Citation
Claire Reis

Material Information

Title:
Claire Reis advocate for contemporary music
Creator:
Thomas, Penny, 1952-
Publication Date:
Language:
English
Physical Description:
vi, 166 leaves : ; 29 cm.

Subjects

Subjects / Keywords:
Audio recordings ( jstor )
Composers ( jstor )
Music composition ( jstor )
Music concerts ( jstor )
Music criticism ( jstor )
Music education ( jstor )
Musical modes ( jstor )
Musical performance ( jstor )
Opera ( jstor )
Universities ( jstor )
Composers -- Biography -- United States ( lcsh )
Curriculum and Instruction thesis Ph. D
Dissertations, Academic -- Curriculum and Instruction -- UF
Musicians -- Biography -- United States ( lcsh )
Genre:
bibliography ( marcgt )
non-fiction ( marcgt )
individual biography ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1991.
Bibliography:
Includes bibliographical references (leaves 157-164).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Penny Thomas.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
027207509 ( ALEPH )
25769010 ( OCLC )

Downloads

This item has the following downloads:


Full Text












CLAIRE REIS: ADVOCATE FOR CONTEMPORARY MUSIC


By

PENNY THOMAS
















A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
OF THE REQUIREMENTS FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY

UNIVERSITY OF FLORIDA

1991

































Copyright 1991

by

Penny Thomas
















TABLE OF CONTENTS

paae


ABSTRACT...................................... .......... v

CHAPTERS

I INTRODUCTION ................................... 1

Purpose of the Study............................ 1
Need of the Study ............................... 2
Research Procedure ............................. 7
Notes ............................................ 8

II REVIEW OF THE LITERATURE ........................ 9

Summary ................ ......................... 23
Notes ............................................ 24

III EARLY LIFE AND WORK, THE PEOPLE'S MUSIC LEAGUE
AND THE INTERNATIONAL COMPOSER'S GUILD .......... 25

Early Life and Work.............................. 25
The People's Music League....................... 32
The International Composer's Guild............... 37
Summary ................ ......................... 45
Notes ............................................ 46

IV THE LEAGUE OF COMPOSERS ......................... 51

Summary ........................................... 82
Notes ............................................ 88

V WORK IN OTHER ORGANIZATIONS ..................... 92

IV PROSE WORKS ..................................... 104

Summary .................................... ...... 123
Notes ............................................ 124









VII CONCLUSIONS AND RECOMMENDATIONS.................. 127

Conclusions..................................... 127
Recommendations ................................. 133
Notes............................................ 136

APPENDICES

A BIBLIOGRAPHY OF WORKS BY CLAIRE REIS............ 137

B COMMISSIONED WORKS OF THE LEAGUE OF COMPOSERS... 139

C LEAGUE OF COMPOSERS RADIO BROADCASTS 1947-1948.. 147

D ORCHESTRAS AND OTHER ORGANIZATIONS WHICH
COOPERATED WITH THE LEAGUE OF COMPOSERS......... 149

E AWARDS RECEIVED BY CLAIRE REIS .................. 156

REFERENCES............ ................... ............ 157

BIOGRAPHICAL SKETCH................................. 165














Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy

CLAIRE REIS: ADVOCATE FOR CONTEMPORARY MUSIC

By

Penny Thomas

December 1991

Chairman: Dr. David Z. Kushner
Major Department: Instruction and Curriculum

In an effort to assist contemporary composers, Claire

Raphael Reis (1888-1979) helped to found the League of

Composers in 1923 and served as its executive chair for

twenty-five years. Under her direction, the League became

one of the most influential advocacy groups of the first

half of the twentieth century for increasing awareness and

appreciation of contemporary music and composers. Not only

did the League sponsor concerts of contemporary works, but

it also obtained 110 commissions for outstanding young

composers. During Mrs. Reis's tenure as chair, the works of

678 contemporary composers were performed. She also wrote

numerous articles and books about composers and their works.

Despite these and other achievements, little has been

written about Reis.

This study examines Reis's life and work. Her

childhood, education, and experiences which led her to the








advocacy of contemporary music are discussed. Her influence

on the philosophy and activities of the League of Composers,

her impact on the performance of contemporary music, and the

significance of her writings are considered.

Data have been gathered from a variety of sources.

Most important were Reis's books, articles, speeches,

personal papers, and letters from composers. Also important

was a transcript of a series of interviews with Reis,

conducted by Vivian Perlis, director of the Oral History,

American Music Project at Yale University.

The study shows that Claire Reis made a substantial

impact on the production and performance of contemporary

music; indeed, her work in the League of Composers and other

organizations made it possible for the works of many

composers to be performed and published. Her published

writings brought the composer and his music to the attention

of the public. Reis's contributions as an advocate for the

contemporary composer need to be included in the literature

on twentieth-century music and added to the curriculum of

college-level music history and literature classes where

they would shed much needed insight into the development of

twentieth-century music.














CHAPTER I
INTRODUCTION


Purpose of the Study


The purpose of this study is to examine the work of

Claire Raphael Reis (1888-1978) on behalf of twentieth-

century composers and their music. At a time when the music

of twentieth-century composers was rarely performed in the

United States, Claire Reis was a leader in bringing this

music to the attention of the public. Through her lectures

and writings, she was successful in educating the public

about living composers and appreciating their music. Mrs.

Reis's activities as chair of the People's Music League,

executive secretary of the International Composer's Guild,

and as a founder and executive chair of the League of

Composers enabled her to organize concerts of twentieth-

century music, and evenings honoring the composers. She was

able to acquire commissions for composers so that they could

continue in their careers as composers, and radio air time

so that their music could be heard by a wider audience. In

view of her accomplishments in the advocacy of twentieth-

century music and composers, this study is intended











1. To determine the influence of Claire Reis on

the philosophy and activities of the League

of Composers.

2. To determine the impact of Claire Reis on the

performance and production of contemporary

music.

3. To determine the significance of Claire

Reis's writings in educating the public about

contemporary music and composers.

4. To contribute to current musicological

research of twentieth-century music with

particular emphasis on the accomplishments of

Claire Reis.

Mrs. Reis was acquainted with many of the leading

composers and critics of the first half of the twentieth

century. She was often mentioned in their memoirs,

autobiographies, or biographies, and many of their comments

about her and her work will be included in this study, as

well as her own personal reminiscences about some of the

leading composers of the day. Also included will be an

extensive bibliography of Claire Reis's prose works.


Need for the Study


One of the manifestations of nineteenth-century

romanticism that carried over into the twentieth century was

the adulation of virtuosi, both performers and conductors.











The result of this adulation was that the focus of concerts

was on the performer or conductor rather than on the

composer or even the music itself.1 This was a problem

that Clair Reis recognized early in her career. In 1923,

she wrote,

Today, music is generally heard under conditions
which have almost obliterated the composer as the
raison d'etre of a program. The interpreter is
the object of attention, the magnet for the
audience, and the works he presented are chosen
because he can best show his art in this soli.
Concert upon concert of the most familiar
selections is thrust upon the public and is
attended for the sake of hearing a prima-donna and
of discussing every angle of the interpreter--from
the voice to the clothes; but the quality and
choice of the music itself is generally unnoticed,
perhaps not heard.2

In an effort to assist contemporary composers, Reis helped

to found the League of Composers and was its executive chair

for twenty-five years. Under her direction, the League

became one of the most influential groups of the first half

of the twentieth century in increasing awareness and

appreciation of contemporary music and contemporary

composers. Not only did the League sponsor concerts of

contemporary works, but also obtained 110 commissions for

outstanding young composers. During Mrs. Reis's tenure as

chair, the works of 678 contemporary composers were

performed.

Prior to her work with the League of Composers, Mrs.

Reis helped to organize free concerts for European

immigrants at Cooper Union in New York as chair of the










People's Music League. She also worked to adapt Montessori

teaching methods to music and helped to establish the Walden

School in New York. After retiring as chair of the League

of Composers, Mrs. Reis continued in her efforts to support

contemporary composers. She served as the chair of an

international committee that concentrated on the

presentation of works by contemporary composers in America

and Europe. She helped to establish the City Center of

Music and Drama in New York and served as secretary to the

board. Other activities included serving as chair of the

Advisory Committee to the Dimitri Mitropoulos International

Competition for Conductors, member of the Works Progress

Administration (W.P.A.) Advisory Board for the City of New

York, member of the Music Committee for the 1939 World's

Fair, founder and chair of the Arts Committee of the New

York Women's City Club, and member of President Roosevelt's

Committee for the Use of Leisure Time.

Through her work in the League of Composers and other

organizations, Claire Reis made a substantial impact on the

performance and production of contemporary music. Many

young composers achieved substantial international standing

due to her efforts. Others would not have had their works

performed or been able to continue working as composers.

