Reagan Houston, Industrialist and Merchant, San Antonio, Texas.

Eric A. Johnston, President, Brown-Johnston Co., c/o Chamber of Commerce of U.S., Washington, D.C.

Harrison Jones, Chairman of the Board, The Coca-Cola Co., Atlanta, Georgia, Fred Lazarus, Jr., President, Federated Department Stores, Inc., Cincinnati, Ohio.

Thomas B. McCabe, President, Scott Paper Company, Chester, Pennsylvania. Reuben B. Robertson, Executive Vice President, Champion Paper and Fibre Co., Canton, North Carolina.

Harry Scherman, President, Book-of-the-Month Club, New York, New York. Robert Gordon Sproul, President, University of California, Berkeley, California.

Elmer T. Stevens, President, Charles A. Stevens & Co., Chicago, Illinois.

John Stuart, Chairman of the Board, The Quaker Oats Co., Chicago, Illinois. Wayne C. Taylor, President, Export-Import Bank of Washington, Washington, D.C.

Sidney J. Weinberg, Partner, Goldman, Sachs & Co., New York, New York. Charles E. Wilson, President, General Electric Co., Schenectady, New York. C. Scott Fletcher, Executive Director.

Henry R. Johnston, Treasurer.

Elizabeth H. Walker, Secretary.

P. D. Fahnestock, Director of Information.

THE COMMITTEE FOR ECONOMIC DEVELOPMENT

The committee for economic development is a non-profit organization of 150 leading businessmen and educators who are devoting their time, experience and resources to objective economic research and education. It is supported by voluntary contributions from business and industry and is non-partisan and nonpolitical.

CED was incorporated in September, 1942, with Paul G. Hoffman as its first chairman. It grew out of an idea advanced in 1939 by Mr. Hoffman and other leaders in business and education that "we should enlist the services of the best brains from our universities and from business and put them to work in solving the problems of how high productive development can be attained and maintained in a free society."

CED is dedicated to these basic objectives:

(1) To develop, through objective research and discussion, findings and recommendations for business and public policy which will contribute to the preservation and strengthening of our free society, and to the maintenance of high employment, increasing productivity and high standards, greater economic stability and greater opportunity for all our people.

(2) To bring about increasing public understanding of the importance of these goals and the ways in which they can be reached.

The first objective is the responsibility of CED's Research and Policy Committee; the second, the responsibility of the Information Committee and the Business-Education Committee.

The research program

CED's research program is directed by the Research and Policy Committee, composed of 35 businessmen selected from the Board of Trustees. This Committee is aided in carrying out the research program by a Research Advisory Board of leading economists and other social scientists and by a small Research Staff.

The Research and Policy Committee is solely responsible for the Statements on National Policy. These statements, issued as pamphlets, are the results of months of careful study and frequent meetings. The research of each statement is undertaken by a subcommittee, with the full Research and Policy Committee participating in the drafting of findings and recommendations. Throughout the period of preparation, the Committee and subcommittee hold meetings at which the problems being considered are discussed with the Research Advisory Board. the Research Staff and others with specialized knowledge in the field. When the Committee has approved publication of a statement, any Committee member may submit a signed memorandum of comment, reservation or dissent, which must be published with the statement.

In its deliberations, the Research and Policy Committee draws extensively on research materials. In some cases these take the form of relatively brief Research Memoranda, prepared by experts in the field, which bring together pertinent factual and analytical material for committee consideration. These memoranda are ordinarily not published. In other cases full length research monographs are prepared by scholars in the field being studied. These Research Studies are published as books by CED. The authors are assured complete freedom of conclusion and expression under CED's By-Laws.

The information program

To aid in carrying out CED's second basic purpose-increasing public understanding of our economy-the Information Committee directs the distribution of CED research products and the preparation of interpretive material. Statements on National Policy and other CED publications are regularly distributed to organizations, publications and individuals throughout the country.

The education program

A CED business-education program was established in 1947. Embracing scores of different field projects in economic research and education, this activity is directed by the Business-Education Committee, whose membership includes leading educators and businessmen. CED cooperation in the various projects rests on the principle of leadership by a university or other established educational unit combined with active participation and support by business and community leaders. In general, the projects fall into these classifications: (1) college-community research projects, (2) economic education in the public schools, and (3) cooperation with national, community and business organizations.

