30 Rockefeller Plaza

New York 20, N.Y.

Room 5600

March 17, 1961

Dear Henry:

Dana Creel has sent along to me your letter dated
February 24 concerning S. Takdir Alisjahbana. He sent it
to me since, within the family complex, John 3rd is primarily
concerned with Asian matters. Although this one does not
fall within our normal pattern of behaviour, it does
relate to the kind of thing which the Rockefeller Founda-
tion does. Since reference was made to the Foundation in
the letter, I inquired there as a first step.

You will be glad to know that the Foundation
officers feel a very strong sense of "tutorial" responsibility
to this man and that they are as concerned as you are as to
his future. Under the circumstances, I have suggested to
them that if there is anything they feel should be done
which they feel they cannot do, to let me know and we will
see whether we can be of assistance. I am confident that
the Foundation will do the right thing. It has been my
observation over the years that this is the type of
activity which they do extremely well if they have confidence
in the man and here they obviously do. Thank you very much
for bringing this matter to our attention.

I am sorry that I did not have an opportunity to
visit with you in Cambridge at the time of the meeting of the
Littauer Visiting Committee. I did, however, have a good
chance to visit with Bob Bowie which is always pleasant and
stimulating.

Dr. Henry A. Kissinger
Harvard University
Center for International Affairs
6 Divinity Avenue
Cambridge 38, Massachusetts

100 BAYSWATER ROAD LONDON W2 AMBassador 4187

JUL 17 1961

13th July, 1961

Dear Mr. Creel,

Henry Kissinger tells me that it might now be appropriate
for me to get directly in touch with you about the application
which he was kind enough to forward to the Rockefeller Brother's
Fund on behalf of the Pugwash International Conferences of
Scientists, as they were then called.

I would like to ask you in general terms, whether this is
something that the Rockefeller Brother's Fund feel it would be
worth pursuing. Since the date of that memorandum, there have
been various developments, which I should like to inform you of.

Firstly, our intention to publish a bi-monthly journal is
now overtaken by events; there seems a good prospect that this
journal may be able to be started through normal commercial
channels. Secondly, you will no doubt have heard of the
conferences of science and world affairs which are to be held
at Smugglers Notch in Vermont next September. These will
in fact be the 7th and 8th Pugwash International Conferences
of Scientists but the change in name is due to the need, at
least in an American context, to disassociate ourselves from
Mr. Cyrus Eaton. I say "at least in an American context"
because it has not yet been decided when the question of a
general change of name could be put to a full conference.

The two sheets of detailed initial expenditure and estimated
yearly expenditure still hold good.

I hope to be in New York in the second half of September
after the COSWA conference, and should very much welcome an
opportunity to talk further with you about this.

I shall be at the above address until July 28th and
thereafter until August 17th at Innerhaus, Alpbach, Tyrol,
Austria.

December 8, 1961

Mr. James Hyde
Room 5123
20 Rockefeller Plaza
New York 20, New York

Dear Jim:

An English friend of mine, Wayland Young, writes that he is a bit anxious because he has not received an acknowledgment of an application to the Rockefeller Brothers Fund. This was for funds for COSWA, and though I am not writing to support the application, I thought you should know about it.

Kind regards.

April 30, 1962

Mr. Stacy May
Room 5600
30 Rockefeller Plaza
New York 20, New York

Dear Stace:

It was very sweet of you to call me back so quickly
last week, and I appreciate your offer to help arrange my trip through
Brazil. You suggested that I let you know what my interests are.
This, however, is not an easy thing to do with respect to a country
about which I know so little. My major purpose is to get as much of
an impression of the country as I can in the time I have available.
Particularly, I would like to get a sense for how various groups in
Brazil envision the future of their country, its role in Latin America,
and its relation to the United States. I would also be interested
in getting an idea of the domestic political situation and the Brazilian
view of international relations in so far as it exists. You know my
weakness in economics, having borne up nobly under it for so many years.
However, I would be interested in the non-technical aspects of the
Brazilian economic development and, particularly, its relationship to
political stability.

I will be leaving for Brazil on May 29th, staying in Rio
for perhaps three or four days. I will plan to leave for the United States
on June 17th or 18th. If I understood you correctly, you were kind enough
to suggest that your office might arrange my appointments, except for my
visits with the Foreign Office and the universities. I would like to see
political leaders, student leaders, and other makers of opinion, and anyone
else you or your people might think of interest. Some of them I could,
of course, see in groups.

I will also be writing to Line Gordon and will send you a
copy of my letter to him after I have received a confirmation from you
that my understanding is correct. At any rate, I plan to ask him to
coordinate any appointments he might help to make with your office.

One last point: Could you give me the name of your man
in Brazil?

With kind regards, and many thanks for your help.

ROOM 5600
30 ROCKEFELLER PLAZA
NEW YORK 20, N. Y.

May 8, 1962

Dr. Henry A. Kissinger
Harvard University
6 Divinity Avenue
Cambridge 38, Massachusetts

Dear Henry:

I turned your letter over to Berent Friele who told me that he already had talked to you about your prospective trip to Brazil. It was agreed that he would see to making arrangements.

I hope that you have an excellent and rewarding time.

cc: Mr. Berent Friele

WESTERN UNION

TELEGRAM

W. P. MARSHALL, PRESIDENT

SF-1201 (4-60)

The filing time shown in the date line on domestic telegrams is LOCAL TIME at point of origin. Time of receipt is LOCAL TIME at point of destination

459P EST NOV 22 62 BA253

B CDU630 F1856 48 PD INTL CD APRIS VIA COMMERCIAL 22 1855

LT PAT DREYFUS

6 DIVINITY AVE CAMBRIDGE (MASS)

PLEASE EXPLAIN TO GOVERNOR S OFFICE ABOUT EUROPEAN SEMINAR
NOVEMBER 27 29 OR 30 STOP COULD SEE HIM ANY OTHER TIME NOVEMBER
30 OR AFTERNOON NOVEMBER 27 STOP PREFERENCE IN DINNER NOVEMBER

29 KISSINGER

27 29 30 30 27 29.

Rockefeller Brothers Fund

30 Rockefeller Plaza
New York 20, New York

August 18, 1964

Dear Henry:

This will acknowledge your letter of August 7th to Dana Creel about the Atlantic College in Wales. Dana and I met Air Marshall Sir Lawrance Darvall and Mr. Robert Blackburn last December when they requested support from the Rockefeller Brothers Fund and fully explained the concepts of this College, physical fitness and endurance, and bringing together young men from the Atlantic community for the sixth form year before university training.

After careful consideration by the Fund, Dana wrote Lord Fleck in mid-April that support must be declined because of the Fund's policy of not attempting to contribute to the needs of individual educational institutions.

We do appreciate your bringing this to our attention, but as I explained on the telephone, we have been into this sympathetically and thoroughly on behalf of the Fund.

