public disclosure authorized opening session of united ... · while vte cannot afford to ignore the...

16
Opening Session of United Nations Monetary and Financial Conference at Bretton Woods, July 2, 1944 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized lic Disclosure Authorized

Upload: others

Post on 26-Sep-2020

2 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

Opening Session of United Nations Monetary and Financial Conference at Bretton Woods July 2 1944

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

wb394321
Typewritten Text
63978

A MESSAGE FROM THE PRESIDENT

~e Bank is now six years old Everyone of usL irom those pioneers who joined the Bank in its i irst months to the newest staff members should take pride in its achievements To have built the Bank from an idea to an institution of world-wide reputation in six years is a real accomplishment In this time the Bank has aided twenty-seven counshy

tries with loans and given other forms of assistance to nine more

This is a good time to thin k about the international character of the Bank We know that the Bank belongs not to anyone country but to all fifty-one meIPber nations We see around us a staff drawn from thirty-two nations We are aware that the Bank has borrowed in the money markets of four coun tries and used the capital subscriptions of many others in its loan transactions Perhaps it is not so obvious that to discharge properly our duties as members of this international staff we must develop a new objectivity toward the coun tries of the world We must continue to cultivate a deeper understanding of the social economic and religious differences among nations We must think and act in terms of world progress

The Bank is unique in its purposes and its methods We are trying to do something which has never been done before We have been given no neatly plotted course to follow The success of the Bank depends on the initiative the imagination and the judgment of its staff While vte cannot afford to ignore the lessons of experience we must be boldly original and experimental in our approach to new problems

Every member of the staff has an essential position on the team We have many different duties but they are all important Let us enter the Banks seventh year of operations with renewed enthusiasm for the challenging tasks ahead

Bretton Woods Neff Hampshire Birthplace of the Bank and Fund

REMINISCENCES ON A SIXTH BIRTHDAY

by M M Mendels

One can be proud of the accomshyplishments in six years middot of thIs unique institution - unique in that it is both a broad international organization and a bank Planned at Bretton Woods in 1944 formally constituted by the end of 1945 organized further the following spring the Bank officially opened its doors only on June 25 1946

So - in m id-1946 - under general and rather original Articles of Agreement the Bank faced its beginning of operations - without managerrent or staff without organshyization without programs or poli shycies and certainly without its much publicized ten billion dollars of capital Headquarters existed in name only for IBIB H was still in the hands of the U S State Department though Mr McCorkle was making strenous efforts to dislodge them It was to be nearly a year before the Bank made its first loan In the first year Eugene Meyer the Banks first President aided by the late Harold Smith the Banks first Vice President appointed most of the department heads and many other staff members were recruited

Perhaps the most important inshyfluence in the evolution of the Bank has been the impact of personalities Early executiveshydirector arrivals on the scene

included Messrs Baranski who n ow is head of the Ethiopian Development Bank Beyen who was for a time also Acting Loan Director and Hooker who was at first temporary Secretary of the Bank These were also the days of Pete Collado and Ansel Luxford of the United States Sir James Grigg of the United Kingdom Bob Bryce of Canada Luis Machado of Cuba MendesshyFrance of France Sundaresan of India and Dr Varvaressos of Greece who is now of course Consultant to the Director of the Economic DepflCtment

On the management and top staff side I can remember in the early days Messrs Meyer Smith Demuth Riley McLain Doucet Bengston Broches Howell Ellsworth Clark Nurick Hoar and Basch Messrs Crena de longh Luxford and Rist came to the staff after first serving as alternate executive directors for the ir countries Messrs Pineo Dudley Sommers Rucinski Rosen Gilshymartin and Hill came in November 1946 In the following month Messrs Lopez-Herrarte Burland Stephens Lejeune R osensteinshyRodan Aldewereld and Fowler joined the staff

The resignation of Mr Meyer in December 1946 and the death of Mr Smith the next month created

3

the well-known interregnum which lasted until March 17 1947 Then ) ohit J McCloy was appointed President Mr Garner became Vice President and Mr Parker came to administer us With management complete once more the Bank was able to launch a program of acshytivity which has given it a preshyeminent posItion among intershynational organizations On leaving to become United States High Commissioner for Germany in July 1949 Mr McCloy was sucshyceeded by our present President Eugene R Black who had been United States Executive Director for more than two years previously

As time went on leading

was held in Paris In 1950 Bank loans and borrowings mounted steadily and its membership of nations continued to grow

In this short six years of progshyress over unchalted seas the Bank has participated in reconstruction finance necessitated by the war has worked out an effective pattern for developmental lending has esshytablished its credit in the United States and other money markets and has made real headway in the giving of technical assistance to its member countries The Bank is now known in most parts of the world and is regarded as a well-run and efficient organization

The Banks infancy has been personalities shifted somewhat crowded with interesting and useful Mr McLain left to accompany Mr McCloy and was succeeded as General Counsel by Me Sommers Mr Ayers became Public Relashytions Director and on his death Mr Graves was appointed Mr Iliff who had succeeded Mr P ine( as Loan Director became Asshysistant to the President and was succeeded as Loan Director by Mr Hoar

In 1947 the first Bank loans were granted the first bond issues were sold the New York office was opened and the first annual meeting Jlway from Washington Vtas held in London In 1948 the Paris Office

experience Its executive directors have been statesmanlike its capashyble management and operation have given it a distinguished place in the international field The multishynational staff has shown an admishyrable tendency to exhibit nonshynational outlooks Most of all it has kept its objectives always in mind and striven to attain them in the quickest and most efficient ways

The imaginative purposes for which the Bank exists and the benefits resulting throughout the world from its efforts to help raise the living conditions of large popushylations make every staff members

was opened the pension plan job an important contribution adopted and the first Swiss Yes on looking back over the issue of Bank bonds was sold first six years one can be proud In 1949 under a new President to be in the Bank the Banks annual cooference

4

by Maria Wilhelm

In May 1946 the Rank was busily recruiting a staff in preparation for the official opening on June 25 Three young ladies who joined the Bank then are still with us

Marie-Louise Cathala assistant to the Director of the Econorric Department is from France After working for the Comite des Forges and International Business l-middotjachines in France she was Mr Rists assistant when he was chief of the Finance Division in the Allied Control Commission for Austria in Vienna Lise has also achieved some fame as a writer of fairy tales Since joining the Bank May 7 1946 she has seen all but three of the forty-eight States

