSTEMS —H. Warren White, Los Angeles, June 1962

One of the most sophisticated of management information systems,the "real time" concept of data processing will render what nowseems the ultimate in tools for simplification of accounting pro-cedures. The author describes the main technological advances em-bodied in this system and comments on the ensuing challenge to theprofession.

TH E ACCO UN T AN T'S ROLE IN ELECTRONIC DATA PROC-ESSING —Jay W. Bell, Baltimore

Not only a challenge but for many an immediate necessity, the ma-chines that still appear foreboding to some accountants can hardlybe ignored even by those who temporarily may not find their appli-cation feasible. The author's reasoning leads to the conclusion thatthere is no room for indifference toward wha t ha s a lr eady become astandard tool of the profession.

INCOME TAX ALLOCATION —Fred J. Dunderman, Fort WayneA review of the positions taken in current literature, the article alsoillustra tes consequences of some established methods which are usedby the author to relate the effects to the underlying principles.

New Light on Old Topics

LOOKING AHEAD IN EVALUATING PROPOSED MERGERS—David F. Folz and J. Fred Weston, Los Angeles, April 1962

Increasing numbers of mergers have been taking place but, theauthors feel, some attendant financial aspects are still being mis-understood due to insufficiently analytical data provided for theirevaluation.

ORGANIZATIONAL ASPECTS OF INVENTORY MAN AGE -MENT —Stanley Z. Bronner, Bridgeport, December 1961

The use of elaborate methods, the author contends, must be supple-mented by operational efficiency and indicates that, if recognized as afunction coordinating divergent factors, inventory management bringsabout closer cooperation among various units within the company,and better over -all results.

TOWARD A GENERALIZED BREAK -EVEN FORMULA —Wil-liam J. Vatter, Oakland -East Bay, December 1961

In an attempt to ada pt the break -even formula to the various sets offigures as arrived at by differing accounting techniques, and insuremeaningful, undistorted results of break -even analysis in each and anyinstance, the present author str ives for reconcilia tion through a refine-ment of the basic formula .

STAN DARD COSTING NEEDS BETTER VARIANCES —DavidSolomons, Philadelphia, December 1961

In his re- evaluation of some famil iar aspects of standard costing, theauthor explores its shortcomings so as to expose more pointedly thevast potentials yet to be exploited.

A SYSTEM OF MANAGERIAL CONTROL —Spencer A. Tucker,

QueensThe author's thesis, that the difference in the method of applyingmanagerial talent makes for disparity in results among companies,is formulated here in terms of establishing a meaningful system ofcontrol.

THE ROLE OF THE CONTROLLER AS AN IN T EGRAL MAN -AG EMENT CO NSULT AN T —Charles W. Patmore, Dallas

The consultative and advisory potential of controllership, which theauthor finds played down in the practice, is stressed here. A dynamiccontroller 's function is seen as an opportunity for a more vital con -tr ibution to the company that should be exploited to the fullest.

A STUDY ON RECORDS RETENTION AN D DISPOSAL FORTHE SMALLER CORPORATIONS —Brian A. Wyles, LakeSuperior

A definite records retention policy is probably the keynote to thewhole program. A step -by -step approach to establishing and main-taining such a program is described in this article, along with thevarious requirements concerning records retention.

On Direct Costing

CONVERTING TO DIRECT COSTING —Ray E. Longenecker,Lancaster

The method of conversion is expounded here with a view towardreservations which might be ra ised, taking a lso into consideration themost prevalent reasons for existing resistance to the acceptance ofdirect costing.

COMBINED COSTING PROCEDURES AT WORK—George W.Frank, Delaware, June 1962

The basic proposition of the article, that various costing proceduresdo not represent mutually exclusive alternatives, is strengthened bythe il lustrative case study which is introduced to show the advantagesrendered by their combination into a single costing system.

A DISCUSSION OF THE USEFULNESS AN D THEORY OFDIRECT COSTING —Louis H. Jordan, New York, March 1962

No absolutes are found in the course of this presentation but fiveareas in which direct costing is serviceable are noted, following whichthe author delves into theoretical considerations and finds no road-blocks to acceptance of direct costing in the more usual contentions ofabsorption costing adherents.

THINGS LEARNED IN THE INSTALLATION OF DIRECTCOSTING —John V. James, Olean- Bradford Area, March 1962

Characterizing the impact of change to direct costing as a favorableone in terms of cost control, forecasting, general information, andclosings, the present author states that operating management waseven more ready than accounting personnel to recognize the u til i ty ofthe method. Conversion of direct -cost inventory to a whole -cost basisis illustrated.

DISCLOSURES OF THE DIRECT COSTING INCOME STATE-MENT— William David Abel, Lancaster, March 1962

To the present author, income sta tements on the direct costing basiscontain useful revelations, not limited to cost - volume -profit relation-ship, on points on which absorption costing statements are blind ormisleading.

BALANCING THE CONSIDERATIONS FOR A COMPANYTHINKING OF DIRECT COSTING —Paul R. Walsh, Chicago,March 1962

Following a review of absorption costing and some features of itsdevelopment, claimed advantages and disadvantages of direct costingare enumerated and discussed in this paper, giving a clue to reactionsto them which may be characteristic of many companies.

Forecasting and Budgeting

IMPROVEMENT OF BUDGETING BY MEANS OF A "BASIC"REPORT —R. G. Driegert (with D. E. Kennedy), North Penn.

The basic budget concept as presented here is a going- concern atti-tude in budgeting. This approach encompasses a system of con-tinuous budgeting developed more in depth than annual budgetmechanism and oriented toward consistent policies and lasting effects.