With warm regards,

Dr. Henry Kissinger
Harvard University
Center for International Affairs
6 Divinity Avenue
Cambridge 38, Massachusetts

Henry V. Klaeinger

Simultaneously yours,

With kind regards.

that shows that I have done my best?
write me that I could send on to them
Is there something you could
since they already had some from David.

subpart from one of the other brothers
they had in mind was some private
the Atlantic College. I think what
Thank you for your note about
that shows that I have done my best.
write me that I could send on to them
Is there something you could
since they already had some from David.

Dear Jim:

New York 20, New York
30 Rockettler Plaza
Rockefeller Brothers Fund
Mr. James W. Hyde

August 24, 1964

PROGRAM POLICIES

**General Program:** The Rockefeller Brothers Fund makes grants under its General Program to local, national and international philanthropic organizations depending on the general public for funds. In the Greater New York area, the Fund contributes to such community needs as civic improvement, cultural advancement, education, health, religion and welfare. As a general rule contributions are made to agencies whose activities are city-wide in scope since the Fund cannot, because of the number involved, contribute directly to individual hospitals, churches, community centers and educational institutions. The same principle is followed in the State of New York where it contributes to agencies whose services are state-wide.

Outside New York State, grants are directed to selected organi-
zations with programs of general import. For the most part these
organizations are national or international in scope, but occa-
sionally an institution whose primary activity is local in character
may be the center of a program which the Fund assists because it
relates to a field of particular interest to the Fund.

In the case of grants to the budgetary or capital needs of estab-
lished agencies, the Fund's contributions are purposely held to a
relatively small portion of the total need as the objective of the
Fund in this area is to share with others in the support of such
institutions.

**Special Program:** Activities under the Fund's Special Program include support and in some instances direct operation of experimental or new undertakings. These lie in the fields of international relations and understanding, strengthened national life, and conservation, population and resources. In many cases, the trustees take an active part in the formation and operation of these programs as well as in their support. Many projects that the Fund supports fall into both General and Special Program categories.

FUNDS

The Fund's program continues to be supported in part by
annual trustee contributions. In addition to a major gift which he
made in 1951, the late Mr. John D. Rockefeller, Jr., bequeathed
one-half of his estate to the Fund.

4

Rockefeller
Brothers
Fund

1965 Report

The Rockefeller Brothers Fund observed its twenty-fifth anniversary in 1965. During the year, it made contributions totaling $6,559,129 in further expression of the shared interest and responsibility of its trustees in the field of philanthropy. This brought to $60,876,112 the amount given since creation of the Fund by the five Rockefeller brothers in 1940.

Eighty-nine grants, totaling $1,492,000, were made in 1965 toward the general operating needs of various agencies. Sixty-five grants, totaling $5,067,129, were made for special programs and activities of the recipient organizations. Each of the latter is briefly summarized on pages 6-14. An over-all list of contributions appears on pages 15-19, and financial information about the Fund will be found starting on page 20.

5

Grants for Special Purposes

*Abbott House* — $10,000 toward the initial operating expenses of a new service agency for the care of New York City children. Grants since 1964 total $30,000.

*Africa Service Institute of New York* — $4,000 toward the Institute's African student employment program. Grants for this purpose since 1964 total $8,000.

*African-American Institute* — $13,000 for the African Scholarship Program of American Universities, which selects and places candidates for undergraduate study in the United States and makes arrangements for their financial support. Including grants when the program was under the auspices of Harvard University, Fund support since 1961 totals $90,000.

*African Wildlife Leadership Foundation* — $30,000 toward the costs of constructing a new wildlife education building at the Murchison Falls National Park in Uganda.

*Agricultural Development Council* — $300,000 for training and research programs in agricultural economics and community development in Asian countries. Grants since 1956 total $2,568,409.

*American Friends Service Committee* — $20,000 toward a program of international seminars in West Africa for government officials and African scholars and teachers. Grants for seminar programs in Africa since 1962 total $65,000.

*American International Association for Economic and Social Development* — $250,000 for programs dealing with rural youth, rural development and mass communications in Latin America. Conducted in cooperation with the Inter-American Institute of Agricultural Sciences of the Organization of American States, these programs assist OAS member countries in agricultural development and related fields. Grants since 1956 for such programs total $1,805,000.

6

**American Jewish Congress** — $10,000 for the Interracial Council for Business Opportunity, formed by the Congress and the Urban League of Greater New York to encourage development of Negro-owned and -operated businesses in the New York metropolitan area. Grants since 1964 total $25,000.

**American-Scandinavian Foundation** — $25,000 to help set up the Thor Thors Icelandic Fund which provides scholarships and travel grants for Icelanders seeking to study in the United States.

**Arkansas Art Center** — $75,000 on a matching basis toward the operating needs of the Center, located in Little Rock, which conducts state-wide programs in the performing and visual arts. Grants for this purpose since 1964 total $175,000. Previous grants totaling $550,000 were made in 1962 and 1963 toward construction and capital needs.

**Associated Councils of the Arts** — $20,000 toward the establishment and operation of a national office to coordinate and advise member organizations.

**Association for the United Nations International School** — $500,000 toward the capital costs of locating the School's new facilities at East River and 25th Street in New York City.

**Atlanta University Center** — $500,000 toward a program of land acquisition and other capital expenditures implementing recommendations of a master site plan for the six institutions comprising the Center. The Fund contributed $6,500 toward the cost of the site plan in 1964.

**Big Sisters** — $12,000 as a special contribution toward general program needs.

**Carnegie Institute of Technology** — $8,500 to finance a conference, held under auspices of the Margaret Morrison Carnegie College, dealing with educational counseling and guidance of women students.

7

**College of the Virgin Islands** — $100,000 to complete the $950,000 needed for renovation of donated facilities and construction of a library building at this newly established institution of higher learning in the U. S. Virgin Islands.

**Colonial Williamsburg** — $400,000 as payment on a $2,000,000 grant toward the completion of the original plans, conceived by John D. Rockefeller, Jr., for the development of the restored area of Colonial Williamsburg. Contributions since 1962 total $1,600,000.

**Committee for Economic Development** — $50,000 toward the work of the Committee for Improvement of Management in Government, which conducts policy studies dealing with broad questions of structure, operations, procedures and personnel in public affairs at the federal, state and local levels.

**Committee for Gracie Mansion** — $15,000 toward the cost of renovating and expanding the official residence of the Mayor of the City of New York.

**Council on World Tensions** — $15,000 toward the expenses of an African Conference on Progress Through Cooperation, held in association with Makerere University College, University of East Africa, Kampala, Uganda, in May, 1965.

**Federal Union** — $25,000 as a special contribution toward general program needs.

**Foundation for Research of the New York Academy of Osteopathy** — $95,242 to finance a three-year post-doctoral fellowship program and an interprofessional seminar. This is the last in a series of grants to the Foundation totaling $495,430 since 1960 for osteopathic education.

**Franklin Book Programs** — $34,500 toward the development of an indigenous book publishing program in East Africa.

8

*Fund for Theological Education* — $150,000 to continue through the 1967-68 academic year the Rockefeller Brothers Theological Fellowship Program, which seeks to encourage college graduates to consider careers in the Protestant ministry by assuring fellowship recipients of financial assistance during the first year at the seminary of their choice. Grants since this program was established in 1954 total $1,523,068.