CED BOARD OF TRUSTEES

J. D. Zellerbach, Chairman, president, Crown Zellerbach Corporation, San Francisco, California.

Gardner Cowles, Vice Chairman, president, Des Moines Register & Tribune and Cowles Magazines, Inc., New York, New York.

Thomas B. McCabe, Vice Chairman, president, Scott Paper Company, Chester, Pennsylvania.

J. Cameron Thomson, Vice Chairman, chairman of the board, Northwest Bancorporation, Minneapolis, Minnesota.

Frazar B. Wilde, Vice Chairman, president, Connecticut General Life Insurance Company, Hartford, Connecticut.

Thomas Roy Jones, Treasurer, president, Daystrom, Incorporated, Elizabeth, New Jersey.

James L. Allen, senior partner & chairman, executive committee, Booz, Allen & Hamilton, Chicago, Illinois.

William M. Allen, president, Boeing Airplane Company, Seattle, Washington. Stanley C. Allyn, president, the National Cash Register Company, Dayton, Ohio. Frank Altschul, New York, New York.

F. J. Andre, president, Congoleum-Nairne, Inc., Kearney, New Jersey. George S. Armstrong, president, George S. Armstrong & Co., Inc., New York, New York.

Jervis J. Babb, chairman of the board, Lever Brothers Company, New York, New York.

William Balderston, chairman, Philco Corporation, Philadelphia, Pennsylvania. John W. Barriger, III, vice president, Chicago, Rock Island and Pacific Railroad Co., Chicago, Illinois.

S. Clark Beise, president, Bank of America, San Francisco, California. Frank N. Belgrano, Jr., president & chairman of the board, Transamerica Corporation, San Francisco, California.

Elliott V. Bell, chairman, executive committee, McGraw-Hill Publishing Co., Inc., New York, New York.

William Benton, chairman of the board, Encyclopedia Britannica, Inc., New York, New York.

Sarah G. Blanding, President, Vassar College, Poughkeepsie, New York.
Joseph L. Block, President, Inland Steel Company, Chicago, Illinois.
Marvin Bower, Partner, McKinsey & Company, New York, New York.

W. Harold Brenton, President, Brenton Brothers, Inc., Des Moines, Iowa. Henry P. Bristol, Chairman of the Board, Bristol-Myers Company, New York, New York.

James F. Brownlee, Partner, J. H. Whitney & Co., New York, New York. Harry A. Bullis, Chairman of the Board, General Mills, Inc., Minneapolis, Minnesota.

Thomas D. Cabot, President, Godfrey I. Cabot, Inc., Boston, Massachusetts. Everett Needham Case, President, Colgate University, Hamilton, New York. Frank A. Christensen, President, The Continental Insurance Company and Fidelity & Casualty Company, New York, New York.

Walker L. Cisler, President, The Detroit Edison Company, Detroit, Michigan. Paul F. Clark, President, John Hancock Mutual Life Insurance Co., Boston, Massachusetts.

W. L. Clayton, Anderson, Clayton & Company, Houston, Texas.

M. W. Clement, Philadelphia, Pennsylvania.

Erle Cocke, Chairman, Executive Committee, The Fulton National Bank, Atlanta, Georgia.

John S. Coleman, President, Burroughs Corporation, Detroit, Michigan.

S. Bayard Colgate, Honorary Chairman of the Board, Colgate-Palmolive Company, New York, New York.

John L. Collyer, Chairman of the Board, The B. F. Goodrich Company, Akron, Ohio.

S. Sloan Colt, President, Bankers Trust Company, New York, New York.

James B. Conant, U.S. Ambassador to the Federal Republic of Germany. Bonn. Germany.

George H. Coppers, President, National Biscuit Company, New York, New York.

H. H. Corey, Chairman, Geo. A. Hormel & Co., Austin, Minnesota.

Charles R. Cox, President, Kennecott Copper Corporation, New York, New York.

Jay E. Crane, Vice President, Standard Oil Company (New Jersey), New York, New York.

F. C. Crawford, Chairman of the Board, Thompson Products, Inc., Cleveland, Ohio.

Donald K. David, Chairman, Executive Committee, The Ford Foundation, New York, New York.

Paul L. Davies, President, Food Machinery and Chemical Corp., San Jose, California.

R. R. Deupree, Chairman of the Board, The Procter and Gamble Company, Cincinnati, Ohio.

John S. Dickey, President, Dartmouth College, Hanover, New Hampshire. George S. Dinwiddie, President, New Orleans Public Service Inc., New Orleans, Louisiana.