Aaron Copland (1900-1990) called her "the mother of us

all."3 Dr. Isadore Freed of the Hartt School of Music

called the League of Composers, "the greatest single










institution that has fought the battle for the composer for

three decades. Modern music would be a totally different

picture today if it were not for the League."4 Other

composers and musicians have expressed similar sentiments

about Claire Reis and the League of Composers. In letters

to Claire Reis, Olga Samaroff (1882-1948) wrote "It is no

exaggeration to say the history of music in America would

have been very different without the tireless and unselfish

devotion of the League of Composers toward contemporary

creative music. Such work requires both vision and

courage."5 Leonard Bernstein (1918-1990) wrote "I utterly

neglected to say the very thing I should have wished to say:

namely, to recall for a moment the wonders you [Claire Reis]

have done for music and musicians in our community."6

William Schuman (1910) wrote

I can only say that those of us who had your
support during our formative years were fortunate
indeed. The entire scene of contemporary music
during the heyday of the League of Composers was
one of excitement, of discovery, of belief, (and
often disbelief), but never of apathy or of
criticism. thank you for caring about all of
us.7

George Antheil (1900-1959) wrote

I have no hesitation in saying that the work of
the League of Composers these last eight years is
of the very highest importance to the young
creative artist in America, easily taking
precedence, in my opinion, above all similar
organizations.8










Howard Hanson (1896-1981) wrote

I would like to add my word of commendation for
the important work which the League of Composers
has done for the development of Creative Music in
the United States, and to express my earnest hope
that its important work may not be permitted to be
discontinued in these critical times.9

Despite such words of recognition by these and many other

musicians, Mrs. Reis had been ignored in the major

literature covering twentieth-century music. There was only

a short (283 words) biography of her in the New Grove

Dictionary of American Music (Macmillan, 1986). Such works

as Music in the 20th Century by William W. Austin (Norton,

1966), Introduction to Contemporary Music, 2nd edition by

Joseph Machlis (Norton, 1979), and Twentieth-Century Music:

An Introduction, 2nd edition by Eric Salzman (Prentice-Hall,

1974) made no mention of the work done by Claire Reis on

behalf of contemporary composers. This lack of available

data pointed to the need for a study of her contributions.

This study will provide valuable information on the

significance of the work achieved by Claire Reis in helping

to establish the careers of many important contemporary

composers. Such a study would also add much needed data to

the curricula of twentieth-century music courses which, in

turn, would enhance the teaching about the development of

twentieth-century music and its composers.









7

Research Procedure


Materials for this research were gathered from

newspaper and journal articles, books, and two significant

resources: an oral history interview of Claire Reis

conducted by Vivian Perlis, director of the Oral History,

American Music program at Yale University, and the Americana

Collection located in the New York Public Library and Museum

of the Performing Arts. This repository contained the

Claire Reis collection, League of Composers letters, and

League of Composers clippings file. The Clair Reis

collection contained her personal papers and letters. The

League of Composers letters were made up of letters written

to Claire Reis as chair of the League of Composers. The

League of Composers clippings file contained newspaper and

journal clippings, programs, and miscellaneous material

about the League. These collections were donated to the

library by Claire Reis.

The research procedure was one of historical analysis

of primary and secondary sources. The information was

analyzed to discover the importance of the work of Claire

Reis in gaining acceptance for contemporary composers and

their music, and place the findings into the general history

of music.









8

Notes

1. H. Wiley Hitchcock, Music in the United States: A
Historical Introduction, 3rd ed. (Englewood Cliffs, New
Jersey: Prentice-Hall, 1988), p. 61.

2. Claire R. Reis, "Contemporary Music and 'the Man on the
Street,'" Aeolian Review 2 (March 1923): 25.

3. Dorle J. Soria, "Copland PS," Musical America 20
(December 1970):32.

4. "New Music Long Fought Uphill Battle," The Hartford
Courant 15 January 1952.

5. League of Composers Letters. Olga Samaroff, June 6,
1931. New York Public Library and Museum of the
Performing Arts. Box 5.

6. League of Composers Letters. Leonard Bernstein,
December 2, 1965. New York Public Library and Museum
of the Performing Arts. Box 1.

7. League of Composers Letters. William Schuman, February
9, 1962. New York Public Library and Museum of the
Performing Arts. Box 6.

8. League of Composers Letters. George Antheil, (no
date). New York Public Library and Museum of the
Performing Arts. Box 1.

9. League of Composers Letters. Howard Hanson, September
17, 1942. New York Public Library and Museum of the
Performing Arts. Box 4.














CHAPTER II
REVIEW OF THE LITERATURE


Literature related to the subject under study came from

a variety of sources. The most important were works created

by Claire Reis, including books, articles, speeches, letters

to editors, and a series of interviews carried out with her

from 1976-77 for the Oral History, American Music project at

Yale. These interviews were conducted by Vivian Perlis,

director of this project. The interviews, a total of

twenty-six tapes (designated by alphabetical letters) or 302

pages in transcript form, included information about Mrs.

Reis's childhood in Brownsville, Texas, her early music

training, the death of her father and subsequent move to New

York with her mother, her education in Europe, the

beginnings of her interest in contemporary music, her early

musical associations in New York, her early social concerns,

including using Montessori principles to teach music to

children and co-founding the Walden School, and her work in

the People's Music League. The interviews continued with

her association with Varese and the International Composers

Guild, the ensuing split between members of the board of

that latter organization, and the subsequent formation of

the League of Composers. Many of the tapes included










information about her tenure as chair of the League of

Composers. There were many stories and anecdotes about

composers, concerts, the work she did as chair, and other

experiences. In other tapes, she told of her work with the

New York City Center, Women's City Club, and other areas of

interest. In still other tapes there was a discussion of

her speeches and publications. Although these interviews

repeated many stories about the League of Composers found in

here book, Conductors. Composers, and Critics, they included

much information not found elsewhere, particularly about her

early life, education, and about her family. She rarely

discussed her family, but, in these interviews, Mrs. Reis

told of her mother's influence, and of how she managed a

household with a husband and two children while performing

her duties as chair of the League of Composers.

Another important source of primary material was

located in the Americana Collection at the New York Public

Library and Museum of the Performing Arts. These items

included: 1) the Claire Reis Collection, a collection of

Claire Reis's personal papers donated to the library by Mrs.

Reis; 2) the League of Composers Letters, a collection of

letters written by composers, musicians, conductors,

critics, and others involved with the League of Composers;

and 3) the League of Composers clippings file which

contained a number of newspaper clippings, press releases,

and programs about the League of Composers.









11

The Claire Reis Collection was organized into five

boxes. Box 1 contained clippings, a sample of a

questionnaire sent to composers by Claire Reis in 1945,

letters from unidentified composers, articles about Aaron

Copland, notes about New York City Center and the People's

Music League, miscellaneous photographs, and a scrapbook.

Box 2 held letters from, and programs and articles about

Benjamin Britten, Louis Gruenberg, Leo Ornstein, the

People's Music League, and the League of Composers. Box 3

contained miscellaneous material collected for her book,

Composers in America. Boxes 4 and 5 contained miscellaneous

letters from various figures of note.

The League of Composers Letter's file consisted of

seven boxes of letters to the League of Composers, usually

to Claire Reis as Chairman of the Board. These letters were

from composers, conductors, critics, musicians, politicians,

and others involved with or wanting information about the

League of Composers. The list of senders included such

persons as Bl6a Bart6k, Alban Berg, Leonard Bernstein,

Arthur Bliss, Ernest Bloch, Nadia Boulanger, John Cage,

Elliott Carter, Aaron Copland, Manuel de Falla, Arthur

Farwell, Howard Hanson, Roy Harris, Frederick Jacobi, Otto

Klemperer, ZoltAn Koddly, Serge Koussevitzky, Mayor Fiorello

La Guardia, Darius Milhaud, Dimitri Mitropoulos, Paul Henry

Lang, Ernest Newman, Eugene Ormandy, Cole Porter, Serge

Prokofieff, Gustave Reese, Henri Prunieres, Richard Rogers,










Artur Rodzinski, Carlos Salzedo, Arnold Schoenberg, Roger

Sessions, Leopold Stokowski, Igor Stravinsky, George Szell,

Germaine Tailleferre, Virgil Thomson, Ernest Toch, Bruno

Walter, Kurl Weill, and Egon Wellesz. Some of these letters

contained information about the sender, personal opinions,

doubts about their music, questions about the League,

information for or complaints about the performances of

their music, or outrage over a review. Many, however, were

merely thank you's, or acceptance for a party, dinner, or

reception hosted by Claire Reis, or an answer to a question

posed by Mrs. Reis. Some were only one or two lines long:

a "yes to your kind invitation," or "yes, I will compose a

piece for "

The League of Composer's clippings file contained

newspaper articles and programs about the League of

Composers. This information was in no particular order.

