-./, /s~ ; INDIANA STATE report of the CONFERENCE ON \ >£, * 7 INDUSTRIAL MODERNIZATION "We have learned the importance of industrial modernization to profits." Louis F. Niezer, President Indiana Manufacturers Association SEPTEMBER 30, 1964 Sponsored by INDIANAPOLIS CHAMBER OF COMMERCE INDIANA STATE CHAMBER OF COMMERCE INDIANA MANUFACTURERS ASSOCIATION and the U.S. DEPARTMENT OF COMMERCE Business and Defense Services Administration SPONSORED BY Indianapolis Chamber of Commerce Indiana State Chamber of Commerce Indiana Manufacturers Association Business and Defense Services Administration of the U. S. Department of Commerce with the assistance of American Marketing Association Indiana Chapter American Society for Quality Control Indianapolis Section Associated Employers of Indiana Indiana Association of Certified Public Accountants Indiana Bakers Association Indiana Bankers Association Indiana Brewers Association Indiana Electric Association Society for Advancement of Management, Indianapolis Chapter and the Chambers of Commerce of the following communities: Anderson Bloomington Columbus Crawfordsvillc Evansville Fort Wayne Franklin Hartford City Lafayette Logansport Marion Muncie New Castle Richmond Rushville Seymour Shclbyville Terre Haute EXHIBITORS Indianapolis Power & Light Company (John Handy) American Fletcher National Bank and Trust Company (Edward Lott) Indiana National Bank of Indianapolis (Fred Risk) Merchants National Bank & Trust Company (Willis Connors) Society for the Advancement of Management (George Peak) International Business Machines Corporation (Wirt Cook) Addressograph-Multigraph Corp. (R. C. Hausman) Indiana Bell Telephone Co. (James Mitchell) Shaw Walker Company (Richard Boyd) General Electric Credit Corporation (Com- mercial & Industrial Division) (Glenn Brose) Howard W. Sams & Co., Inc. (Donald O'Rear) Citizens Gas and Coke Utility (Robert Bidlack) Radio Corporation of America (R. W. Saxon) Indiana Society of Architects (Donald Gibson) Xerox Corporation (John Brandon) Friden, Inc. (Paul Baker) American Society for Quality Control (Thomas Turner) Indiana Department of Commerce & Industry (J. Albert York) Small Business Administration (Wm. Bayt) U.S. DEPARTMENT OF COMMERCE Business and Defense Services Administration washington, d.c. 20230 OFFICE OF THE ADMINISTRATOR FOREWORD A continuous quest for greater productivity and therefore more profits is in the national interest. Achievement of national goals depends on a vigorous and strong industrial economy. The bases of an aggressive industrial establish- ment are modern machinery, dynamic leadership, and flexible procedures. Our competitive, private free enterprise system has built the most successful economy man has ever known. Yet, in the past fifteen years or so others, developing large contiguous markets and new technology, have become our successful competitors, largely because their equipment was newer and their methods less orthodox. This successful conference, summarized in the following pages, is one way in which private enterprise and Govern- ment can work together. We want to be sure that U. S. technology, U. S. productivity, and U. S. ingenuity stay out front. Academicians, businessmen, trade associations and Government alike benefit from a sound and expanding economy. Removing the roadblocks to business expansion is Government's job. Business must do the rest. / George Donat Administrator THE INDIANA STATE CONFERENCE ON INDUSTRIAL MODERNIZATION THE INDIANAPOLIS ATHLETIC CLUB MORNING SESSION 9:00 a.m. — Ballroom Chairman CHARLES E. WAGNER, President, Indianapolis Chamber of Commerce LUNCHEON 12:00 noon— Ballroom Chairman WALTER W. WALB, First Vice President Indiana State Chamber of Commerce Greetings HON. IOHN BARTON, Mayor, City of Indianapolis Speaker WILLIAM S. GAUD, Deputy Administrator, Agency for International Development "Modernization — Key to More Profit" GEORGE DONAT, Administrator, Business and Defense Services Administration, U. S. Dept. of Commerce AFTERNOON SESSION 2:00 p.m.