Arthur F. Douglas, West Rutland, Vermont.

Morris Edwards, Vice President, Thomas E. Wood Incorporated, Cincinnati, Ohio.

Fred J. Emmerich, President, Allied Chemical and Dye Corporation. New York, New York.

Mark F. Ethridge, Publisher, The Courier-Journal and The Louisville Times, Louisville, Kentucky.

Benjamin F. Fairless, Chairman, Executive Advisory Committee, United States Steel Corporation, New York, New York.

Edmund Fitzgerald, President, The Northwestern Mutual Life Insurance Company, Milwaukee, Wisconsin.

Ralph E. Flanders, United States Senate, Washington, D.C.
Percival E. Foerderer, Philadelphia, Pennsylvania.

William C. Fosier, Executive Vice President, Olin Mathieson Chemical Corporation, New York, New York.

John M. Fox, President, Minute Maid Corporation, New York, New York.
Clarence Francis, General Foods Corporation, New York, New York.

Alfred C. Fuller, Chairman of the Board, The Fuller Brush Company, Hartford. Connecticut.

Walter D. Fuller, Chairman of the Board, The Curtis Publishing Company, Philadelphia, Pennsylvania.

George M. Gadsby, Chairman of the Board, Utah Power & Light Company, Salt Lake City, Utah.

Clark R. Gamble, President, Brown Shoe Company, St. Louis, Missouri.
Paul S. Gerot, President, Pillsbury Mills, Inc., Minneapolis, Minnesota.

Philip L. Graham, President and Publisher, The Washington Post and Times Herald, Washington, D.C.

Gordon Gray, Assistant Secretary of Defense, Department of Defense, Washington, D.C.

George L. Harrison, New York Life Insurance Company, New York, New York. H. J. Heinz, II, President, H. J. Heinz Company, Pittsburgh, Pennsylvania. Robert Heller, President, Robert Heller & Associates, Inc., Cleveland, Ohio. Paul G. Hoffman, Chairman of the Board, Studebaker-Packard Corporation, Los Angeles, California.

John Jay Hopkins, President and Chairman, General Dynamics Corporation, New York, New York.

Amory Houghton, Chairman of the Board, Corning Glass Works, Corning, New York.

T. V. Houser, Chairman of the Board, Sears, Roebuck and Co., Chicago, Illinois. George H. Johnson, President, Gisholt, Machine Company, Madison, Wisconsin. Eric Johnston, President, Motion Picture Association of America, Inc., Washington, D.C.

Henry R. Johnson, New York, New York.

William H. Joyce, Jr., President and Chairman of the Board, Joyce, Inc., Pasadena, California.

Ernest Kanzler, Vice Chairman of the Board, Universal C.I.T. Credit Corporation. Detroit, Michigan.

Henry P. Kendall, Chairman of the Board, The Kendall Company, Boston, Massachusetts.

Meyer Kestnbaum, President, Hart Schaffner & Marx, Chicago, Illinois.

Sigurd S. Larmon, President, Young & Rubicam, Inc., New York, New York. Roy E. Larsen, President, Time. Incorporated, New York, New York.

Fred Lazarus, Jr., President, Federated Department Stores, Inc., Cincinnati, Ohio.

Ralph Lazarus, Executive Vice President, Federated Department Stores, Inc., Cincinnati, Ohio.

Leroy A. Lincoln, Chairman of the Board, Metropolitan Life Insurance Co., New York, New York.

Elmer L. Lindseth, President, The Cleveland Electric Illuminating Company, Cleveland, Ohio.

George H. Love, President, Pittsburgh Consolidation Coal Co., Pittsburgh, Pennsylvania.

J. Spencer Love, Chairman of the Board, Burlington Industries, Inc., Greensboro, North Carolina.

Robert A. Lovett, Partner, Brown Brothers Harriman & Co., New York, New York.

Franklin J. Lunding, Chairman, Executive Committee, Jewel Tea Co., Inc., Chicago, Illinois.

Fowler McCormick, Chicago, Illinois.

Ralph McGill, Editor, The Atlanta Constitution, Atlanta, Georgia.
Stanley Marcus, President, Nieman-Marcus Company, Dallas, Texas.

J. A. Martino, President, National Lead Company, New York, New York.
Fred Maytag. II. President. The Maytag Company, Newton, Iowa.