BUDGETARY PLAN NING AN D CONTROL IN A STEELCOMPANY —D. Richard Smith, Pittsburgh, February 1962

The comprehensive budgeting system narrated here, internally ad-justed to meet the different purposes of budgeting, is an integratingforce in company operations for this multi - divisional corporation.

ELIMINATING THE PITFALLS IN FINANCIAL FORECAST-ING— Robert B. Cooke, Nashville, January 1962

Integrated preparation of the forecast, that eliminates internal incon-sistencies, and advance re- appraisal of i t from the management pointof view, that often reveals faulty assumptions or flaws in methodused, are the forecaster 's means of avoiding the avoidable. Theauthor elaborates on this theme by the example presented in thearticle.

RESEARCH BUDGETING IS DIFFERENT —Fred W. Shaffer,Philadelphia

Special nature of the research program as an industria l activity mustbe acknowledged and its characteristics allowed for, if the budget is toaid in planning and coordinating, yet leave the basic common ele-ments preserved, to provide for its incorporation in the overallbudgetary system. The author discusses the main aspects of such anendeavor.

Products, Marketing, Pricing

BASICS FOR PRODUCT-PRICING AN D MARKETING DECI-SIONS—W. J. Blood, Olean- Bradford Area

The purpose here is to outline some of the important basics to mar-ket- oriented planning. The impact of the analytical solu tions and therole of price - screening in product -line and market profit analyses aredescribed.

MARGINAL INCOME AS A FACTOR IN PRICING— William C.Tuthill, Columbia

In presenting marginal analysis in its context, the author both em-ploys theoretical background and supplies examples to identify itscharacteristics of significance for practical application.

MARKETING COST ANALYSIS —A REPLY—Robert K. Jaedicke,San Francisco

This article elaborates on the allocation of fixed cost in combinationproblems, referring to the position taken by the author of a previousarticle in the Bulletin, The purpose is to clarify the point in question.

PRODUCT COST INDEXES AS MAN AGEMENT TOOLS—William K. Blue, Jr., Blue Grass Area

If reporting is to measure and evaluate the trend of the business,then establishing a system of manufacturing measurement indexes isthe correct approach in the author's opinion. He discusses some ofthe more amenable methods of developing and using them.

Two hundred NAA'ers will be in-ducted into membership in the StuartCameron McLeod Society at its 27thannual meeting, Monday, June 25,1962, which will be held in conjunc-tion with the Association's 43rd An-nual Conference at Chicago's ConradHilton Hotel. It will be the secondlargest number of inductees in thesociety's history.

Association members were inductedduring the past year at the three re-gional conferences: 34 at Long Beach;22 at Dallas; and 21 in New England.The society's total membership willapproximate 1,100 after the annualconference, or almost one -half of thoseNAA'ers eligible.

10

The 1961 -62 year was the first timethat Society inductions were held atall the regional conferences. Previ-ously, interim induction ceremonieshad been held only at the regional con-ference in San Mateo, Calif., Dec.1960, and at a special ceremony inHonolulu, Hawaii, Nov. 1960. Gen-erally in the past, inductions had takenplace only at annual conferences.Members must be present for induc-tion.

Membership in the McLeod Societyis composed of past national officersand directors and past presidents ofchapters. The objectives of the Societyare to promote and perpetuate the ac-quaintance and friendships developedthrough NAA service. Through thismeans there has evolved a group ofexperienced and dedicated memberswho have contributed in great measureto the development and expansion ofthe Association.

McLeod Society officers who haveserved during the 1961 -62 year are:President Jesse G. Kline, Philadelphia;Vice Presidents L. C. Bollinger, Chi-cago, and Francis H. Hall, NewHaven; Treasurer Philip J. Warner,New York; and Secretary Milton Hud-ders, Brooklyn; Assistant Secretary-Treasurer Rawn Brinkley, nationalheadquarters.

Officers for 1962 -63 will be elec-ted at the annual meeting, June 25,

together with six governors to fill ex-pired terms. A total of 12 governorsare in office in any given year.

The Society's governors, whoseterm expires June 30, 1962, are:Clinton W. Bennett, Boston; CarlDannenfelser, Ft. Worth; George P.Doering, Denver; Oliver J. Edwards,Birmingham; John L. Favaloro, NewOrleans; and Clarence E. Stender,Milwaukee.

Governors whose terms expire June20, 1963 are: Oliver R. Altum, Indi-anapolis; Charles J. Dougherty, Scran-ton; Donald J. Guth, Dallas; WilliamW. Johnston, Springfield; Norman E.Kerth, St. Louis; and John D. Lewis,Nashville.

The Society was founded in 1934as the Spot Club. In 1957 the organi-

� r

ki

McLEOD SOCIETY members attending a dinner atthe recent New England Regional Conference are,from left to right: W i l liam W. Johnston, Springfield,society governor; Francis H. Hal l , New Hampshire,society vice president; speaker Cl inton W. Bennett,Boston, governor; and Don G. Eder, Youngstown,national president. In the foreground is Norman H,S. Vincent, Boston. Society president Jesse G. Kl ine,Phi ladelphia, can be seen behind Mr. Hall 's head.

� W l

zation's name was changed to theStuart Cameron McLeod Society inhonor of the Association's first nationalsecretary, who served the Associationin that capacity from 1919 to his deathin 1944.

N A A OFFICERS, past and present, McLeod Society members who attended the New England Regional Con-ference and Society Dinner are, from left to right: Herman A. Popenfoth, Hart fo rd , national president1951 -52; Cl inton W. Bennett, Boston, national president 1948 -49; Don G. Eder, Youngstown, current na-tional president; Charles H. Towns, New Hampshire, national treasurer 1956 -60; and Leslie I. Asher,Massachusetts -North Shore, national president 1959.60.