Many of the articles in this file, though providing

excellent information, had been cut so that either the title

of the newspaper or journal, or the date, or both, were

missing, making it difficult to ascertain from where they

came. Also found in this file were several articles written

by Claire Reis that were not found elsewhere, and some which

were written about her.

Claire Reis published two books, Conductors. Composers.

and Critics (1955, reprinted 1974) and American Composers

Today (1930) which was revised, enlarged, and published in










1947 as Composers in America: Biographical Sketches

(reprinted 1977). Conductors. Composers, and Critics told

of her experiences as chair of the League of Composers. She

began with the period during which she joined the

International Composers Guild and discusses the split with

Varese and the formation of the League of Composers. Mrs.

Reis told how she put concerts together, and of audience and

critical reaction. Those concerts that were put together

easily, and those that had difficulties were each discussed.

She included many anecdotes about the composers, conductors,

and others involved with the League of Composers. Her book

was an important source of information about music and

composers in the first half of the twentieth century, told

by someone who was there and directly involved. Mrs. Reis

often painted a more personal portrait of a composer than

what was usually found in a discussion of his music. She

corresponded with many composers, greeted them upon their

arrival in New York, organized evenings of tribute for many

of them, and often made available the music room in her

house for rehearsal.

Composers in America: Biographical Sketches was written

as a source book for organizations that wanted to commission

works from American composers. Claire Reis believed

strongly both in American composers and in commissioning

works, rather than awarding prizes. She stated,

In the case of competition many composers give
their time and effort without recompense, and only










one or two can win the award. Not only is this
unsatisfactory to those who fail to win, but it
may even prove a boomerang to the winner, for too
often the public expects so much of the prize-
winning composition that the result is
disappointing. ..A commissioned work
bespeaks confidence in the chosen individual, and
he does his best to meet this faith. It also
brings the new compositions before the public with
the backing and confidence of a recognized
organization.1

Composers were listed alphabetically. Each listing provided

a brief biography, including when and where that composer's

compositions had been performed, including radio broadcasts.

Following the biography were the titles of their

compositions, listed by genre, the duration of each piece,

the publisher, and the date of publication. This would have

provided anyone at that time who wanted to commission a

piece the information required to choose a composer.

Two other publications with which Claire Reis was

involved were American Composers: A Record of Works Written

Between 1912 and 1932, which she compiled for the

International Society for Contemporary Music (1932 and

1938), and Spend Your Time, for which she was chair of the

editorial board. American Composers was meant to present a

"complete picture of the outstanding works written during

the past twenty years and present the important composers

living in America or American born."2 The purpose was to

be of assistance to orchestras, conductors, publishers,

libraries, and musical organizations; consequently, the

works listed were most often large works. No solo works











were included. The composers were listed alphabetically,

with their works listed by genre in categories such as

orchestral works, chamber orchestra, choral works, chamber

music, and stage works. Along with the title of each piece,

the duration, publisher and date of publication was listed.

Also included was a record of performances, and a short

biography (sometimes as short as two lines).

Mrs. Reis was appointed by President Franklin D.

Roosevelt to the Committee for the Use of Leisure Time. The

result was the publication Spend Your Time for which Claire

Reis served as chair of the editorial board. This

publication listed the City of New York's resources for

spending leisure time. Categories listed include art,

music, theater, libraries, science, history, recreation, and

hobbies. Each resource was listed by name, address, and

offerings enumerated.

Claire Reis wrote a number of articles for journals and

newspapers, as well as letters to editors. One of her first

articles was for the Aeolian Review (1923), titled

"Contemporary Music and 'the Man on the Street'." She felt

that the average man was better able to appreciate and

listen to contemporary music with an open mind than the

listener brought up on the musical values of the past who

was prejudiced and unable to accept "new" music. Those who

had studied music (even just a little) had been "nourished

on the romanticists and had in fact never developed beyond









16

that period,"3 while the "average person was without

esthetic standards which belong to the past and he

has not been educated to accept definite laws based upon

tradition."4 She also felt that the composer had been left

out of the concert. "Music is generally heard under

conditions which have almost obliterated the composers as

the raison d'etre of a program. the interpreter is the

object of attention."5 Mrs. Reis advocated looking toward

the average man for encouragement in contemporary arts.

"Mechanical Developments and Modern Inventions Have

Made Us Adapt Ourselves to New Sensations Reflected in Our

Art" was printed in the Musical Leader in 1931. In this

article, Mrs. Reis discussed the advances of mechanical

developments on musical instruments and composers. The

League of Composers was sponsoring a concert of music for

newly developed electronic instruments and this article

appeared prior to this concert. In it, she compared the

development of new instruments to the development of

machines in society and their effects on artists of all

kinds. Again, she advocated that the listener approach the

music with an open mind and not to be mired in the past.

In December, 1942, Claire Reis wrote an article for The

New York Times about the twentieth anniversary of the League

of Composers. She described the beginnings of the League

and the accomplishments it achieved over twenty years. She

told of the League's contacts with composers in other










countries and giving concerts of their music, the

determination of the League to give young composers their

first public performance, and the encouragement of

commissions. Also included was a discussion of the

compositions to be presented on the anniversary concert.

Claire Reis wrote two articles for the Music Publishers

Journal. "A Marked Global Interest" appeared in 1944, and

concerned the new global interest in the work of the League

of Composers. Many League members were serving in the armed

forces during the war, and they were requesting that the

League's publication, Modern Music, be forwarded to them.

Allied groups were asking for copies of American

contemporary music to be performed on radio broadcasts.

"Government Support of the Arts" appeared in 1945, and was a

plea for government assistance for the arts. The United

States was compared to several other countries, including

Great Britain, Russia, Mexico, France, and Austria, whose

support of the arts far outdistanced that of the United

States, and suggestions were made to improve the situation.

This article was also printed in The New York Sunday Times

in the same year.

In January of 1948, Claire Reis co-authored with Marion

Bauer an article for The Musical Quarterly to celebrate the

twenty-fifth anniversary of the League of Composers. As in

the article for the twentieth anniversary, she began with

the inception of the League and the policies and purposes it










developed, among them the necessity "to bring the entire

range of modern tendencies before the public."6 She

continued with the League's accomplishments, such as a

concert devoted to the younger generation of composers early

in 1924. This type of concert became an important part of

the League's activities. Other activities included interest

in the music of other countries, with concerts devoted to

the composers of those countries, evenings of tribute to

composers, and a project to bring performing artists and

composers together to discuss their common interests and

problems. The publication of Modern Music, the

encouragement of commissions, and efforts to encourage new

stage works, programs dedicated to new electric instruments,

film music, and commissioning music for the war effort were

all projects of the League of Composers.

Mrs. Reis's interest in stage works resulted in three

articles about opera. "Screening for Opera" was published

in April 1956 in Center: A Magazine of Music and Drama. It

contained information about the current state of

contemporary opera and offered suggestions for supporting

and promoting it. In the Spring of 1959, "A New Chapter in

American Opera Repertory" was published in Playbill, the

program notes for the New York City Opera. This article

contained information about eighteen contemporary American

operas which were to receive their premieres at the New York

City Opera in the coming two seasons. The third article,










"Opera in the Making," from Here at Hunter, a publication of

the Hunter College Opera Association, was about the benefits

of the Hunter College opera workshops for talented young

singers.

"Previously Unpublished Composers' Letters" was

published in the January 1963 issue of Musical America.

With opening comments by Claire Reis and Everett Helm, these

were letters written to Mrs. Reis as chair of the League of

Composers (originals of which can be found in the League of

Composers Letters mentioned previously). Mrs. Reis added

introductory comments to each letter. The article included

letters of Copland, Bart6k, Milhaud, Schuman, Riegger,

Prokofieff, Bloch, Schoenberg, Moore, Webern, Malipiero,

Gruenberg, Blitzstein, and de Falla. Also included are

copies of autographed pictures of Copland, Milhaud,

Prokofieff, Schoenberg, Malipiero, and de Falla and Wanda

Landowska together.

The twenty-fifth anniversary of New York City Center

brought "A City Center Chronicle," published in 1968 in

Opera News. Mrs. Reis told of being summoned to Mayor

Fiorello La Guardia's office in 1943 for a conference to

discuss plans for a cultural center for New York City. She

detailed the beginnings of the New York City Center from its

first home in the old Mecca Temple on West Fifty-fifth

Street to the present complex at Lincoln Center. As with










other articles, Mrs. Reis gave a first-hand account of

events and people, trials and tributations, and successes.