Despina Seal secretary to Martin Rosen of the Economic Deshypartment had a foretaste of work at the Bank when as a State Cepartshyment emp loyee she attended the San Francisco Conference in 1945 Dessy remembers flying back from the coast in the plane which carried the charter carefully locked in a safe equipped with two parachutes and labe lled If found please return to State Department (The passeng~rs wore neither parachutes nor labels) Dessy also went to Greece for the State Department as a secretary to the Grady Mission She has remained Washington-bound since joining the Hank l-1ay 17 1946 but this is partly due to the arrival of Linda age 4 Jack 2 and Carol 6 months

Margaret Russell Mr Garners secretary finds the Bank today a far cry from the early days when the entire staff was housed on the 10th floor with room to spare Her first work at the Bank was in the Legal office but five years ago she went to her present job as secretary tothe Vice President In February 1949 Peggie accompanied Mr Garner on a survey trip to the middle east and still remembers the night she spent in a harem in Morocco Prior to joining the Bank May 31 1946 Peggie worked in the National Institute of Health of the Federal Security Agency and with the Savings Bonds Division of the United States Treasury Though few will believe it the first time they hear it she is the proud II1otherof two grown-up sons John 20 and Murray 22 who is in the Air Force

Dessy Peggie and Lise discuss old times at thereg() Bank over he eacups

~~

THE LEGAL DEPARTMENT

Everybodys business is a lawyers business hence a lawyers hand will be found in almost every phase of the Banks activities

A days work in the Legal Department may include anything from examlDlDg a contract for extermination of rodents and roaches on the 10th floor or attending a workmens compensation hearing for a Bank employee who has stubbed his toe on a file cabinet to drafting of a prospectus for $100000000 bond issue or panicipating in negoti shyations for a loan to Ruritania

Only when he is in trouble and needs help does the average person think of a lawyer Those who corre after trouble starts soon realize the point of the classic remark You used to need a lawyer but its too late now In the Bank the Legal Department usually is consulted beforehand and its advice is usually given in the form of active participation in operations Lawyers will be found at the meetings of the Board of Governors and Board of Executive Directors advising on questions both of procedure and substance or working with the Secretarys office on membership or annual meeting problems As memhers of loan working panies the attorneys participate with representatives of the Loan Economic and Treasurers Departments in studyina the rrerits of proposed loans At a later stage together with the Loan Department they are actively engaged with prospective borrowers and guarantors in negotiation of the terms of loan and guarantee agreements

After a loan agreement has been signed the attorney works with the Treasurers Department on disbursement or end-use problems Treasurers Department Marketing Department and Legal Department also work together closely whenever the Bank issues and sells its own bonds Work with the Administration Department covers numerous matters such as leases insurance and problems arising under the staff retirement plan

The work of the Department is easy to classify there ar~ no classifications Every attorney does every kind of work under the general supervision of Davidson Sommers the General Counsel and Aron Broches the Assistant General Counsel The attorneys Lars Bengston Leopoldo Cancio Ellsworth Clark Douglas F ontein Virginia Morsey Lester Nurick Franz Oppenheimer Irving Reynolds R B J Richards and Jean Villechaise are usually assigned to work in pairs on any large project such as a loan negotiation one lawyer being primarily responsible for han~ling of the matter and the other acting as Man Friday Although the legal staff includes

6

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 2: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

A MESSAGE FROM THE PRESIDENT

~e Bank is now six years old Everyone of usL irom those pioneers who joined the Bank in its i irst months to the newest staff members should take pride in its achievements To have built the Bank from an idea to an institution of world-wide reputation in six years is a real accomplishment In this time the Bank has aided twenty-seven counshy

tries with loans and given other forms of assistance to nine more

This is a good time to thin k about the international character of the Bank We know that the Bank belongs not to anyone country but to all fifty-one meIPber nations We see around us a staff drawn from thirty-two nations We are aware that the Bank has borrowed in the money markets of four coun tries and used the capital subscriptions of many others in its loan transactions Perhaps it is not so obvious that to discharge properly our duties as members of this international staff we must develop a new objectivity toward the coun tries of the world We must continue to cultivate a deeper understanding of the social economic and religious differences among nations We must think and act in terms of world progress

The Bank is unique in its purposes and its methods We are trying to do something which has never been done before We have been given no neatly plotted course to follow The success of the Bank depends on the initiative the imagination and the judgment of its staff While vte cannot afford to ignore the lessons of experience we must be boldly original and experimental in our approach to new problems

Every member of the staff has an essential position on the team We have many different duties but they are all important Let us enter the Banks seventh year of operations with renewed enthusiasm for the challenging tasks ahead

Bretton Woods Neff Hampshire Birthplace of the Bank and Fund

REMINISCENCES ON A SIXTH BIRTHDAY

by M M Mendels

One can be proud of the accomshyplishments in six years middot of thIs unique institution - unique in that it is both a broad international organization and a bank Planned at Bretton Woods in 1944 formally constituted by the end of 1945 organized further the following spring the Bank officially opened its doors only on June 25 1946

So - in m id-1946 - under general and rather original Articles of Agreement the Bank faced its beginning of operations - without managerrent or staff without organshyization without programs or poli shycies and certainly without its much publicized ten billion dollars of capital Headquarters existed in name only for IBIB H was still in the hands of the U S State Department though Mr McCorkle was making strenous efforts to dislodge them It was to be nearly a year before the Bank made its first loan In the first year Eugene Meyer the Banks first President aided by the late Harold Smith the Banks first Vice President appointed most of the department heads and many other staff members were recruited

Perhaps the most important inshyfluence in the evolution of the Bank has been the impact of personalities Early executiveshydirector arrivals on the scene

included Messrs Baranski who n ow is head of the Ethiopian Development Bank Beyen who was for a time also Acting Loan Director and Hooker who was at first temporary Secretary of the Bank These were also the days of Pete Collado and Ansel Luxford of the United States Sir James Grigg of the United Kingdom Bob Bryce of Canada Luis Machado of Cuba MendesshyFrance of France Sundaresan of India and Dr Varvaressos of Greece who is now of course Consultant to the Director of the Economic DepflCtment

