Charter New York Corp

Charter New York Corp

                                          Irving Trust Co (New York)

Trustee for the issuance of long-term debt issued by PEFCO in the seventies was the Irving Trust Co, NYC.  (Note - in the nineties, the trustee for long-term debt is either the Bank of New York and/or Export-Import Bank).

August Maffry , CEO the group in 1968, developed the plan for the establishment of PEFCO.  He was formerly head of the International Department at Irving Trust before becoming senior consultant to the Bank of America in 1968.   

The first news article on PEFCO appeared in The New York Times on September 4, 1968, written by H Erich Heinemann.  In this article Mr Heinemann states that “the plan has its origin in work done several years ago by the Bankers Association for Foreign Trade (BAFT)”.  The article continues - “A rough outline of the proposal was developed by a group headed by August Maffry*, former head of the International Department at The Irving Trust Company and now (1968) senior consultant to the Bank of America in New York”. 

• Mr Maffry (born in 1905) was with the US Department of Commerce from 1935-45 (he was Technical Advisor of the US Delegation of the International Monetary & Financial Conference at Bretton Woods in 1944); vice-president and economic adviser of the Export-Import Bank 1945-47; and with the Irving Trust NYC from 1948-67.  He was deputy general manager of International Commercial Bank Ltd in London 1967-68 and senior consultant to the Bank of America NYC, beginning in 1968.  He was the technical officer for the Inter-American Conference on problems of war and peace in Mexico City 1945; Technical Advisor at the inaugural and first meetings of the International Monetary Fund (IMF) and the International Bank for Reconstruction & Development in 1945 and 1946.  He holds honours from Pakistan, Italy, Greece and France.  Certainly Mr Maffry was one of the architects of the Bretton Woods Agreement and by the mid 1960’s  developing a rough outline of a new plan, a new world order. 

Mr Maffry’s role was taken over for further development by James W Bergford, a senior vice president at Chase Manhattan Bank.  At the time, the US trade surplus which had been the strongest element in the US balance of payments was dropping to a point of alarm.  The Bretton Woods Agreement was cracking.  Chase Manhattan hired the investment banking firm of Dillon, Read & Co, Inc to make an “exhaustive study of the problem.”

Below, some directors for the period in question:-

* Arthur G Boardman, Jr. - Banker.  Irving Trust Co since 1932 , president 1970-72; director Irving Interamerica Bank, Irving International; director General Cable Corp; director International Commercial Bank; director Australian International Finance Corp Ltd.

* Harold Bridges - Oil company executive.  Shell Oil Co since 1937, president & chairman executive committee, Houston, Texas since 1971.

* Theodore F Brophy - Telephone company executive.  President & director General Telephone & Electronics (GTE); director Arkwright Boston Insurance Co.

* Lester A Burcham - Retail merchandising executive.  Chairman & CEO Woolworth Co since 1970; director Western Electric Co.

* William R Chaney - cosmetic Company executive.  Avon Products, Inc, NYC since 1955.

* Fayette Smith Dunn - Lawyer, elevator company executive.  Chairman of board Otis Elevator Co 1968-70; Chairman Finance Co since 1970.

* John C Duncan - Corporate executive.  W R Grace 1946-70; president, trustee St Joe Minerals Corp since 1971; chairman of board Can Del Oil Ltd since 1972; president Meramec Mining Co; president St Joseph International Explorations Ltd; president St Joseph Explorations Ltd.

* Gordon Edwards - Former food products company executive.  Kraftco Corp since 1927, chairman of the board 1968-72; director Kraftco Corp; director Peabody & Co; director B F Goodrich Co; director Pitney Bowes.

* A Leon Fergenson - Manufacturing company executive.  Chairman, president General Cable Corp since 1966; director Aluminium Bahrain, Ceat SPA, Italy; director New York Mutual Insurance Co; Phillips Cables Ltd, Canada.

* Charles Van Orden Fenn - Management executive.  Carrier Corp, Syracuse, New York 1929-72; director Merchants National Bank & Trust; director Turbonetics Inc; member Policyholders’ Advisory Committee, New England Life Insurance.

* Ellison Lockwood Hazard - Corporate executive.  Continental Can Co 1934-71, chairman of board, CEO 1968-71; director Southern Pacific Co; director Goodyear Tire & Rubber Co.

* James M Hester - University president.  New York University (NYU); director Union Carbide Corp; director Lehman Corp; President Nixon’s Task Force on Priorities in Higher Education.

* Wayne Hicklin - cosmetic Company executive.  Chairman of board Avon Products, Inc since 1968.

* John Mark Hiebert - Drug company executive.  Chairman of board Sterling Drug Inc since 1960; director W R Grace & Co.

* Robert P Jensen - Cable company executive.  President General Cable Corp, NYC; director Howmet Corp, NYC since 1970; director Intalco Aluminium Corp; director Eastalco Aluminium Corp.

* John Hilton Knowles - Foundation administration.  Trustee Rockefeller Foundation since 1972; director GTE Corp.

* John Westley Lindow - Banker.  Irving Trust since 1947,president since 1972; Occasional consultant to Secretary of US Treasury; chairman, economic advisory committee, American Bankers Association.

* David Lincoln Luke, III - Paper company executive.  CEO & director Westvaco Corp; director B F Goodrich Co.

* Hamilton Barnes Mitchell - Corporate executive.  President & CEO Reuben H Donnelley Corp, Chicago since 1968; director Dun & Bradstreet Inc 1968-72, chairman & CEO since 1972 (note - see SEC - deregulation 1972-75, file number 45); director Union Pacific Corp.

* George Arthur Murphy - Banker.  Irving Trust since 1931, chairman 1960-70; director Distillers Co Ltd; director GTE; director Otis Elevator Co; director Warner-Lambert Co; director Continental Can Co.

* Joseph Albert Rice - Banker.  Grumman Aircraft 1948-53; IBM 1953-65; ITT 1965-67; senior vice president Irving Trust 1967-69; executive vice president Irving Trust 1969-73; director Irving Trust since 1972, vice chairman since 1973, president since 1975.

* Oren Root - Lawyer.  Counsel Irving Trust Co 1965-72; counsel Barrett Smith Schapiro & Simon since 1972.

* Lawrason Riggs III - Lead company executive.  St Joe Minerals since 1939, chairman since 1971; director Meramec Mining Co; director Phelps Dodge Corp.

* Lelan Flor Sillin, Jr - Utility executive.  President’s Advisory Committee on Environmental Quality.

* Donald Burdette Smiley - Retail executive, lawyer.  Chairman of board & CEO R H Macy & Co since 1971; director RCA Corp; director National Broadcasting Corp (NBC); director Metropolitan Life Insurance Co; director Fidelity Union Bancorp; director US Steel Corp; director Texasgulf Inc.

* Charles B Stauffacher - Container manufacturing company.  Continental Can 1952-73; director Lumbermans Mutual Insurance Co; director American Manufacturers Mutual Insurance Co; director Continental Can Ltd; director Emery Air Freight.

* Gordon Todd Wallis - Banker.  Irving Trust since 1940, chairman since 1972; director Irving International Financing Corp; director Wing Hang Bank Ltd; director Sterling Drug, Inc; director F W Woolworth Co.