— Ballroom Chairman LOUIS E. NIEZER, President, Indiana Manufacturers Association "How Modern Are We?" DR. ARTHUR M. WEIMER, Special Assistant to the President, Indiana University MODERNIZATION PANEL Discussion Leader DR. E. T. WEILER, Dean. School of Industrial Management, Purdue University Case Studies in Modernization I— CHARLES MEYERS, Vice President, Arvin Industries H— WILLIAM KELLER, President, Keller Manufacturing Co. Management DR. IOHN MEE. Professor, Meade-Johnson Chair of Management, Indiana University Marketing RICHARD G. LUGAR, Vice President, Thomas L. Green & Co., Inc. CONSULTATION PERIOD 11:00 a.m. — French Room Central Indiana's own resources and services, available to all those who are considering modernization programs. Finance and Taxes G. SCOTT OLIVE, Partner, Geo. S. Olive & Co. Plant and Equipment C. DIXON EAGLE, Vice President-Facilities, The Buehler Corp. CHARLES E. WAGNER "Our three organizations, the Indianapolis Chamber of Commerce, the State Chamber of Commerce and the Indiana Manufacturers Association have joined with the U. S. Department of Commerce in sponsoring this meeting. Its purpose is to acquaint industrial- ists from this area, particularly the smaller and middle-sized ones, of the Government services that are available to help them prepare for today's opportunities and to provide a forum for the exchange of ideas in this connection." MAYOR JOHN J. BARTON It is an honor to welcome you to this State Conference on Industrial Modernization. We are most fortunate to have the calibre of businessmen who are interested in con- tinued progress and prosperity, and are willing to give of their time and talents to further this atmosphere. In this fast moving world of competition, if business and industry are to survive, management must keep abreast of all the most modern techniques . I am sure a great deal of benefit to you and to the community will be derived from this program and exchange of information. Whatever benefits business and industry helps make Indianapolis a better place in which to live and work. GEORGE DONAT - MODERNIZATION- -KEY TO MORE PROFIT "PRICE STABILITY AND THE STEADY GROWTH OF OUR ECONOMY PROVIDE A FOUNDATION FOR MODERNIZATION. IT CAN INCREASE PROFITS AND PRODUCTIVITY." On behalf of Secretary Hodges, I extend our hopes that you will leave this conference better able to overcome profitably, the challenges of domestic and international competition. Increased productivity is needed to reduce unemployment. It can also help reduce prices and increase profits. Your Indianapolis Chamber of Commerce recently estimated that the tax cut would add more than a half million dollars to the weekly paychecks and that the total effects would be even great- er because most of this extra money would be spent on non-food purchases. These tax savings combined with the liberalized depreciation permit much larger investments in new plant and equipment. Nationally, it is esti- mated that last year's increase of five percent will be more than doubled this year, because of the greater funds available for investment. At the same time we have maintained price stability while other nations have exper- ienced inflation, so our products are now even more competitive around the world. The steady economic expansion of the past 44 months improves the climate for moderni- zation, which leads to these keys to great- er profits: 1. Higher levels of operation reduce unit costs. 2. New plant and equipment are more effi- cient. 3. Expanded capacity permits expanded marketing. 4. The attractive export market becomes more accessible. 5. Competitors don't outstrip you. These savings permit lower prices which increase demand. The increased profits, which are $12 billion greater this year than in 1961 when this expansion started, stimulate even greater growth and pros- perity. A major reason why we are not modern and productive enough is that our machine tools are dulled with age and used by antiquated methods. Sixty-eight percent of the machine tools in Indiana are ten years old or older and thirty-three per- cent, 20 years or older. These figures are four percent and 12 percent respec- tively above the national average. In competition with foreign firms for world markets we find that others have a much younger average age for their machine tools. This competition is important for us because of our need to expand exports and to modernize to preserve our domestic markets. The Department