Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

IN TiUS ISSUE The Great American Motor Rallye •...... •... Meet a Foreigner ...... Christma~ Cocktail Party Pictures...... Public Disclosure Authorized The following statement was made by Mr. Andrew N. Overby at the last Executive Directors' meeting in 1955. We think his words are most fitting as a thought for the New Year. "Mr. Chairman: "This, I believe. will be the last meeting of the year. and I think it is appropriate at this time not only to extend to the management and staff of the Bank the Board's Christmas greetings. but also their deep appreciation. of the work and able and efficient discharge of duty on behalf of the staff• . They wish also to pay tribute to the leadership of the management of the Bank which has taken us through another difficult year and. we think, without running afoul of too many rocks, and has taken us into some new and perhaps even interesting horizons lying ahead of us. "So with those words. we expres~ our appreciation, as well as our Christmas greetings to you and all the members of the staff, sir."

CHRISTMAS CARDS RE<:;EIVED BY THE BANK, 1955 The First National Ciiy Bank of Caisse d'Epargne de L 'Etat, New York Luxembourg Amsterdamsche Bank The Workers' Bank Ltd., Israel Governor of the Bank of Greece Landsbanki Islands La Asociacion Mexicana de Caminos Central Hidroelectrica del Rio Federal Reserve Bank of New York Anchicaya, Limitada,. Colombia Bank of the Ryukyus Comptoir National d'Escompte de Banque de France Paris Industrial Development Bank of The Trust Company of Cuba Turkey Central Office of Information, Malta Nederlandsche Handel-Maatschappij. La Campania Panamena de Aceites. N.V. S.A•• Panama Turkiye Garanti Bankasi Banco Alianca do Rio de Janeiro, Bank Melli iran S.A.. Brazil Bank for International Settlements Federal Reserve Bank of Kansas The Chartered Bank of India. City Austr.alia and China Union Bank of Switzerland New York Life Insurance Company Banque Be1ge d'Afrique Nissan Kisen Kaisha. Ltd. National Bank of Belgium Banco Nacional de Panama Osterreichische Landerbank. Vienna COntinued on Pa,e 12

2 ! by Garrick M. Lightowler Since the war there has been a fantastic growth of public interest in motor sport in general, and in the Rally in particular. However, a rally is not a race, but a timed trial which tests the skill of the driver, the accuracy of the navigator, and the reliability of the automobile, and is an event in which the average driver can participate with his own car and still have a reasonable chance of success. The raIl y is organized on the open road, and usually when bad weather can be expected. . Rallies vary in duration from the Sunday afternoon club affair, covering as little as 75 to 100 miles, to the big Australian Reliability Trial which covers 12,000 miles of arid desert and bush tracks. ~ respective of duration all rallies are run against the stop-watch and drivers have to be at certain places at certain predetennined times, losing points for split-second tardiness or early arrival. In fact to be early is a greater sin than being late for it indicates that, as the time schedules have been worked out according to the prevailing speed limits, the competitor has been speeding. Arriving early at a check­ point often means disqualification. The most famous rally of all is the Monte Carlo Rally which is held every year in January and has starting points at Athens, Lisbon, falermo, Oslo, Munich, The Hague, and Glasgow. On arrival at Monte Carlo, after four days and three nights of continuous driving over the French Alps (in the middle of winter!), there are elimination tests for the first 100 competitors. To finish the Monte Carlo Rally is credit­ able; to win an award shows very skillful driving. There is/ nothing quite the same as the Monte Carlo RaiIy in the United States, but the Great American Mountain Rallye, run every

