FIRST ACCOUNTING SESSION

Tuesday, May 20, 1919.

The Chairman, Mr. Martin J. Insull, of Chicago, called the meeting to order at 2:10 o'clock and said:

Gentlemen, it gives me a very great deal of pleasure to open the First Accounting Session, and while I am not an accountant, I have considerable to do with accountants, and I know how much their work means to the industry.

There is no need for me to introduce Mr. Paul R. Jones, Chairman of the Accounting Section, and I will just call on him for his address.

ADDRESS OF CHAIRMAN JONES

As practically three years have elapsed since the Accounting Section has met in convention, a brief rêsumê of its history may be in order. Prior to the year 1915, the Accounting Section was organized and conducted as one of the standing committees of the National Electric Light Association. At the convention held in June, 1915, at the instance of Mr. H. M. Edwards, whom we all honor as the father of the Accounting Division of the National Electric Light Association, the status of the Accounting Committee was changed to that of a definite Accounting Section with its own officers-Mr. Edwards being elected its first chairman. During the period of 1915-1916, the Section was most active in all its work, as is evidenced by the data contained in committee reports, and under Mr. Edwards' administration the Section obtained a firm standing and place in the activities of the Association.

The Accounting Section in the years 1917 and 1918, under the chairmanship of Mr. John L. Bailey, continued its activities, and all committees prepared comprehensive and progressive reports of great value to accountants. Mr. Bailey's administration inaugurated a great many new activities, among the most important being the launching of the Accounting Educational Courses and the efficient work of the Accounting Educational Committee.

The world war prevented the holding of Section Meetings at the Conventions in 1917 and 1918, and therefore our members did not obtain the benefit of discussion of the many subjects. prepared for submission. At the convention held at Atlantic City in May, 1918, and at a National Executive Committee Meeting held in September of that year, a resolution was adopted in substance as follows:

"Resolved, That this Association undertake to do no work during the present Association year other than that which is absolutely essential for the winning of the war, but that the National and Sectional Committees, familiar with their respective lines of endeavor be organized so that they may be called into active service in case any emergency arises and consider such other matters as the Executive Committee may deem necessary."

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In accordance with the above-announced policy of the National Executive Committee, the Accounting Section restricted its activities. At the same time, your Executive Committee endeavored to maintain as complete an organization as conditions permitted, to act on such matters as were presented to it, and also to be in a position to take up pre-war activities as soon as restrictions were removed.

On January 10, 1919, the National Executive Committee authorized the Accounting Section to resume its activities on a pre-war basis. However, the time between that date and the date. of the convention was not sufficient to give the various committees opportunity to complete the study of the matters coming within the scope of committee work.

During the war period, members of our Section have been called upon to meet and solve difficulties not existing under normal conditions. We have found that methods and practices heretofore considered a necessity were non-essential, and the accountant has been called upon to develop his ingenuity as never before. Many of our members have been in war service and are coming back to us with experiences and knowledge which, without doubt, will have a material effect on accounting methods in coming years. Accounting departments are still suffering during this reconstruction period from many of the same causes which affected them during the war, and with renewed activity in all branches the accountants' ability to meet changing conditions will be tested to the utmost. The papers to be submitted all point to new thoughts and policies which will require future consideration.

Emphasis should be placed on the importance of the work undertaken by the various committees.

COMMITTEE ON ACCOUNTING EDUCATION

No more important work can be undertaken by the Accounting Section than the education of the personnel of member companies. During the past year, notwithstanding the many difficulties, the text of the Educational Accounting Courses was practically completed, and this progress can well be pointed to with pride by the members of the Educational Committee. With the courses completed, it remains for the executives of member