On the management and top staff side I can remember in the early days Messrs Meyer Smith Demuth Riley McLain Doucet Bengston Broches Howell Ellsworth Clark Nurick Hoar and Basch Messrs Crena de longh Luxford and Rist came to the staff after first serving as alternate executive directors for the ir countries Messrs Pineo Dudley Sommers Rucinski Rosen Gilshymartin and Hill came in November 1946 In the following month Messrs Lopez-Herrarte Burland Stephens Lejeune R osensteinshyRodan Aldewereld and Fowler joined the staff

The resignation of Mr Meyer in December 1946 and the death of Mr Smith the next month created

3

the well-known interregnum which lasted until March 17 1947 Then ) ohit J McCloy was appointed President Mr Garner became Vice President and Mr Parker came to administer us With management complete once more the Bank was able to launch a program of acshytivity which has given it a preshyeminent posItion among intershynational organizations On leaving to become United States High Commissioner for Germany in July 1949 Mr McCloy was sucshyceeded by our present President Eugene R Black who had been United States Executive Director for more than two years previously

As time went on leading

was held in Paris In 1950 Bank loans and borrowings mounted steadily and its membership of nations continued to grow

In this short six years of progshyress over unchalted seas the Bank has participated in reconstruction finance necessitated by the war has worked out an effective pattern for developmental lending has esshytablished its credit in the United States and other money markets and has made real headway in the giving of technical assistance to its member countries The Bank is now known in most parts of the world and is regarded as a well-run and efficient organization

The Banks infancy has been personalities shifted somewhat crowded with interesting and useful Mr McLain left to accompany Mr McCloy and was succeeded as General Counsel by Me Sommers Mr Ayers became Public Relashytions Director and on his death Mr Graves was appointed Mr Iliff who had succeeded Mr P ine( as Loan Director became Asshysistant to the President and was succeeded as Loan Director by Mr Hoar

In 1947 the first Bank loans were granted the first bond issues were sold the New York office was opened and the first annual meeting Jlway from Washington Vtas held in London In 1948 the Paris Office

experience Its executive directors have been statesmanlike its capashyble management and operation have given it a distinguished place in the international field The multishynational staff has shown an admishyrable tendency to exhibit nonshynational outlooks Most of all it has kept its objectives always in mind and striven to attain them in the quickest and most efficient ways

The imaginative purposes for which the Bank exists and the benefits resulting throughout the world from its efforts to help raise the living conditions of large popushylations make every staff members

was opened the pension plan job an important contribution adopted and the first Swiss Yes on looking back over the issue of Bank bonds was sold first six years one can be proud In 1949 under a new President to be in the Bank the Banks annual cooference

4

by Maria Wilhelm

In May 1946 the Rank was busily recruiting a staff in preparation for the official opening on June 25 Three young ladies who joined the Bank then are still with us

Marie-Louise Cathala assistant to the Director of the Econorric Department is from France After working for the Comite des Forges and International Business l-middotjachines in France she was Mr Rists assistant when he was chief of the Finance Division in the Allied Control Commission for Austria in Vienna Lise has also achieved some fame as a writer of fairy tales Since joining the Bank May 7 1946 she has seen all but three of the forty-eight States

Despina Seal secretary to Martin Rosen of the Economic Deshypartment had a foretaste of work at the Bank when as a State Cepartshyment emp loyee she attended the San Francisco Conference in 1945 Dessy remembers flying back from the coast in the plane which carried the charter carefully locked in a safe equipped with two parachutes and labe lled If found please return to State Department (The passeng~rs wore neither parachutes nor labels) Dessy also went to Greece for the State Department as a secretary to the Grady Mission She has remained Washington-bound since joining the Hank l-1ay 17 1946 but this is partly due to the arrival of Linda age 4 Jack 2 and Carol 6 months

Margaret Russell Mr Garners secretary finds the Bank today a far cry from the early days when the entire staff was housed on the 10th floor with room to spare Her first work at the Bank was in the Legal office but five years ago she went to her present job as secretary tothe Vice President In February 1949 Peggie accompanied Mr Garner on a survey trip to the middle east and still remembers the night she spent in a harem in Morocco Prior to joining the Bank May 31 1946 Peggie worked in the National Institute of Health of the Federal Security Agency and with the Savings Bonds Division of the United States Treasury Though few will believe it the first time they hear it she is the proud II1otherof two grown-up sons John 20 and Murray 22 who is in the Air Force

Dessy Peggie and Lise discuss old times at thereg() Bank over he eacups

~~

THE LEGAL DEPARTMENT

Everybodys business is a lawyers business hence a lawyers hand will be found in almost every phase of the Banks activities

A days work in the Legal Department may include anything from examlDlDg a contract for extermination of rodents and roaches on the 10th floor or attending a workmens compensation hearing for a Bank employee who has stubbed his toe on a file cabinet to drafting of a prospectus for $100000000 bond issue or panicipating in negoti shyations for a loan to Ruritania

Only when he is in trouble and needs help does the average person think of a lawyer Those who corre after trouble starts soon realize the point of the classic remark You used to need a lawyer but its too late now In the Bank the Legal Department usually is consulted beforehand and its advice is usually given in the form of active participation in operations Lawyers will be found at the meetings of the Board of Governors and Board of Executive Directors advising on questions both of procedure and substance or working with the Secretarys office on membership or annual meeting problems As memhers of loan working panies the attorneys participate with representatives of the Loan Economic and Treasurers Departments in studyina the rrerits of proposed loans At a later stage together with the Loan Department they are actively engaged with prospective borrowers and guarantors in negotiation of the terms of loan and guarantee agreements

After a loan agreement has been signed the attorney works with the Treasurers Department on disbursement or end-use problems Treasurers Department Marketing Department and Legal Department also work together closely whenever the Bank issues and sells its own bonds Work with the Administration Department covers numerous matters such as leases insurance and problems arising under the staff retirement plan

The work of the Department is easy to classify there ar~ no classifications Every attorney does every kind of work under the general supervision of Davidson Sommers the General Counsel and Aron Broches the Assistant General Counsel The attorneys Lars Bengston Leopoldo Cancio Ellsworth Clark Douglas F ontein Virginia Morsey Lester Nurick Franz Oppenheimer Irving Reynolds R B J Richards and Jean Villechaise are usually assigned to work in pairs on any large project such as a loan negotiation one lawyer being primarily responsible for han~ling of the matter and the other acting as Man Friday Although the legal staff includes