3 November, is an attempt in this direction. I had the great honor last year (1955) to be invited by the Foreign Products Branch of the Ford Motor Company to co-drive one of their "work"- entered cars in this American event and I jumped at the opportunity. For 1955 the Rallye was divided into two phases. The first phase was a warming-up section of over 1,000 miles, with only one timed reliability section (between ,Baltimore and New York); the second phase was the Rallye proper, with more than 1,500 miles of main and secondary roads, and country lanes winding round and round over the snow-covered mountains near the Canadian border. We started from the front of the Sheraton-Park Hotel in Washington, D. C. on the morning of Monday, November 21 and headed south for Wilson and Charlotte in North Carolina and Bluefield in West Vir ginia, and then north to Baltimore, arriving at the Park-Belvedere Hotel on Tuesday evening. This section was easy as the roads were dry and the weather bright and sunny. From Baltimore onwards we ran against the clock continuously and soon after leaving the main road we ran into trouble.. Route in­ structions are always very precise and those issued throughout this event were no exception. But, you can lose your way, particularly if you are looking for a hidden turn-off at the same time that you are trying to work out where you should be, having traveled 96.8 miles at 25.6 mph. This happened to us and we carried on for nearly 5 miles before convincing ourselves we were no longer following the correct road. Going out of our way 5 miles meant that we had to retrace our tracks and lose in all 10 miles - and at 25.8 mph. that means a loss of something around 25 minutes. After battling the rush hour traffic leading into the Lincoln Tunnel, we finally made the Park-Sheraton Hotel in New York and clocked in five minutes late ­ more points lost! At a very early, and still dark, hour on Thanksgiving morning we started the Rallye in earnest. It was not mandatory for all cars to Continued on Pa,e JO The Monte Carlo Rally, Ig55: (Left): A sedate Daimler sedan is put throu,h a final apeed teat. (Ri,ht): The French .Alpa in January, ..ith a small 3-cylinder DK" participatin, in the Rally. MEET A FOREIGNER by Giuseppe Mo"a

Stories about adjusting to a new environment are almost always entertaining. Here "Joe" Mo"a recalls with tongue in cheek some of his experiences when going through that difficult period. Other staff members are invited to tell their stories in the pages of Bank Notes.

On the day of my arrival in the land of Uncle Sam I was forced to realize an awful thing - I knew very little English, and contrary to my hopes, I was barely able to say "I am glad to be here." I could have said it in Italian or in one of our many dialects, but still no one would have understood me. My first step in the new land, then, was to enroll in a school where I could study English. As the Italian Ministry of Education had not felt it imperative to endow me with a scholarship, I soon discovered that I was confronted with another obstacle - a forthcoming financial deficit. Since at that time I was not a staff member of the I.B.R~D. and did not have "free access" to the World Bank safe, I decided upon a part-time job as the only honorable and possible solution. My first job was officially designated "flower presser" and con­ sisted of placing rhythmically at high speed paper-made leaves of various types of flowers in a very hot mold and dishing out a finished product. The factory was located in a dirty basement of an old house on Third Avenue or, as the poets nostalgically refe,r to it, The Bowery. A few weeks later I switched to mechanics and learned how to repair refrigerators (sorry, but my services are no longer available) in an unbearably hot shop, uptown. After that I, decided to go back to -Noblesse" and became a stock clerk: only twenty dollars a week, but it was a swanky department store. Once again my stomach had to bow before refinement. After having satisfied, at the store, my school boy curiosity about women's garments and not yet convinced of my success as a young executive in the fashion world, I resumed my life among the humble workers and tOOK the next step up the staricase to stardom as a bus boy in a fourth class bar-cafeteria. There I met several of the most distinguished drunkards in town who enriched my English vocabulary with some of the more picturesque slang expressions. Eventually things began to look brighter or at least different. Since I had acquired a fairly good knowledge of the language I began to feel capable of working with people rather than with objects. Before long a great challenge came my way in the fonn of an Assistant Direc­ torship of one of the downtown children's aid society clubs. It was

5 my job to direct the aCtIVItIeS of a number of precocious youngsters of East-Side New York. Skiiled in the art of street fighting and quick with the brass knuckles, these children responded eagerly to my leader­ ship and in no time they were off the streets and engaged in wholesome enterprise. They threw away their clubs and learned to crack safes like gentlemen - by pushing them gen~y out of third story windows. The ringleaders of the' organized social groups, or gangs, were at first rather unreceptive, if not openly hostile, but I soon learned that where kind words failed money succeeded admirably. For fifty cents I could subsidize them for an afternoon at the swimming pool, and thus be left alone to concentrate on the majority of the children who, I must say, were very appreciative of the efforts made by the staff of the Club. At last, word of my many contributions to American youth reached Italy, and the Government, no longer able to carry on without me, requested my presence at the Italian Embassy here in Washington where I constantly tried to ease international tension and solve a few of the world's problems. As to the inevitable inquiries - "How do you like it here?" and "Do you prefer America to Italy?" - from which few foreigners are spared, I must confess that in the early days these two questions always left me perplexed in view of their weight and my inadequacy to give a fair answer. With a little more time I realized, however, that I did like it here or I would not have re­ mained. And as to whether I preferred America to Italy, I sincerely feel that it is just like loving very much two entirely different kinds of women. One is young, rich, charming, gay and well-disposed toward you; the other is not perhaps essentially a beauty, but she is very attractive, mature and human. Perhaps she isn't very rich, perhaps she isn't very young, still she's full of understanding and femininity. To conclude I will say that most Americans have been kind to me, some were indifferent, some extremely friendly, and others have cordially disliked me, but al­ Author Morra and together to have been a temporary foreigner has proved youn~ Club member. to be a unique experience for me.

