South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-07-03
Gro,Uth of Public Accounting
By Howard L. Chambers
chambers & Crowe)

90 finding out how the business had
been conducted. why Il had gone 20
the wall after many years OF exist
ence. and whether the wreck could
be lifted back on the track and
started going again.
\ smooth faced, low voiced gem
tie man appeared on the scene with
the attorney for the receiver within
a few minutes after the concern had
thrown up the sponge. The lawyer
took up the legal end OF the stiua-
ton and went away in an hour or
so The public accountant walked
through the Offices. He glanced a.
the books He dipped a. random
into the flee o. correspondence. He
talked with the executive officers
also with the minor clerks. Even
the Office boys were not beneath his
notice. He had a way with him that
invited confidence. He asked a few
members OF the staff TO come back
in the evening. He sent out for a
sandwich and a glass OF milk for
himself incidentally he telephoned
TO his great country estate. where
his wife and family were awaiting
him. that ne would be unable to be
present at the dinner party that had
been planned for that night.
II was a big job. A good many
millions were at stake. His own fees
probably would run up into many
tens Of thousa nds. But once he
could get the machinery Of his or
ganization set up and running per-
fectly. he need give the matter no
more than casual attention He
would be ready for the next 9. @. d.
or S. O. s. call from another financial
leviathan in distress. All night long
he worked. metaphorically climbing
one eminence after another In or
der 10 get a general survey OF the
widespread ruin. When morning
and breakfasted. Then 20 his Of
fee At his desk he touched one
button after another summoning
half a dozen OF his trusted and most
competent lieutenants. BY ten
o'clock a score OF close mouthed,
inquisitive men were delving into
the wreck Last OF all the CHER
called someone on the telephone.
In a few minutes man was ushered
into his private office. The chief was
smoking a cigar and looking out OF
the window as II he had not care
in the world
Jim" he said, 1--WE got a little
job for you. So and so failed yes
terday, as you know. I've got a
pretty good line on about every
thing. but I'm no linguist Those
fellows have been having a hand in
the political affairs OF several for
eign countries. There's a lot OF
private hsnd-written correspond
ence IN four or FIVE different
languages n the big safe in the
chef executives private office.
think these letters will throw a lot
OF light on the things I must know.
Get them translated into English.
Have the men typewrlte them
themselves. Don't trust any steno-
graphers. Give me the result al
the earliest possible moment. I've
had several cables from-well,
some persons who are very much
worried already. Be sure that your
men are deaf. dumb. blind and for
getful as far as this business is
concerned It's a pity we can't
have this work done by machinery.
The lives or a lot OF persons depend
on those letters. I'm sure. Be doubly
careful"
1t turned out exactly as the public
accountant suspected. The closely
guarded correspondence unravelled
several things which otherwise
would have remained hard knots 20
the end OF time. Here and there.
In various corners OF the earth.
there were secret conferences car
ried on in whispers al dead OF night
Some men fed, were pursued.
caught and made to disgorge. Large
sums OF money were cabled TO New
York TO make good the OUTLAWS for
plans that never would be carried
out. Only the public accountant
and a few others knew why
Public ACCOMPANYING as a profess
sion il quite young. having been
known in the United States for but
gained considerable prominence
during the war and because Of its
assistance TO business men since
the enacting OF the 1918 income tax
law
Great Britain had recognized the
value OF public accounting many
years back and ena cted laws requir-
ing each corporation 20 employ an
auditor 10 audit the books OF the
corporation at leas; annually and 70
make report direct 10 stockholders
relating TO the financial condition OF
the company and any other peril
nent facts. This requirement has
prevented many failures IN business
and encouraged a more healthy con
dition in Industry and finance than
what is now enjoyed in the United
States.
The public accounting profession
has grown in the United States due
T. the valuable work done by large
accounting firms during the war and
by the appreciation OF the work
done IN connection with the prepare
ton or income tax returns. The
mortality Of business IN the United
States prior to the war was betwee n
so per cen. and 90 per cent. r. G
Dunn's recent statistics show that
the present mortality IN business
has decreased 10 ffty-three per
cent.
Universities and correspondence
schools have also added an impetus
% the growth OF public accounting
However. there are a. present in the
United States but 1000 public &C
counting frms-While there are
10000 attorneys and IA. 900 ply
said county. will proceed 20 sell 20 the
highest and best bidder for cash. a. not