6

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 3: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

REMINISCENCES ON A SIXTH BIRTHDAY

by M M Mendels

One can be proud of the accomshyplishments in six years middot of thIs unique institution - unique in that it is both a broad international organization and a bank Planned at Bretton Woods in 1944 formally constituted by the end of 1945 organized further the following spring the Bank officially opened its doors only on June 25 1946

So - in m id-1946 - under general and rather original Articles of Agreement the Bank faced its beginning of operations - without managerrent or staff without organshyization without programs or poli shycies and certainly without its much publicized ten billion dollars of capital Headquarters existed in name only for IBIB H was still in the hands of the U S State Department though Mr McCorkle was making strenous efforts to dislodge them It was to be nearly a year before the Bank made its first loan In the first year Eugene Meyer the Banks first President aided by the late Harold Smith the Banks first Vice President appointed most of the department heads and many other staff members were recruited

Perhaps the most important inshyfluence in the evolution of the Bank has been the impact of personalities Early executiveshydirector arrivals on the scene

included Messrs Baranski who n ow is head of the Ethiopian Development Bank Beyen who was for a time also Acting Loan Director and Hooker who was at first temporary Secretary of the Bank These were also the days of Pete Collado and Ansel Luxford of the United States Sir James Grigg of the United Kingdom Bob Bryce of Canada Luis Machado of Cuba MendesshyFrance of France Sundaresan of India and Dr Varvaressos of Greece who is now of course Consultant to the Director of the Economic DepflCtment

On the management and top staff side I can remember in the early days Messrs Meyer Smith Demuth Riley McLain Doucet Bengston Broches Howell Ellsworth Clark Nurick Hoar and Basch Messrs Crena de longh Luxford and Rist came to the staff after first serving as alternate executive directors for the ir countries Messrs Pineo Dudley Sommers Rucinski Rosen Gilshymartin and Hill came in November 1946 In the following month Messrs Lopez-Herrarte Burland Stephens Lejeune R osensteinshyRodan Aldewereld and Fowler joined the staff

The resignation of Mr Meyer in December 1946 and the death of Mr Smith the next month created

3

the well-known interregnum which lasted until March 17 1947 Then ) ohit J McCloy was appointed President Mr Garner became Vice President and Mr Parker came to administer us With management complete once more the Bank was able to launch a program of acshytivity which has given it a preshyeminent posItion among intershynational organizations On leaving to become United States High Commissioner for Germany in July 1949 Mr McCloy was sucshyceeded by our present President Eugene R Black who had been United States Executive Director for more than two years previously

As time went on leading

was held in Paris In 1950 Bank loans and borrowings mounted steadily and its membership of nations continued to grow

In this short six years of progshyress over unchalted seas the Bank has participated in reconstruction finance necessitated by the war has worked out an effective pattern for developmental lending has esshytablished its credit in the United States and other money markets and has made real headway in the giving of technical assistance to its member countries The Bank is now known in most parts of the world and is regarded as a well-run and efficient organization

The Banks infancy has been personalities shifted somewhat crowded with interesting and useful Mr McLain left to accompany Mr McCloy and was succeeded as General Counsel by Me Sommers Mr Ayers became Public Relashytions Director and on his death Mr Graves was appointed Mr Iliff who had succeeded Mr P ine( as Loan Director became Asshysistant to the President and was succeeded as Loan Director by Mr Hoar

In 1947 the first Bank loans were granted the first bond issues were sold the New York office was opened and the first annual meeting Jlway from Washington Vtas held in London In 1948 the Paris Office

experience Its executive directors have been statesmanlike its capashyble management and operation have given it a distinguished place in the international field The multishynational staff has shown an admishyrable tendency to exhibit nonshynational outlooks Most of all it has kept its objectives always in mind and striven to attain them in the quickest and most efficient ways

The imaginative purposes for which the Bank exists and the benefits resulting throughout the world from its efforts to help raise the living conditions of large popushylations make every staff members

was opened the pension plan job an important contribution adopted and the first Swiss Yes on looking back over the issue of Bank bonds was sold first six years one can be proud In 1949 under a new President to be in the Bank the Banks annual cooference

4

by Maria Wilhelm

In May 1946 the Rank was busily recruiting a staff in preparation for the official opening on June 25 Three young ladies who joined the Bank then are still with us

Marie-Louise Cathala assistant to the Director of the Econorric Department is from France After working for the Comite des Forges and International Business l-middotjachines in France she was Mr Rists assistant when he was chief of the Finance Division in the Allied Control Commission for Austria in Vienna Lise has also achieved some fame as a writer of fairy tales Since joining the Bank May 7 1946 she has seen all but three of the forty-eight States

Despina Seal secretary to Martin Rosen of the Economic Deshypartment had a foretaste of work at the Bank when as a State Cepartshyment emp loyee she attended the San Francisco Conference in 1945 Dessy remembers flying back from the coast in the plane which carried the charter carefully locked in a safe equipped with two parachutes and labe lled If found please return to State Department (The passeng~rs wore neither parachutes nor labels) Dessy also went to Greece for the State Department as a secretary to the Grady Mission She has remained Washington-bound since joining the Hank l-1ay 17 1946 but this is partly due to the arrival of Linda age 4 Jack 2 and Carol 6 months

Margaret Russell Mr Garners secretary finds the Bank today a far cry from the early days when the entire staff was housed on the 10th floor with room to spare Her first work at the Bank was in the Legal office but five years ago she went to her present job as secretary tothe Vice President In February 1949 Peggie accompanied Mr Garner on a survey trip to the middle east and still remembers the night she spent in a harem in Morocco Prior to joining the Bank May 31 1946 Peggie worked in the National Institute of Health of the Federal Security Agency and with the Savings Bonds Division of the United States Treasury Though few will believe it the first time they hear it she is the proud II1otherof two grown-up sons John 20 and Murray 22 who is in the Air Force

Dessy Peggie and Lise discuss old times at thereg() Bank over he eacups

~~

THE LEGAL DEPARTMENT

Everybodys business is a lawyers business hence a lawyers hand will be found in almost every phase of the Banks activities