Claire Reis was not shy about writing letters to

editors, usually defending the League of Composers from

criticism. The March 1, 1923, Musical Courier contained a

letter from her defending the International Composer's

Guild's production of Schoenberg's Pierrot Lunaire. This

production was criticized in the February 8 issue, and Mrs.

Reis was quick to point out the critic's fallacies. Again

in 1936, 1940, and 1943, Mrs. Reis wrote to The New York

Times in defense of the League of Composers. In 1942, she

wrote in support of the Fleisher Music Collection housed at

the Free Library in Philadelphia.

Claire Reis gave many lectures. Manuscripts of some

could be found in her personal papers in the collection

housed in the New York Public Library. One of these was a

presentation on the Dalcroze movement given July 28, 1914;

in another, in the fall of 1915, she described the

eurhythmics of Emile Jacques-Dalcroze and opined that they

had proven value for concentration and coordination for

children. Many years later, in a lecture given at a

Conference on Radio and Education held December 11, 1936, in

Washington, D.C., she discussed the asset radio could be for

bringing contemporary music to a wider audience, and how

repeating works could aid in their understanding. Two other

lectures were given to the National Music Council in 1936,










and 1945, and later published in their Bulletin. In "Demand

and Supply of Performances of Contemporary Music," Mrs. Reis

described how the League of Composers, in its thirteenth

season, embarked on a national plan to influence concert

artists to perform one or more contemporary works on each of

their programs. "The Attitude of the Press Toward American

Composers and How It Can Be Changed For the Better" was her

plan to get more "fair play," as she called it, for

contemporary composers from critics.

There were only a few articles written about Claire

Reis. One of the earliest was published in the French

journal Le Messacer de New York (June 1, 1935). The article

contained information about Mrs. Reis's accomplishments as

an advocate of the arts. Her work establishing the

Montessori method of teaching music, founding the Walden

School, the People's Music League, and the League of

Composers was included in the article. Seven years after

her retirement as chair of the League of Composers, Claire

Reis was interviewed for an article in The New York Times,

written by Howard Taubman. "Endless Battle" (November 20,

1955) recounted her work as chair of the League of Composers

and discussed her work as an active honorary chair. The

point is made that although much had been accomplished in

the early years of the League, there was still much to be

done. In 1969, Claire Reis visited the Santa Fe, New

Mexico, opera festival, which was premiering two American










operas. She was written about in The New Mexican in an

article that recounted her work as a founder and secretary

of the board of the New York City Center, as well as her

promotion of American opera. There was a one-paragraph

biography of her written by Vivian Perlis in the New Grove

Dictionary of American Music; the accompanying bibliography

had only three entries.

Following her death in 1978, there was the standard

obituary in The New York Times and National Music Council

Bulletin. The Musical Ouarterly published a longer memorial

written by Aaron Copland, a close friend of Mrs. Reis.

There are numerous articles from The New York Times and

music journals about the League of Composers, New York City

Center, and other groups with which Claire Reis was

involved. Although she was sometimes interviewed for these

articles, most often only her name was listed as being a

member of the organization.

Another source of information about Claire Reis was in

biographies, autobiographies, and memoirs of those

composers, musicians, and critics with whom she was

involved. They often confirm in their own books what Claire

Reis wrote about them. Aaron Copland, in Copland: 1900

Through 1942, wrote of their friendship and of the support

he received from the League of Composers. Two books about

Stokowski, Leonard Stokowski by Preben Opperby and

Stokowski: A Counterpoint of View by Daniel Oliver, both











confirm the story Claire Reis told of her first meeting with

the conductor Stokowski. In Varese: A Looking Glass Diary,

Louise Varese told a different story about the split between

the members of the International Composer's Guild. Mrs.

Varese's version is more acrimonious than the one Mrs. Reis

recounted in her book. It should be noted that several

other authors, including Daniel Oliver, used the Varese

version of the ICG split rather than what Mrs. Reis wrote.

Claire Reis was mentioned in Milhaud's memoirs, Notes

Without Music, as well as Frederick Martens's biography of

Leo Ornstein, and the biography of Paul Rosenfeld by Jerome

Mellquist and Lucie Wiese. A letter to her was printed in

Selected Letters of Virgil Thomson, and she was mentioned

several times in Minna Lederman's book, Life and Death of a

Small Magazine: Modern Music.


Summary


The review of the related literature suggested that

research on the life and work of Claire Reis was seriously

lacking and that she had been omitted from standard music

sources on the twentieth-century. It was difficult to

understand this neglect, considering her achievements as an

advocate for the contemporary composer and his music, and

her substantial impact on the performance of this music and

the careers of many composers, as well as her efforts to

educate the public about contemporary music. It made this











study all the more necessary to contribute to the curriculum

of college-level music history and literature classes where

this information would add much needed insight into the

development of twentieth-century music.



Notes

1. Claire R. Reis, Composers in America: Biographical
Sketches of Living Composers with a Record of their
Works 1912-1937. New York, NY: Macmillan, 1938, p. 3.

2. Claire R. Reis, American Composers: A Record of Works
Written Between 1912 and 1932, 2nd ed. New York, NY:
The International Society for Contemporary Music, 1932,
p. ii.

3. Claire R. Reis, "Contemporary Music and 'The Man on the
Street'," Aeolian Review 2 (March 1923):26.

4. Claire R. Reis, "Contemporary Music and 'The Man on the
Street'," Aeolian Review 2 (March 1923):27.

5. Claire R. Reis, "Contemporary Music and 'The Man on the
Street'," Aeolian Review 2, (March 1923):25.

6. Marion Bauer and Claire R. Reis, "Twenty-Five Years
With the League of Composers," The Musical Quarterly 34
(January 1948):2.














CHAPTER III
EARLY LIFE AND WORK, THE PEOPLE'S MUSIC LEAGUE
AND THE INTERNATIONAL COMPOSER'S GUILD


Early Life and Work


The influence of family and work on Claire Reis had a

significant impact on her later work. The philosophies and

skills with which she organized and led the League of

Composers were all based on experiences gained earlier.

Claire Raphael Reis was born August 4, 1888, in

Brownsville, Texas, where her father, Gabriel M. Raphael,

was president of the First National Bank. He was from New

York, educated at Hartford Business School, and moved to

Brownsville to go into the mercantile business; later he

became president of the bank. In addition, he had interest

in silver mines. Her mother, Eugenie Salamon Raphael, was

born in Edinburgh, Scotland, of French parents who had moved

to Scotland for business purposes. Along with her older

brother, Angus, and sister, Alice, Reis attended the only

public school in Brownsville. In describing her school and

town, she said,

Our school, the only school in the town, had half
Mexicans and half Americans, and we played games
like baseball with the Mexican girls as well as
boys, but the rest of our life was chiefly, almost
only, with the American people; in this small town
where people came from many parts of the European









26

world as my mother had; and also my father had
come from New York. For a small town, the quality
of the people who had moved there one or two
generations before mine, represented a very
cultured group.1

Reis's mother, her first music teacher, had an

interesting method of teaching piano lessons. She would

place small papers with selected notes of the musical

alphabet (a,b,c,d,e,f,g) on the piano keys and allowed the

children to pick out tunes with which they were familiar by

using this method.2 Reis followed suit with this method

years later when she began to develop a music system for

Montessori kindergartens.3

Another influence from her mother was the idea of

working within the community. She stated,

I think she carried on the tradition from her
mother, which I feel I have carried on from her,
and that is, an active interest in the people of
her town. My grandmother was known as Madame
Clara for a great deal of work for the poor she
did in Edinburgh for charity. My mother took up
the cause of the poor Mexicans who did beautiful
Mexican handwork, and I can remember vividly
seeing those poor youngsters come to the back
porch to sell her their linens. She would also
get benefits for them and try to improve their
condition. So mother had a sense of partaking of
the needs of the town, the way many of us have
tried to do our share in helping improve New York
City.4

Mr. Raphael died in 1898, the year he planned to

retire. Since there was only one school in Brownsville, and

it was considered to be a mediocre one that afforded the

Raphael children a poor education, Mr. Raphael's retirement

plans centered about moving the family to a larger city










where the children could receive a better education. After

his sudden death, Mrs. Raphael followed her husband's plans

and, in September 1898, moved with her three children to New

York. The Raphaels had no family or friends in that city,

but with "single-minded determination and energy,"5 they

established a home there. Since Mrs. Raphael was European,

her own background influenced her decisions in raising her

children. After only a winter in New York, it was decided

that the family would move to France for two years (1899-

1901), where their education included piano lessons, weekly

visits to the opera, and learning the language.6 When

Claire was 16 (1904), the family moved to Berlin, Germany,

for one year for the study of music and the language. Of

this year, she later said,

It was the great year of my educational life,
studying in Germany, because it was a serious
year, I really grew up, and I don't think I could
have given as much of my life to music as I have
done if I had not felt so keenly about making
music my life that year I was in Germany.7

Reis studied with the Leschetizsky Vorbereiter in

Berlin. Her daily schedule included studying to complete

her high school graduation requirements in New York,

practicing the piano four or five hours, and attending

concerts. Concerts were held nightly from 7:00 to 9:00, and

featured the great artists of the day. Reis recalled seeing

such performers as Mark Hambourg, Geraldine Farrar, Emmy

Destin, and the Berlin Philharmonic Orchestra conducted by

Felix Weingartner and Artur Nikisch. Of contemporary music










she said, "The general philharmonic concerts were probably

the same as in any other city today. Maybe some modern, but

no contemporary composer except Busoni (1866-

1924)."8

Upon her return to New York (1906), Reis, with one year

to finish in school, began piano studies with Bertha Fiering

Tapper (1859-1915) at the Institute of Musical Art (later

the Juilliard School). She and a friend, Irene Jacobi,

hired a professional cellist and violinist and studied

chamber music literature together. According to Reis, they

went through "all the sonatas,"9 including piano sonatas,

sonatas for piano and violin, sonatas for cello and piano,

and four-hand arrangements of symphonies. These sessions

were not used to prepare for any concerts, but to study the

literature, and the enjoyment of playing.