of Commerce and Small Business Administration are here to try to speed this modernization process. Our Field Offices can be particularly useful as liaison with Washington offices such as BDSA for business service and liaison with other Government agencies, BIC for helping on exports, the Census Bureau for reports, studies and statis- tical data, and the Office of Technical Services for scientific and technical information. ARTHUR M. WEIMER - HOW MODERN ARE WE? /*■**»•», Jt "SURVEYS INDICATE THAT U. S. MACHINE TOOLS ARE MUCH OLDER THAN OUR COMPETITORS IN CANADA, WESTERN EUROPE AND THE FAR EAST." The question "How modern are we?" requires evaluation of plant and equipment, manpower, owners and managers, products and markets, and the general environment in which a business operates. The answer must include the human side -- training of employees, motivation, quality of management, effectiveness of the research and development program, and support of financial interests. Of U. S. machine tools, 36% are less than 10 years old, 437o between 10-20 years and 217» over 20 years old. However, other surveys suggest that giant steps forward are being taken as capital spending in the U. S. rapidly increases. Estimates of market potentials and requirements over the long run are important to assure that adequate preparations are made to meet needs and to avoid going in the wrong direction. Modernizing capital equipment for markets that evaporate is not a very modern approach. The other areas of the country which have relied on heavy defense expenditures may experience greater difficulties ahead than the relatively favorable position of the Mid- west. Indiana University, along with other institutions in this region, tries to provide assistance to businesses to assure that they will remain modern over the longer term future. We do this through: 1. Training of young people and pro- fessional areas 2. Executive training programs 3. Our research and development work (tied closely to industry) and 4. Molding attitudes to encourage entrepreneurs , managers and financiers to move forward confidently. In looking forward to the competition with other areas, we should try to select major problems for which we have a special competence, such as: weather, urban transit, housing, health, and the food industries. In relation to helping solve the big problems ahead, the Midwest is no longer in a lagging position. WILLIAM KELLER - IF KELLER MANUFACTURING COMPANY CAN MODERNIZE, ANYONE CAN "IN THE PAST FIVE YEARS OUR SALES HAVE MORE THAN DOUBLED AND OUR PROFITS HAVE GONE UP SIXFOLD TO A NET Tk OF SALES AND 20% ON INVESTMENT." They selected our company because if we could modernize and progress, then anyone could. Our furniture company has many advantages and disadvantages. We ex- ploited the strong points and overcame the obstacles. gone up sixfold to a net 77o of sales and 207 o on investment. Our work force has increased by 150 people to our present level of 400. Shipments exceed $6,000,000. Started in 1900 as a wagon manufacturer, this third generation family company has moved into dining room furniture. We have a vertically integrated manufactur- ing operation using mostly local wood components. This highly competitive furniture industry is marked by frequent failures, stiff competition and under- financing. In the past five years our sales have more than doubled and our profits have Keys to our progress are: 1. Develop manufacturing skills, includ- ing listening to our people 2. Plow money back into equipment 3. Learn and use marketing approach 4. Use budgetary control system 5. Have active management incentive program including share of profits 6. Constantly seek information and knowledge . CHARLES MEYERS - ARVIN INDUSTRIES, INC. --CASE STUDY IN MODERNIZATION '^ygfik "A STEADY PROGRAM OF MODERNIZATION, CURRENTLY COSTING ABOUT 4-6% OF ANNUAL SALES, HELPS KEEP ARVIN COMPETITIVE." Arvin is a $100,000,000 business producing over 2,300 products in ten cities, with two half- owned foreign companies. It is in the highly competitive automobile supplies, housewares, and electronics industries and has over 5,000 employees. It has grown steadily since its founding in 1919. We have learned: 1. Operating with obsolete equipment and pro- cesses is inefficient and costly 2. Methods and processes can become obsolete 3. Good modernization pays for itself by in- creasing productivity. 