A days work in the Legal Department may include anything from examlDlDg a contract for extermination of rodents and roaches on the 10th floor or attending a workmens compensation hearing for a Bank employee who has stubbed his toe on a file cabinet to drafting of a prospectus for $100000000 bond issue or panicipating in negoti shyations for a loan to Ruritania

Only when he is in trouble and needs help does the average person think of a lawyer Those who corre after trouble starts soon realize the point of the classic remark You used to need a lawyer but its too late now In the Bank the Legal Department usually is consulted beforehand and its advice is usually given in the form of active participation in operations Lawyers will be found at the meetings of the Board of Governors and Board of Executive Directors advising on questions both of procedure and substance or working with the Secretarys office on membership or annual meeting problems As memhers of loan working panies the attorneys participate with representatives of the Loan Economic and Treasurers Departments in studyina the rrerits of proposed loans At a later stage together with the Loan Department they are actively engaged with prospective borrowers and guarantors in negotiation of the terms of loan and guarantee agreements

After a loan agreement has been signed the attorney works with the Treasurers Department on disbursement or end-use problems Treasurers Department Marketing Department and Legal Department also work together closely whenever the Bank issues and sells its own bonds Work with the Administration Department covers numerous matters such as leases insurance and problems arising under the staff retirement plan

The work of the Department is easy to classify there ar~ no classifications Every attorney does every kind of work under the general supervision of Davidson Sommers the General Counsel and Aron Broches the Assistant General Counsel The attorneys Lars Bengston Leopoldo Cancio Ellsworth Clark Douglas F ontein Virginia Morsey Lester Nurick Franz Oppenheimer Irving Reynolds R B J Richards and Jean Villechaise are usually assigned to work in pairs on any large project such as a loan negotiation one lawyer being primarily responsible for han~ling of the matter and the other acting as Man Friday Although the legal staff includes

6

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 4: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

the well-known interregnum which lasted until March 17 1947 Then ) ohit J McCloy was appointed President Mr Garner became Vice President and Mr Parker came to administer us With management complete once more the Bank was able to launch a program of acshytivity which has given it a preshyeminent posItion among intershynational organizations On leaving to become United States High Commissioner for Germany in July 1949 Mr McCloy was sucshyceeded by our present President Eugene R Black who had been United States Executive Director for more than two years previously

As time went on leading

was held in Paris In 1950 Bank loans and borrowings mounted steadily and its membership of nations continued to grow

In this short six years of progshyress over unchalted seas the Bank has participated in reconstruction finance necessitated by the war has worked out an effective pattern for developmental lending has esshytablished its credit in the United States and other money markets and has made real headway in the giving of technical assistance to its member countries The Bank is now known in most parts of the world and is regarded as a well-run and efficient organization

The Banks infancy has been personalities shifted somewhat crowded with interesting and useful Mr McLain left to accompany Mr McCloy and was succeeded as General Counsel by Me Sommers Mr Ayers became Public Relashytions Director and on his death Mr Graves was appointed Mr Iliff who had succeeded Mr P ine( as Loan Director became Asshysistant to the President and was succeeded as Loan Director by Mr Hoar

In 1947 the first Bank loans were granted the first bond issues were sold the New York office was opened and the first annual meeting Jlway from Washington Vtas held in London In 1948 the Paris Office

experience Its executive directors have been statesmanlike its capashyble management and operation have given it a distinguished place in the international field The multishynational staff has shown an admishyrable tendency to exhibit nonshynational outlooks Most of all it has kept its objectives always in mind and striven to attain them in the quickest and most efficient ways

The imaginative purposes for which the Bank exists and the benefits resulting throughout the world from its efforts to help raise the living conditions of large popushylations make every staff members

was opened the pension plan job an important contribution adopted and the first Swiss Yes on looking back over the issue of Bank bonds was sold first six years one can be proud In 1949 under a new President to be in the Bank the Banks annual cooference

4

by Maria Wilhelm

In May 1946 the Rank was busily recruiting a staff in preparation for the official opening on June 25 Three young ladies who joined the Bank then are still with us

Marie-Louise Cathala assistant to the Director of the Econorric Department is from France After working for the Comite des Forges and International Business l-middotjachines in France she was Mr Rists assistant when he was chief of the Finance Division in the Allied Control Commission for Austria in Vienna Lise has also achieved some fame as a writer of fairy tales Since joining the Bank May 7 1946 she has seen all but three of the forty-eight States

Despina Seal secretary to Martin Rosen of the Economic Deshypartment had a foretaste of work at the Bank when as a State Cepartshyment emp loyee she attended the San Francisco Conference in 1945 Dessy remembers flying back from the coast in the plane which carried the charter carefully locked in a safe equipped with two parachutes and labe lled If found please return to State Department (The passeng~rs wore neither parachutes nor labels) Dessy also went to Greece for the State Department as a secretary to the Grady Mission She has remained Washington-bound since joining the Hank l-1ay 17 1946 but this is partly due to the arrival of Linda age 4 Jack 2 and Carol 6 months

Margaret Russell Mr Garners secretary finds the Bank today a far cry from the early days when the entire staff was housed on the 10th floor with room to spare Her first work at the Bank was in the Legal office but five years ago she went to her present job as secretary tothe Vice President In February 1949 Peggie accompanied Mr Garner on a survey trip to the middle east and still remembers the night she spent in a harem in Morocco Prior to joining the Bank May 31 1946 Peggie worked in the National Institute of Health of the Federal Security Agency and with the Savings Bonds Division of the United States Treasury Though few will believe it the first time they hear it she is the proud II1otherof two grown-up sons John 20 and Murray 22 who is in the Air Force

Dessy Peggie and Lise discuss old times at thereg() Bank over he eacups

~~

THE LEGAL DEPARTMENT

Everybodys business is a lawyers business hence a lawyers hand will be found in almost every phase of the Banks activities

A days work in the Legal Department may include anything from examlDlDg a contract for extermination of rodents and roaches on the 10th floor or attending a workmens compensation hearing for a Bank employee who has stubbed his toe on a file cabinet to drafting of a prospectus for $100000000 bond issue or panicipating in negoti shyations for a loan to Ruritania