After graduation from high school (1907), Reis attended

the Institute of Musical Art, continued her piano studies

with Tapper and attended other music classes. She remained

at the Institute, however, for only two and a half years,

feeling that she "didn't care whether I had a diploma or not

because I wasn't striving for that"10 and that she "had

had the best of the being there."11 She remained a

student of Mrs. Tapper, with whom she studied for seven

years. Reis was a talented enough pianist to be asked by

her teachers to consider a career as a professional pianist.








29

She played in recitals given by Tapper's students, and in

the New York area.

I played--I played for charities, I played for bad
little boys in institutions, I played for sick
people; whenever anybody asked me and as I had the
time I played a whole program, but it never gave
me the feeling that this is what I want to go
with. And I don't regret it to this day.12

Reis's name can be found on programs presented at Cooper

Union accompanying Max Rosen (then 10 years old) performing

Corelli's La Folia on violin; the Women's Trade Union League

of New York Second Annual Entertainment and Ball held

November 10, 1911, performing Chopin's Polonaise in Ab

major; accompanying Conrad R. Strassner, violinist, at the

Carnegie Lyceum April 30, 1911; and accompanying Albert

Greenfeld, violinist, at the Lyceum Theater April 28,

1912.13

Reis's introduction to contemporary music came after

she left the Institute of Musical Art (1910). She formed a

trio with Walter Kramer (1890-1969), a composer, violinist

and music critic, and Waldo Frank (1889-1967), a cellist and

author. Kramer had access to some of the newest music and

would bring those scores to the trio's sessions. They did

not perform in public, but met only to play for the joy of

making music and to experience new music. The only person

allowed to sit in on the sessions was Paul Rosenfeld (1890-

1946), a close friend, who was also interested in

contemporary music (Rosenfeld later became a writer on the

arts, music critic, and ardent champion of new music). Reis










was also introduced to contemporary music through her

friendship with the composer Leo Ornstein (1892). Ornstein

studied at the Institute of Musical Art and was a student of

Mrs. Tapper; he often played some of his own compositions at

his teacher's Saturday afternoon classes.

Two groups with which Claire Reis became involved at

this time were to give her the experience necessary for

later organizing the League of Composers. These groups were

the Walden School and the People's Music League. Reis's

interest in teaching music to children was kindled by her

association with Margaret Naumburg (1890-1983), a friend who

had been in Italy studying with Dr. Maria Montessori (1870-

1952). Reis felt that the Montessori principles would work

well in teaching music. She met Naumburg in Europe in the

summer of 1913 to investigate new methods of teaching music

and dancing, including Montessori and the eurythmic classes

of Emile Jaques-Dalcroze (1865-1950). She also attended

some of the Yorke-Trotter pedagogical classes given at the

London Conservatory of Music and later studied eurythmics

with a Swiss teacher in New York. Upon their return to New

York in the fall of 1913, Reis and Naumburg were given a

room in the Henry Street Settlement to begin their classes.

Since these were some of the first Montessori groups to meet

in the United States, numerous educators came to observe the

classes. The director of the New York Public Schools

kindergarten department and the director of the ungraded









31

classes visited, and later insisted that Reis and Naumburg

begin a similar class in a public school. After some "red

tape" in getting their teaching licenses, they began a class

in the spring of 1914 at the public school on 182nd Street.

Unfortunately, the promised piano and other materials never

arrived, so Reis and Naumburg decided to establish a private

school. They opened the Children's School in the fall of

1914. The school's name was later changed to the Walden

School. Reis gave several lectures between July and October

of 1914 about the Dalcroze movement. These were given to

the Federation for Child Study in New York and in Baltimore,

and to the Marietta Johnson School of Organic Education.

She stated that it was the purpose of Dalcroze Eurythmics to

"develop a conscious rhythmic feeling in every art as well

as in all life" and that Eurhythmics "has proven value for

concentration and coordination.l14

Claire Raphael married Arthur M. Reis in 1915. She was

soon busy with family life, and decided to resign at the end

of her fourth year at the Walden School. When Reis married,

she and her husband had been friends for a long time.15

He understood her drive and her interest in Walden School,

the People's Music League, and subsequently the League of

Composers. Their agreement was that since his business day

with Robert Reis and Company (men's clothing manufacturer)

ended at a specific time, hers would also. Their evenings

were reserved for family and friends.16 However, she










continued her work with Montessori principles by giving

small music classes for her children as well as those of a

few of the neighbors.


The People's Music League


The idea for the People's Music League came from Reis's

concerts with Max Rosen at Cooper Union. She saw the

audience at Cooper Union and felt there was a need for such

an undertaking. Later she said,

That really stirred me, that I remember very
vividly. I have not seen that kind of an
audience. You could tell that they were people--
many people newly arrived, their shawls over them,
some in foreign costume and they just packed the
hall and were excited.1

Although many young men and women did philanthropic work in

the settlement houses, Reis felt she could put her energy to

better use. Her idea was to supply these people with free

concerts. She was introduced to Dr. Frederick C. Howe,

director of the People's Institute, who agreed with Reis

that more cultural events were needed for the newly arrived

immigrants. The People's Music League (the name given by

Reis) sponsored by the People's Institute, with Reis as its

new chair, was formed in November of 1912. The specified

origin and purposes of the new People's Music League were

1. To stimulate musical knowledge and appreciation

among people of New York who have little

opportunity to hear good music and to make its










enjoyment an integral part of the lives of the

people.

2. To offer opportunity for young artists who are

recommended by musicians of unquestioned standing

to appear before audiences.

3. To open the auditoriums in the public school

buildings to the people at large for musical

purposes.

4. To organize orchestras and other musical

organizations in the various neighborhoods where

the concerts are given.18

With the help of the trustees of the People's

Institute, Reis was able to get the school board to allow

the People's Music League to use public school auditoriums

at night for some of the concerts, mostly in districts where

the largest number of people were newcomers. Other concerts

were held at Cooper Union. She gathered together a small

committee of musicians to help and soon began the concerts.

The performers, some of whom were members of the committee,

were all young professionals, most of whom were just

beginning their careers. The artists received $5.00 for an

evening performance. The funding for these concerts came

solely from contributions. During the second year of

concerts the People's Music League received a gift of

$5,000.00 from John W. Frothingham (1878-1935,

philanthropist and music patron, later president of the










League's Board of Trustees), who had attended a concert and

had been impressed by what he had seen. They received this

gift for each of the remaining years the People's Music

League was in existence (1912-1922).19

The concerts were a success, and often the auditoriums

were so full that a concert had to be repeated. Other rooms

in the buildings were opened for the overflow crowd, and

when the artists were finished in one room they would move

to another and repeat their program. Later Reis was to

state,

I don't think that today if you tried something
like that you would find as eager an audience for
entertainment. These people were so largely the
foreigners who were coming in from Ellis Island to
a new country, where they knew nobody or only a
few people, but who had had concerts in all their
small towns in their small parks in their own
homelands.20

The concerts consisted mainly of choral, chamber, and

orchestra music from the standard repertoire, and some folk

music from various countries. In one year, there were 600

concerts.21 Contemporary music was not specifically

planned until the tenth anniversary concert.

In 1919, the People's Music League formed the People's

Chorus, which was directed by Ernest Bloch (1880-1959).