P4&je 0

NAA BULLETINS, completefrom 1923 to 1961, werepresented to San Fran-cisco's Golden Gate Col-lege l ibrarian, Dr. PaulKruse (right), by MarioMazza, San Francisco NAAChapter president (left).Looking on is W. StanleyDa vi s , as s oc iate dea n,school of accounting. Themonthly Bul letins were col-lected by San Franciscochapter member HermanCarl Domnick during theyears of his Associationaffil iation. Mr. Domnickdied in 1961.

NORTHERN NEW YORK Chapter members who recently completed the annual audit of the St. LawrenceCouncil Boy Scouts of America are, from left to right: Charles Barnett, chapter vice president; Louis Burns;Harold Demo; and Claude McConnell. A fi fth chapter member, Morris Pinto, certif ied the report to BSAnational headquarters.

MID - HUDSON Chapter members conducting an audit of the 1962 Dutchess County Community Chest cam-paign are, from left to right: Francis X- Burnes, Jr., chapter president; Hamilton E. Meharg, chapter pastpresident; Edward J. Ciri l lo, Jr.; and W il l iam A. Carver.

SANGAMON VALLEY past presi-dent R. I. Dickey, left, professorof accountancy at the Universi tyof Il l inois, presents checks toJames E. Buncher and Donald L.Mini , graduate students at theuniversi ty, as winners of the ac-counting essay contest sponsoredby the chapter. The studentsshared an aw ard of $50 for theirpapers on an industrial account-i ng subjec t .

L O S A NG E L E S Cha pt e r of N A A c o nduc t e d in Ma r c h, a l o n g w i t h f v e o t he r a c c o u nt i ng as so c i at io ns , a Ca r e e rGu i d a n c e Ce nt e r E x hi b i t to in te re s t S o ut he r n Ca l i f o r n i a s t udent s i n a c c o u nt i ng care ers . V i e w i n g p a r t o f thee x h i b i t a r e NA A ' e r s , f r o m le f t to r i gh t : E d w a r d T. B r e a r t o n; O. B. Hi l l , e x h i b i t c h a i r ma n ; a n d Pre s t on T.Cr a ne . Ano t h e r Los Ange le s Cha pt e r me mb e r , Fr a nk Ga r r i s o n, se r ve d as ass oc ia te c h a i r ma n . Du r i n g t he10 da y s of the s h o w , 10,000 hi g h school a n d jun i o r c o l l e ge s t udent s v i s i t e d the ma n a g e me n t a c c o u nt i nge x hi b i t . To t a l a t t e n da nc e a t t he Ce nt e r e xc e e de d 4 0 , 0 0 0 .

Are You u01115

r pr ea ren ■ rsouxn+s

7 +

7 k I

MUM

A c c o u n t i n gC r o s s w o r d P u z z l e

by

Robert C. RileyChairman, Department o f Economics and Business Administration Lebanon Valley College.

Past pr esident o f NAA Harrisburg Chapter

Across

1314IS171819

21

23

2426272829303233

3436

37

3941

42

44474849

50

Promissory3.1416A selling expense account title (abbr.)Difference between standard cost and actualcost; figures in management by exception prin-cipleIndefinite articleLeft side of an accountApril 15 will make you think of thisCops embezzlersGross less deductionsAdd an "o " and you will have the unit of ac-count in MexicoA stock value (dollar amount assigned to theshare by the company's charter); golfers seekto shoot below itDevice in which you accumulate and sum-marize the effect of transactions upon a par-ticular item or an appropriately titled writtenrecord representing some specific asset or equityof the balance sheet or income, cost, or ex-pense on the income statement

and flowAn affirmative answerThereforeAmountLate accounting reports the bossNo discount (abbr.)Antonym of permanent duty (abbr.)Ratio indicating the percentage of sales avail-able to cover fixed charges and profitBook value of a fully depreciated assetAbbreviation for Net Sales minus Cost of GoodsSoldAn option or right to buy securities or prop-erties at a specified price within a specifiedtimeA negative answerTV ads urge you to ask for Nationalalso. Lifebuoy claims to rid one of i tOwnership interest; excess of value of securi-ties over the debit balance in a margin ac-countNot earlierScientific management (abbr.)Indefinite articleWhat your boss Is likely to be when reportsare neat, accurate, and timely or when theattractive young secretary is presentStandard operating procedure (abbr.)

Down1 The world's largest accounting organizatiop or

association2 Officer of the day (abbr.)3 (round) lot4 Public accountant5 Periodic payment made to bondholders6 Nickname for one from The Lone Star State

14

9 Frequently found in EDPM rooms encased ina glass box with the instruction —break in caseof emergency

10 Used in an early construction job (taken fromAdam to make Eve)

11 Last two letters of a word which makes theboss smile

12 on a Hot T in Roof16 Collectible, whether or not due18 In statistical reports, used to indicate data is

not available19 A kind of roll recipients are fond of20 Mark of battle (budget battle, that is)21 Physical training (abbr.); the number 109 will

remind President Kennedy of these letters22 Manufacturer of Accounting equipment25 Estimate of expenditures over receipts31 Opposite of credit (abbr.)33 Incentive wages are sometimes expressed as

rate (abbr.)35 Burden38 Sum of money lent at inte rest40 Goals or objectives42 Sea eagle43 Island known for it s stone money45 Musical note46 For example

(Answer on Page 23)

F— e t Chv n of QM Owd. C.ener 1 MI.. Inc.

