1940s
The War Years
The Bell X-1, the first aircraft to break the sound barrier.
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).
... to promote and direct credit research and education.
... passed the 30,000 mark.
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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1950s
The Booming Fifties
Wartime based NACA's assets were transferred to the newly founded, civilian-based NASA.
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).
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).
... 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).
NACM took action leading to amendment of 1951 Revenue Code for more equitable taxation between private, fully taxed business and competing tax-exempt cooperatives
... of credit conditions in Latin America.
... 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).
... held at the Windsor Hotel in Montreal in conjunction with the Canadian Credit Men's Trust Association, Ltd.
"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.
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 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).
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.
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.
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).
... increased from three to four divisions.
... 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).
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).
... codified and revised as the ten "Canons of Commercial Ethics."
... with other organizations in the building trades for improvement of construction credit practices.
... formed in recognition of mounting construction failures and increased need of improved credit practices and procedures in construction industry.
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.
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.
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 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).
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)
... 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).
... 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.
... 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).
... curtailing right of states to tax out-of-state businesses.
The conference was held in London to improve credit administration and for the discussion of mutual problems.
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1960s
Flower Power
Neil Armstrong took one small step for man, one giant leap for mankind.
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.
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.
Successfully spearheaded action to strengthen Criminal Code provisions against concealment of assets in bankruptcy.
Actively opposed legislative attempts to reverse 1959 U.S. Supreme Court ruling on Union Welfare Fund priorities.
... 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).
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.
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).
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).
The old motto of "Guarding the Nation's Profits" was changed to "Creating Profits Through Credit"
... was a speaker at Credit Congress in Los Angeles, California in 1964.
Ronald Reagan enjoying California in 1964 (click to enlarge).
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).
... 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.
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).
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.
... 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).
... 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.
... was a major speaker at the Credit Congress.
Walter Cronkite was very well received at Credit Congress (click to enlarge).
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1970s
The Me Decade
The U.S. and China began to normalize their relationship.
... 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).
Through the efforts of NACM, commercial credit was excluded from the scope of the bill.
... 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.
Commercial Credit not affected.
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 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).
... 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).
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).
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).
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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