THE TWENTIETH CENTURY FUND THE TRUSTEES of the Fund choose subjects for Fund studies and underwrite the expenses of each project. The authors, however, assume full responsibility for the findings and opinions in each report. BOARD OF TRUSTEES | ADOLF A. BERLE, JR. | DAVID E. LILIENTHAL | | FRANCIS BIDDLE | ROBERT S. LYND | | BRUCE BLIVEN | JAMES G. MCDONALD | | ERWIN D. CANHAM | ROBERT OPPENHEIMER | | EVANS CLARK | EDMUND ORGILL | | BENJAMIN V. COHEN | JAMES H. ROWE, JR. | | WALLACE K. HARRISON | H. CHR. SONNE | | AUGUST HECKSCHER | HERMAN W. STEINKRAUS | | OSWALD W. KNAUTH | CHARLES P. TAFT | | W. W. WAYMACK | OFFICERS ADOLF A. BERLE, JR., Chairman of the Board FRANCIS BIDDLE, Vice Chairman of the Board H. CHR. SONNE, Treasurer J. FREDERIC DEWHURST, Executive Director -ii- |