Only when he is in trouble and needs help does the average person think of a lawyer Those who corre after trouble starts soon realize the point of the classic remark You used to need a lawyer but its too late now In the Bank the Legal Department usually is consulted beforehand and its advice is usually given in the form of active participation in operations Lawyers will be found at the meetings of the Board of Governors and Board of Executive Directors advising on questions both of procedure and substance or working with the Secretarys office on membership or annual meeting problems As memhers of loan working panies the attorneys participate with representatives of the Loan Economic and Treasurers Departments in studyina the rrerits of proposed loans At a later stage together with the Loan Department they are actively engaged with prospective borrowers and guarantors in negotiation of the terms of loan and guarantee agreements

After a loan agreement has been signed the attorney works with the Treasurers Department on disbursement or end-use problems Treasurers Department Marketing Department and Legal Department also work together closely whenever the Bank issues and sells its own bonds Work with the Administration Department covers numerous matters such as leases insurance and problems arising under the staff retirement plan

The work of the Department is easy to classify there ar~ no classifications Every attorney does every kind of work under the general supervision of Davidson Sommers the General Counsel and Aron Broches the Assistant General Counsel The attorneys Lars Bengston Leopoldo Cancio Ellsworth Clark Douglas F ontein Virginia Morsey Lester Nurick Franz Oppenheimer Irving Reynolds R B J Richards and Jean Villechaise are usually assigned to work in pairs on any large project such as a loan negotiation one lawyer being primarily responsible for han~ling of the matter and the other acting as Man Friday Although the legal staff includes

6

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 5: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

by Maria Wilhelm

In May 1946 the Rank was busily recruiting a staff in preparation for the official opening on June 25 Three young ladies who joined the Bank then are still with us

Marie-Louise Cathala assistant to the Director of the Econorric Department is from France After working for the Comite des Forges and International Business l-middotjachines in France she was Mr Rists assistant when he was chief of the Finance Division in the Allied Control Commission for Austria in Vienna Lise has also achieved some fame as a writer of fairy tales Since joining the Bank May 7 1946 she has seen all but three of the forty-eight States

Despina Seal secretary to Martin Rosen of the Economic Deshypartment had a foretaste of work at the Bank when as a State Cepartshyment emp loyee she attended the San Francisco Conference in 1945 Dessy remembers flying back from the coast in the plane which carried the charter carefully locked in a safe equipped with two parachutes and labe lled If found please return to State Department (The passeng~rs wore neither parachutes nor labels) Dessy also went to Greece for the State Department as a secretary to the Grady Mission She has remained Washington-bound since joining the Hank l-1ay 17 1946 but this is partly due to the arrival of Linda age 4 Jack 2 and Carol 6 months

Margaret Russell Mr Garners secretary finds the Bank today a far cry from the early days when the entire staff was housed on the 10th floor with room to spare Her first work at the Bank was in the Legal office but five years ago she went to her present job as secretary tothe Vice President In February 1949 Peggie accompanied Mr Garner on a survey trip to the middle east and still remembers the night she spent in a harem in Morocco Prior to joining the Bank May 31 1946 Peggie worked in the National Institute of Health of the Federal Security Agency and with the Savings Bonds Division of the United States Treasury Though few will believe it the first time they hear it she is the proud II1otherof two grown-up sons John 20 and Murray 22 who is in the Air Force

Dessy Peggie and Lise discuss old times at thereg() Bank over he eacups

~~

THE LEGAL DEPARTMENT

Everybodys business is a lawyers business hence a lawyers hand will be found in almost every phase of the Banks activities

A days work in the Legal Department may include anything from examlDlDg a contract for extermination of rodents and roaches on the 10th floor or attending a workmens compensation hearing for a Bank employee who has stubbed his toe on a file cabinet to drafting of a prospectus for $100000000 bond issue or panicipating in negoti shyations for a loan to Ruritania

Only when he is in trouble and needs help does the average person think of a lawyer Those who corre after trouble starts soon realize the point of the classic remark You used to need a lawyer but its too late now In the Bank the Legal Department usually is consulted beforehand and its advice is usually given in the form of active participation in operations Lawyers will be found at the meetings of the Board of Governors and Board of Executive Directors advising on questions both of procedure and substance or working with the Secretarys office on membership or annual meeting problems As memhers of loan working panies the attorneys participate with representatives of the Loan Economic and Treasurers Departments in studyina the rrerits of proposed loans At a later stage together with the Loan Department they are actively engaged with prospective borrowers and guarantors in negotiation of the terms of loan and guarantee agreements

After a loan agreement has been signed the attorney works with the Treasurers Department on disbursement or end-use problems Treasurers Department Marketing Department and Legal Department also work together closely whenever the Bank issues and sells its own bonds Work with the Administration Department covers numerous matters such as leases insurance and problems arising under the staff retirement plan

The work of the Department is easy to classify there ar~ no classifications Every attorney does every kind of work under the general supervision of Davidson Sommers the General Counsel and Aron Broches the Assistant General Counsel The attorneys Lars Bengston Leopoldo Cancio Ellsworth Clark Douglas F ontein Virginia Morsey Lester Nurick Franz Oppenheimer Irving Reynolds R B J Richards and Jean Villechaise are usually assigned to work in pairs on any large project such as a loan negotiation one lawyer being primarily responsible for han~ling of the matter and the other acting as Man Friday Although the legal staff includes

6

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 6: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

THE LEGAL DEPARTMENT

Everybodys business is a lawyers business hence a lawyers hand will be found in almost every phase of the Banks activities

A days work in the Legal Department may include anything from examlDlDg a contract for extermination of rodents and roaches on the 10th floor or attending a workmens compensation hearing for a Bank employee who has stubbed his toe on a file cabinet to drafting of a prospectus for $100000000 bond issue or panicipating in negoti shyations for a loan to Ruritania

Only when he is in trouble and needs help does the average person think of a lawyer Those who corre after trouble starts soon realize the point of the classic remark You used to need a lawyer but its too late now In the Bank the Legal Department usually is consulted beforehand and its advice is usually given in the form of active participation in operations Lawyers will be found at the meetings of the Board of Governors and Board of Executive Directors advising on questions both of procedure and substance or working with the Secretarys office on membership or annual meeting problems As memhers of loan working panies the attorneys participate with representatives of the Loan Economic and Treasurers Departments in studyina the rrerits of proposed loans At a later stage together with the Loan Department they are actively engaged with prospective borrowers and guarantors in negotiation of the terms of loan and guarantee agreements