*Greater New York Council for Foreign Students* — $9,650 toward the expenses of an International Student Housing Registry for students visiting the New York World's Fair. Grants since 1964 total $27,300.

*Greater New York Fund* — $50,000 toward the capital funds needed for a new staff retirement plan.

*Hospitality Committee for United Nations Delegations* — $5,000 toward a program which arranges for housing and provides other services for United Nations delegates and their families during their stay in the New York area. Grants since 1962 total $16,500.

*Hudson Guild* — $15,000 for a pilot project in the Chelsea area of New York City directed toward improved coordination of services for older people.

*Institute of International Education* — $3,000 for ACCION en Venezuela, a program in which young American and Venezuelan student volunteers organize and demonstrate methods of attacking basic problems of community development in Venezuela. Grants for this program since 1963 total $15,000.

*Inter-American Foundation for the Arts* — $24,000 toward the administrative expenses of developing a cultural exchange program between the United States and Latin America. Grants since 1964 total $54,000.

*International Cultural Center, Tunisia* — $20,000 toward general administrative and program expenses of the Center,

9

which sponsors a wide variety of cultural and artistic activi-
ties involving substantial interchange between the Arab and
non-Arab worlds.

*Junior Achievement* — $25,000 to finance a survey of the accomplishments and attitudes of former participants in the Junior Achievement program.

*Law Students Civil Rights Research Council* — $15,000 toward operating expenses of the Council's program of assigning law students during the summer months to assist lawyers working in the civil rights movement.

*Memorial Sloan-Kettering Cancer Center* — $120,000 toward the 75th Anniversary Fund for the expansion and improvement of facilities, and for research and teaching programs. Since 1960, $990,000 has been contributed toward commitments totaling $1,350,000.

*Metropolitan Museum of Art* — $7,500 toward the travel expenses of delegates to the 1965 Conference of the International Council of Museums, held at the Metropolitan Museum of Art in New York City.

*Museum of Modern Art* — $250,000 to the 30th Anniversary Drive for expansion of facilities and increased endowment. This completed the payments, initiated in 1959, on commitments totaling $6,000,000.

*National Audubon Society* — $100,000 toward the work of the Society's Nature Centers Division and other conservation education activities. Grants since 1959 total $300,000.

*National Bureau of Economic Research* — $175,500 to complete the financing of the Bureau's study of tax policies for economic growth. Grants since 1960 total $475,500.

*National Social Welfare Assembly* — $30,000 toward the costs of a study and evaluation of the Assembly's program.

10

*National Urban League* — $500,000 toward the cost of purchasing a headquarters building for the League and the United Negro College Fund.

The Fund also contributed $50,000 toward the National Skills Bank, established by the League with the Fund's assistance to recruit qualified Negroes for positions in business, industry and government; and $25,000 to meet special needs in connection with the establishment of new local chapters by the League. Grants to the Skills Bank since 1963 total $250,000.

*New York City Mission Society* — $30,000 toward the work of the Interfaith City-Wide Coordinating Committee Against Poverty, which conducts summer employment programs for youth in various sections of New York City. Grants for this purpose since 1964 total $60,000.

*New York Council on Alcoholism* — $10,000 toward the operation of ACCEPT, the Council's treatment center for alcoholics, during a demonstration period.

*New-York Historical Society* — $125,000 toward the Society's capital campaign for the improvement and modernization of its buildings and display facilities.

*New York Zoological Society* — $100,000 toward a development program aimed at enlarging exhibition facilities and strengthening research, education and conservation programs. Grants for this purpose since 1963 total $300,000.

*Pan American Development Foundation* — $20,000 toward the cost of a conservation exhibit at the conference on renewable natural resources, sponsored by the Organization of American States and held in Buenos Aires in December, 1965, as part of the commemoration of the 75th Anniversary of the Inter-American System.

*Practising Law Institute* — $3,767 toward travel and living expenses of participants at the conference, "The Community

11

and Racial Crises," held in New York City in December, 1964. The Fund contributed $5,000 in 1964 toward the cost of issuing a final report on the conference.

**Protestant Council of the City of New York** — $35,000 toward the cost of the Protestant and Orthodox Center at the New York World's Fair, 1964-65. Grants for this purpose since 1962 total $100,000.

**Puerto Rican Forum** — $5,000 toward the ASPIRA project, which seeks to develop educational opportunities and community leadership among young Puerto Ricans in New York City. Grants since 1961 total $40,000.

**Radcliffe College** — $25,000 for The Radcliffe Institute, which assists mature women scholars in renewing or advancing their academic and creative interests. Grants since 1961 total $250,000.

**Ramon Magsaysay Award Foundation** — $85,970 toward the development of plans for constructing an office building in Manila to house the Foundation and provide income to meet its future financial needs, including the Awards Program. Grants for this purpose since 1964 total $95,458.

The Fund also contributed $6,000 toward administrative expenses of the Awards Program in 1965. Fund grants for the financing of the Foundation's program since its initiation in 1957 total $506,000.

**Recording for the Blind** — $10,000 as a special contribution toward program expansion. The Fund contributed $25,000 toward the agency's new building in 1964.

**Regional Plan Association** — $75,000 as the second payment under a Fund commitment to contribute $225,000 toward preparation of a new regional development plan for the 22-county New York metropolitan area.

**Research Foundation of the National Association for Mental Health** — $10,000 toward the Foundation's research pro-

12

gram. Grants since 1964 total $30,000. The Fund previously
contributed $100,000 to the National Association for the
development of its research program, now conducted by the
Foundation.

*Sealantic Fund* — $131,000 toward Sealantic's program of grants to selected agencies in Westchester County, New York, and in the State of Maine, particularly in the area of Mount Desert Island.

*Tanzania National Parks* — $40,000 toward the development of the Mkumi National Park. Grants for the Tanzania National Parks since 1963 total $170,000, of which $115,000 has been for the Mkumi Park.

*United Neighborhood Houses of New York* — $25,000 toward the Adele R. Levy Park, a modern playground facility planned for Riverside Park in New York City.

*United States Committee of the International Conference of Social Work* — $15,000 toward the costs of the 13th International Conference of Social Work scheduled to be held in Washington, D. C., in September, 1966.

*University of Mississippi, School of Law* — $40,000 to establish an undergraduate course on political and civil rights, and to establish a law school seminar on professional responsibility co-sponsored by the Mississippi State Bar Association.

*University of Queensland* — $8,500 toward the costs of a conference, organized by the International Federation of University Women, on "The Impact of Population Growth: Social and Educational Implications," held at the University in Brisbane, Australia, in August, 1965.

*Volunteers for International Technical Assistance* — $5,000 for a program of coordinating the efforts of scientists who

13

volunteer to answer specialized questions arising from tech-
nical assistance operations abroad.

*Wiltwyck School for Boys* — $50,000 toward capital needs in establishing a new campus at Yorktown, New York, with improved facilities for the care and treatment of emotionally disturbed boys from New York City. Grants for this purpose since 1963 total $150,000.