This project was one with which Claire Reis proposed to

address two needs. The first was to offer the opportunity

to the people to sing in a community chorus. Reis began to

organize the chorus, and flyers were printed and addressed

"to music lovers."22 Requirements were "a voice,











knowledge of reading at sight, and regular attendance."23

The chorus met once a week, and a small sum of money was

charged to cover the cost of the music. The second need met

was to help Ernest Bloch. Bloch had arrived from

Switzerland in 1916 with his family, and was little known in

the United States. Reis visited Bloch at his apartment and

discovered how unhappy he was "having to teach young people

who were not all very talented."24 When she asked what he

would like to do, he replied, "I would like to conduct a

chorus of old works, early works."25 What was different

about the People's Chorus and other community choruses was

that the purpose of the People's Chorus was to study and

enjoy the choral music of the fifteenth and sixteenth

centuries, but not necessarily to prepare or perform a

concert. Musical America called the chorus "one of the

League's finest plans."26 Paul Rosenfeld wrote,

It seemed wellnigh impossible that such rare and
subtle music could be taught to a chorus of
amateurs in, say, as work-a-day a place as the
auditorium of the Manhattan Trade School.
Palestrina and Twenty-second Street were mutually
exclusive, one was sure. And yet, to those of us
who assisted at those first meetings, when the
chorus of the People's Music League was being born
a few weeks ago, it was evident that whatever
might hamper the progress of the movement, it was
not the fact that there was unrelatedness between
music and audience. For none existed.27

Although the People's Chorus only lasted one season

(September to May), it was considered a success.

For the concert to celebrate the tenth anniversary of

the People's Music League (held February 12, 1922), Reis










suggested that the program be made up of composers

performing their own works. The composers involved were

Rebecca Clarke (1886-1979), Louis Gruenberg (1884-1964),

Frederick Jacobi (1891-1952), A. Walter Kramer (1890-1969),

Lazare Saminsky (1882-1959), and Deems Taylor (1885-1966).

It was unusual at that time for composers to appear

performing their own music, as was noted in Musical America:

One of the first actions of the People's Music
League as an independent body has been to turn its
attention to the young composer. It is something
of an anomaly in the musical world that much music
may be presented while the composer of it is
neglected. Hence the League had had the
inspiration of presenting in concert a most
unusual symposium of writers, who are to interpret
their own compositions.28

The pieces performed included two movements of Rebecca

Clarke's Sonata for viola and piano, Polvchromes for piano

by Louis Gruenberg, three Preludes by Frederick Jacobi, and

songs by Walter Kramer, Deems Taylor, and Lazare Saminsky.

The program was received with "enormous enthusiasm"29 by

the audience as well as by the critics. One critic wrote,

Of singular interest was the composers concert
given on February 12, at Cooper Union, under the
auspices of the People's Music League, when a
group of the most gifted younger writers in this
country presented examples of their work. The
program served to answer with dignity the
irreconcilable critics of native composition, and
indicated also the devoted and serious aim which
distinguishes the writing of these musicians. .
The program successively accomplished its
purpose in revealing the high standard of these
native writings, and in demonstrating the
erudition which accompanies the efforts of each of
these still very young writers. In presenting it,
the League again renewed its valiant efforts to
aid American music.30










Not long after this concert, Claire Reis identified

what she felt had become a serious problem in the People's

Music League. She had noticed that many people in the

audiences of the concerts were leaving in the middle of the

concerts. She wondered if free concerts were necessary for

the newly arrived people anymore. What she discovered was

that these people were leaving the concerts and going to the

movies. Since the concerts were free, and it cost money to

get into a movie, it was suggested that the People's Music

League begin charging a small admission to their concerts.

After some discussion with Dr. Eugene Noble, president of

the Juilliard Foundation for Music, and some serious

thought, Reis decided it was time to stop since the

audiences were dwindling.31 The People's Music League was

dissolved in February, 1922.

In reviewing the recent concert of living composers

works, Reis felt that it was now time for more of those

types of programs.

I felt compelled to find new and better ways to
help with the development of contemporary music.
Something told me that now my activities of the
last ten years had served the purpose, but had
reached their logical end. With this in
mind, I turned to the new interest I had taken in
helping living composers.32


The International Composer's Guild


The Composer's Concert of the People's Music League

brought Claire Reis to the attention of the composer Edgard










Var&se (1883-1965). In 1921, Var&se formed the

International Composer's Guild (ICG) in New York. This was

the first American organization to devote itself exclusively

to performing contemporary music. During the first season,

the Guild produced three concerts which were held in the

Greenwich Village Theater on Sheridan Square. The concerts

were a success, but the location was considered too

inconvenient for most subscribers and critics. The theater

was also quite small, and located over a subway.33 Var&se

needed someone to organize the business affairs of the

Guild, leaving him free to concentrate on the artistic

concerns. According to Claire Reis, in both her book

Composers. Conductors, and Critics and the oral history

interview with Vivian Perlis, Varese came to her through the

recommendation of her friend Louis Gruenberg. Reis wrote

that Varese came to her house in February of 1922 and told

her, "We need your help! If you'd help us to

reorganize the International Composers' Guild--our society

to advance contemporary composers and their music--there may

still be some hope for what we're trying to accomplish.34

Reis agreed to join the Guild and become its executive

secretary for the next season (beginning in the fall of

1922), with Varese as chair and Carlos Salzedo (1885-1961)

as vice-chair. Her first task was to find a new theater.

She was able to rent the Klaw Theater on West 45th Street

for a nominal fee since the owners were friends of hers and











the theater was unused on Sundays when the Guild held their

concerts.

Board meetings of the Guild were usually held in Reis's

home. She recalled that the meetings were usually

unorganized as often wives of the board members and other

musicians would attend the meetings.

At those meetings we had no rules. Varese would
talk, Salzedo would talk, maybe I did a little.
Then in would come some musicians who wanted to
know what was going on, and they were welcomed by
Varese, and I never was sure who belonged and who
didn't.35

For the second concert of the season, the Guild decided

to perform Arnold Schoenberg's (1974-1951) Pierrot Lunaire,

which had been creating a sensation at all of its

performances in Europe. Louis Gruenberg was chosen to

conduct, with Greta Torpadie as soloist and a small ensemble

of five musicians. Fifteen rehearsals were agreed upon, to

be held at Reis's home. She recalled,

As we had a large studio living room in our
apartment they rehearsed there, and I was in the
room next to it, at every rehearsal wondering if I
was in the wrong camp, because I had never heard
so much contemporary music, except when Leo
Ornstein was just beginning to introduce his
music.36

Near the completion of the fifteen rehearsals, Gruenberg

informed Reis that more rehearsals were needed and three

more were agreed upon. At the end of the eighteenth

rehearsal, it was decided that there would have to be two

more rehearsals. After the twentieth rehearsal, Gruenberg

told Reis that they would not be able to perform the work as










scheduled. Since the Klaw Theater was completely sold out,

Reis knew that the performance would have to go on. She

told Gruenberg,

Louis, we have two days left before the scheduled
performance of Pierrot Lunaire. We can add two
more rehearsals. But then, after twenty-two
rehearsals, the work will simply have to be given
according to our agreement with the public.3

Reis and Gruenberg spent the next two hours pacing up and

down her living room arguing about the performance. Reis

finally convinced Gruenberg, and Pierrot Lunaire was given

its American premiere as scheduled. She later wrote,

It was as strange and turbulent a walk as I have
ever taken in my life. To this day I do not
know what reason brought him round, unless it was
my stubborn repetition that his best attempt with
this work at its present state probably would be
as good, and very likely better, than an attempt
by anyone else.3

With the performance of Pierrot Lunaire came

controversy. The first came from Schoenberg himself.

Var&se wrote to Schoenberg to ask permission to perform the

work. Schoenberg first replied that he wanted to know the

aims of the Guild. After receiving their manifesto, he

wrote to ask how the Guild could call itself international

when they had not performed a work by a German composer, and

had they planned enough rehearsals (he had held one hundred

rehearsals for a performance in Vienna), did they have an

adequate woman speaker, did they understand the style of the

work? If they could satisfy him on these and other points,

he would give his permission.39 After a number of letters











and explanations, Schoenberg gave his permission for the

performance. Other controversies stemmed from the reaction

of the press. They avoided attacking Schoenberg outright,

but gave very little praise in their reviews, using such

terms as 'a painstaking performance.' An editorial in the

Musical Courier was very critical of the performance:

Schoenberg first protested the performance of his
Pierrot Lunaire by the New York section of the
International Composers' Guild, but later gave his
consent. Had he seen the performance he surely
would have been sorry that he changed his mind.
.. Since it represents the extreme of descriptive
music, one should at least have been able to hear the
text of which the music was descriptive; as a matter of
fact, owing to one cause or another, not one word in
five could be heard or was intelligible when heard.
The International Composers' Guild does no service to
itself, Schoenberg, or anybody else by such a parody.
We do not share in the enthusiasm of some of
our foreign correspondents for Schoenberg. It may be
that he is the musical Messiah to lead us into new
paths. We doubt it. But we do like to see fair play
for everyone and fair play was not what Schoenberg
received at the hand of the International Guild.4u