Harry A. Bullis, an NAA past nationalpresident and former president andchairman of the board of GeneralMills, Inc., is the author of a book,"Manifesto for Americans," recentlypublished by McGraw -Hill Co. Mr.Bullis states in his introduction, "Ihave written this book as my legacyand my credo. It cannot give even allthe answers I should like it to give, butit can give some; it will raise questionsand it can help in redefining the kindof standard we must raise and supportif we are long to survive."

Included in the book are chapterson American Agriculture at Home andAbroad, Government and Business,Taxation and Tax Reform, Labor andManagement, Trade with the Rest ofthe World, and Aid and a Free World.

According to the Saturday Review,"What is communicated best in thisbook is Harry Bulbs's own eagernessto learn and to accommodate his mindto the realities of a revolutionary worldsociety. Here, one feels, is a goodman who in his own development as apublic figure has instinctively steeredtoward the sensible and humane. Nowin his retirement it is good to havefrom him his unequivocal statementof faith, expressed in the unqualifiedrhetoric of fact: `The goal of One World... is a common destiny to which eachand all of mankind can contribute.Peace with justice and freedomthrough world order and under uni-versal law is attainable. Let us workfor it.' "

Mr. Bullis first joined the Associa-tion in 1920 and was the first presidentof the Minneapolis Chapter in 1920-21. He was elected to the nationalboard of directors in 1925; served asnational director of research for threeyears, 1926 -1929; was national vicepresident for three years, 1929 -1932;and also served as director of chaptersfor two years, 1930 -1932. Mr. Bullisserved as national president in 1932 -33.

Mr. Bullis is the originator and donorof the national president's Badge ofOffice, featured on last months Section2 cover. The l4k gold NACA emblemand the ribbon with bars engravedwith each president's name and year ofoffice were donated to the Associationby Mr. Bullis after his term as nationalpresident. An emblem change wasmade after the Association becameNAA in 1957.

15

Publications Presented

Bound copies of recent N A A literaturewere presented to three universities in itsarea by members of the Calumet Chapter.Material donated by Wilbur Andrews wentto Valparaiso University; Purdue Universityreceived William Scully's material; andIndiana University -Gary received A. F.Hildebrant's Bulletins and Research Reports;while Indiana University - Calumet obtainedliterature from Michael J. Grisak, whocoordinated the presentations.

Student Night

Three senior accounting students fromDrake University and three industrial admin-istration seniors from Iowa State Universitywere the honored guests at the Des MoinesChapter's April technical meeting. All sixare honor students.

Radio Commentaries

A series of radio lectures on the economicproblems of underdeveloped nations is be-ing presented by John D. Simmons, a mem-ber of the NAA research staff. Three pro-grams have already been broadcast vy t6radio stations in New Jersey and a fourthis scheduled a t the end of this month. Planscall for an indeterminate number of futurelectures.

The 15- minute programs are taped byRutgers —The State University, N. J., aspart of their series of "Rutgers Reports onWorld Affairs." Mr. Simmons has been alecturer in economics and management atRutgers for the past five years. He joinedNAA's research staff in September 1961.

NY Past Presidents

C h a p t e r past pres iden ts we re hon or e d atN e w Y o r k ' s M ar ch me et i ng. At t e nd i ng,wi th thei r dates of service, were: Char les H.Towns, 1929 -30; Gou ld L . Harr i s , 1942 -43;C ar l E . Li ndqu is t , 1946 -47; Ceci l D . M ar-sha l l , 1949 -50; C he s t e r A. R os e nb e rge r ,1953 -54; W i l l i am E. Jacoby, 1954 -55; W i l -l i am J . Ri t t e r, 1957 -58; F re d J. Se ngs t acke ,1958 -59; Et t ore Barbate l l i , 1959 -60; J a m e sP. W helan, 1960 -61.

16

New University Planned t , : i _# -

A number of Dayton Chapter membersare participating in a fund drive for a newuniversity for Dayton. According to Day-ton's Balance Sheet they are: Chapter Presi-dent Elwyn Failor, Lewis E. Cummings,J. W. Kercher, Orval Cook, Joseph A.Gravelle, John Harris, Wilhelmina Heck,Donald K. Hoke, Walter Ireland, FlorenceJames, Richard R. Hill, John Murray,Harold Nims and Donald Rufner.

Approximately 3,500 students will beserved by the facilit ies proposed, which willbe jointly administered by Ohio State Uni-versity and Miami (Ohio) University. Bothare state schools and would supply the in-structors needed for the Dayton operation,

The total goal is 6 million dollars, 41/2million which is to be collected from DaytonArea industry and 11/2 million from generalsolicitation.

i

� 1

,{ � 1

i

Past Presidents Night #

The March meeting of the BaltimoreChapter honored its past presidents. Formerprexys attending with their years of servicewere: W illiam R. Walton, Jr., 1935 -36;Joseph A. Hlavin, Jr., 1937 -38; S. ChaplinDavis, 1938 -39; Charles O. Gunther, Jr..1946 -47; James L. Benson, 1948 -49; WilliamA. Cook, 1950 -51; Leonard B. Rowles, 1952-53; Henry A. Koenig, 111, 1953 -54; John R.Reuling, 1955 -56; George O . Sparks, Jr.,1958 -59; James W. Jones, 1959 -60; Elroy J.Snouffer, 1960 -61.

