Bank of America Has a Man-on-the-Spot in Latin American Agribusiness
Goff, Fred
"Why is a banker talking about agricultural policy? Because Bank of America has a deep stake in agriculture. We are the world's largest agricultural lender, with lines of credit for agricultural...
...Our total agricultural commitment is probably around 3 billion dollars...
...His experience in the produce business and the fact that many Italians were involved in California farming naturally led Giannini into agricultural lending...
...Thus, we find Ralston Purina producing cereals of little or no nutritional value and Dow Chemical distributing highly "successful" herbicides and pesticides which, in the long run devastate the environment...
...For a century or more, international banking has meant the financing of world trade -the movement of goods and services...
...Take, for example, the bank president's statement on the subject in Nov...
...IV, No...
...Franklin D. Murphy, Chairman of the Times and co-owner of the 285,000 acre Tejon Ranch...
...Man-on-the-spot...
...While the role of the ten food, chemical and manufacturing corporations in agribusiness is relatively self-evident -- and is summarized in the box below -the Bank of America's position in the industry is NORTH AMERICAN CONGRESS ON LATIN AMERICA (NACLA) Vol...
...7 NEW INTERNATIONAL FRONTIERS: LATIN AMERICA California is now more than ever a battleground with everyone scrambling for a slice of the same pie...
...5 Brazil: A New Afro-Asian Policy and Its Reversal...
...1 1 The Bank of America has two main drawing cards it uses in winning local government permission to establish branches in the Third World...
...5 / Sept...
...joined his step-father's business and eventually made enough from the lucrative produce trading to marry the daughter of one of San Francisco's wealthiest Italian real estate owners and retire at the age of 31...
...agribusiness is to develop a market first, then invest in production facilities to serve it...
...However, one year after retirement he was thrust back into active business when his father-in-law died leaving an estate of over half a million dollars, mostly in real estate, but also including a seat on the board of a local bank...
...20 Is s u e . AID's Public Safety Program (document...
...As union organizing and strikes spread, the big money behind the increasingly centralized California agribusiness organized a group called the Associated Farmers, whose purpose was to propagandize the workers and city dwellers, keep track of labor organizers, and smash strikes by any means available...
...Our men-on-the-spot have a refreshing way of getting the job done fast...
...Farms were largely labor-intensive, and relatively small...
...rather, it will be to develop a market for existing and future production...
...bank ranked by assets, it had only one overseas branch -- in London -- to service its California movie clients...
...When a local construction company won a contract from the Argentine National Railways, our man came through with Swiss Francs...
...2, April 1970...
...14 T h is South Africa's Policy Towards Latin America (document...
...6 Agribusiness is today California's leading industry, producing one third of the state's income...
...in La Paz...
...IV, No...
...Today, the cutting edge of international banking is found in the ability to marshall capital, credit, resources, and know-how into an integrated package and to provide the conduit through which all these ingredients can flow across national boundaries...
...San Francisco Examiner, August 23, 1936...
...10 for institutions...
...We've been in agriculture a long time and we intend to stay in agriculture for a lot longer...
...One ingredient of the Bank of America's new approach to international banking which was omitted by Peterson in his description of venture banking is the marshalling of vast sums of government money for the bank's private projects...
...BANK OF AMERICA ON TH ESPOT San Francisco, Los Angeles, over 400 California communities Amsterdam Antwerp Asuncion Bangkok Beirut * Birmingham Bogota Bombay Brussels v Buenos Aires Calcutta Caracas * Chicago Copenhagen Duesseldorf Guam * Guatemala City * Guayaquil * Hong Kong * Karachi * Kobe * Kuala Lumpur * Lagos * Lahore La Pax Limea London Madrid Managua * Manila Marseille Mexico City Milan Munich * New York City Okinawa Osaka Panama City Paris Rio de Janeiro * Rotterdam Saigon San Pedro Sula Santiago Seoul Singapore Sydney Taipei Tegucigalpa Teheran Tokyo Valparaiso Vienna Vina del Mar Washington, D.C...
...Roland Tognazzini, president of Union Sugar Co...
...MEMORANDUM TO: SUBJECT: C. A...
...4. James, Marquis and Bessie R., Biography of a Bank: The Story of Bank of America, Harper & Bros., New York, 1954, p. 82...