*Young Women's Christian Association of the City of New York* — $125,000 toward a capital funds drive for building improvements and program development. Grants since 1964 for this campaign total $250,000.

14

1965 Contributions

<table><tbody><tr><td>Abbott House</td><td>$ 10,000*</td></tr><tr><td>Academy of Religion and Mental Health</td><td>10,000</td></tr><tr><td>Africa Service Institute of New York</td><td>4,000*</td></tr><tr><td>African-American Institute</td><td>50,000</td></tr><tr><td></td><td>13,000*</td></tr><tr><td>African Wildlife Leadership Foundation</td><td>30,000*</td></tr><tr><td>Agricultural Development Council</td><td>300,000*</td></tr><tr><td>Allergy Foundation of America</td><td>2,500</td></tr><tr><td>American Cancer Society, New York City Division</td><td>5,000</td></tr><tr><td>American Conservation Association</td><td>150,000</td></tr><tr><td>American Council for Emigrés in the Professions</td><td>10,000</td></tr><tr><td>American Council for Nationalities Service</td><td>2,500</td></tr><tr><td>American Craftsmen's Council</td><td>5,000</td></tr><tr><td>American Diabetes Association</td><td>2,500</td></tr><tr><td>American Friends Service Committee</td><td>15,000</td></tr><tr><td></td><td>20,000*</td></tr><tr><td>American Institute for Free Labor Development</td><td>15,000</td></tr><tr><td>American International Association for Economic and Social Development</td><td>250,000*</td></tr><tr><td>American Jewish Congress</td><td>10,000*</td></tr><tr><td>American Museum of Natural History</td><td>5,000</td></tr><tr><td>American Red Cross for Greater New York</td><td>7,500</td></tr><tr><td>American-Scandinavian Foundation</td><td>25,000*</td></tr><tr><td>Arkansas Arts Center</td><td>75,000*</td></tr><tr><td>Arkansas Council on Human Relations</td><td>8,000</td></tr><tr><td>Asia Society</td><td>35,000</td></tr><tr><td>Associated Councils of the Arts</td><td>20,000*</td></tr><tr><td>Association for Homemaker Service</td><td>5,000</td></tr><tr><td>Association for the United Nations International School</td><td>500,000*</td></tr><tr><td>Atlanta University Center</td><td>500,000*</td></tr><tr><td>Big Brothers</td><td>4,000</td></tr><tr><td>Big Sisters</td><td>4,000</td></tr><tr><td></td><td>12,000*</td></tr><tr><td>Boy Scouts of America, Greater New York Councils</td><td>7,500</td></tr></tbody></table>

(* Indicates contributions for those special projects or activities described on pages 6 to 14; all others were for general operating purposes.)

15

1965 Contributions (Continued)

<table><tbody><tr><td>Brooklyn Bureau of Social Service and Children's Aid Society</td><td>7,500</td></tr><tr><td>Brooklyn Institute of Arts and Sciences</td><td>7,500</td></tr><tr><td>Carnegie Institute of Technology</td><td>8,500*</td></tr><tr><td>Catholic Charities of the Archdiocese of New York</td><td>20,000</td></tr><tr><td>Children's Aid Society</td><td>2,500</td></tr><tr><td>Children's Village</td><td>2,500</td></tr><tr><td>City Center of Music and Drama</td><td>2,500</td></tr><tr><td>College of the Virgin Islands</td><td>100,000*</td></tr><tr><td>Colonial Williamsburg</td><td>400,000*</td></tr><tr><td>Committee for Economic Development</td><td>50,000*</td></tr><tr><td>Committee for Gracie Mansion</td><td>15,000*</td></tr><tr><td>Community Council of Greater New York</td><td>10,000</td></tr><tr><td>Community Service Society of New York</td><td>50,000</td></tr><tr><td>Conservation Foundation</td><td>50,000</td></tr><tr><td>Council on World Tensions</td><td>15,000*</td></tr><tr><td>Deafness Research Foundation</td><td>2,500</td></tr><tr><td>Educational Broadcasting Corporation</td><td>12,500</td></tr><tr><td>Federal Union</td><td>25,000*</td></tr><tr><td>Federation of Jewish Philanthropies of New York</td><td>20,000</td></tr><tr><td>Federation of Protestant Welfare Agencies</td><td>15,000</td></tr><tr><td>Foreign Policy Association</td><td>60,000</td></tr><tr><td>Foundation for Research of the New York</td><td></td></tr><tr><td>Academy of Osteopathy</td><td>95,242*</td></tr><tr><td>Franklin Book Programs</td><td>34,500*</td></tr><tr><td>Fund for Theological Education</td><td>150,000*</td></tr><tr><td>Girl Scout Council of Greater New York</td><td>7,500</td></tr><tr><td>Greater New York Council for Foreign Students</td><td>9,650*</td></tr><tr><td>Greater New York Fund</td><td>50,000*</td></tr><tr><td>Herald Tribune Fresh Air Fund</td><td>2,500</td></tr><tr><td>Hospitality Committee for United Nations Delegations</td><td>5,000*</td></tr><tr><td>Hudson Guild</td><td>15,000*</td></tr></tbody></table>

16

<table>
  <tbody>
    <tr>
      <td>Institute of International Education</td>
      <td>10,000</td>
    </tr>
    <tr>
      <td></td>
      <td>3,000*</td>
    </tr>
    <tr>
      <td>Inter-American Foundation for the Arts</td>
      <td>24,000*</td>
    </tr>
    <tr>
      <td>International Cultural Center, Tunisia</td>
      <td>20,000*</td>
    </tr>
    <tr>
      <td>International House (New York)</td>
      <td>12,500</td>
    </tr>
    <tr>
      <td>International Social Service, American Branch</td>
      <td>6,000</td>
    </tr>
    <tr>
      <td>Junior Achievement</td>
      <td>25,000*</td>
    </tr>
    <tr>
      <td>Law Students Civil Rights Research Council</td>
      <td>15,000*</td>
    </tr>
    <tr>
      <td>Legal Aid Society</td>
      <td>7,500</td>
    </tr>
    <tr>
      <td>Memorial Sloan-Kettering Cancer Center</td>
      <td>120,000*</td>
    </tr>
    <tr>
      <td>Metropolitan Museum of Art</td>
      <td>2,500</td>
    </tr>
    <tr>
      <td></td>
      <td>7,500*</td>
    </tr>
    <tr>
      <td>Metropolitan Opera Association</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>Museum of Modern Art</td>
      <td>250,000*</td>
    </tr>
    <tr>
      <td>National Association for Mental Health</td>
      <td>25,000</td>
    </tr>
    <tr>
      <td>National Audubon Society</td>
      <td>100,000*</td>
    </tr>
    <tr>
      <td>National Bureau of Economic Research</td>
      <td>175,500*</td>
    </tr>
    <tr>
      <td>National Conference of Christians and Jews</td>
      <td>2,500</td>
    </tr>
    <tr>
      <td>National Council of the Churches of Christ in the United States of America</td>
      <td>50,000</td>
    </tr>
    <tr>
      <td>National Council on Alcoholism</td>
      <td>7,500</td>
    </tr>
    <tr>
      <td>National Council on Crime and Delinquency</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>National Council on the Aging</td>
      <td>10,000</td>
    </tr>
    <tr>
      <td>National Educational Television</td>
      <td>12,500</td>
    </tr>
    <tr>
      <td>National Fund for Graduate Nursing Education</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>National Information Bureau</td>
      <td>2,000</td>
    </tr>
    <tr>
      <td>National Social Welfare Assembly</td>
      <td>30,000*</td>
    </tr>
    <tr>
      <td>National Urban League</td>
      <td>20,000</td>
    </tr>
    <tr>
      <td></td>
      <td>500,000*</td>
    </tr>
    <tr>
      <td></td>
      <td>50,000*</td>
    </tr>
    <tr>
      <td></td>
      <td>25,000*</td>
    </tr>
    <tr>
      <td>New York Association for the Blind</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>New York Botanical Garden</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>New York City Mission Society</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td></td>
      <td>30,000*</td>
    </tr>
    <tr>
      <td>New York Council on Alcoholism</td>
      <td>10,000*</td>
    </tr>
  </tbody>
</table>

