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The War Years

ENIAC is the first programmable computer.
The Bell X-1, the first aircraft to break the sound barrier.
School of Credit and Financial Management

The Executive's School of Credit and Financial Management, organized in collaboration with the School of Commerce, University of Wisconsin.

The students from the first class. Students would meet for two weeks a year to complete a three year program (click to enlarge).
Chartered Credit Research Foundation...
March 17, 1949

... to promote and direct credit research and education.

NACM Membership...

... passed the 30,000 mark.

North Atlantic Treaty Organization (NATO) Established
April 4, 1949

The Treaty of Brussels was a mutual defence treaty against the Soviet threat at the start of the Cold War. However, the parties were too weak militarily to counter the military power of the USSR. European leaders met with U.S. defense, military and diplomatic officials at the Pentagon, under U.S. Secretary of State George C. Marshall's orders, exploring a framework for a new and unprecedented association.

President Truman signing the NATO treaty, as various dignitaries look on (click to enlarge).
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The Booming Fifties

Senator Joseph McCarthy took charge of the Second Red Scare, which was characterized by political repression and spreading fear of communist influence on America.
Wartime based NACA's assets were transferred to the newly founded, civilian-based NASA.
Graduate School of Credit and Financial Management

Executive's School of Credit and Financial Management renamed Graduate School of Credit and Financial Management and conducted for the first time at Amos Tuck School of Business Administration, Dartmouth College in Hanover, NH.

The Tuck building in 1946 with just a sampling of what the first students experienced during the 1950 class. (click to enlarge).
U.S. Enters Korean War
June 30, 1950
July 27, 1953

During the Cold War many proxy wars were fought, with the Korean War being the most significant. Proxy wars were motivated by fears that direct conflict between the United States, supporting democratic forces, and Soviet Union, supporting communist forces, would result in nuclear holocaust, rendering proxy wars a safer way of exercising hostilities.

General Douglas McArthur as Commander and Chief of the United Nations forces in Korea. This was the first time that United Nations members (with the USSR refusing to neither vote nor participate) cooperated together in a police action (click to enlarge).
NACM Makes Its Third Move...
June 1, 1951

... this time to 229 Fourth Avenue NY, after twenty-five years at One Park Avenue.

The new office had greater space and was much closer to the offices of the Credit Research Foundation, and the National Institute of Credit (click to enlarge).
Revenue Code
October 20, 1951

NACM took action leading to amendment of 1951 Revenue Code for more equitable taxation between private, fully taxed business and competing tax-exempt cooperatives

FCIB's 25th Annual Survey...

... of credit conditions in Latin America.

Second Session of Graduate School of Credit and Financial Management...
July 6, 1952
July 19, 1952

... inaugurated at Graduate School of Business, Stanford University, Palo Alto, California.

A view of the Stanford campus in 1952. The first class at the Stanford University sessions, they would graduate in 1954 (click to enlarge).
The Second International Convention...
May 17, 1953
May 21, 1953

... held at the Windsor Hotel in Montreal in conjunction with the Canadian Credit Men's Trust Association, Ltd.

Significant Achievement of Professional Ethics
May 20, 1953

"Statement of Principles in the Exchange of Credit Information between Banks and Mercantile Concerns" jointly adopted by Robert Morris Associated and NACM, representing a significant achievement of professional ethics by two national organizations, which, from their founding, have dedicated themselves to the improvement of credit standards.

First National Show Televised in Color
January 1, 1954

The Tournament of Roses Parade, a parade held annually since 1890, became the first program televised in the NTSC color television format nationwide.

One of the floats during the parade. It wouldn't be until 1965 that the majority of television was broadcast in color (click to enlarge).
NACM Hosted Members of the French Industrial Accounting Study

NACM was one of the dozen associations in the United Stated selected for the special study. One of the objectives of the meeting was to have other countries' businessmen see for themselves the contributions of trade associations to this nation's leadership in commerce and industry.