Claire Reis was quick to respond to this editorial,

replying:

It seems to us that Fair Play would have been to
have inquired further as to the manner in which
Schoenberg has authorized the recent presentation
of this work before giving so much publicity to
your protest. ... It is but little to expect
that an organization like the International
Composers' Guild would inform themselves of the
traditions concern Pierrot Lunaire and the best
way to present any composer's intentions in
bringing their work to the American audience.41

Despite the critic's opinion, Pierrot Lunaire was a

success with the audience and there were many calls for a

repeat performance. It was the desire by some of the board










members for a repeat performance of Pierrot Lunaire that

brought to the surface the dissatisfactions and

disagreements among them resulting in the resignation of

three board members. Besides the artistic reasons for

wanting a repeat performance, there was also a practical

one: the success of the first concert and resulting

curiosity about the work would have almost guaranteed a full

house, the proceeds of which would have helped the Guild

with the debts it had incurred that year. Unfortunately,

the by-laws of the Guild's charter specifically stated that

the Guild would give first performances only. For some

unexplained reason, it seems that Var&se was the only one

who know about this particular by-law. This was a policy

that he had stipulated for the Guild, and one that he would

not compromise. This altercation seemed to be only the tip

of the iceberg of dissent between members of the board, and

it was only the last in a long list of complaints that

caused their walkout. At first, Reis tried to mediate

between the two groups, but because she was in complete

disagreement with the policy of first performances only,

felt she must resign. She later said:

[There were] some of the things, I think, that
created the now famous walkout of three of the
board--and they really were board members because
they had attended regularly. Gruenberg had been
enormously interested and he felt responsible for
having brought Varese to see me and persuade me to
take over the society; Saminsky was traveling a
great deal during those years in the summer, and
knew many musicians in Europe and brought ideas
back of new works, and Alma Morgenthau Wertheim










was giving money generously to pay the back debts
and to help establish this organization. But I
did not know that their complaints were getting
close to a point of crisis. I was spared that
until the three of them in a temper just broke up
the meeting and said, 'We are resigning.' Varese
was startled. I don't think a dictator always
knows what a dictator's offenses are on
others.42

Reis did not know that there was so much

dissatisfaction. She said,

I think they felt that I was doing a pretty good
job in bringing big audiences and getting enough
money to pay good instrumentalists, and they
didn't want me to worry about Varese's behavior.
He soon really became an impossible kind of an
enemy to the League and to me. He struggled to
keep his society going, and he felt that when the
League was formed--which was a suggestion made to
me by the three dissidents who had walked out;
when they heard that I wasn't going to stay with
him for a completely different reason--because he
wouldn't repeat works--they suggested forming the
League of Composers, or a society which became
called that. Well, by that time I was getting
more and more interested in the lives of composers
and their needs, and I readily saw that a society
could be formed which would not have a dictator,
not have the ruling that had made me break with
Varese, and from there I can go on and tell you we
formed a society immediately with bylaws which we
all agreed upon. The music we would perform would
be from every country, from every trend; the first
year no one who was on the board--no composer on
the board would have his work performed, so we
wouldn't start off as the other society had, with
more or less of a clique feeling in it.43

The split was acrimonious. In her biography of Varese,

Louise Varese later wrote about this episode. She admitted

that Varese was a "despot director"44 of the ICG, but her

condemnation of Reis was nonetheless complete. Her

description of Reis's entry into the ICG was this:










Louis Gruenberg, the pianist and composers whom
Varese had known in Berlin and who had played
something of his own at the first concert,
proposed a friend of his, a Mrs. Arthur Reis, who
had been managing concerts at the Cooper Union.
So Var&se and Salzedo went to see her and she
eagerly accepted. Mrs. Reis began by finding an
auditorium uptown for the concerts. Her
affiliations were many and moneyed. She obtained
the Klaw Theater for three Sundays at a very
moderate rate, as she tells in her carefully
misleading (not to use a less euphemistic word)
account of the ICG in her book. The Klaws were
friends of hers. She also added other friends to
be the executive board: Mrs. Alma Wertheim, who
was a daughter and sister of the Morganthaus, and
Stephen Bourgeois, a picture dealer. She was
indefatigable. She took over. The musical
guidance of the Guild was to be left exclusively
to Var&se and Salzedo. She was a treasure--or so
we thought.45

When the Vareses left for Berlin in July of 1922,

Louise Varese claimed that Varese cautioned Salzedo to watch

out for the "foreign element" in the Guild and that he

already sensed in Reis "a tendency toward tentacular

proliferation.46 About their homecoming, she wrote:

As soon as we returned to New York in the middle
of November, Varese, as chairman of the ICG,
called a meeting and, as naturally as breathing,
resumed leadership. This, it was soon to become
evident, was resented by Mrs. Reis and her clique,
who, during his absence, had assumed that theirs
was the power and the glory to come. They began,
not yet frankly, but with the determination of
pique, working democratically to dethrone him.47

Of the final split, Louise Varese wrote:

The ostensible reason for the final quarrel,
though reason enough, was not the real one. That
was simply, as in most divorce cases, a matter of
incompatibility. If it hadn't been one reason, it
would have been another. Mrs. Reis and Gruenberg,
supported by Saminsky, Jacobi, and Whithorne,
voted for a repetition of Schoenberg's work. .
However, Varese referred them to the bylaws of the










organization which ruled out repetitions. The
purpose of the rule had been to provide the
broadest possible view of contemporary music and
to give a hearing to as many qualified composers
as possible. It was much too early in the life of
the Guild to consider changing this rule. Many
works of many composers, Var&se insisted, still
remained to be heard. Varese's opposition led to
a heated quarrel between him and Gruenberg... To
Varese this question, involving the very raison
d'Atre of the Guild, was not one to be argued
coolly in parliamentary style (Mrs. Reis was a
stickler for parliamentary procedure.) Var&se
felt too deeply. It seemed to him that the same
elements that had disrupted his orchestra might
once more defeat his purpose. He was at this
point not arguing, he was charging. He wanted a
fight--a fight to the finish. It came in the end
when Mrs. Reis, even further overstepping her
role, took it upon herself to call a meeting to be
held at the gallery of her friend Mr.
Bourgeois.48

Although Mrs. Reis did not mention this particular

meeting in any of her papers, a board of directors was

formed and the League of Composers was incorporated in

April, 1923.


Summary


The events experienced by Claire Reis, her family and

the people with whom she was acquainted, had a direct

influence on her philosophy as executive chair of the League

of Composers. Her mother taught her the importance of

music, and to work to improve her community. Mrs. Reis was

a trained musician and excellent performer, as well as a

music educator. Her acquaintances with numerous composers

led her to realize their problems and try to develop

solutions. She gained experience in organizing concerts as










chair of the People's Music League for 10 years, knowledge

that she put to use organizing concerts for the

International Composer's Guild and the League of Composers.

Her tenure as executive secretary of the ICG influenced her

in the forming of the League of Composers and establishing

its philosophy and practices. Mrs. Reis realized the value

of these experiences when she said,

I think perhaps I had a more imaginative mind and
I enjoyed pioneering in certain realms that I felt
should be done, like the People's Music League for
free music for the masses. Then the League of
Composers, and one thing took me on to the other.
There was a definite link.49



Notes

1. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 2.

2. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 4.

3. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 3.

4. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 5.

5. Claire Raphael Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 17.

6. Claire Raphael Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 18.








47

7. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 11.

8. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 13-14.

9. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 16.

10. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 16.

11. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 16.

12. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 18.

13. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder IV.

14. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder III.

15. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 32.

16. Claire Raphael Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 27.

17. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 33.

18. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 2, folder III.










19. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 35.

20. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, pp. 35-36.

21. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 39.

22. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 48.

23. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 48.

24. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 47.

25. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 47.

26. Frances R. Grant, "Cooperation Will Purge New York's
Municipal Music of Political Poison," Musical America
30 (May 3, 1919):46.

27. Paul Rosenfeld, "Palestrina on Twenty-Second Street,"
New Republic 18 (March 8, 1919):179.

28. France R. Grant, "Symposium of Composers To Open
People's Music League Season," Musical America 35
(January 28, 1922):56.

29. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974):
p. 29.

30. Frances R. Grant, "Native Writers Give Own Works,"
Musical America 35 (February 18, 1922):13.











31. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 41.

32. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974):
p. 31.

33. Louise Varese, Varese: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 176.

34. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 4.


35. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 56.

36. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 59.

37. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 12.

38. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 12.

39. Louise Varese, Varese: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 186.

40. "Not Fair Play," Musical Courier 86 (February 8,
1923):20.