Registration for new language classes by Vox Institute, February 6, 1:00 P.M., Room 901, Hurley Wright Building.

6 NEW PROFESSIONAL STAFF - OCTOBER - NOVEMBER Thomas M. Noone. appointed to the staff of the Office of "Information in October, calls himself a Kansas farmer, but he has had wide experience in the field of public relations also. He attended the University of Wichita and majored in Business Administration. He has had five years' experience in film and television work at the U.S.D.A. Before coming to the Bank Mr. Noone was Executive Director of Film­ builders Ltd.,. in Washington, having formerly been Associate Director for Public Relations, Film Council of America in Evanston, lli. Mr. and Mrs. Noone live in Sterling, Virginia.

Catherine Schellens. Office of Information, joined the Bank's staff in October. Miss Schellens was born in Havana, Cuba, and is a citizen of the Unit~d States. She received her B.A. degree in Spanish from Vassar College. Before joining our staff Miss Schellens was employed as a researcher for ·Vision,· a Latin American magazine. For the last two winters she has enjoyed her favorite spon, skiing, in Austria.

] acques Trempont. Department of Operations - Europe, Africa and Australasia, from Belgium, was educated at the Universities of Louvain and Oxford and holds degrees in International Law, Economic,s and Political Science. He received his LLD at the International Law School, The Hague. Mr. Trempont was Assistant Secretary General of Compagnie Financiere de Cemants in Brussels before his assignment with the Bank in October, and from 1952 to 1954 he was with NATO in Paris (Country Desk). Mr. and Mrs. Trempont have a little son, Dominic, not quite two years old.

Victor Wouters was appointed to the Economic Staff in October. A Belgian, Mr. Wouters received his education at the University of Louvain where he was awarded a Belgian­ American Educational Foundation Fellowship to complete his economic studies at the University of Columbia from 1950 to 1952. Another imponant event took place at Colum­ bia - Mr. Wouters met and married Elsbeth Steck, a Swiss, who was with the Rockefeller Foundation. From 1953 to 1955 Mr. Wouters served in the Ministry of Economic Affairs in Brussels. The Wouters also have a little son, Jan, nearly two years old.

7 een .j., s.P...~... ,""",...., ",...... ib "","­ wateT Deve1ol",,,!tlt). Miss Nigbat Sboa r • Mr. Mobid • Mrs. Rucinsir.i and Mr. and Mrs. J(borosfJU . A gay group Economic Sta/;epreSenting t6 S . e • tatlsh'cal sid Denise and Elvear Montpetit. Gordon and Betty Tunnoch e 0/ t6e happily survey the party. (Left): A Hillman 'HuBley' leavea the Sheraton Parle HO ,tel, Waahin,ton. D.C•• our car, a ll,ht colored Ford 'An,lla' iaobscured. WrIter ia Btandin, ('IIell muffled) beside car BB. (Ri,ht): A ]a,uar XK140 leavea Ne'll Yorle early Thanlea,ivin, morning. (Photo courtesy of ~·.OtO"BPOr.t").