17

New York Heart Association 5,000
New-York Historical Society 125,000*
New York Public Library 10,000
New York State Citizens Committee for the Public Schools 2,500
New York State Council of Churches 2,500
New York Zoological Society 5,000
100,000*

Operation Crossroads Africa 5,000
Overseas Education Fund of the League of Women Voters 15,000

Pan American Development Foundation 20,000*
Philharmonic-Symphony Society of New York 5,000
Planned Parenthood Federation of America 25,000
Police Athletic League 3,000
Population Council 300,000
Population Reference Bureau 7,500
Practising Law Institute 3,767*
Protestant Council of the City of New York 15,000
35,000*
Public Education Association 2,500
Puerto Rican Forum 5,000*

Radcliffe College 25,000*
Ramon Magsaysay Award Foundation 85,970*
6,000*
Recording for the Blind 10,000*
Regional Plan Association 5,000
75,000*

Research Foundation of the National Association for
Mental Health 10,000*
Riverdale Children's Association 3,500
Riverside Church 35,000
Riverside Fund to Help Build a Christian World 2,000

18

<table><tr><td>Sealantic Fund</td><td>131,000*</td></tr><tr><td>Social Work Recruiting Center of Greater New York</td><td>2,500</td></tr><tr><td>State Charities Aid Association</td><td>7,500</td></tr><tr><td>Tanzania National Parks</td><td>40,000*</td></tr><tr><td>Travelers Aid Society of New York</td><td>5,000</td></tr><tr><td>United Hospital Fund of New York</td><td>50,000</td></tr><tr><td>United Nations Association of the United States of America</td><td>20,000</td></tr><tr><td>United Negro College Fund</td><td>20,000</td></tr><tr><td>United Neighborhood Houses of New York</td><td>50,000</td></tr><tr><td></td><td>25,000*</td></tr><tr><td>United Service Organizations</td><td>17,500</td></tr><tr><td>United States Committee of the International Conference of Social Work</td><td>15,000*</td></tr><tr><td>United States Conference for the World Council of Churches</td><td>2,000</td></tr><tr><td>United States-South Africa Leader Exchange Program</td><td>15,000</td></tr><tr><td>University of Mississippi, School of Law</td><td>40,000*</td></tr><tr><td>University of Queensland</td><td>8,500*</td></tr><tr><td>USO of New York City</td><td>2,500</td></tr><tr><td>Visiting Nurse Service of New York</td><td>5,000</td></tr><tr><td>Volunteers for International Technical Assistance</td><td>5,000*</td></tr><tr><td>Wiltwyck School for Boys</td><td>2,500</td></tr><tr><td></td><td>50,000*</td></tr><tr><td>Young Men's Christian Association of Greater New York</td><td>7,500</td></tr><tr><td>Young Men's Christian Association, National Board</td><td>7,500</td></tr><tr><td>Young Women's Christian Association of the City of New York</td><td>7,500</td></tr><tr><td></td><td>125,000*</td></tr><tr><td>Young Women's Christian Association, National Board</td><td>7,500</td></tr></table>

19

Balance Sheet DECEMBER 31, 1965

ASSETS:

<table><tr><td>Unrestricted Principal Fund</td><td></td><td></td></tr><tr><td>Cash in bank and on hand</td><td>$ 3,245,327</td><td></td></tr><tr><td>Certificates of deposit</td><td>4,000,000</td><td></td></tr><tr><td>Securities</td><td></td><td></td></tr><tr><td>(Market value $201,256,710)</td><td>130,294,278</td><td>$137,539,605</td></tr></table>

<table><tr><td>Fund for the Advancement of</td><td></td><td></td></tr><tr><td>Contemporary Social and</td><td></td><td></td></tr><tr><td>Cultural Studies</td><td></td><td></td></tr><tr><td>Cash in bank</td><td>91,563</td><td></td></tr><tr><td>Securities</td><td></td><td></td></tr><tr><td>(Maturity value $1,800,000)</td><td>1,799,820</td><td>1,891,383</td></tr><tr><td></td><td></td><td>$139,430,988</td></tr></table>

FUNDS AND LIABILITIES:

<table><tr><td>Unrestricted Principal Fund</td><td></td><td></td></tr><tr><td>Accounts payable</td><td>$ 6,998</td><td></td></tr><tr><td>Unpaid appropriations</td><td>9,789,112</td><td></td></tr><tr><td>Fund balance</td><td>127,743,495</td><td>$137,539,605</td></tr></table>

<table><tr><td>Fund for the Advancement of</td><td></td><td></td></tr><tr><td>Contemporary Social and</td><td></td><td></td></tr><tr><td>Cultural Studies</td><td></td><td></td></tr><tr><td>Unpaid appropriations</td><td>81,000</td><td></td></tr><tr><td>Fund balance</td><td>1,810,383</td><td>1,891,383</td></tr><tr><td></td><td></td><td>$139,430,988</td></tr></table>