The French delegates and NACM hosts, an international business friendship (click to enlarge).
Role of Credit Manager

Merryle Stanley Rukeyser, financial analyst and feature writer of international News Service, (father of Louis Rukeyser) concentrated upon a redefinition of the role of credit manager for the readjustment period in the New York Journal-American.

Amendments to Internal Revenue Act
August 16, 1954

NACM played an active role in obtaining amendments to Internal Revenue Act of 1954 for reduction of double tax on dividends and for improved efficiency in tax accounting procedures.

Space Race
August 2, 1955
December 26, 1991

The USSR initially won early victories with the first satellite in orbit and the first man in space. However, the U.S. pulled ahead when it landed men on the moon towards the end of the 1960s. The Space Race left a legacy of Earth communications and weather satellites. It also sparked increases in spending on education and research and development, which led to beneficial spin-off technologies.

A replica of the Sputnik 1 satellite, which broadcasted radio pulses. Neil Armstrong, first man on the moon, taking his "one small step" (click to enlarge).
NACM Geographical Boundary Lines...
May 12, 1955

... increased from three to four divisions.

Philip J. Gray, Manager of FCIB...

... represented NACM on behalf of the U. S. Department of Commerce as its consultant at International Trade Fairs held in Western Europe, which enhanced the prestige of the entire organization.

Philip J. Gray in 1961, when he became Vice President of NACM (click to enlarge).
U. S. Department of Commerce International Trade Fair Program

NACM executive staff participated in the U. S. Department of Commerce International Trade Fair Program and Trade Missions in Italy, France and Ethiopia.

Attendees at the Milan fair admiring a model of an American supermarket on display, photo courtesy of Life (click to enlarge).
Professional Ethics for Credit Managers...

... codified and revised as the ten "Canons of Commercial Ethics."

Launched Program of Nationwide Cooperation...

... with other organizations in the building trades for improvement of construction credit practices.

National Committee on Improved Construction Practices...

... formed in recognition of mounting construction failures and increased need of improved credit practices and procedures in construction industry.

NACM Led Drive for Improved Bankruptcy Administration

NACM positioned more realistic ceilings on referees; salaries and more equitable fees for trustees. Also launched a study of bankruptcy practices and procedures in various jurisdictions as a basis for recommended changes in District Rules and more uniform application of the Bankruptcy Act.

Civil Rights Act of 1957
September 9, 1957

Primarily a voting rights bill, it was the first federal civil rights legislation passed by the United States Congress since the Civil Rights Act of 1875. The purpose was to show the federal government's support for racial equality following the Supreme Court's 1954 Brown decision. Opposition to the legislation, including the longest one-person filibuster in history, resulted in limited immediate impact, but the Act paved the way for a series of more effective civil rights bills in the 1960s.

Handbook on Credit Management Published
June 1958

The Credit Management Handbook, written by practicing credit executives, management, consultants, educators and officials of NACM was published for the first time.

The National Association Name was Changed
June 2, 1958

The "National Association of Credit Men" became the "National Association of Credit Management" to reflect the growing stature of the credit profession.

An earlier attempt in 1950 to change the name to "National Association of Credit Management" failed. Votes in favor didn't pass the critical threshold needed, mostly due to a lack of proxy votes. (click to enlarge).
Chapter XI Provisions
August 12, 1958

The president's signing of a bankruptcy bill culminated several years of effort by NACM, the National Bankruptcy Conference and other organizations to bring about improvements in Chapter XI provisions.

Representative Carroll Reece introduced H.R. 2171 at the behest of NACM. Other NACM sponsored bills at this time included H.R. 13 and H.R. 106. (click to enlarge)
January 3, 1959

... became the 49th state. It wasn't until Cold War tensions mounted that opposition to Alaska's statehood dissipated.

Last governor of the Alaska territory, Mike Stepovich, holds a copy of the Anchorage Daily Times. Pictured with him are President Eisenhower on the left and U.S. Secretary of the Interior Frederick Seaton on the right (click to enlarge).
Safeguarded Creditor Interests...
January 22, 1959
March 9, 1959

... in action before U.S. Supreme Court, resulting in the exclusion of Union Welfare Funds from wage priority status under the Bankruptcy Act

W. Randolph Montgomery, as amicus curiae, filed a brief for the National Association of Credit Management in support of the United States.

