Evening star., 1932-12-15
COST ACCOUNTANTS.
! ORGANIZE CHAPTER.
Officers of New Unit Will Be
Elected at January
Meeting.
BY EDWAED C. STONE.

functioning today following organlza-
ton last night of a local unit OF con-
trollers auditors, business executives
and economists interested in the STUDY
and Interpretation of business data. Inc
new chapter is No. As. Officers Will pc
elected at the next meeting IN January.
The charter members OF the new
chapter include Wrce F. Anderson, bu-
reau OF Foreign and Domestic Com
merce: James E. Anderson, assistant
treasurer. Sanitary Grocery Co.; How
ard G. Beck. C. P. A.: Oscar j. Bern
stein. District Institute John H.
Bromell Bureau of Foreign and Do
mestic Commerce. Department OF Com
merce: E. j. Brosnan, Associated Cen
eral Contractors of America; Harold Z.
Burton. controller. Southern Dairles,
Louis C. Carl, secretary, Call Carl, Inc.
William H. Churchill, Peoples Drug
Stores, Inc.
C. Milton Clark, treaSurer's once,
Federal Farm Board; Oscar D. CrocKe1e'
Judd & Detweiler, Inc: George =.
Davis. Fruit Growers Express Co.;
William E. Deering. o. R. Evans q
Bro. Inc: Will m NJ. Deviny. Catho-
lie University OF America: 7. W. FIJI
NEE. ccccuntant. United Typothetae OF
America: 4. s. Gunnarscn. Chamber oi
Commerce or the United States; g. +.
Hunginger, Zen Franklin University;
William L. Jones. assistant to con-
troller. Potomac Electric Power Co., ;.
l. KedZierski. Bureau of Foreign ana
Domestic Commerce, George D. Lane,
Felt q Tarrant Manufacturing Co., ).
Manning Mcleod, Standard engineer
ing Co.; Christopher Magee, Peoples
Drug Stores, Inc, John Moran, Ma
tional Fertilizer Association.
Elizabeth A. Morris, Reconstruction
Finance Corporation: Harry S. Meyer,
Imdington Lines: Richard M. Nash,
National Publishing Co.: Charles H.
Ogsbury, International Business Ma
chimes Corporation; Gerard V. Patrick,
Addressograph Co., Walter F. Raymond,
auditor. Griffith Consumers Co.: Carrel
j. Riggall, Peoples Drug Stores. Inc;
w. D. Rogers, Remington Rand, Inc;
Edward C. Schroedel, international
Business Machines Corporation, and
lloyd v. Williams. Western Electric Co.
National Officer Present.
Steuart C. Mcleod, national secre-
tary. explained how the association.
through its chapters, publications,
library and research work, has anticl-
pated the needs of accountants IN busl-
ness, industry and government and
acts as a clearing house for the latest
accounting ideas and methods.
ETC A. CdtlIldIl Ol Icdb, Nioi "lSn'
Mitchell g. Co. pictured the evolution
of financial statements from the simple
form of business report used by banks
in granting credit through the maze OF
detail and complicated records to the
statement used for Federal income tax
alton. the credit extension report and
the uniform financial statement used
by industries or required as pre-
resquite for listing on STOCK Ex-
change.
Charles Reiten of the Greater Penn
sylvania Council, Harrisburg, who is
now engaged in the simpliflcation OF
governmental accounting and budgetery
control spoke authoritatively on one OF
the newer and present-day uses OF
modern accounting, the design OF rec
ords that will control the expenditures
of moneys, the uses of business facilities
and show accountability through re-
sponsibility.
The organization meeting was most
enthusiastic The Nominating Com
mittee. to report in January, consists
of G. D. Lane, j. M. Mcleod, G. V.
Patrick and C. j. Riggall.
Ample Credit for Expansion.
Clark, Childs & Keech see ample
funds for g tremendous expansion N
credit, sufficient to meet any demands
that might arise In the past few
months the brokerage firm asserts, we
have seen an excess resarve account o.
$500 1000 built UP and an increase
IF $500 600 900 of demand deposits take
place.
The factors which have been respon-
sible for these increases are:
/. Purchases of Government securl-
ties by the reserve banks
2. Increased Treasury financing.
3. A gain in Government security
Investments by banks
a. An inflow of gold.
S A return of currency.
These have resulted in:
(a) A check to liquidation ana
contraction Of loans and investments.
,b) A potential credit supply OF hVe
billions of credit from the excess re-
serve account.
CAPITAL Traction Stock Gains.
In todav's trading on the Washings
ton Stock Exchange 40 shares OF Capl-
tai Traction stock changed hands. Inc
first % sold at and the other 20 ad-
vanced to AIS. The stock closed Win
bid and asked.
The only other stock appearing on
the board was Potomac Electric Power
ST. per cent preferred. a tiny sale TAX
ing place at 1861. The first bond sale
of the day was in Potomac Electric
Power 6s, S1O0 selling at 107i2 and $500
at 107l4.
After $500 Washington Gas IS, series
B. had moved at 103l2, $4,000 Potomac
Electric Consolidated IS sold at 1O314.
Two 81 600 sales in Washington Gas 5s
came out at 1013s and the market
closed with $500 Washington Gas IS,
series A, selling at par.
Heard in Financial District.
George Cole Scott, resident partner
of G. M. P. Murphy & Co.. recent Re-
publican candidate for Congress and
for many years identified with Virginia
banking and industrial interests died
suddenly at his home in Richmond. He
had been a director of several large
coal companies, a textile mill director
and on the boards Of South Carolina
Fertilizer Co. and Chesapeake d Ohio
Railway. He was 81.
Local bankers were greatly impressed
today by dispatch from San Francisco,
which stated that the San Francisco
Bank has declared an initial special
Christmas dividend of $50, the usual
extra dividend of SIS and the. regular
quarterly dividend of $50, all payable
December 81. George Tourny, the pres
ident, states that the bank is closing the
best year in its history. Inc dlVldend
action would seem to back up that
statement.
November new-life insurance produc-
tiCn was 20.7 per cent less than the like
month last year, according to the Asso-
citation of Life Insurance Presidents.
The volume of new business. for the IL
months was 16.1 per cent below the
1881 period
Fifth Avenue Bank. New York, has
declared the regular quarterly dividend
of s6, payable January 2 to stock Of
record December 81.
nnRNAAnnIrv nDINEC LIT