4. Continuous upgrading is ideal, but sometimes drastic steps, like expansion, building or relocation, are necessary 5. Managerial planning must be meshed with overall corporate planning 6. To avoid commitments to a policy which permits mediocrity 7. To identify and train latent talent, to tap new markets both domestic and foreign 8. Finally, costs of modernization must be weighed against potential returns. Arvin 1 s experience demonstrates that continued growth requires alert response to both changing economic conditions and needs of a dynamic socity. It has been willing to submit its most cherished methods and policies to examination. Rather than frustra- tion or discouragement, changing times challenge management and bring forth the best. Our Presidents have provided our leader- ship: Mr. Noblitt imbued his workers with enthusiasm, integrity and faith in fellow men. Mr. Thompson encouraged supervisors to unlock the hidden talents of workers. Mr. Stonecipher emphasizes providing an individual with responsibility and needed facilities for doing the job and then holds him accountable. WILLIAM S. GAUD - THE ROLE OF U. S. FOREIGN AID IN U. S. MODERNIZATION "OU"R AID PROMOTES EXPORTS AND OPENS NEW MARKETS, WHICH YOU CAN EXPLOIT, IF YOU ARE AGGRESSIVE AND COMPETITIVE. ABOUT 85% OF ALL AID FUNDS ARE SPENT IN THE U. S." As President Kennedy said, "We live in an untidy world," but we grapple with it to build a world of free nations out of the chaos left by World War II and desired by the Communists. Our early programs provide us a measure of the economic and military success of our aid. In Greece and Turkey we have strong trading partners where earlier we had Communist insurrection and threat of conquest. Our aid to Yugoslavia stopped the Yugoslav support of Communist guer- rillas and permitted the Greeks to live in peace. Our aid to Western Europe turned the tide against the Communists and then formed the basis for the Europe- ans helping the rest of the world. Now, the Europeans provide two-thirds of the aid to Africa. The Europeans plus Japan and Canada provide $2 to every $3 of our aid to the rest of the world. Even in the less developed countries currently receiving our aid, local sources provide about $7 for every $1 we provide. Furthermore, most of our funds are provided in loans which are repayable in dollars. Fourteen of these countries are close to self-help and others are making strong progress. Not one of the 51 countries created since World War II has gone Communist . Our aid in malaria control permitted Guatemala to increase agricultural pro- ductivity by 60 times and permitted the Philippines to open entirely undeveloped forest areas. Now let me show how in the last year this aid helped our domestic industry and how it supports U. S. industrial modernization: 1. These aid funds provide over 400,000 jobs. 2. About $1,000,000,000 worth of military equipment is financed. 3. About $450,000,000 is spent on tech- nical assistance contracts with colleges and consulting firms. 4. Out of total U.S. exports aid financed: 31% worth $157 million of iron and steel 377o worth $49 million of railway equipment 467, worth $97 million of fertilizer $310 million of machinery and $83 million of motor vehicles . Anyway one looks at it, our aid means a lot of business today. Generally it acts as seed capital which can be followed by U. S. private sales. Private Indian purchases of railway locomotives have changed from the United Kingdom to the United States. Japan now buys half a billion dollars worth of our grains and we have a $1 billion surplus of exports over imports from Japan. Western Europe gives us a two billion dollar surplus in trade. In Israel our private exports grew from $85 million in 1958 to $235 million in 1963. These figures prove that our aid program provides a strong stimulus and market for U. S. exports, when our industry is modern and efficient. They demonstrate that our aid is constantly shifting as it succeeds in getting recipients onto their financial feet. They illustrate what we all know -- that our aid