21

Statement of Securities

DECEMBER 31, 1965

PRINCIPAL FUND

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>American Telephone & Telegraph Co.<br>Deb. 4¾%, Nov. 1, 1992</td><td>$ 500,000</td><td>$ 508,280</td><td>$ 495,000</td></tr><tr><td>Bell Telephone Company of Canada<br>4⅜%, May 1, 1988</td><td>200,000</td><td>199,280</td><td>200,000</td></tr><tr><td>4.85%, Sept. 1, 1995</td><td>250,000</td><td>250,000</td><td>250,000</td></tr><tr><td>Beneficial Finance Co.<br>Deb. 4⅜%, June 1, 1981</td><td>500,000</td><td>495,200</td><td>495,000</td></tr><tr><td>Celanese Corporation of America<br>4%, April 1, 1990</td><td>199,200</td><td>208,506</td><td>225,096</td></tr><tr><td>C.I.T. Financial Corp.<br>Deb. 4¾%, July 1, 1970</td><td>250,000</td><td>262,500</td><td>250,000</td></tr><tr><td>City of Oslo, Kingdom of Norway<br>5½%, Apr. 1, 1977</td><td>100,000</td><td>98,000</td><td>98,000</td></tr><tr><td>City of Winnipeg, Province of Manitoba,<br>Canada, Deb. 4¾%, Nov. 1, 1989</td><td>500,000</td><td>500,000</td><td>500,000</td></tr><tr><td>Commonwealth of Australia<br>5¼%, Oct. 1, 1980</td><td>443,000</td><td>434,140</td><td>429,710</td></tr><tr><td>5½%, Oct. 1, 1982</td><td>233,000</td><td>230,670</td><td>226,010</td></tr><tr><td>Columbia Gas System, Inc.<br>4⅝%, May 1, 1990</td><td>250,000</td><td>248,750</td><td>240,000</td></tr><tr><td>Consolidated Edison Co. of N. Y.<br>1st and Ref. Mtge., 5%, Dec. 1, 1990</td><td>500,000</td><td>510,000</td><td>510,000</td></tr><tr><td>Federal Home Loan Bank Notes<br>4½%, Mar. 15, 1966</td><td>800,000</td><td>799,250</td><td>800,000</td></tr><tr><td>Federal Paper Board Co., Inc.<br>5%, May 1, 1981</td><td>500,000</td><td>495,000</td><td>495,000</td></tr><tr><td>General American Transportation Corp.<br>4.60%, Nov. 15, 1985</td><td>250,000</td><td>250,000</td><td>237,500</td></tr><tr><td>General Motors Acceptance Corp.<br>Deb.<br>3½%, Mar. 15, 1972</td><td>345,000</td><td>345,000</td><td>313,950</td></tr><tr><td>4⅝%, Sept. 1, 1982</td><td>400,000</td><td>397,000</td><td>380,000</td></tr><tr><td>4⅝%, Mar. 1, 1983</td><td>500,000</td><td>496,875</td><td>475,000</td></tr><tr><td>General Telephone & Electronics Corp.<br>4%, Mar. 15, 1990</td><td>115,000</td><td>117,300</td><td>134,550</td></tr></tbody></table>

24

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Global Marine Inc.<br>5%, Dec. 1, 1984</td><td>700,000</td><td>569,002</td><td>574,000</td></tr><tr><td>High Authority of The European Coal &<br>Steel Community, 5⅜%, Oct. 15, 1980</td><td>250,000</td><td>242,500</td><td>240,000</td></tr><tr><td>Hilo Electric Light Co. Ltd.<br>1st Mtge. Bonds Series G<br>4⅛%, Mar. 1, 1989</td><td>400,000</td><td>400,000</td><td>400,000</td></tr><tr><td>International Bank for Reconstruction<br>and Development, 5%, Feb. 15, 1985<br>4½%, Feb. 1, 1990</td><td>100,000<br>500,000</td><td>100,000<br>501,875</td><td>103,000<br>500,000</td></tr><tr><td>International Harvester Credit Corp.<br>4¾%, Aug. 1, 1981</td><td>250,000</td><td>250,625</td><td>242,500</td></tr><tr><td>Iowa Electric Light and Power Co.<br>1st Mtge. 5⅛%, Jan. 1, 1991</td><td>500,000</td><td>500,000</td><td>500,000</td></tr><tr><td>Japan Development Bank<br>6½%, Nov. 15, 1980</td><td>300,000</td><td>293,250</td><td>297,000</td></tr><tr><td>John Deere Credit Co. Deb.<br>4¾%, Apr. 1, 1981<br>4⅞%, Oct. 31, 1985</td><td>500,000<br>400,000</td><td>493,750<br>396,000</td><td>485,000<br>396,000</td></tr><tr><td>Kingdom of Norway<br>15 yr. External Loan Bonds of 1961<br>5½%, May 1, 1976</td><td>457,000</td><td>445,575</td><td>447,860</td></tr><tr><td>Macy Credit Corporation Deb.<br>4⅞%, June 1, 1985<br>4¾%, Nov. 1, 1981</td><td>250,000<br>500,000</td><td>247,625<br>500,000</td><td>245,000<br>480,000</td></tr><tr><td>Mexico/United Mexican States<br>6¾%, July 15, 1978</td><td>458,000</td><td>447,466</td><td>462,580</td></tr><tr><td>Michigan Gas Utilities, Co.<br>4.70%, Feb. 1, 1990</td><td>300,000</td><td>300,000</td><td>300,000</td></tr><tr><td>Mitsubishi Heavy Industries<br>6½%, Sept. 30, 1977</td><td>250,000</td><td>250,000</td><td>252,500</td></tr><tr><td>Mitsui & Company, Ltd.<br>6⅜%, Mar. 31, 1978</td><td>250,000</td><td>250,000</td><td>240,000</td></tr><tr><td>Montreal Catholic School Commission<br>5¼%, Dec. 1, 1992</td><td>243,000</td><td>243,000</td><td>243,000</td></tr><tr><td>Montreal Metropolitan Corp.<br>5⅝%, Feb. 1, 1985</td><td>274,000</td><td>277,820</td><td>276,740</td></tr><tr><td>National Dairy Products Corp.<br>3¼%, June 1, 1976</td><td>200,000</td><td>205,750</td><td>170,000</td></tr></tbody></table>

25

Securities (Continued)