Student Award

S ag i n aw Vall ey C h a p t e r pre se n te d its an -nual St ude n t Acc ou n t i ng A w a r d to E d wa rdG . He n ne k e , w h o gra dua t e s f r om Fli nt C o l -lege , Mi ch . this mo n t h . T h e A w a r d , wh i chcons is ts of an ac co un t a n t 's ha n d bo o k and ap l aque , was p re s e n t e d at t h e C h ap t e r ' s Apr i lte chni ca l me e t i ng by N A A ' e r J. A. He r r i c k .M r . He nn e ke , has been elec ted to BetaAl p ha Psi, the nat i onal ac c o u n t i n g h on o r a r yfra t e rn i t y, and pl ans t o d o gra dua t e wo rk atthe Univers i ty o f Mich igan this fal l .

Promotions and New Positions

J. H. Ake, Akron, was recently namedassistant comptroller of T he Goodyear T ire& Rubber Co. . John Recny has movedto Ohio Match Co. as assistant controller.. . . Kenneth Roch was promoted to seniorcost accountant in the commodity cost de-partment of The B. F. Goodrich IndustrialProducts Co.

Lamar J. Gabel, Ann Arbor, has beennamed chief accountant, replacing RalphJ. Wall who has been promoted to comp-troller of the Dundee Cement Co. .J. Lee Loekard is the new control ler a t theHome and Commercia l Electronics Div.,Sylvania Electric Products Inc., Batavia,New York. Sylvania is a subsidiary ofGeneral Telephone & Electronics Corp.

Frank B. Reese, Jr., Beaver Valley, hasbeen elected vice president of Ingram -Richardson Mfg. Co. He continues as treas-urer.

Frank F. Oddi, Boston, has been pro-moted to managing director of A. C. Cosser,Ltd., London, wholly -owned subsidiary ofRaytheon Co.

Frederick A. Downey, Bridgeport, waselected treasurer of T he Warner Bros. Co.,Bridgeport, Conn.

Paul Shulman, Bu,Salo, has been electedto the Board of Directors a t Sa ttlers, Inc.

Charges P. Roney, Jr., Chicago's pastpresident, has been named treasurer, andcontroller of the Steel Sales Corp.

J. M. Zlatoper, Cleveland, was electedtreasurer of The Lubrizol Corp.

John Davis, Columbus, has moved to

Philadelphia as division cost controller,Stok es Ma chine Work s Co. . . . R. O. Maderhas been promoted to assistant treasurer ofthe Nationwide Corp.

William A. Daniel, Coosa Valley, hasbeen named assistant treasurer of PioneerHome Owners Life Insurance Co.

John V. James, Dallas, has been electedvice president- finance of Dresser Industries,Dallas. He i s pa st president of Elmi ra AreaChapter and currently member of NAA'sExecutive Committee.

Emerson Eschbaugh, Dayton, past presi-dent, has accepted the position of comp-troller, Main Au to Parts & Glass Co.

Stanley Berlin, Detroit, has moved toNew Orleans as supervisor, general ac-counting at Chrysler Corporation's SpaceDivision. . . . Arthur Gignac is now plantcontroller at Chrysler's Detroi t Tank Plant.. . . George Keller was recently namedmanager- division accounting at Chrysler'sMissile Plant.

Bobbie Lee Peters, Evansville, has beenpromoted to assistant buyer at WhirlpoolCorp.

George A. Robelen, Greenwich- Stamford,has been elected treasurer and director offinance; and William K. Ferris has beenelected assistant treasurer and controller ofNash Engineering Co., South Norwalk ,Conn.

Gladys Coleman, Hampton Roads, is nowhead bookkeeper at Regis Milk Co., Nor-folk, Va.

R. G. Jamieson, Hawaii, has been pro-moted to vice president and treasurer ofAlexander and Baldwin, Ltd. . . . Gerald

17

Payne is now vice president and controllerof the Hawaiian Telephone Co. .Clarence Taba has been advanced to vicepresident at Honolulu Savings and LoanCo., Ltd.

William R. Masi, Hartford, has been ap-pointed comptroller at Gerber ScientificInstrument Co., S. Windsor, Conn.

James Callifer, Jacksonville, is now chiefaccountant a t Jax Minit Markets.

R. Stanley Doebler, Jamestown, has beennamed vice president- finance for El- Tronics,Inc., Warren, Pa. . Harold Lapoint hasbeen promoted to division controller -partsdivision, Sylvania Electric Products, Inc. inWarren.

Glenn E. Stallard, Kansas City, has beenelected controller of the Great Lakes PipeLine Co.

John Brown, Lansing, has been appointedchief accountant for Commonwealth Asso-ciates, Inc., Jackson, Mich. . . . Al Colberghas been named comptroller at the Mar-shall Plant, Eaton Mfg. Co., replacingRichard Munz who becomes comptroller ofEaton's Fuller Mfg. Div., Kalamazoo.

Vernon O. Youngdahl, Lake Superior'sfirst president, is moving to Pittsburgh tobecome assistant treasurer and comptrollerof Snyder Mining Co. and assistant treas-urer of The Shenango Furnace Co. . .The following promotions were announcedat Oliver Iron Mining: John J. Specht, as-sistant to the comptroller; Arvo L. Wir-tanen, manager -works accounting; ThomasG. Barry, manager - general accounting;Robert G. Knox, supervisor - general ledger;Glen A. Sarberg, supervisor- property andinventory; George W. Coad, superintendent-warehouses; O. W. Ekroot, staff assistant tomanager -works accounting.

Three Lima Cha pter members have beenpromoted by Westinghouse Electric Corp.:N. E. Berneburg to manager of accounting,Aerospace Electrical Div.; Clark Jones tosupervisor of accounting, outlying plants,Small Motor Div.; and E. M. Taylor tomanager of accounting, Sma ll Motor Div.