is a major weapon of free world economic and military strength against poverty, ignorance, disease and hunger. They demonstrate what we may not have realized-- that our aid promotes exports and opens new markets which you can exploit, if you are competitive and aggresive. LOUIS F. NIEZER "We have learned the importance of industrial modernization with respect to profits. We have gained an improved understanding of the degree to which industry in Indiana and the midwest has modernized in order to improve its competitive position. This afternoon's concluding discussion will explore four of the most important areas in any industrial modernization program." JOHN F. MEE - MANAGEMENT i*1 .„■ «f«K "INDIANA BUSINESSMEN ARE IN A RACE BETWEEN OBSOLESCENCE AND SURVIVAL." Attitudes and motivation of management deter- mine growth and profit. Management must believe they can shape their company's future by establishing long range performance, sales, and profit objectives and by making necessary changes to realize those objectives. This approach requires management to have: 1. Knowledge about the business, market, economy, competitors, technological advances, and political environment 2. Proficiency in objective setting, de- cision making, planning, organizing, motivating people, control over perfor- mance and innovation for improvement 3. Attitudes for intelligent decision making and managerial behavior. Without these, we let destiny and our competitors shape our future. Is Indiana industry keeping Indiana one of the great industrial states? Some significant statistics suggest that we are slipping, and not upholding our great tradition of leadership. They modernize for healthy competition or struggle with stagnation, depending upon the vitality and competence of management. Profit- able business requires intelligent use of hu- man talents, capital, property, knowledge, and modern methods. Indiana industry progressed with the industrial revolution by utilizing mechanical engineering processes. The recent scientific revolution and new space industry have entered the indus- trial drama. Electronics and chemical industries compete for the dollar. Will we endeavor to meet these new challenges? Our managers have the knowledge and skill for competitive success in the national and world economy. Industrial modern- ization of our firms and factories will be assured, if we preserve the desire for achievement. Marginal plants and employees cannot provide economic growth. To maintain our competitive position we need to : 1. Sense changing market demands for products we can produce 2. Plan for low unit cost manufacturing equipment through modernization of manu- facturing methods 3. Provide for financing a modernization program with enough lead time to avoid crash programs 4. Modernize manpower by enrolling em- ployees in a "lifetime learning league." 5. Educate union and government to necessity of tax reform and plant modern- ization to remain competitive. RICHARD G. LUGAR - MARKETING "IN ANY MODERNIZATION A MARKETING PLAN IS ESSENTIAL, BUT IT REQUIRES TALENT, CREATIVITY AND DISCIPLINED ENERGY. MOREOVER, IT IS NO LONGER OPTIONAL IF BUSINESS SEEKS EITHER LONG TERM GROWTH OR EVEN STABILITY." In any modernization a marketing plan is essential, but it requires talent, cre- ativity and disciplined energy. More- over, it is no longer optional if business seeks either long term growth or even stability. Small business enjoys many advantages which can help overcome its obvious limi- tations. It has a short chain of com- mand, flexibility, speed, selectivity of markets, and the capacity to fill market- ing voids unavailable to giants. Yet the small business needs a strategic market- ing plan to exploit these advantages, to select the segment of the market having the greatest potential and to concentrate on that market. It needs to be able to evaluate opportunities critically to avoid the buckshot treatment and to cur- tail aimless but hopeful field trips . Also it is essential that the marketing plan provide adequate flow of information to all of management about competitor's reactions, customer's responses and needs, and expected developments. A recent report on hydraulic pumps illus- trates the relationship of all