...Bank of America Has a Man-on-the-Spot in Latin American Agribusiness...
...Deere tractors produced in Argentina will be sold all over Latin America and baby foods bottled in Gerber's Costa Rican plant will be marketed throughout Central America...
...Copyright 1970 by the North American Congress on Latin America, Inc...
...The Regional Vice Presidents will review these reports and summarize activity on this subject semiannually with me at our periodic meetings...
...1 6 The markets envisioned by the LAAD partners are composed of middle-class and upper middle-class consumers...
...But the Dust Bowl refugees who stream into the state were white, desperate and open to unionization...
...Heinz...
...Most of the documentation for the Bank's role in pre-World War II California agriculture is from this book...
...Thus, when a bank which held mortgages or outstanding loans on a given crop decided to pressure clients to join a cooperative, its chances were vastly improved...
...212 worth examining in greater depth...
...G. R. Aceves Regional Vice President, Buenos Aires Mr...
...In their scale of values individual need and product quality take second place to marketability and profit...
...20005...
...In the decade surrounding World War I the bank built a valley banking system -- primarily through aggressive acquisition of weak and failing rural banks -- which supplied the credit needs of farmers who were rapidly expanding their holdings into heavily financed capital-intensive commercial agriculture...
...Few corporations other than these multinational giants have the capital resources, production capacity, and international experience and contacts to take advantage of these newly created markets...
...1968: The hard economic reality for the majority of this nation's small farmers is that they have only three alternatives: 1) move up to commercial scale farming...
...For a new oil pipeline and marine terminal, our man provided needed capital in Deutsche Marks...
...Bank branches may supply administrative services to the foundations...
...Bolin Senior Vice President [Reproduced from the Council For Latin America CLA Intercambio, November 1968] 25, 1968, op...
...One of the primary sources of U.S...
...In Minimum contribution for one-year subscription: $5.00...
...1 The Bank of America's LAAD Partners...
...The provision of these services shall, of course, be consistent with the broad interests of the national business community...
...banks (see box below...
...He headed a committee appointed by President Nixon to study and submit suggestions for revamping the entire foreign aid program...
...One is the bank's experience in marshalling large numbers of small accounts, "serving the little fellow," and the other is its experience in agribusiness...
...It is not surprising, then, to find the bank organizing a consortium of ten giant agribusiness corporations to promote efficient production, processing and distribution and contribute to the profitable development of agriculture in Latin America" -- the Latin American Agribusiness Development Corp...
...We are the world's largest agricultural lender, with lines of credit for agricultural production running at about a billion dollars a year...
...The bank also extends credit to Latin American agribusiness through direct loans to governments and corporations, participation in loans with various international lending agencies, direct investments in development finance corporations (financieras) and in the financing of trade.12 (continued from page 4) LAAD, VENTURE BANKING, AND ITS CONSEQUENCES Rudolph Peterson, the recently retired Bank of America president (1963-69) prided himself in having directed the bank's expansion overseas and in having introduced "venture banking...
...Another aspect of the markets envisioned by the LAAD partners is that they are the large multinational markets created by recent tariff agreements -- the Central American Common, the Latin American Free Trade Association, the Andean Common Market and others...
...18 Puerto Rico Now Bantustan Model...
...The purpose of this bill is to break the organizing power of the farm workers...
...Subscription prices: $5 per year for individuals...
...b) Program must be relatively simple and aimed at those few priority areas in which practical results are most readily attainable, because executive time is scarce...
...10025 P.O...
...LAAD...
...The bank played a major role in organizing and financing California cooperatives...
...The contribution of our managers and officers to these central national and U.S...
...2. Copies of this speech are available from the Foundation for American Agriculture, 1425 H Street N.W., Washington, D.C...
...Agribusiness Shows the Way," Business Week, January 18, 1969, p. 55...
...BANK ORIGINS The bank's founder, A.P...
...Beyond that, all officers of our branches are expected to engage in some aspect of such relations, under the supervision of the managers...
...The LAAD partners place the highest priority -- in fact their corporate survival depends on -- making a profit...
...CPC Int'l...
...The banks not only helped the large growers with their financing problems, it also worked closely with them in controlling farm labor...
...2. On the basis of these considerations, I would like to propose to you the following guidelines for the environmental relations programs of the Bank of America in Latin America...
...2) retrain for another job...