After a loan agreement has been signed the attorney works with the Treasurers Department on disbursement or end-use problems Treasurers Department Marketing Department and Legal Department also work together closely whenever the Bank issues and sells its own bonds Work with the Administration Department covers numerous matters such as leases insurance and problems arising under the staff retirement plan

The work of the Department is easy to classify there ar~ no classifications Every attorney does every kind of work under the general supervision of Davidson Sommers the General Counsel and Aron Broches the Assistant General Counsel The attorneys Lars Bengston Leopoldo Cancio Ellsworth Clark Douglas F ontein Virginia Morsey Lester Nurick Franz Oppenheimer Irving Reynolds R B J Richards and Jean Villechaise are usually assigned to work in pairs on any large project such as a loan negotiation one lawyer being primarily responsible for han~ling of the matter and the other acting as Man Friday Although the legal staff includes

6

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 7: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

THE STAFF OF THE LEGAL DEPARTMENT

First ROfll (Seated L to R) Aron Broches Ruth Haney Davidson SOMmers Katherine Morris Leopoldo Cancio Second ROftl (Standing L to R) Virginia Morsey Jean Yillechaise Helen Scheer Anne Layton Verna Via Ells~orth Clark Mary Ellen Parks Douglas Fontein Ann Marie Steup Third ROfll (Standing L to R) Gladys Willard Lester Nurick Lars Bengs ton Lei la Anne Wallace Reginald Richards Ann Rozeck Unable to be present Franz Oppenheiller Shirley Bisselle EMile Karson Irving Reynolds

both civil law and common law lawyers there are no standing assignments on regional or functional bases A bond issue if it is a sufficiently rush one may require the combined attention of almost everyone in the office Such a job may involve not only the regular attorneys but also Emile Karson our research assistant a recent law school graduate who spends most of his time in libraries doing legal research Catherine Finch who administers the legal files and our efficient secretaries Shirley Bisselle Ruth Haney Anne Layton Mary Ellen Parks Ann Rozeck Helen Scheer Anne Marie Steup Leila Ann Wallace and Gladys Willard Each of the secretaries works primarily with one attorney but in times of emergenshycy workloads are coordinated through Mr Sommers secretary Kay Morris They may have to spend long hours of transcribing dictation typing and proofreading when there are deadlines to be met But teamwork which is an essential element in the relationships of the Legal Department makes it possible for loans to be made or bonds to be sold at the appointed time

The 11th floor with its vista of the Pentagon airport and Washshyington rr~onurnent is a fitting location for a department hich specializes in the birds eye view

7

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 8: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

(L to R) Front Ro Leonard Rist Anne Starcevic Henry Riley Marion Abbott Second Row Aron Broches Audrey Saith Williall lIoell Gladys Willard Joseph Fajans lhird Ro M M Mendels Lye II Douce t Marve 1 Po llo ck Ivan Holness Richard Deuth

(L to R) Front Row Ells11orth Clark Marie-Louise Cathala Edftlara Donovan Desp ina Seal Second Row Grace Micelt Florshyence Czok Willia McCorkle Margaret Russell Edith Burkett Third Ro Agnes Maher Graha Bro The la Laber t Chad es Rustin Neva Dillard William Kelly Jr

BANK PI Pictured here are mem joined the Bank during operation and are still in

Seated (L to R) Fron t ROfll Margaret Paterson Jeanne We lIs Second Rottl Jacques Torfs Laurence Slade Ching- Wu Wang Third Ro Davidson Sobullbullers Barbara Charalambous Antonin Basch Myrtle Tibullbull ins Fourth Ro Jeanet te Siegel Lester Nurick Katherine Morris Standshying (L to R) Fifth Ro Labron Rudisill WiZlial1 Wetton ASG Hoar

Unable to be present Josephli Bengs ton Andret Huang Dorsey Stewart Mason Paris Office ~

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 9: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

I

[ONEERsect nbers of the staff who

its first ten months of [l its service

fi_ ~ ~~~~

Seated (L to R) Front R07n Josephine V~ G~sse Secshyond ROJrl Barbara1au Ikner Josephine Faulkner Ruth Clark Third Row Ruth Haney William Gilmartin Doris Eliason Paul CraigshyMartin Fourth ROJrl Kalshyter Rutland Grace E MacshyKenzie Stanton BroJrler James Lancaster Fifth Rottl Standing (L to R) 4nn Friedman Elmer Burshyland Eugenia Tufts

~ucinski Harrison Clark Lars y Stephens D Crena de Iongh Walter lIill Drew Dudley

(L to R) Front Row Pauline Newton Martin Rosen Therese Seguin Badri Rao Second Row Jean Gali ffa Ar thur Wubnig Ann Rozed~ Bernice Westrom Third Row Lydia Miller James Lynch Toni Georgion Samuel L ipkofDi t z

~~W (L to R) Front Ro B L Prtns Constance Ladue Enri~ue LopezshyHerrarte Ol ive Shull Second Ro Siem Aldewereld Margaret Carter Michael Lejeune Doris Garvey Paul Rosenstein-Rodan Third Row Gordon Street Elsie Hedberg Ladislav Svoboda Dorshyothy StefDart Donald FOf1ller~

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 10: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

EXCERPT FROM 1HE ADDRESS OF SENATOR CHARLES W TOBEY DELEGATE OF THE UNITED STA1ES OF AMERICA TO THE UNITED NATIONS MONETAR Y AND FINANCIAi CONFERENCE BREllON WOODS NH bull JULY 2 1944

lilt is our common aspiration I bel ieve that assembled here among these eternal hills we shall under a deep conshyviction of the needs of humanity discard trivia and refuse to be turned away from our great purpose to give to the people of the wor ld new hope and courage through the constructive results which we pray may come from this historic Conference

The specific task assigned to us is to formulate a practishycal plan for the establishment of a world fund and bank for the stabilization of exchange This is our immediate and essential objective

If we can be successful in achieving this end we shall be paving the way for the accompl islunent of the even ore vital objective of a permanent world peace For by our sucshycessfully working out the immediate prob lem of the present Conference we shall have proven to ourselves and to the world that international cooperation is possible U

Note Our pictures of Bretton Woods are through the courtesy of Senator Tobey mho is seen on the cover addressing the opening session of the Bretton Woods Conference

10

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 11: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