August 21, 1959

... became the 50th state. It took World War II to prove to the hesitant continental United States the loyalty of Hawaiian citizens. With Democrats and Republicans both working together on the islands, over 93% of the Hawaiian voters voted in favor of statehood.

The mood on the islands was jubilant after Hawaii was admitted, with celebrations across the islands going late into the night (click to enlarge).
Took Active Part in Legislation...

... curtailing right of states to tax out-of-state businesses.

Sponsored First International Credit Conference

The conference was held in London to improve credit administration and for the discussion of mutual problems.

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Flower Power

Dr. Martin Luther King Jr's "I Have a Dream" speech called for an end to racism in the U.S.
Neil Armstrong took one small step for man, one giant leap for mankind.
NACM Moves Again
February 1, 1960

This time to 44 East 23rd Street, New York, New York. This becomes the all inclusive address for the magazine, Credit Research Foundation, and the National Institute of Credit.

Credit Management Career

Succeeded in obtaining the addition of credit management career to Strong Vocational Interest Test, to provide business with a useful aid in credit personnel selection and career counseling.

Criminal Code Provisions

Successfully spearheaded action to strengthen Criminal Code provisions against concealment of assets in bankruptcy.

Union Welfare Fund

Actively opposed legislative attempts to reverse 1959 U.S. Supreme Court ruling on Union Welfare Fund priorities.

A Bronze Plaque Commemorating the Founding of NACM in Toledo...
April 25, 1961

... was installed on the founding site on April 25th in the marble lobby of the 27-story Owens-Illinois Glass Company building. The plaque marks the exact site of the Boody House where business leaders had assembled on June 23, 1896 to organize the national association of credit management.

The original Boody House, after 55 years, was torn down in 1928 for the Ohio Savings Bank and Trust Company, pictured left. The plaque, on right, was part of the 65th anniversary celebrations (click to enlarge).
Cuban Embargo
February 1962

The current embargo against Cuba came into force following Cuba's second wave of nationalization of American businesses without compensation. There had been two earlier, lesser embargoes against Cuba in 1958 and 1960.

Cuban Missile Crisis
October 16, 1962
October 28, 1962

The Cuban Missile Crisis was a confrontation between the U.S. and the USSR concerning American ballistic missile deployment in Italy and Turkey with consequent Soviet ballistic missile deployment in Cuba. The confrontation is often considered the closest the Cold War came to escalating into a full-scale nuclear war.

A map created by American intelligence showing Surface-to-Air Missile Activity in Cuba on September 5, 1962 (click to enlarge).
Historic Meeting in Cologne, Germany

The Association's Executive Vice President participated in an historic meeting in Cologne, Germany for the development of scientific credit management in Europe. Representatives of credit associations from fourteen nations of Western Europe agreed to formalize their assistance to each other. In addition, some Mid-Eastern and African groups were added to the federation to make uniform the procedures and quality of trade credit information among the members and subscribers in participating nations.

A travel brochure for Cologne, from the 1960s. The Cologne Cathedral, towering in the photo, is still a major tourist attraction (click to enlarge).
NACM Motto Changed

The old motto of "Guarding the Nation's Profits" was changed to "Creating Profits Through Credit"

Ronald Reagan...

... was a speaker at Credit Congress in Los Angeles, California in 1964.

Ronald Reagan enjoying California in 1964 (click to enlarge).
NACM Holds Contest for New Seal
February 1965
May 1965

Despite the new motto of "Creating Profits Through Credit," the seal was not changed.

The contest form on the left, inviting new designs for the NACM seal using the new motto. On the right, the four favorite entries of the Credit Congress committee (click to enlarge).
NACM Supported the Board of Governors of the Federal Reserve System

... for their action in increasing the discount rate to encourage balanced growth in the nation's economy while preserving the strength and stability of the dollar. The Association was one of the leading sponsors of the Federal Reserve System as established by the Federal Reserve Act of 1913.