Eugene Meyer. The Washington Post and Times Herald. Washington, D.C. Don G. Mitchell, Chairman of the Board, Sylvania Electric Products, Inc., New York, N.Y.

George L. Morrison, Chairman of the Board and President, General Baking Company, New York, New York.

C. Hamilton Moses, Chairman of the Board, Arkansas Power & Light Company, Little Rock, Arkansas.

Malcolm Muir, President, Newsweek, New York, New York.

L. B. Neumiller, Chairman of the Board, Caterpillar Tractor Co., Peoria, Illinois.

W. A. Patterson, President, United Air Lines, Chicago, Illinois.

Morris B. Pendleton, President, Plomb Tool Company, Los Angeles, California. Howard C. Peterson, President, Fidelity Philadelphia Trust Company, Philadelphia, Pennsylvania.

T. S. Petersen, President, Standard Oil Company of California, San Francisco, California.

Malcolm Pirnie, Malcolm Pirnie Engineers, New York, New York.

M. J. Rathbone, President, Standard Oil Company (New Jersey), New York, New York.

Philip D. Reed, Chairman of the Board, General Electric Company, New York, New York.

Walter Rothschild, Chairman of the Board, Abraham & Straus, Brooklyn, New York.

Beardsley Ruml, New York, New York.

E. C. Sammons, President, The United States National Bank of Portland, Portland, Oregon.

Harry Scherman, Chairman of the Board, Book-of-the-Month Club, Inc., New York, New York.

Carrol M. Shanks, President, The Prudential Insurance Company of America, Newark, New Jersey.

Dorothy Shaver, President, Lord & Taylor, New York, New York.

Harper Sibley, Sibley Farms, Inc., Rochester, New York.

Ellis D. Slater, President, Frankfort Distilleries Incorporated, New York, New York.

J. E. Slater, President, American Export Lines, Inc., New York, New York.
George F. Smith, President, Johnson & Johnson, New Brunswick, New Jersey.
S. Abbot Smith, President, Thomas Strahan Co., Chelsea, Massachusetts.
H. Christian Sonne, New York, New York.

Joseph P. Spang, Jr., President, Gillette Company, Boston, Masachusetts. Kenneth A. Spencer, President, Spencer Chemical Company, Kansas City, Missouri.

Frank Stanton, President, Columbia Broadcasting System, Inc., New York, New York.

John P. Stevens, Jr., Chairman of the Board, J. P. Stevens & Co., Inc., New York, New York.

William C. Stolk, President, American Can Company, New York, New York. Anna Lord Strauss, New York, New York.

John Stuart, Chairman of the Board, The Quaker Oats Company, Chicago, Illinois.

Frank L. Sulzberger, Chairman of the Board, Enterprise Paint Manufacturing Company, Chicago, Illinois.

J. M. Symes, president, the Pennsylvania Railroad Company, Philadelphia, Pennsylvania.

Charles P. Taft, Cincinnati, Ohio.

Wayne C. Taylor, Heathsville, Virginia.

Alan H. Temple, executive vice president, the First National City Bank of New York, New York, New York.

H. C. Turner, Jr., president, Turner Construction Co., New York, New York. Maxwell M. Upson, chairman of the board, Raymond Concrete Pile Company, New York, New York.

Alan Valentine, Washington, D.C.

L. A. Van Bomel, chairman of the board, National Dairy Products Corporation, New York, New York.

Arthur B. Van Buskirk, vice president, T. Mellon & Sans, Pittsburgh, Pennsylvania.

Thomas J. Watson, Jr., president, International Business Machines Corporation, New York, New York.

James E. Webb, director, Kerr-McGee Oil Industries, Inc., Oklahoma City, Oklahoma.

George Whitney, J. P. Morgan & Company, New York, New York.

Walter Williams, Under Secretary of Commerce, Department of Commerce, Washington, D.C.

Charles E. Wilson, chairman, executive committee, W. R. Grace & Co., New York, New York.

Theodore O. Yntema, vice president-finance, Ford Motor Company, Dearborn, Michigan.

James W. Young, senior consultant, J. Walter Thompson Company, New York, New York.

Harry W. Zinsmaster, president, Zinsmaster Baking Company, Duluth, Minnesota.

John S. Zinsser, vice chairman of the board, Sharp & Dohme Division, Merck & Company, Inc., Philadelphia, Pennsylvania.