the mar- keting variables. The company redesigned its line from 110 models to six to improve quality, to increase market potential, and to lower costs, spending a third of a million dollars for new equipment. Sales increased 507 o and an 117o materials savings resulted from de- duction from 105 to 65 parts. The mar- keting plan had to include the following factors to assure success: 1. Projection of profits at the selected price, to permit financing 2. Plans for service to major customers, and appraisal of customer response 3. Effects of change on plant, utili- ties, sales and production work force, transportation, packaging, promotion, accounting and inventories 4. Adequate flow of reports to indicate success or to permit prompt change if plan was failing. In order to remove export marketing from the realm of mysterious and reckless adventure, the marketing plan should be sufficiently broad-gauged to permit expansion into exports because of the profit potential. C. DIXON EAGLE - MODERNIZATION OF PHYSICAL PLANT AND EQUIPMENT "MODERNIZATION OF PHYSICAL PLANT AND EQUIPMENT IS THE HEART OF A COMPANY'S MODERNIZATION EFFORT" No generalized format for modernization can be devised, because each company must develop its own program, priorities and schedule. Finan- cial boundaries include the available financ- ing and the duration and magnitude of profits. Effective documentation and justification of alternatives will facilitate evaluation and decision. Areas to be considered are: 1. Building- -construct ion adequacy, physical size and power requirements. 2. Plant layout—material flow, inventory storage, aisle space, expansion potential 3. Machinery and equipment- -any program of machine replacement must select those machines which can be justified and will produce the desired results. An un- planned headlong rush to secure numer- ical control machines could be dis- astrous. 4. Maintenance effort-- important when machine downtime may run from 25-50%. 5. Efficiency of inspection and quality control procedures are important. 6. Tool control — to avoid inadequate or obsolete inventory. 7. Fire protection and safety—can often lead to reduced insurance rates. 8. Data collection and reporting— to give management information when needed. 9. Modernization of subcontractors can influence production and prices. 10. Others— physical comfort of person- nel, efficiency of yards, lighting system and general shop cleanliness. Among the many aids available are the Government, trade associations and sup- pliers of equipment. G. SCOTT OLIVE - FINANCE AND TAXES "DOES MANAGEMENT HAVE ADEQUATELY MODERN ACCOUNTING AND FINANCIAL CONTROL TO UTILIZE THESE TAX ADVANTAGES?" Recognition has been given to a more fav- orable tax climate for modernization and expansion of industry. Does management have adequately modern accounting and financial control to utilize these tax advantages? Financing for modernization requires the company to have: 1. Economic justification considering profits and competition 2. Repayment plan for needed financing. Projection of cash flow, needed to pro- vide this information, requires that management have: 1. Accounts receivable turnover. 2 . Inventory turnover 3. Projected sales volume 4. Timing and cost of capital expendi- ture . This information permits management, and potential outside sources of credit for the financing of modernization, to keep the cycle of "inventories -to receivables- to cash" moving on schedule. In addition to internally generated funds, including the possibility of issu- ance of additional equity capital or debentures to present shareholders and employees, the following outside sources are available: 1. Local banks 2. Equipment suppliers 3. Small business investment companies or direct Government loans 4. Finance companies. The five major changes in taxes and depreciation in the last ten years empha- size what we all know--that the Federal Government is a partner in our business. These changes permit greater retention of funds through depreciation, but use of those funds effectively requires modern accounting and financial control over all aspects of modernization of productive f acilities . Additional copies and further information can be obtained from U.S. Department