...As of this date no LAAD projects have been announced, though the first one is expected soon and will probably be located in Central America...
...Box 57, Cathedral Park Station, New York, N.Y...
...The bank liked the idea of cooperatives despite the opposition of many small farmers who felt they got stuck with prices lower than their small volume of production would economically allow...
...He had the vision of an innovative capitalist -- lending to the "little fellow," the small immigrant businessman, as opposed to the large well-established Anglo-Saxon businesses...
...In today's climate, however, the role of banks in financing this trade through the traditional methods of advances, acceptances, term loans, letters of credit, and collections is largely taken for granted...
...Any political problems involved in such associations should be discussed by the Regional Vice President with me...
...in Buenos Aires...
...A study of its role in shaping California agribusiness might give some hint of what it and LAAD have in mind for Latin America...
...The average capital investment for commercial farms in the state has grown from $40,000 in 1950 to over $260,000 today, and the Bank of America's vice president for agriculture expects it to double by 1980...
...4 As Giannini's bank bought up one bank after another in the Valley, these farmers came to rely on his chain for their survival and growth...
...Foreign Aid -- Part 1" by Hector Melo and Israel Yost in NACLA Newsletter, Vol...
...13 - FOOTNOTES: 1. The author was assisted in researching this article by Sommers Goff, Paul Rupert and Mike Sweeney, who are members of a project on the Bank of America conducted by the Pacific Studies Center and NACLA...
...And only a handful of giant international banks have the worldwide network of branches and affiliates which can easily handle this type of trade and commerce...
...Second-class postage paid at New York, New York.MAN-ON-THE-SPOT CAMPAIGN MAN-ON-THE-SPOT CAMPAIGN Document Cale Sagarnaga, La Paz-just five minutes from a new Bank of America branch...
...they may also consider lending their own funds to the communities when this can be done soundly under the foundations' full or partial guarantee or other collateral...
...While the bank maintains an intimate working relationship with the giants of California agribusiness it has little but thinly veiled contempt for the small farmer...
...Giannini, was born in 1870, the son of a well-off Genoan farming family which emigrated to the United States and purchased a 40 acre farm near what is today San Jose, California...
...Furthermore, changing shopping habits, as exemplified by the growing popularity of supermarkets and one-stop shopping centers, provide additional impetus to the growing demand for convenient, nutritious, high-quality foods...
...Unlike its two main rivals, the First National City Bank and Chase Manhattan Bank, the Bank of America is a latecomer to international banking...
...The bank contributed money and was represented on the board by active and former officers...
...In a recent speech to the Bankers Association for Foreign Trade he described venture banking by contrasting it with traditional banking...
...business organization in the country of their employment, in addition to membership in banking associations...
...By contrast, Citibank had 71 overseas branches at the start of the war and Chase had 14...
...Many who chose not to follow faced foreclosure...
...However, the passage of a liberal onebank-holding-company bill in Congress could open virtually endlesss new bankking panoramas...
...And these ingredients will be flowing across the national boundaries of Latin America as the LAAD partners work to develop large-scale integrated agriculture systems...
...6. The bill (S-2203) is euphemistically titled the "Consumer Agricultural Food Protection Act...
...Yokohama Zurich BANCA D'AMERICA E O'ITALIA: over 80 offices throughout Italy AFFILIATES AND CORRESPONDENTS WORLD -WIDE 1967 Bank of America National Trust & Savings Association- 4 - growers had developed a strong tradition of vigilantism...
...1970 NACLA NEWSLETTER P.O...
...Following the death of her husband, A.P.'s mother remarried, this time to a local produce dealer...
...1 0 In 1968 nearly 25 percent of its profit, or approximately $35 million, came from overseas (Citibank's was about $1 million more and Chase's about $30 million...
...3. Bank of America Press Release, February 9, 1970...
...d) The priority areas with the most urgent need for attention and the greatest prospects for tangible results are (1) national business, (2) national governments, (3) the academic community...
...This is clear from the partners' advertisements, from internal documents such as the bank directive on "environmental relations" reproduced on page 12 , and from public statements such as the following from Gerber's 1969 annual report: The foreign market for prepared baby food is expanding rapidly, as standards of living and education rise throughout the world...
...It is not surprising, then, to find Bank of America personnel intimately related to the functions of AID...
