DIRECTORS

Chairman    -    Eric P. Swenson

Nicholas F. Brady       >       _       -       - President, The New York Edison Company
Guy Gary  ---------of Messrs. Shearman and Sterling

Cleveland H. Dodge -       -       -  Vice-President, The Phelps, Dodge Corporation
Philip A. S. Franklin        - President, International Mercantile Marine Company
John A. Garver     -------  of Messrs. Shearman and Sterling

Joseph P. Grace    -       -       -       -       ^       -   President, W. R. Grace and Company

Cyrus H. McCoRMICK        - Chairman of the Board, International Harvester Co.

GeRRISH pi. Milliken        -         President, Deering, Milliken and Company, Inc.

Charles E. Mitchell       ----.-._-_    President

James E. O'NeIL     ----------     Garden City, L. I.

James H. Post        ____--       of B. H. Howell, Son and Company

William Cooper Procter        -     President, The Procter and Gamble Company
Percy R. Pyne        ---------        -20 Exchange Place

Gordon S.  RentSCHLER       President, The Hooven, Owens, Rentschler Company

Percy A. Rockefeller     ---------    25 Broadway

Robert \V. Stewart    -         Chairman of the Board, Standard Oil Co. of Indiana

James A. StILLMAN       ---------   17 K;ist 49ch Street

Eric P. Swenson    -       -       -       -       -       -       -       -     of S. M. Swenson and Sons

Horace S. Wilkinson        -        Chairman of the Board, Crucible Steel Company

Beekman Winthrop    -----        of Robert Winthrop and Company