RALLYING AND 'DIE G.A.It.R. Continued take part in the first phase so our numbers were increased now by those who were concentrating .on the big prize for this main phase. We were introduced to this second stage by a leisurely and pleasing 70 odd mile run up the New York Parkway which gave us sufficient time to work out speeds and mileages for the re.st of the way to Lake Placid, and the tour of the eastern portions of the Adirondack Park, a place not too popular for the motorist in winter, but overrun by the hunter. Some of the roads we traveled over were but dotted lines on the map. It was six at night when we came across our first snow. The roads till then had been dry and the weather similar to that experienced on our southern excursion. As the altitude got higher, the roads got worse and we were given an average speed of 23 mph. However, it was barely possible to keep the needle hovering between 15 and 20 mph. At times the billowing snow obliterated the light beams and telltale marks at the side of the road indicated several unplanned tours into the bush by our fellow competitcrs. We .debated about putting on chains, but as our route card showed a major road only 35 miles ahead we decided to reduce speed rather than waste time putting on chains. We had anticipated heavy snow at Lake Placid, and were surprised to find the roads comparatively clear; a fact that. was misleadingly encouraging for the final section the next day, Early Friday mo.ming saw us heading east for Vermont, the Lincoln Gap cr~ssing, and the ascent and descent of Smuggler's Notch. The Gap did not offer the same stiff opposition, as it did in 1954, and after putti~g on ·chains we sailed over the top and made the next report center right on the seco.nrl. The Smuggler's Notch has acute hairpin bends on both its approach and exit and to halt going up means reversing ~o a level spot and then

10 (Left): Leaving Lake Placid Control for the last leg - 25 hours continuous driving. (Right): All makes and sorts in the gallfe: ]aquar, Mercedes. Chrysler, Volkswagen, Morgan and Oldsmobile. (Photos courtesy of UMotorsport"). taking a rush at the slope again. We had once again prepared ourselves for the crossing by fitting chains, but chains made little difference on the way down. Going over the top we were greeted with 3/4 mile of sheet ice on the road which seemed to cant at the angle of a steep roof! Our entry to this section of road was bad and we found ourselves going sideways and downwards! We only narrowly missed a ditched car balanced precariously on the unguarded edge of the pass. Somehow or other we coaxed the car over to the right and the cliff face, breathing once more as we discovered a 6 inch wide strip of gravel appearing through the ice. We moved gently down with a minimum 0 f adhesion that was broken upon even the gentlest braking. Foot by foot and yard by yard we progressed, moving off our com­ forting strip to pass more ditched and dented vehicles. We eventually got to the bottom and accelerated away to find the report center, arriving, once again, exactly on the second. We had virtually no trouble with Smuggler's when compared with that experienced by the driver of a 1956 domestic sedan which was fully equipped with all power accessories. This driver had long lost any -feel" of steering for as soon as he hit the ice the minutest pres­ sure on the brake pedal spelled disaster; his automatic transmission offered no braking factor, and the car gained forward motion at an alarming rate, stopped only by the deliberate pinning of the car into the side of the cliff. The problem needed serious consideration if they were to continue. The solution w·as found in switching off the engine (to cut out all the power equipment), switching on the ignition, pushing the car out onto the road and throwing it into reverse before too much momentum was gained - they made the control without too much loss of time. A rally driver never gives up despite the condition of his car or the road - as long as he can find four wheels and an engine that works, he presses on. We, however, did not feel too enthusiastic around Continued at foot of next page

11 CBIRS'lIIAS CARDS Cont1nued Turkiye Kredi Bankasi, Istanbul Bank of ] apan Banco Central de Honduras National Bank 01 the Federal Turkish National Committee 01 People's Republic 01 Yugoslavia International Chamber 01 Commerce Bank 01 Korea Union Bank 01 Burma Central Bank 01 Ceylon Banco Central de Costa Rica Suddeutsche Bank, Germany Banca d'Italia Banque de l'Etat Haitien Banco de la Republica, Bogota National Mortgage Bank 01 Greece Oeste"eichische Nationalbank Banque de la Societe Generale Banco di Sicilia de Belgique Banco Nacional de Costa Rica Credit Suisse Banco Agricola y Pecuario, Venezuela La Societe Etudes et Recherches Bank 01 China Industrielles, Bruxelles National Bank 01 Greece and Athens Sveriges Riksbank, Stockholm Instituto Nacional de Aprovecha­ Banque Nationale de la Republique miento de Aguas y Fomento d'Haiti Electrlco