...The bank's largest push during the last four years has been into Latin America, where it now has 46 branches, or approximately 23 percent of the total 203 branches of all U.S...
...WIhen all else failed, the NACLA NEWSLETTER Vol...
...Branch Managers will submit quarterly progress reports on their environmental relations activities to the Regional Vice Presidents...
...The branches may do this in their own right or they may act as administrators of existing, business-supported student loan programs...
...Grace & Co., one of the other giants of Latin American agribusiness...
...He's a commodities expert, a foreign exchange specialist, an economist, a diplomat, a political scientist, a reporter, a tax expert, a: business consultant, a banker, and a good man to know...
...And when a sugar mill needed short-term working capital, he arranged for Eurodollar financing...
...The borrowing habit had become so fixed that California's farm mortgage debt had trebled in 8 years -- rising from $107,415,000 in 1910 to $338,280,000 in 1918...
...If you would like your banker to be this flexible, this inventive, this attuned to your needs, talk to Bank of America...
...For three years beginning in 1932 Bank of America foreclosures ran just under 300 a year and in 1936 the San Francisco Examiner announced California Lands had developed the "largest diversified farming organization in the world, owning and operating approximately 600,000 acres...
...From his newly assumed seat on the bank board Giannini saw the city's fast-growing Italian North Beach inhabitants as potential customers whose loyalty could be won by helping them get started with small loans...
...Modus Operandi Environmental relations activities are the direct responsibility of the Regional Vice Presidents and Branch Managers of the Bank of America in Latin America...
...Fred Orth, the former B of A vice president in charge of the bank's California agribusiness operations, who was LAAD's principal organizer and interim president, was recently replaced by a permanent president, James Halom...
...In a very real sense then, agriculture is our business...
...3) retire...
...Economics have dictated these choices and we can do little about them...
...However hard they try, it is highly doubtful that the LAAD partners will succeed in solving the basic problems of hunger and malnutrition in Latin America...
...This traditional role is still of enormous import, with world trade amounting to 200 billion dollars per year...
...Support for programs within these fields which promote middle class aims and objectives are particularly fruitful...
...15 To the People of the United States -- From the Young Lords Party...
...W.H...
...9. Ibid...
...ANKAMERICA ttank of Amrira NATIONAL rAW ASSOCATION INTrRNATIONAL BANKING DIVISION SAN FRANCSCO...
...AGRIBUSINESS FINANCING IN CALIFORNIA In the early 1900's California agriculture was hardly the concentrated and integrated agribusiness of today...
...Today the bank continues its anti-farm labor policy while actively supporting the Murphy Bill (sponsored by California Senator George Murphy...
...When the bank's conservative board balked at implementing this vision, Giannini withdrew and set up his own bank in 1904...
...Priority Areas and Activities a) National Business Regional Vice Presidents, branch managers and branch officers, as appropriate, should become active members of the central national business organization and the leading U.S...
...The bank has marshalled the capital, resources and knowhow of 10 multinational agribusiness corporations and one multinational private investment company (Adela) into an integrated package...
...Your recommendations included: a) Such relations must be an integrated part of top management responsibilities, not an "extracurricular activity...
...For the bank, more than any of the individual partner companies has the power to shape agriculture in the Americas...
...Peterson's speech, "Venture Banking -- The New Dimension," Boca Raton, Florida, May 19, 1969...
...Halom was formerly vice president of the Latin American Group of W.R...
...To meet his dollar requirements the farmer depended more on his banker than any other source...
...Money is even tighter in Argentina than it is in the U. S. But financing is still required for many urgent projects...
...CAFORNIA 94120 International Banking Administration Latin American Division #6700 September 30, 1968 Mr...
...and Theodore von der Ahe, owner of Von's Grocery stores...
...But we can make it easier for the uneconomic farmer to decide which road to take and we can pave that road for him...
...and California leads all other states in gross farm income with over $4 billion a year...
...7. Rudolph Peterson, President, Bank of America, speaking to California Canners and Growers, November 8. "The Battle of the Banks, California-Style," Business Week, January 31, 1970, p. 87...
...Heinz, the president of Borden, and the executive vice president of Corn Products Co...
...Louis Petri and Carl Wente, representing two of the state's leading wine merchandising families...
...Business Week, April 8, 1967, p. 130...
...A basic strategy of U.S...