of Commerce Field Office Room 1486 New Federal Building 219 South Dearborn Street Chicago, Illinois 60604 This Office exists to serve you. In addition to assisting and promoting industrial modernization, this Office is responsible for helping foster, promote and develop our foreign and domestic commerce . U.S. DEPARTMENT OF COMMERCE -FIELD OFFICES ALBUQUERQUE, N. MEX., 87101, U.S. DES MOINES, IA. 50309, 1216 Paramount Courthouse. Phone: 247-0311. Bldg., 509 Grand Avenue, Phone: 284- 4222. NEW YORK, N.Y., 10001, 61st Fl., Empire State Bldg., 350 Fifth Ave. Phone: LOng- acre 3-3377. ANCHORAGE, ALASKA, 99501, Rm. 306, Loussac-Sogn Building. Phone: BR 2- DETROIT, MICH., 48226, 445 Federal 9611. Bldg. Phone: 226-6088. ATLANTA, GA., 30303, 75 Forsyth St., GREENSBORO, N. C, 27402, Room 407, N.W. Phone: JAckson 2-4121. US - Post ° ffice Blda - Phone: 273-8234. BALTIMORE, MD., 21202, Rm. 305 U.S. Customhouse, Gay and Lombard Sts., Phone: PLaza 2-8460 Ext. 2784. BIRMINGHAM, ALA., 35203, Title Bldg., 2030 Third Ave., North. Phone: 325- 3131. BOSTON, MASS., 02110, Room 230, 80 Federal St. Phone: CApitol 3-2312. BUFFALO, N.Y., 14203, 504 Federal Bldg. 117 Ellicott St. Phone: TL 3-4216. HARTFORD, CONN., 06103, 18 Asylum St. Phone: 244-3530. HONOLULU, HAWAII, 96813, 202 Inter- national Savings Bldg., 1022 Bethel St. Phone: 58831. HOUSTON, TEX., 77002, 5102 Federal Bldg., 515 Rusk Ave. Phone: CA 8-0611. JACKSONVILLE, FLA., 32202, 512 Green- leaf Bldg., 204 Laura St. Phone: ELgin 4-7111. CHARLESTON, S. C, 29401, No. 4 North KANSAS CITY, MO., 64106, Room 2011, Atlantic Wharf. Phone: 722-6551. 91 1 Walnut St. Phone: BAItimore 1-7000. PHILADELPHIA, PA., 19107, Jefferson Bldg., 1015 Chestnut St. Phone: WAInut 3-2400. PHOENIX, ARIZ., 85025, New Federal Bldg., 230 N. First Ave. Phone: 261- 3285. PITTSBURGH, PA., 15222, 1030 Park Bldg., 355 Fifth Ave. Phone: 644-2851. PORTLAND, OREG., 97204, 217 Old U.S. Courthouse, 520 S. W. Morrison St. Phone: 226-3361. RENO, NEV., 89502, 1479 Wells Ave. Phone: FA 2-7133. RICHMOND, VA., 23240, 2105 Federal Bldg., 400 North 8th St. Phone: 649- 3611. CHARLESTON, W. VA., 25301, 3002 New Federal Office Bldg., 500 Ouarrier St. Phone: 343-6196. LOS ANGELES, CALIF., 90015, Room 450, Western Pacific Bldg., 1031 S. Broad- way. Phone: 688-2830. ST. LOUIS, MO., 63103, 2511 Federal Bldg., 1520 Market St. Phone: MAin 2-4243. CHEYENNE, WYO., 82001, 207 Majestic Bldg., 16th & Capitol Ave. Phone: 634- 2731. MEMPHIS, TENN., 38103, 345 Federal Office Bldg., 167 N. Main St. Phone: 534-3214. SALT LAKE CITY, UTAH, 84111, 3235 Federal Bldg., 125 So. State St. Phone: 524-5116. CHICAGO, III., 60604, 1486 New Federal Bldg. 219 S. Dearborn St., Ph: 828-4400 CINCINNATI, OHIO, 45202, 8028 Federal Office Bldg., 550 Main St. Phone: 381- 2200. DALLAS, TEX., 75202, Room 1200, 1114 Commerce St. Phone: Riverside 9-3287. DENVER, COLO., 80202, 142 New Custom House, 1 9th & Stout St. Phone: 534-41 51 . MIAMI, FLA., 33130, Rm. 1628, Federal Office Bldg., 51 S.W. 1st Ave. Phone: 350-5267. MILWAUKEE, WIS., 53203, Straus Bldg., 238 W. Wisconsin Ave. Phone: BR 2- 8600. MINNEAPOLIS, MINN., 55401, Room 304, Federal Bldg., 110 S. Fourth St. Phone: 334-2133. SAN FRANCISCO, CALIF., 94102, Room 9453, Federal Building, 450 Golden Gate Ave. Phone: 556-5868. SANTURCE, PUERTO RICO, 00907, Room 628, 605 Condado Ave. Phone: 723- 4640. SAVANNAH, GA., 31402, 235 U.S. Court- house and Post Office Bldg., 125-29 Bull St. Phone: ADams 2-4755. CLEVELAND, OHIO, 44101, 4th Floor, NEW ORLEANS, LA., 70130, 1508 Masonic SEATTLE, WASH., 98104, 809 Federal Of- Federal Reserve Bank Bldg., East 6th St. Temple Bldg., 333 St. Charles Ave. fice Bldg., 909 First Ave. Phone: MUtual & Superior Ave. Phone: 241-7900. Phone: 527-6546. 2-3300. Revised July 1964. I to the business man who can see beyond here The markets of the world are waiting for you . . . or your competitor. Let the nearest Field Office of the Department of Commerce show you how to make money overseas. . . . Trade Missions, Trade Centers and Trade Fairs can help you sell your products in other countries. Write or telephone today to the Field Office nearest you or to U.S. DEPARTMENT OF COMMERCE Washington, D.C., 20230 PENN STATE UNIVERSITY LIBRARIES INIIIIII ! ADDQD71Efl7S3 t l