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>New Brunswick Electric Power Commission 5¼%, Jan. 2, 1986</td><td>476,000</td><td>476,000</td><td>476,000</td></tr><tr><td>New York Telephone Co.—Series O 4⅝%, Jan. 1, 2004</td><td>500,000</td><td>508,750</td><td>485,000</td></tr><tr><td>Nippon Tel. & Tel. Public Corp. 5¾%, Apr. 15, 1980</td><td>250,000</td><td>243,125</td><td>225,000</td></tr><tr><td>Northern Natural Gas Co. Deb. 4⅞%, Nov. 1, 1980</td><td>233,000</td><td>233,739</td><td>233,000</td></tr><tr><td>Pacific Gas & Electric Co. 1st and Ref. 4⅝%, June 1, 1992</td><td>400,000</td><td>391,501</td><td>384,000</td></tr><tr><td>Pacific Power & Light Co. 1st Mtge. 3½%, Aug. 1, 1984</td><td>200,000</td><td>209,500</td><td>154,000</td></tr><tr><td>Quebec Hydro Electric Commission Deb. 4¾%, Nov. 16, 1989</td><td>500,000</td><td>500,000</td><td>500,000</td></tr><tr><td>Republic of Finland External 6%, Mar. 15, 1973</td><td>200,000</td><td>197,500</td><td>192,000</td></tr><tr><td>Republic of Venezuela 6¼%, Apr. 15, 1980</td><td>250,000</td><td>247,500</td><td>242,500</td></tr><tr><td>Republic Steel Corp. Deb. 4⅜%, Sept. 1, 1985</td><td>245,000</td><td>242,550</td><td>230,300</td></tr><tr><td>Sears Roebuck Acceptance Corp. Deb. 4⅝%, Feb. 1, 1972</td><td>250,000</td><td>259,375</td><td>240,000</td></tr><tr><td>J. P. Stevens & Co. 4%, Apr. 1, 1990</td><td>190,000</td><td>191,900</td><td>248,900</td></tr><tr><td>Tennessee Gas Transmission Co. 5⅛%, May 1, 1981</td><td>451,000</td><td>451,000</td><td>437,470</td></tr><tr><td>Texas Eastern Transmission Corp. 1st Mtge. 5⅝%, Sept. 1, 1977</td><td>408,000</td><td>422,240</td><td>416,160</td></tr><tr><td>4¾%, Oct. 1, 1984</td><td>500,000</td><td>500,000</td><td>480,000</td></tr><tr><td>Trans Canada Pipe Lines, Ltd. 5¼%, May 1, 1985</td><td>250,000</td><td>251,250</td><td>250,000</td></tr><tr><td>United Gas Corp. 1st Mtge. 3⅝%, July 1, 1971</td><td>182,000</td><td>187,053</td><td>172,900</td></tr><tr><td>United Kingdom Treasury Stock 5½%, Sept. 10, 2008</td><td>535,915</td><td>533,911</td><td>433,471</td></tr><tr><td>Youngstown Sheet & Tube Co. 1st Mtge. 4½%, Oct. 1, 1990</td><td>500,000</td><td>491,875</td><td>475,000</td></tr><tr><td>4.60%, July 1, 1995</td><td>500,000</td><td>500,000</td><td>500,000</td></tr></tbody><tfoot><tr><td>TOTAL BONDS</td><td>$20,798,758</td><td></td><td>$20,385,697</td></tr></tfoot></table>

26

Corporate Notes

<table><thead><tr><th></th><th>Book Value</th><th>Principal Amount</th></tr></thead><tbody><tr><td>Bank of Hawaii 4.70%, Oct. 15, 1989</td><td>$ 250,000</td><td>$ 250,000</td></tr><tr><td>Broad Exchange Corp. 5⅞%, Jan. 25, 1976</td><td>52,326</td><td>52,326</td></tr><tr><td>Celanese Corp. of America 4¾%, Apr. 1, 1990</td><td>500,000</td><td>500,000</td></tr><tr><td>Central Trust Co., Rochester, N. Y. 4⅞%, June 1, 1989</td><td>243,000</td><td>243,000</td></tr><tr><td>Certificate of Participation in Compagnie de Saint-Gobain S.A. 6½%, May 1, 1976</td><td>420,000</td><td>420,000</td></tr><tr><td>Chase Manhattan Bank 4.60%, June 1, 1990</td><td>500,000</td><td>500,000</td></tr><tr><td>City National Bank of Detroit 4¾%, Feb. 1, 1990</td><td>250,000</td><td>250,000</td></tr><tr><td>Commercial Credit Corp. 4¾%, Nov. 1, 1980</td><td>395,563</td><td>400,000</td></tr><tr><td>Continental Can Co., Inc. 5%, June 25, 1970</td><td>250,000</td><td>250,000</td></tr><tr><td>Continental Consolidated Corp. 5⅞%, Jan. 25, 1976</td><td>41,860</td><td>41,860</td></tr><tr><td>Copenhagen Telephone Co., Inc. 6¼%, Feb. 1, 1973</td><td>164,340</td><td>166,000</td></tr><tr><td>Cummins Engine Co., Inc. 4.60%, July 15, 1990</td><td>250,000</td><td>250,000</td></tr><tr><td>Dow Chemical Company 4.50%, Jan. 15, 1990</td><td>500,000</td><td>500,000</td></tr><tr><td>East Wall St. Corp. 5⅞%, Jan. 25, 1976</td><td>156,977</td><td>156,977</td></tr><tr><td>Ethyl Corp. 5¾%, Nov. 1, 1982</td><td>583,109</td><td>750,000</td></tr><tr><td>Family Finance Corp. 5½%, June 1, 1981</td><td>500,000</td><td>500,000</td></tr><tr><td>First National Bank of Jersey City 4.75%, June 1, 1990</td><td>250,000</td><td>250,000</td></tr><tr><td>First National State Bank of New Jersey 4.70%, Dec. 1, 1989</td><td>500,000</td><td>500,000</td></tr><tr><td>General Acceptance Corp. 5%, Apr. 15, 1967</td><td>500,000</td><td>500,000</td></tr><tr><td>General Electric Credit Corp. 4¾%, Dec. 30, 1975</td><td>500,000</td><td>500,000</td></tr><tr><td>General Finance Corp. 5%, Apr. 1, 1976</td><td>500,000</td><td>500,000</td></tr><tr><td>Glens Falls National Bank and Trust Co. 4⅞%, Sept. 1, 1989</td><td>250,000</td><td>250,000</td></tr><tr><td>Hillman Coal & Coke Co. 5%, 1961-79</td><td>401,137</td><td>401,137</td></tr><tr><td>Industrial Acceptance Corp. 5½%, Oct. 1, 1987</td><td>250,000</td><td>250,000</td></tr><tr><td>International Telephone & Telegraph Credit Corp. 5.10%, Dec. 1, 1984</td><td>500,000</td><td>500,000</td></tr><tr><td>Jutland Telephone Co., Ltd. 6¼%, Mar. 15, 1973</td><td>412,830</td><td>417,000</td></tr><tr><td>Kaiser Cement & Gypsum Corp. 5⅝%, Dec. 1, 1981</td><td>200,000</td><td>200,000</td></tr><tr><td>Kawasaki Steel Corp. 7½%, Dec. 1, 1970</td><td>132,000</td><td>132,000</td></tr><tr><td>Long Point Corp. 5⅝%, Jan. 25, 1976</td><td>10,465</td><td>10,465</td></tr><tr><td>Mitsubishi Chemical Industries, Ltd. 7%, Oct. 1, 1971</td><td>262,560</td><td>263,000</td></tr><tr><td>Mon-Dak Oil Corp. 5⅝%, Jan. 25, 1976</td><td>115,116</td><td>115,116</td></tr></tbody></table>

27

Securities (Continued)

<table><caption>Corporate Notes</caption><thead><tr><th></th><th>Book Value</th><th>Principal Amount</th></tr></thead><tbody><tr><td>Narvan Corp. 5⅞%, Jan. 25, 1976</td><td>10,465</td><td>10,465</td></tr><tr><td>Rockefeller Center, Inc.</td><td>9,803,224</td><td>9,803,224</td></tr><tr><td>Security National Bank of Long Island 4¾%, Aug. 31, 1989</td><td>500,000</td><td>500,000</td></tr><tr><td>Tina Minerals Corp. 5⅞%, Jan. 25, 1976</td><td>62,791</td><td>62,791</td></tr><tr><td>Virginia National Building Corp. 4.70%, June 1, 1970</td><td>500,000</td><td>500,000</td></tr></tbody><tfoot><tr><td>TOTAL CORPORATE NOTES</td><td>$20,717,763</td><td>$20,895,361</td></tr></tfoot></table>