William Lee, Long Beach, is now man-ager of cost and billing, Marquardt Corp.,Van Nuys, Calif.

t 8

Bernard J. Davis, Long Island, has beennamed president of the Gull Marine Corp.,Amityville, L. I. . Vincent Nagengasthas been appointed assistant to the con-troller, systems and procedures, Doubleday& Co.

Ed Coughran, Sr., Los Angeles, has ac-cepted the position of administrative man-ager with Advance Data Systems Corp. . . .James Desherow was recently promoted tocorporate auditor for the Times - Mirror Co.

. Leo Gilleran has been elected treasurerof Ralphs Grocery Co. . Fred Michelsis now controller at Goss - Jewitt Co. . . .Paul Paulson moved to T he Pennzoil Co. astreasurer.

Lawrence E. Newhall, Mass. -North Shore,was recently appointed comptroller of theElectrical Supply Corp., Cambridge, Mass.. . . Thomas J. O'Connell was promotedto manager, cost evaluations, and Leslie B.Rivers to manager, cost accummulators,GE's flight Propulsion Div., General Elec-tr ic, Lynn, Mass.

Phillip Dennett, Merrimack Valley , hasbeen elected assistant treasurer of S. D.Warren Co., Boston. . Rene Latibertyhas transfer red to the Worumbo Pla nt, J. P.Stevens, Lisbon Falls, Maine as adminis-trative assistant to the plant superintendent.C. J. Hurst, Milwaukee, is now divisioncontroller, Bolens Products Div., Food Ma-chinery & Chemical Corp., Port Washing-ton, Wisc.

Keith Bartz, Minneapolis, was recentlypromoted to chief accountant, Commercia lDiv., Minneapolis- Honeywell. . JohnWalton has joined J. M. Dain & Co., Inc.as secretary- treasurer.

John Arrol, Nashville, is being trans-ferred to Avco's Electronics and OrdnanceDiv., Richmond, Indiana as assistant con-troller of the ordnance operations. . . . PaulMoran has moved to Knoxville to becomevice president and secretary of Shoney'sBig Boy of Knox County, Inc.

James Murphy, Newark, is now directorof administrative functions, Atlantic MetalProducts.

William J. Baldesara, New Hampshire,has been promoted to comptroller and

Leslie A. Neal to vice president for produc-tion at Hubbard Farms, Inc., Walpole,N. H.

Colonel Laurence T. King, New Yor k,has been appointed finance and accountingofficer on the staff of the CommandingGeneral, First US Army, Governors Island,New York. . Joseph Morn is now con-troller of the Quartite Creative Corp. . . .Walter I. Reich has been named treasurerand control ler of Arde, Inc. , Paramus, N. J .

...Kenneth R. Wollard has been promoted

to assistant treasurer of the ChemstrandCorp.

W. T. Weissinger, North Alabama, hasbeen named manager of general accountingat the Chrysler Corp. Huntsville (Ala.)plant.

George W. Jackson, North Penn, wasrecently promoted to director of budgets atthe Electric Storage Battery Co. . . PhilipSantangelo has been transferred to theSpring City plant of Philco Corp. as plantaccountant.

J. J. Mundie, Oakland County, has movedto New Orleans to become plant comp-troller for Chrysler 's Space Division. .W. A. Salmi is now corporate auditor withthe Square D Co., Parkridge, III. .Herbert Shilson was recently elected vicepresident and trea surer of the Cross Co.

A. B. Foreman, Olean - Bradford, has beenpromoted to the newly created position ofmanager of financia l service a t the Harrison,N. J . plant of Worthington Corp.

Carl Nogle, Orange County , has beentransferred to the Offner Div., BeckmanInstruments, Inc., Schiller Park, III. asdivision controller.

E. J. Modecki, Parkersburg- Marietta, hasbeen promoted to administra tive assistant tothe plant manager- accounting, Union Car-bide Plastics Co.

Lloyd Kress, Peninsula -San Jose, hasmoved to the F. M. C. Corp., OrdnanceDivision's new plant at South Charleston,W. Va. as plant accountant.

William Gand, Peoria, was recently ap-pointed chief cost accountant a t the LeTour-neau- Westinghouse Indianapolis' plant. . . .

Merle Yontz, chapter past president, isnow assistant to the president a t Caterpillar .

T. Earle Hutchinson, Philadelphia, hasbeen named chief deputy controller forDelaware County, Pa.

William Cavanaugh, Phoenix, is nowcontroller of Midland Specialities Co., Inc.

Sanford Gadient has moved to UnionTitle Co. as assistant to the president.

Clifton Ragsdale, Piedmont, has beenpromoted to manager of sales policies ofIBM World Trade Corp. and will move toNew York City.

C. Harry Johnson, Providence, has beenelected assistant treasurer and controllerof Collyer Insulated Wire Co., Lincoln,R. I. . . . Norman Paquin has been namedvice president of Weatherking AluminumProducts, Inc.

Ismael Gonzalez Celiman, Puerto Rico,has been appointed assistant controller ofGordonshire Knitting Mills, Inc.

Sloam Sider, Queens, has been namedcontroller of National Concrete Corp., sub-sidiary ofU. S. Plywood.

George Mroz, Raritan Valley, is nowdistrict sales manager for the New Jerseymarketing area of Clarkson Press, a sub-sidiary of Graphic Controls Corp.

D. G. Streater, Sabine, was recentlyelected assistant secretary of Cities ServiceRefining Corp.

William Bierly, Sacramento, recentlytransferred to the budget division of theCalif. State Dept. of Finance as budgetanalyst.

A. E. Anderson, St. Louis, was recentlyelected vice president, secretary and con-troller of the Illinois Terminal Railroad Co.. . . Fred R. Zaegal has been appointedtreasurer of Knapp- Monarch Co.