...One of its provisions makes it unlawful to picket a retail store as part of a boycott of an agricultural commodity, thus eliminating the principal leverage point the farm workers have been using in their organizing drives...
...5 / September 1970 Published monthly, except May-June and July-August, when it is published bi-monthly, at 418 West 25th Street, New York,'New York 10001...
...As the prosperity of the war years gave way to a farming slump and to crop disasters the ailing farmers found themselves following the banker's lead into new marketing arrangements, new crops and new methods...
...Their primary aim is not to distribute production to those who most need it, rather, they aim to distribute production to those who can most afford to pay for it...
...d) Loan Programs for Poor Communities Bank of America branches should become active in the programs of national development foundations for the making of small self-help loans to poor communities...
...Agribusiness loans now make up sizeable sectors of the bank's branches' loan portfolios in Latin America -- for example, nearly 40 percent of the Guatemala branches' loans are to this sector...
...Its investments in farm mortgages alone amounted to over $71 million, just under 9% of the state's farm mortgage debt...
...The bank helped accelerate the change from small labor-intensive farming to large scale commercial agriculture...
...This involvement is in the classic tradition of the Bank of America...
...Box 226, Berkeley, California 94701 The NACLA NEWSLETTER is published ten times a year by the North American Congress on Latin America...
...But," as Business Week puts it, "during the last 5 years, the B of A has come on like gangbusters overseas" and now has 96 foreign branches in 42 countries plus another 167 branches of two subsidiaries and 57 foreign-based affiliate banks...
...Rank of America has a man-on-the-spot...
...c) Education In addition to building personal relationships with the faculties of national universities, Bank of America branches may consider, in a manner consistent with local law and circumstance, sound loan programs for national university students or professionals of modest means...
...Among the 16 members of this Task Force on International Development were two other B of A directors, Walter Haas Jr., president of Levi Strauss, and R. Burt Gookin, president of H.J...
...9 According to the bank's in-house bulletin, the BankAmerican (May 1969), "the largest single area of growth in the next five years should be on the international scene...
...By the end of World War II, when it became the number one U.S...
...Both the Citibank and Chase started out as wholesale banks serving giant corporate customers and only recently have they entered so-called retail banking, an area which was pioneered by the Bank of America and on which it built its original base...
...U.S...
...As recently as 11 years ago it still had only 14 foreign branches...
...However, one weakness of coops was that they rose and fell as farmers decided to stick together and thus monopolize the crop, or go it alone...
...c) In order not to distort local profit and loss statements, Head Office should absorb the cost of certain long-term ER programs...
...Under the Wire," Forbes, June 15, 1969, p. 61...
...I believe that these national foundations have a great potential for promoting grass-roots self-help, stabilizing Latin American countries, and drawing the now "marginal" population into the money economy...
...3 In February 1970 the Bank of America announced the formation of the investment company with the following as its equal partners in the venture, which will have an initial capitalization of $15 million: Adela Investment Co., Cargill, Caterpillar Tractor, CPC Int'l., Deere, Dow Chemical, Gerber, Monsanto, Ralston Purina and Standard Fruit and Steamship Co...
...Harry S. Baker, president of Producers Cotton Oil Co...
...For an analysis of the Peterson Report see "Funding the Empire: U.S...
...And neither of the B of A's rivals can match the California bank's experience in agricultural lending...
...However, branch loans account for only $180 million of the bank's $400 million in loans to Latin America...
...b) National Government Over and above their participation in public planning suggestions made by the business community, Bank of America officers should consider making available their consultative and research services, on a volunteer basis, to municipal, state, and national government entities who would like to have such services...
...government money available to private investors overseas is the Agency for International Development (AID) . AID should be of particular interest to LAAD and the bank since it is currently giving top priority to increasing agricultural production...
...5. James, Ibid., p. 395...
...For example, Francis X. Scafuro, a senior officer of the Bank of America's international investment subsidiary in New York, was the chief architect of a vastly more liberal AID loan guarantee program designed to attract institutional investors (including insurance companies, and bank-administered trust funds and pension funds) to Third World investment possibilities...
...Coops were a marketing and planning device designed to regulate production or supply of a given commodity -- and thereby regulate the price...
...1 3 LAAD is clearly on the "cutting edge" of international banking...
...Once prosperity returned the company unloaded most of its property...