<table><caption>Preferred Stocks</caption><thead><tr><th></th><th>Shares</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>American General Insurance Co., Houston $1.80 convert.</td><td>5,000</td><td>$ 205,250</td><td>$ 185,625</td></tr><tr><td>American Home Products 2%</td><td>2,000</td><td>128,145</td><td>149,000</td></tr><tr><td>Atlantic Refining Co. 3.75%, Series B</td><td>1,800</td><td>167,039</td><td>155,700</td></tr><tr><td>General Motors Corp. $5.00</td><td>1,400</td><td>166,641</td><td>155,400</td></tr><tr><td>H. J. Heinz Co. $3.50 2nd Cum.</td><td>2,500</td><td>253,500</td><td>222,500</td></tr><tr><td>Illinois Power Co. 4.20%</td><td>2,000</td><td>105,322</td><td>89,000</td></tr><tr><td>Long Island Lighting Co. 4.35% Series E</td><td>1,000</td><td>103,453</td><td>91,000</td></tr><tr><td>Northern States Power Co. 4.11%</td><td>1,000</td><td>102,452</td><td>86,500</td></tr><tr><td>Ohio Edison Co. 4.44%</td><td>1,700</td><td>172,752</td><td>159,375</td></tr><tr><td>Pacific Gas & Electric Co. 4.80%</td><td>3,300</td><td>94,287</td><td>120,450</td></tr><tr><td>Pacific Lighting Corp. $4.75</td><td>1,600</td><td>163,886</td><td>158,400</td></tr><tr><td>Rheinish-Westphalian Electric Co. 6%</td><td>43,200 DM</td><td>60,501</td><td>44,496</td></tr><tr><td>United States Steel Corp. 7%</td><td>600</td><td>96,900</td><td>99,000</td></tr></tbody><tfoot><tr><td>TOTAL PREFERRED STOCKS</td><td></td><td>$ 1,820,128</td><td>$ 1,716,446</td></tr></tfoot></table>

<table><caption>Common Stocks</caption><thead><tr><th></th><th>Shares</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Aetna Life Insurance Co.</td><td>2,500</td><td>$ 164,301</td><td>$ 169,375</td></tr><tr><td>Aluminium, Ltd.</td><td>20,000</td><td>702,232</td><td>625,000</td></tr><tr><td>Aluminum Company of America</td><td>4,500</td><td>112,122</td><td>344,813</td></tr><tr><td>American Electric Power Co., Inc.</td><td>16,561</td><td>211,086</td><td>724,544</td></tr><tr><td>American General Insurance Co., Houston</td><td>1,667</td><td>121,898</td><td>97,520</td></tr><tr><td>American Telephone & Telegraph Co.</td><td>5,250</td><td>300,250</td><td>318,938</td></tr></tbody></table>

28

Securities (Continued)

<table><thead><tr><th>Common Stocks</th><th>Shares</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Hooker Chemical Corp.</td><td>28,000</td><td>879,758</td><td>1,452,500</td></tr><tr><td>Ideal Cement Co.</td><td>12,000</td><td>351,530</td><td>234,000</td></tr><tr><td>International Business Machines Corp.</td><td>7,542</td><td>856,795</td><td>3,763,458</td></tr><tr><td>International Nickel Co. of Canada, Ltd.</td><td>4,000</td><td>92,148</td><td>361,000</td></tr><tr><td>International Paper Co.</td><td>12,000</td><td>294,922</td><td>369,000</td></tr><tr><td>La Rinascente Aktien</td><td>130,000</td><td>102,501</td><td>62,400</td></tr><tr><td>Lehigh Portland Cement Co.</td><td>10,000</td><td>326,076</td><td>166,250</td></tr><tr><td>Lone Star Cement Corp.</td><td>15,000</td><td>382,959</td><td>266,250</td></tr><tr><td>Louisville Gas & Electric Co.</td><td>18,000</td><td>210,531</td><td>657,000</td></tr><tr><td>Marathon Oil Co.</td><td>31,200</td><td>1,074,958</td><td>1,758,900</td></tr><tr><td>Marquardt Corp.</td><td>27,050</td><td>334,614</td><td>422,656</td></tr><tr><td>McKesson & Robbins</td><td>2,868</td><td>141,266</td><td>132,287</td></tr><tr><td>Mitsubishi Chemical Industries, Ltd.</td><td>265,804</td><td>51,881</td><td>82,399</td></tr><tr><td>New York State Electric & Gas Corp.</td><td>12,000</td><td>527,556</td><td>550,500</td></tr><tr><td>Chas. Pfizer and Co.</td><td>1,000</td><td>39,724</td><td>74,250</td></tr><tr><td>Phelps Dodge Corporation</td><td>6,500</td><td>330,359</td><td>482,625</td></tr><tr><td>Philips' Incandescent Lamp Works Co.</td><td>9,190</td><td>494,688</td><td>284,890</td></tr><tr><td>Phoenix Insurance Co.</td><td>4,000</td><td>252,482</td><td>260,000</td></tr><tr><td>Polaroid Corp.</td><td>10,000</td><td>369,189</td><td>1,166,250</td></tr><tr><td>R. J. Reynolds Tobacco Co.</td><td>5,000</td><td>222,025</td><td>220,000</td></tr><tr><td>Rohm & Haas Co.</td><td>721</td><td>105,263</td><td>113,197</td></tr><tr><td>Scantlin Electronics, Inc.</td><td>10,000</td><td>229,470</td><td>70,000</td></tr><tr><td>Sears, Roebuck & Co.</td><td>58,000</td><td>639,172</td><td>3,828,000</td></tr><tr><td>Security-Connecticut Life Insurance Co.</td><td>2,627</td><td>68,072</td><td>42,032</td></tr><tr><td>Security Insurance Company of Hartford</td><td>5,411</td><td>273,560</td><td>263,786</td></tr><tr><td>Smith, Kline & French Laboratories</td><td>1,000</td><td>69,421</td><td>77,125</td></tr><tr><td>Socony Mobil Oil Company, Inc.</td><td>199,900</td><td>8,482,656</td><td>19,340,325</td></tr><tr><td>Southeastern Public Service Co.</td><td>20,000</td><td>447,457</td><td>370,000</td></tr><tr><td>Southern California Edison Co.</td><td>15,000</td><td>502,952</td><td>590,625</td></tr><tr><td>Southern Railway Co.</td><td>15,000</td><td>774,032</td><td>868,125</td></tr><tr><td>Standard Oil Company of California</td><td>245,623</td><td>10,489,630</td><td>19,619,137</td></tr><tr><td>Standard Oil Company (New Jersey)</td><td>684,220</td><td>30,422,356</td><td>54,994,183</td></tr><tr><td>Texaco, Inc.</td><td>20,000</td><td>651,829</td><td>1,607,500</td></tr><tr><td>Tokio Marine and Fire Insurance</td><td>5,100</td><td>107,037</td><td>177,863</td></tr></tbody></table>

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