Bernie P. Menard, San Diego, has beenelected executive vice president and WesleyA. Engel named secretary- treasurer of Busi-ness Forms Printing Co. . . . Lloyd P.Johnson is now vice president of the Se-curity First National Bank.

James Cain, Sangamon Valley, recentlymoved to Chicago to become controller of

19

Borg - Warner's Norge Division. . LewisWhisnant, current chapter president, wasrecently elected to the board of directors ofthe Mississippi Valley Structural Steel Co.

David Bergman, Seattle, has become as-sistant controller of the Century 21 World'sFair in Seattle.

George Libera, Southeastern Minnesota,was elected cashier of the Rochester StateBank, Rochester, Minn.

Ray McGee, Southern West Virginia,was recently promoted to superintendent ofcosts, The Chesapeake and Ohio Railway,Huntington, W. Va.

John Hickey, South Florida, is now in-ternal auditor with Southern Bell. . . .George H. Smith has been named comp-troller for Ryder Automobile Leasing Co.of Ryder System, Inc.

Philip D. Fox, South Jersey, has beennamed auditor of the Industria l Valley Bankand Trust Co., Jenkintown, Pa.

Henry F. Burrows, Springfield, was re-cently elected president of the Old ColonyEnvelope Co.

...Santo A. Cannerella has

been appointed corporate controller of theCrompton & Knowles Packaging Corp. . .Theodore J. Drewniak, past president ofSpringfield, has been promoted to controllerof Wico Electric Div. of Globe- Union, Inc.

Miles H. Signor, Syracuse, has been pro-moted to vice president of Syracuse Foun-dries.

Fred Young, Toledo, has been appointedcity auditor of Toledo.

J. A. McFadden, Jr., past president ofTrenton, is now assistant vice president -finance of Kearfott Div., General Precision,Inc., Litt le Falls, N. J . He is a past nationalvice president.

Chris V. Kemendo, Jr., Tulsa, president,has been made a partner in the CPA firmof Elmer Fox & Co.

James Knotts, Wabash Valley, has beenpromoted to office manager at Winslow

20

Gov't Standard Scale Works, Terre Haute,Ind. . . . Joseph Thiel has accepted theposition of controller with Allith Corp.,Danville, III.

Paula Barkstedt, Washington, has beenpromoted to controller at Mills, Petticordand Mills. . . . Harold J. Althouse waselected treasurer, Walter A Shropshireelected assistant treasurer and Oliver W.Steinfort named assistant controller byPeoples Drug Stores, Inc.

Gordon R. McKee, Waterbury, has beenelected secretary- treasurer of Buell Indus-tries, Inc.

Sheldon Perlman, Westchester, has beenappointed assistant to the financial vicepresident of Curtiss - Wright Corp.

Elmer Bibbee, Wheeling, was named se-cretary- treasurer of Alfred Paull Life Asso-ciates, Inc. . . Ivor Thomas has been pro-moted to cashier at the Wheeling DollarBank. . . . Bernard E. Wells, Wheeling hasbeen promoted to plant controller at theWellsburg, Virginia plant of Hudson Pulp& Paper Corp.

Robert S. Krebs, Williamsport, past presi-dent, has been elected president of E. Keelerand Co., as well as director of The WestBranch Bank and Trust Co. . . . M. Kowa]-chik, was recently named treasurer andcomptroller of Lowry Electr ic Co.

John T. O'Malley, Worcester past presi-dent, was recently appointed controller andre- elected assistant treasurer of the Wain -Roy Corp., Fitchburg, Mass.

R. D. Blank, Yo rk , has been namedworks comptroller, Gene Stettler is assist-ant to the works comptroller and CharlesSnyder is manager of costs and budgets atAllis- Chalmers.

Jacques Lachance, Member -at -large (Can-ada), has been appointed plant controller ofT he Singer Manufacturing Co., St. Johns,Quebec.

Organizational Service

Delbert L. James, Dayton, has beenelected president; Arthur Wittman, firstvice president; Herbert Shaper, secretary;John Hangen, treasurer; and Robert Runyonand Frank Gleason, directors, of the DaytonChapter of the Financial Executives Insti-tute (formerly Controllers Institu te).

LeRoy H. Mitchell, Delaware, has beenelected president of the West BrandywineLions Club.

Richard F. Pittman, Florida West Cen-tral, has been elected president of the TampaRotary Club.

Linus Beck, Louisville, has been electedpresident of Toastmasters - Indiana.

George J. Wachholz, Minneapolis pastpresident and past national vice president,has been elected director of The FinancialExecutives Institu te, formerly the ControllersInstitute.

James A. Wilson, Newark past presidentand currently a one -year national director,has been elected vice president of the NewJersey Society of CPA's.

Leo La Rew, Orange County, was re-cently elected treasurer and Robert Kelly

CHRIS V. KEMENDO, JR., chapter presi-dent, right, accepts a cert ificate of ap-praciation for the Tulsa NAA Chapterfrom the Indian Nations Council of theBoy Scouts of America. Tulsa acts asfinancial advisor to the Council on avolunteer basis. Within this past year,they have surveyed a portion of theCouncil's accounting system and revisedcertain procedures, prepared their budget,and audited a recent fund drive. Thechapter also acts as counselor to Scoutswho desire to obtain merit badges inbookkeeping, business, etc. The IndianNations Council covers almost four coun-ties in Oklahoma and has eight districts.

administrative vice president of the Fuller-ton Toastmasters Club.

Hugh Reid, Paterson, has been appointedcoordinator of professional development bythe New Jersey Society of CPA's.

Raymond L. Woodall, Jr., Philadelphia,has been elected president of the MainLine Junior Chamber of Commerce.