RALLYING AND 'IBB G.A.II.R. Cont1nued nine that night when, after having been lost for 40 minutes and having investigated certain parts ofVermont not mentioned in the instructions, we came across six cars digging themselves out, or being dug ou t of the snows of White Face Mountain! No one had mentioned the fact that White Face Mountain could be as bad as Smuggler's Notch. It took us nearly 30 minutes to cover ~/4 mile of this last real obstacle, but we were encouraged by the sight of an all-women team in a Porsche who were still carrying on despite the fact that they had been buried nearly roof-high in a snowdrift. From then on until we arrived at Poughkeepsie at 8 a.m •.the next morning, it was detailed country road driving to the second. Some sections of the road were icy and covered with snow, but none as bad as White Face Mountain. It was with a deep sigh of relief, a feeling of satisfaction at having at least finished, and with intense fatigue that we crawled into bed. The happy but tired winners were two Americans in a German Porsche. A reporter interviewing an American Army Colonel who had driven in a British National Rally asked what he thought about it an d he replied, -Before I went on the rally I thought I could drive. Now I know I have a lot to learn." This thought I am sure has been brought home to many of the competitors in the G.A.M.R., and although the rally technically finished on November 26, it will be rerun verbally ­ with improvements - until next November.

12 FIVE YEAR STAFF - JANUARY Elsie Pyne and Amold Johnston seem to be saying "Do you remember when?"

Paris Office - Nanette Sebert.

WELCOME TO NEW STAFF (Seated, L to R): Christina M. Campbell, Administration Department, from Ottawa, formerly with E.C.I.C. in Ottawa; . Rhona Johnston, Eco­ nomic Staff, from Toronto" formerly with General Motors Acceptance Corp. in Toronto; Anna Koukoula, Administration Department, from Athens, formerly with the American Embassy in Athens. (Standing L to R): Nadia M. Burkhardt, Treasurer's Department, from Florence, formerly with the American Army, Leghorn, Italy; Vera Grace Barclay, Office of the General Counsel, from Glasgow, formerly with the Scan­ dinavian Airlines System in Prestwick; E lie McCoy, Administration Department, from Wagram, N.C." fonnedy with the University Club, Washington; Jane Henley, Economic Development Institute, from Plymouth, England; Joan Allcock, Department of Technical Opera­ tions, from London, formerly with the U.S. Navy Purchasing Office, London; Olwyn Hawkins, Administration Department, from South Wales, formerly with the British Civil Service in London. Unable to be present: Dorothy Whalen, Office of the President, from Vancouver, formerly with Esso Standard Oil - Enjay Co., New York.

13 New additions to the library are: HIROSHIMA DIARY THE MOON by Michihiko Hachiya, M.D. by H.P. Wilkins and.P. Noone A DEMOCRAT LOOKS AT HIS THE NEW DIMENSlONS OF PARTY PEACE by Dean Acheson by Chester Bowles TNT THE POWER WITHIN YOU KUMANI by Claude M Bristol and by William Buchan Harold Sherman THE EMPRESS'S RING THESE LOVERS FLED AWA Y by Nancy Hale by Howard Spring A WIFE IS MANY WOMEN TEN NORTH FREDERICK by Doris F. ,Benays by John O'Hara BOOK SALE A book sale will be held on January 25 in the Staff Relations Office, Room 1212. Each book on sale will be priced at 50¢.

FTRADING POST:1

FOR SALE: Dachshund puppies, smooth, red; AKC registered, 6 weeks old January 11, 1 male, 2 females, used to children. Call Ext. ,3397. FOR RENT: A lovely 3-bedroom 2-bath home, 5141 37th Street, N.lV., unfurnished, 1225 month, available end ofJanuary. ,Call Ext. 3951. 3-bedroom 2-batb unfurnished rambler, 5607 Chesterbrooke Road, large fenc~d in backyard, 1200 month. Call Ext. ,3951. 4 -bedroom 1Y2-bath unfurnished brick house in Chevy Chase, 3509 Patterson St., N. W., 1200 month orl225 semi-furnished. Call Ext. ,3951. Anyone wishing to list a house or apartment or any item for sale, please call Ext. 3951 and we will be glad to place it in Bank Notes. This is also true of rides to and from work and any other need of this kind.