Featured in the May issue of Readers Digest
May 1966

There was an article on bankruptcy; the association’s bankruptcy and fraud prevention programs were mentioned.

The cover of the issue, which contained the article "Planned Bankruptcy Cheats Us All" (click to enlarge).
Internal Revenue Code Amended

The NACM-supported bill was signed into Law, amending the Internal Revenue Code of 1954 with regard to Federal Tax liens and intended to adjust such lien provisions to the Uniform Commerical Code.

The Big Legislative News of the Year...
July 6, 1966

... was the passage and signing of a law to eliminate from proceedings in bankruptcy, once and for all, the circuity-of-lien problem which had plagued the commercial finance industry since the original decision came down in 1955.

President Johnson in 1966 (click to enlarge).
President Lyndon B. Johnson Signed into Law...

... three bills concerned with bankruptcy. The bills affected the bankruptcy law as it related to filing claims, obligations incurred in unsuccessful proceedings and creditors’ committees functions and recovery of expenses.

Walter Cronkite, CBS News Correspondent...

... was a major speaker at the Credit Congress.

Walter Cronkite was very well received at Credit Congress (click to enlarge).
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The Me Decade

The Watergate Scandal captured the public's attention.
The U.S. and China began to normalize their relationship.
Representative Barry Goldwater and Dr. Norman Vincent Peale...
May 17, 1970
May 21, 1970

... were major speakers at the annual Credit Congress.

Representative Goldwater and Dr. Peale, pictured left, were popular speakers at the Miami Beach Credit Congress (click to enlarge).
Credit Reporting Bill Passed
October 26, 1970

Through the efforts of NACM, commercial credit was excluded from the scope of the bill.

NACM's Loss Prevention Department...

... accepted as one of the first affiliate members of the National White Collar Crime Center (NWCCC), a federally funded organization designed to help federal, state, and local law enforcement agencies in information sharing, data analysis services, training and case funding.

Senate Passes Fair Credit Reporting Act
April 25, 1971

Commercial Credit not affected.

A Look Back at the Magazine
May 1971

As part of the Diamond Jubilee celebrations, NACM looks back at the evolution of the Business Credit magazine (at this time still called Credit and Financial Management).

A look at the magazine cover at various points during its evolution. Starting in 1900 and going through until 1970 (click to enlarge).
NACM Celebrated
May 23, 1971
May 27, 1971

NACM enjoyed 75 years of remarkable success with its Diamond Jubilee.

President Nixon sent a letter of congratulations to NACM ahead of the anniversary celebrations, on April 22. The Diamond Jubilee was a huge cause for celebration at Credit Congress (click to enlarge).
Executive Vice President Robert D. Goodwin...
July 27, 1971

... was one of a number of chief staff officers of national associations invited by President Nixon to the White House for a briefing by cabinet officers and the White House staff.

NACM Executive Vice President Goodwin shaking hands with President Nixon (click to enlarge).
Gold Standard Ends in U.S.
August 15, 1971

President Richard Nixon ended the international convertibility of the U.S. dollar to gold on national television on a Sunday, during which American financial markets were closed. The effects of the "Nixon Shock" are still debated by economists today.

President Nixon prepares to make his announcement from the Oval Office. Courtesy of the Nixon Foundation (click to enlarge).
First Microprocessor
November 15, 1971

The Intel 4004 was the first commercially available monolithic CPU, fully integrated in one small chip. This led to smaller and cheaper computers, which allowed the possibility of bringing computers into the homes of consumers and small businesses.

The Intel 4004 was originally housed within ceramics (click to enlarge).
FCIB Earns President's E Award
December 1, 1971

For promoting American businesses abroad, FCIB was presented with the "E" Award by the Department of Commerce.

The "E" Award (E for exporter) is awarded "to persons, firms, and organizations engaged in the marketing of products who make significant contributions to the expansion of the export trade of the United States" (click to enlarge).
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