National Bureau of Economic Research, Inc. 
Incorporated under the Membership Corporation Laws of the State of New York, January 29, 1920 
ITS ORGANIZATION AND PURPOSES 
HE National Bureau of Economic Research was organized in 1920 in 
response to a growing demand for exact and impartial determinations 
of facts bearing on economic, social, and industrial problems. 
It seeks not only to find facts and make them known, but to determine 
them in such manner and under such supervision as to make its findings carry 
conviction to Liberal and Conservative alike. 
Entire control of the Bureau is vested in a Board of twenty directors, 
representing learned and scientific societies, financial, industrial, agricultural, 
commercial, labor, and technical organizations. 
Rigid provisions in the Charter and By-Laws guard the Bureau from 
becoming a source of profit to its members, directors, or officers and from 
becoming an agency for propaganda. No report of the Research Staff may 
be published without the approval of the Directors and any Director who 
dissents from any finding approved by a majority of the Board may have such 
dissent published with the majority report. - 
The members of the Board of Directors are as follows: 
DIRECTORS AT LARGE 
T. S. Apams, Professor of Political Economy, Yale University, Vice-President. 
JoHN R. ComMoNSs, Professor of Political Economy, University of Wisconsin. 
JoHN P. Frey, Editor, International Molders’ Journal, Chairman of the Board. 
EpwiN F. GAY, Professor of Economic History, Harvard University, Director of 
Research. 
HARRY W. LAIDLER, Secretary, The League for Industrial Democracy. 
GEORGE O. MAY, Senior Partner, Price, Waterhouse and Company, President. 
Erwoop Map, Commissioner of the Bureau of Reclamation. 
WESLEY C. MITCHELL, Professor of Economics. Columbia University, Director of 
Research. 
Dwienr W. Morrow, Member of firm of J. P. Morgan and Company. 
GEORGE SOULE, Director, The Labor Bureau, Inc. 
N. I. StoxE, Industrial Consultant, 
ALLYN A. YouNG, Professor of Economics, Harvard University. 
DIRECTORS BY APPOINTMENT 
Huen FRAYNE, American Federation of Labor. 
DAvib FRIDAY, American Economic Association. 
Lee GALLOWAY, American Management Association. 
WALTER R. INGALLS, American Engineering Council. 
GEORGE E. ROBERTS, American Bankers Association, Treasurer. 
M. C. Rorry, American Statistical Association. 
A. W. Suaw, National Publishers’ Association. 
GRAY SILVER, American Farm Bureau Federation. 
0. W. KNAUTH, Recording Secretary. G. R. Stan, Executive Secretary. 
i RESEARCH STAFF 
Epwix F. Gay, Director. WESLEY C. MITCHELL, Director. 
WILLForp I. KING. FREDERICK R. MACAULAY. 
Leo WoLMAN, HARRY JEROME, 
FREDERICK C. MILLS. WALTER F. WiILLCOX. 
WILLARD L. THORP.