14 ~~ Dr. Felice Pick, Alternate Execu­ Haven Country Club an important tive Director for Afghanistan, event took place - Gladys Noel's Greece, Indonesia and Italy, will husband, John, shot a hole in one leave the Bank soon to assume his on the 9th green which has a par new duties as Manager attached to of 3. Congratulations! the Direction Generale in the Holiday Travelers: Babs Chang Banque Francaise et Italienne pour will be in Jamaica until the end I'Amerique du Sud. Mrs. Pick and of January. their two daughters Delia and Desiree Stanbury spent three Magda left Washington on Janu­ wonderful weeks in Nassau. ary 10. We wish them all much Tony Perram attended the Rose happiness in Paris. Bowl Game and the Tournament of Western Hemisphere Corners the Roses during his visit with his Wedding Corner: On Thanksgiving family in California. Day Betty Lipetz became Mrs. Man Magdalen Neyer spent Christmas Mohan Sekhri. Mr. and ~Irs. Sekhri with her family in Billings, Mo. spent their honeymoon in Miami Frances Haughey visited with Beach. friends from Australia who are Dolly Amador be came the bride living in New York. Margaret of Mr. Pierre Pelt on December 31 Crouse also braved the chilly winds at St. Thomas Apostle Church in of New York and spent Christmas Washington. The happy couple in Albany with her family. spent a few days in New York and Farewell Luncheon: The girls of then left for Bogota. the President's and Vice President's Mr. and Mrs. Samuel Lipkowitz Offices gave a farewell luncheon are proud'of their son, Eugene, who for Mignon Gregg who left the Bank is one of84 students in the Washing­ to join her husband, Frank, in ton area to pass the first hurdle in Jacksonville, where he is now the very competitive race for a stationed with the U.S. Navy. college scholarship provided by To Ian Peter Cargill the National Merit Scholarship Said a fellow of 40 or more Corporation. More than 50,000 top "1 can dance any dance in ranking seniors took the test in the drawer H late October. The second examina­ He tried a fast Samba, or was tion will be given in January. it a Mamba? Congratulations to you, Eugene, And knocked himself out on and best wishes. the floor. On December 27th at the Belle by Virginia Street

15 BOWL~NG~lfHBR@OKS by Pauline Newton Because of illness our ace reporter, Marion Brooks, is unable to write this month's column, and I have been asked to pinch hit for her. Believe me, pinch hitting for Ted Williams would be a much easier assignment. We all miss Marion, one of our most faithful and enthusiastic bowlers, and I know I am expressing the sentiments of the whole league in wishing hera very speedy recovery. The two additional teams in our league this year seem to have upset and set up team hopes of repeating or not repeating last year's performance. The main reason for all this is that Administration D, a team of non-regular bowlers until this year, refuses to show any respect for the olde! teams by tenaciously holding on to first place. At the 27-game mark last year E.A.A. was the undisputed holder of first place. This year with the same number of games bowled they still hold an undisputed position, but I must regretfully report that it hap­ pens to be the basement spot. No half way measures there. Still using the first 27 games for comparison purposes we find on the "off" side Legal two places behind last year's third, Tech-Ec five behind last year's fourth, and Treasurer's Assets has slipped one place to eighth. On the "on" side is President's Office · two above in third, and Office of Information two above in fourth. While all this shifting goes on, Administration I is still up there maintaining last year's second place position. The "sour grape" story is that the bottom teams are claiming they would rather be where they are than to have top place pressure on them. Not being under pressure they think they can sit back and wait for the top teams to crack under the strain, and they can then sneak into the win column. Be that as it may, with the season shorter by five weeks this year, they can't sit back too long waiting for that winning streak to come their way. It Just may be (I hope) that our two-week layoff over the holidays will prove to be the softener they have been looking for. Averages this year show a marked improvement. It is difficult finding bowlers who have not rolled a 100 game. For lack of space let's take the bowlers with an average of 95 or less, who have rolled games of 120 or better. Special mention must be given to Florence Doleman, a new bowler, who with an average of 84 has a game of 121 under her belt. The others are: Di Drowley, 124; Kay Morris, 128; Hazel Fleming, 129; Magdalen Neyer, 131; Bill Fraser, 120; Gerald Alter, 121; Bennett Boskey, 121; and Charlie Scheer, 123.

16