Earl Worley, Sacramento, has been electedadministrative vice president of the High -lines Toastmasters Club.

Darthe Nay, St. Louis, has been electeda 2 -year national director of the AmericanSociety of Women Accountants. . . .Arthur A. Schweighauser, chapter pastpresident, was recently named president ofthe East Side Manufacturers Association.

Albert H. Mueller, San Diego, has beenappointed chairman, Special Districts Co-ordinating Committee of the County Audi-tor's Association of California .

Louis J. Gerardis, South Florida, hasbeen elected president of the NorthBroward Kiwanis Club.

Karl A. Von Den Steinen, Tuscon, hasbeen elected secretary- treasurer of theArizona, Section, American Institute ofMining, Metallurgical and Petroleum Engi-neers.

Community Service

Walter Miller, Lehigh Valley, has beenappointed chairman of the Heart Fundcampaign for the Allentown, Pa. area.

Ralph D. Fragola, Norwich, has beenelected vice president of the Waterford CivicAssociation.

Robert Lloyd, Piedmont past president,has been elected treasurer of the Greens-boro Chamber of Commerce.

James A. Tracy, Rockford, is now a mem-ber of the board of directors of the Chil-dren's Home of Rockford.

Public Service

Robert Allyn, Buflalo, has been appointedexecutive secretary to the N. Y. Sta te Boardof CPA Examiners.

Maurice C. Smith, New Hampshire pastpresident, has been appointed to the NewHampshire Sta te Board of Accountancy.

T. G. Lieb, Philadelphia, has been ap-pointed to the Pennsylvania State Chamberof Commerce Committee on GovernmentOperations and Expenditures.

Dr. David R. Dilley, New York, has anarticle "Common Sense Economics" in arecent issue of the Journal of Business Edu-cation. . . Wilmer Wright is the author ofa book, "Direct Standard Costs for DecisionMaking and Control," published recentlyby McGraw -Hill.

Herman C. Heiser, New York, was oneof the featured speakers at the 1962 Na-tional Conference of the National Societyfor Business Budgeting held in May. Hissubject was "T he Action Cycle." He is apast president of the Philadelphia Chapterand a past national vice president.

Raymond L. Woodall, Jr., Philadelphia,was a guest panelist for an educationalseminar sponsored by the National MachineAccountants Association.

Harold M. Benson, Saginaw Valley past

22

president and past national director, spokerecently before the Detroit Engineering So-ciety on "Accounting for Engineers." Also,Mr. Benson and Anthony E. Eufinger werespeakers before the annual seminar of theInstitute of Internal Auditors, SaginawValley Chapter.

Author

Carl Derrick, Columbia, has an article,"Uniform Accounting for Municipalit ies,"published recently in the South CarolinaCity , the official publication of the SouthCarolina Municipal Association.

Spencer Tucker, Queens, is the author ofthe book, "Successful Managerial Controlby Ratio- Analysis ", published by McGraw -Hill.

Speakers

Herbert E. Oehler, Central Texas, spokerecently on "Internal Control" at the Opti-mist Club in Temple, 'Texas.

Eugene Wiseman, Washington, recentlyaddressed the Southern Association of Col -leges and University Business Officers at aseminar held at the Georgia Institute ofTechnology in Atlanta , Georgia . His subjectwas "Cost Principles as They Apply to Col-leges and Universities Performing ResearchContracts ". Mr. Wiseman is project director,U. S. Army Audit Agency.

Miscellaneous

Thomas C. Yeaman, Richmond, receivedthe Diamond Merit Award from the Na-tional Office Management Associa tion. He isthe first member of the Richmond Chapterof NOMA to receive this award, which isgiven for service to the chapter and na-tional organization.

R. L. Kirkman, past president of Pied-mont, was recently elected president of theGreensboro Society for Crippled Childrenand Adults, Inc.

Culture Corner

INCOME i►J(r trlbT A X I

0fl

Puerto Rico 's "Tropical Topics"

WEBSTER REVISITED

EXECUT IVE — A man who can make adecision and stick to i t —no ma t t er howwr o ng he i s . . . . Charlotte Newsletter.

PESSIMIST — An optimist with experi-ence. . . . The Nacorn, Oakland East BayChapter.

GO LD DIG G ER —T he k ind of a g i r l whodoesn't care for a man's company — un-less he owns it . . . . Delaware Newsletter.

EMBARRASSMENT —Wa tching the bossdo something you said couldn't be done.. . . Birmingham Newsletter.

SY NO N YM —T he word you u se when youcan't spell the other one. . . . ToledoNewsletter.

OLD AGE — When your son swipes yourPlayboy magazine and you don't care.. . . Kalamazoo Newsletter .

N O N C H A L A N C E — T h e ability to looklike an owl when you have behaved likean ass. . . . Longview -East Texas News-letter.

RACE H O RSE —An a nima l who ca n ta keseveral thousand people for a r ide a t thesame time. . . . The Salt Shaker, UtahChapter.

FIN ANCIAL GENIUS — A man who canearn money faster than his family canspend it. . . . Balance Sheet, DaytonChapter.

CROSSWORD ANSWER

'ni`oTE pi

'A� C C P U N T $s o ,sU M

/ 1PK ;YV F W_ 96

Bo q U � T� A SM A

PF N

23

Gone To Chicago'.Flying Freddie and his family (they're inside the plane)

always do things at the last minute. What about you?

Have you registered for NAA's 43rd Annual Conference,

being held at the Conrad Hilton Hotel on June 24 -27? It's

getting late, but there's still space available. Do it now!

eY ?

THERE? ARRRIVED !