TENNIS ANYONE The Bank-Fund Tennis Club is off to a good start and play

has really begun in earnest The Club is located at Friends School Courts Wisconsin Avenue and the hours are as follows

Tuesdays - 7 pm till dark Saturdays - 10 am - 1 pm Thursdays - 7 pm till dark SWldays - 4 pm - 6 pm

Tournaments will be arranged later in the season for which trophies and prizes will be awarded

75 members have joined to date but there is still room for more so call Mr Nijhoff Extension 2160 if you are interested Fee for the season - $1000

DUPLICATE BRIDGE Upon the suggestion of Grace Finne of Economic Department and

after a careful survey had been made in their departments by the Staff Relations representatives a most successful Bank Duplicate Bridge Party was beld on April 25 at Davis House Thirty-six players enjoyed a full evening of bridge and prilZes were awarded to first-place partners Dr Rosenstein-Rodan and Mr Saitzoff and second-place partners Mr Chang and Mr Wmgswan (See pic ture )

A Bank-Fund Duplicate Bridge party was held on May 16 at which there were eight tables of players The winners were Mr and Mrs Christian Finne and Mr and Mrs Roscoe Alexander Refreshments for the parties were provided by Grace E MacKenzie of Treasurers Office and Gertrude P icard of the Fund Legal repartrrent

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 12: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

CREDIT UNION SLASHES INTEREST CHARGES The financial news scoop of the month for

thrifty staff members is the reduction in interest rates on larger loans made by your credit union Already low compared with charges made by legitimate lenders and trifling compared with charges extorted by loan sharks the new rates

on large loans are now so low they are hardly worth mentioning

The interest to be charged on loans of $600 and more is only 12 of 1 per month on the unshypaid balance For example you can borrow $1200 to make up the price of a car and pay it back in monthly instalments spread over two whole years and the total interest cost to you will average only $300 per month Investigations have shown that charges by banks auto finance companies and loan companies are all much higher

For one of these loans se e Bill Hauenstein (Room 113) or Jo Van Gasse (Room 410) of the Credit Union Committee who specialize in sudden service to would-be borrowers

If youre not a Credit lnion member see Franca Bompard in Room 613A between 300 and 530 PM Pay your 25cent membership fee and be ready for good interest on your savings and a thrifty loan when you need it

12

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 13: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

SIXTH ANNUAL BANK PICNIC

In beautiful Rock Creek Park therell beshyThe Banks Sixth Annual Outing Spree On June the Fifth so you be there To frolic in t~e good fresh air

A p~cnic ro)al is planned for

June 5

Just pack yourself a picnic lunch Or you can buy a snack to aunch

cokes and ice crea free

So bring the family Join the fray Make this a real half holidayWell tell you ore of plans we fix And ~ell see you at Area Six

230 - 7 p m Fun For A II

ROCK CREEK PARK AREA 6

INTERNATIONAL COOKING CORNER

Evangeline Agius lived in Greece for eleven years and tells us this is one of her favorite Greek (ecipes

P ASTITSO (Macaroni with Minced Meat)

1 lb macaroni Sauce 1 lb minced meat ~ oz margarine ~ lb tomatoes 1 egg 2 oz cheese 1 oz grated cheese ~ lb margarine 2 tbls flour 2 onions ~ Pt milk

METHOD Boil the macaroni well and strain Chop the onions and fry them with the meat tomatoes salt and pepper Grease a baking dish ell Make a layer of half the macaroni and put the fried minced meat over it Cover with the remainder of the macaroni Place sauce over the top and bake in a moderate oven for 1 hour Sauce Melt ~ oz margarine in a small saucepan Add 2 tbls of flour Stir well then add ~ pint of milk the beaten egg and grated cheese

13

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 14: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

Our Bowling Season closed on April 30 when all teams in the Bank League had rolled a full schedule of 90 games Competition was very keen throughout the season and it was only during the last month that Administration (2) became sure of their hold on first place The tussle for second place by Treasurers Assets and Public Reshylations Admin istration (1) and Office Services lasted for several veeks with Administration (1) making a sustained drive that almost brought them home The other teams except Economic E jockeyed throughout for position finishing in a group with only a difference of five games in all among them Economic B placed last in the League standings because they were unfortunate in getting off to a poor start They bowled some excellent games later in the season but they could not recover lost ground

Team honors this year go to Won Lost ADMINISTRA TION 2 60 30 TREAS ASSETS amp PUB REL 55 35 ADMINISTRATION 1 50 40

Individual awards were won by

WOMEN MEN Doris Eliason HIGH A VERAG E Edward Donovan Olive Shull HIGH SET Peter ONeill Florence Perras HIGH GAME A F Geolot Peggy Slavich HIGH STRIKES William Curtin Pauline Newton HIGH SPARES Jentry Holmes Julia Russell B L PrinsHIGH FLAT GAME Nonie Curcio Laurence Slade Margaret Russell MOST IMPROVED BOWLER Frank Shull

Special events of the season were the Annual Fund-Bank Tournashyment which the Bank won by 23-7 games the Heads of Departments Tournament monthly handicap tournaments the Christmas Turkey Roll being one of the most successful and the Bowling Party

The Bowling Committee takes this opportunity to thank all team captains and team members for their support in making the 1951-52 bowling season enjoyable

14

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 15: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

Newton pauline p es i -

to R) (eO lot ( r er amp TEE (L ) AF (Treasur amp (l to R) B l p

uE COMMI1ampHighSpar~nGarrard (Secretarft1 larry si ~l~ Nonie Curcior adTil ekeepe lilt) He Eliason (Bi II Pl U la RUssell

(ScOr High Ga Dons _ 8 at Galle)Jent amp dent) _ Cogt presVice rage)High Ave

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia

Page 16: Public Disclosure Authorized Opening Session of United ... · While vte cannot afford to ignore the lessons of experience, ... "You used to need a lawyer, but it's too late now."

STAFF MEETING AT GENERAL SERVICES ADMINISTRATION AUDITORIUM

Friday April 18 1952

Bank staff members listen attentively to details about Mr Blacks recent

- wor ld tour Mr Haro ld Graves was chairman of the general staff meeting After making an introductory speech

he called upon Mr Black Mr Rist and Mr Rucinski who gave intershyesting highlights of their V1Slt to South and SOutheast Asia and Austral ia