...Through its network of nearly 1,000 branches the bank currently finances almost half the agricultural production in California and it should come as no surprise to find its board of directors heavily populated with representatives of the state's agribusiness baronies: Robert DiGiorgio, the first big target of Cesar Chavez's organizing efforts, who sold his extensive holdings rather than recognize the farm workers...
...is the difficulty of transplanting the need for food and farm supplies to commercial demand...
...Among the bank's co-op loans during the post-war period were a $3 million line of credit to the California Prune and Apricot Growers Association in 1919 and $1,500,000 to the California Bean Growers Association in the same year...
...Call on Bank of America-first in banking...
...Roland Pierotti, at the time - 11 - head of the bank's international activities, was listed as an assistant to task force members...
...But until the Depression it had been largely non-white, a fact which made control through threat of deportation or strikebreaking with other races effective means of insuring a work force...
...A. Giraldi Regional Vice President, Guatemala Mr...
...business organizations should include active participation in the formulation of forward planning recommendations for public policy by these organizations...
...This fact was the key to the power the Bank of America held in determining the shape of California farming...
...When the relative farm prosperity of the '20's gave way to the Depression, the bank, by virtue of its large holdings and the many bad risks it had acquired in taking over Valley banks, found itself faced with so many foreclosures it formed California Lands, Inc...
...The Bank of America already holds 42 percent of the state's $50 billion deposits and does not expect its share to change substantially...
...For, as Business Week magazine has pointed out, "the fundamental problem of agribusiness in poor countries...
...As the bank's official biographers observe, "the Valley bank client was a borrowing farmer, borrowing for increased acreage, planting and irrigation...
...to handle them all...
...Rudolph Peterson, President, Bank of America, speaking to California Canners and Growers, November 25, 1968.2 Of all the agribusiness corporations and finance institutions carving out vast potential markets in Latin America, none matches the Bank of America in disposable capital resources, local and international contacts, and experience in the business of growing, processing and marketing food...
...This article is meant to be read in conjunction with a companion piece on the Bank which will appear in Ramparts Magazine, November 1970...
...One partial variation from the middle class emphasis should be involvement with national development foundations, like the Dominican, Guatemalan, Ecuadorian and Colombian ones, which make loans for community improvement projects to poor urban and rural communities, under the guidance of the Pan American Development Foundation in Washington...
...5 California Lands was operating 2,642 farms at a profit of $643,000...
...In addition there were also the mortgages held by the bank's affiliate, the California Joint Stock Land Bank, loans to cooperatives, and seasonal loans to farmers...
...Overseas though, there is still plenty of room to grow, particularly in the developing nations that are long on basic resources but short on capital and business knowhow.8 Banking opportunities in California, as the above quote indicates, are limited...
...1 5 From initial reports and press releases it is clear LAAD's primary emphasis will not be to increase agricultural production...
...The Bank of America felt that protection of the industry was of primary importance, and the coops introduced heavy advertising and marketing campaigns which, coupled with restrictions on production, stabilized the industry in this rough time...
...BANK OF AMERICA can put him to work for you in Beirut, or Brussels, or Bombay, or Buenos Aires, or Bangkok, or in Berkeley, California...
...Under his plan AID removed the risk for such investors by revising its rule on "extended risk" guarantees, offering them what amounts to a government guarantee against all risks, including normal commercial risks.l 1 An even more dramatic example of bank personnel shaping AID policy is Rudolph Peterson himself...
...Farm labor had always been troublesome for the growers...
...IV, No...
...All this activity had a predictable result: at the end of the '20's the bank was the number one backer of California agriculture...
...Loan totals from William Bolin, Bank of America officer in charge of Latin American operations, speaking at a symposium on "Bank of America and Latin American Development" at University of California Berkeley, June 3, 1970...
...The bank held mortgages on 12,147 farms, one out of every 11 farms in California...
...Compiled from Bank of America sources and Federal Reserve Board release of September 3, 1970...
...In Buenos Airesand all around the world...
...Sesenna, Regional Vice President, Panama Guidelines for Relations Programs in Latin America 1. We have carefully reviewed your recommendations, made earlier this year, for policy guidelines to govern your environmental relations (community, government and business relations) programs in Latin America...
...The bank's international banking subsidiary in New York counts among its six outside directors the president of H.J...
Vol. 4 • September 1970 • No. 5