41. Claire R. Reis, "Pierrot Again," Musical Courier 86
(March 1, 1923):23.

42. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 64-65.

43. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January









50

1977. Oral History, American Music. School of Music,
Yale University, p. 65.

44. Louise Varese, Varese: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 165.

45. Louise Var&se, Varese: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 177.

46. Louise Varese, Varese: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 177.

47. Louise Varese, Var&se: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 182-183.

48. Louise Varese, Varese: A Looking-Glass Diary (New York,
NY: Norton, 1972), p. 188-189.

49. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 18-19.














CHAPTER IV
THE LEAGUE OF COMPOSERS


In founding the League of Composers, Claire Reis

believed that she was creating an organization for the

composer, a true composer's guild. She used the experiences

gained from the People's Music League and the International

Composer's Guild to organize and run the League of Composers

for twenty-five years. These previous experiences also

helped her to create a philosophy and purpose for the League

of Composers, making it known that the raison d'etre for

establishing the new group was the composer.

The League of Composers was incorporated in April,

1923. The charter members of the League of Composers's

Executive Board were Arthur Bliss, Stefan Bourgeois, Louis

Gruenberg, Minna Lederman, Leo Ornstein, Lazare Saminsky,

Alma Morgenthau Wiener, Emerson Whithorne, Dr. T. H. Ames,

treasurer, and Claire Reis as executive chair. The stated

philosophy of the League was "to encourage the development

of every nationality and every trend in contemporary

music."1 In that first year, the League's aims were to

encourage and support the production of new and significant

works, to promote living composers and give special support

to young, unknown composers.2 Due to Reis's experiences










with Var&se in the International Composer's Guild, she also

added that while "first performances were to be a feature of

the League concerts, modern works that the board considered

of sufficient importance to have a rehearing would be

included."3

The April 18, 1923, edition of The New York Times

carried the following article:

Another society to further the production of
modern music is now being incorporated, called the
League of Composers. Its immediate purpose is to
present music to the New York public which shall
be representative of contemporary tendencies in
the broadest and best sense. During the season of
1923-24 an opening series of concerts will be
offered at the Klaw Theater, devoted to the work
of modern composers of various schools and
nations.

The league has been founded and is directed
by a small board of composers and laymen. Six of
this number have been members of the group of
eight people who acted as Executive Council for
the International Composer's Guild during the
present season. A year's active association
convinced the seceding members that a broader
interpretation of the guild's original purpose was
imperative if a permanent public for modern music
were to be sought in this country. Owing to
irreconcilable differences as to policy, they have
formed a new medium, the League of Composers,
which will endeavor to present programs of such
disinterestedness, impartiality, and significance
as to place the sincerity of its purposes beyond
question.

The league is being incorporated to
encourage, support, and make possible the
production of music representative of present
time; to enable new composers to achieve
production and publication, to further the
publication of modern music; to promote
cooperation among composers of all countries, and,
finally to give performances, not for profit,
which shall represent and encourage new tendencies
in music.









53

This league holds no brief for the left or
the right wing of the so-called radical movement,
nor for the safe middle road. Nor will a
selective emphasis be placed on any one kind of
experiment, whether with instruments, tones, form
or whatsoever. Finally, the league is not
organized with any intent, expressed or tacit, of
promoting the work of the composers on this board.
The five composers who are part of an Executive
Committee of nine members represent the widest
range of modern tendencies. They are Leo
Ornstein, Louis Gruenberg, Lazare Saminski,
Emerson Whithorne and Arthur Bliss, the English
composer who is coming in the Spring for a
prolonged stay in the United States. The
arrangement of programs will depend on the
unanimous decision of the entire executive
board.4

The office of the League of Composers was established

in a former children's playroom at the top of Reis's house.

There, the League secretary used the old ping-pong table to

spread out programs and circulars ordered for League

programs. Board meetings were usually held at lunchtime (in

accordance with Reis's agreement with her husband about

evenings being reserved for their family). The board

meetings were held everywhere.

When anybody thought they knew of a new cheap
restaurant where the food was good we'd meet for a
lunch meeting, and sometimes we wondered if we
weren't being a little unwise when we'd have
excitement and perhaps too loud an opinion, and
the people at the table next to us got very
interested. And then occasionally we'd be at the
Beethoven Club, and occasionally in somebody's
home. I frankly did not want meetings at my
house. I had lots of parties with League members
or visiting composers, but I felt I didn't want
the responsibility of feeling that in my house
some might feel I had undue power given to me
which I didn't have.5










The first concert of the League of Composers was held

November 11, 1923. The works performed on this concert were

Ernest Bloch's Piano Quintet, Arthur Bliss's (1891-1975)

Songs with Chamber Orchestra, Igor Stravinsky's (1882-1971)

Three Pieces for Clarinet, and Albert Roussel's (1869-1937)

Divertissement for Piano and Woodwinds. Although one of the

first rules decided by the League's board was that works by

board members in their first year would not be performed, an

exception was made in the case of Arthur Bliss. He was a

member of the board, but was newly arrived in America, and

was to be in the country only one year. Since he offered to

conduct his work, which was to be an American premiere, the

board decided to allow his work on this first program.

Another rule suggested by Claire Reis was that there should

be no encores. "I had great objection to encores," she

later stated,

I had seen that happen when I was with Varese and
Hvyerprism was played, and some of the audience
then were walking out at the end of the program,
and Salzedo jumped up on stage, finding always a
place to appear, and said, 'We decided to repeat
HvDerprism, and anyone who doesn't want to hear it
may go home. We'll have five minutes for this.'
And there was an exodus of people, but there were
people who stayed, and I thought that was very bad
manners and bad form, and I didn't think it should
happen. So I suggested a rule--no more repeats,
no encores. We would settle our programs
according to the time we wanted to hold one. And
Arthur Bliss understood this, but to my surprise,
with the great applause he received--and he was a
very good-looking figure on the stage and
conducted very well--the applause was more than he
could bear without a repeat, and before I knew it
he had tapped his baton for silence and he was
repeating the work. And at the end I said to him,










'Arthur, I guess you forgot the rule we made--no
repeats, no encores.' He said, 'Oh, I couldn't
help it, they wanted to hear it again.' But we
made a rule at the next meeting that no matter how
well received a work was there would be no more
encores.6

The idea to commission works came early in the life of

the League of Composers. It was first suggested to Claire

Reis by the conductor Serge Koussevitzky (1874-1951). Mrs.

Reis met with Koussevitzky in the spring of 1925 to discuss

the possibility of his conducting a League concert in the

fall. Koussevitzky suggested to Mrs. Reis that she contact

Aaron Copland (1900-1990), who had been studying in Paris

but had recently returned to the United States, and

commission a work for Koussevitzky to conduct. This was

done, and Copland's Music for the Theater (1925) was the

League of Composer's first commission.

Claire Reis felt the success of this work opened a new

opportunity for the League in its efforts to aid living

composers. She wrote

it was obvious that competitions often represented
a great waste of time for men of talent, when only
one or two composers could receive recognition.
Others who had to give a great deal of their time
in order to enter the competition found themselves
without either honor or compensation for such
expenditures of time and labor. For this very
reason many composers of real stature would not
enter some of the competitions. If a man was
worthy of consideration, we believe he should be
chosen--as in the time of Mozart and Haydn.7

Through Reis's efforts, it became the policy of the

League of Composers to commission. However, due to the

limited financial scope of the League in its early years,










little or no monetary reward could be offered for a

commission--only the prestige of receiving a League of

Composers commission. The usual policy was that while the

League guaranteed a performance of the work, a composer

owned his work and was able to publish and sell it as he

wished. All he had to do was have printed on the music

'Commissioned by the League of Composers.'

While the prestige of a commission raised morale and

brought a composer's name before the attention of the

public, with little or no monetary reward, it did little to

help a composer earn a living. Concerned about this

problem, Reis realized the need to crusade for commissions

not only from the League but from other groups as well, and

for the League itself to establish a specific fund for

commissions. A chance to crusade came while attending a

meeting of the Music Committee of Town Hall (of which Reis

was a member). During a discussion of the Artist's Awards,

Reis suggested that they not only be awarded to performing

artists, but also to composers. After a discussion, it was

decided to offer a commission to William Schuman (1910), and

his String Quartet No. 3 was premiered in Town Hall the next

fall.

Due to the success of the League of Composers concerts,

with many famous conductors and artists volunteering their

services, the League was able to enlist the aid of a number

of patrons and patronesses to sponsor a series of gala










concerts at the Metropolitan Opera House. The purpose of

these concerts was to raise money to establish a Composer's

Fund with which the League could offer commissions with a

monetary award. Reis was disappointed to discover that

while they were willing to pay $250.00 per ticket, none of

these patrons were willing to contribute to a Composer's

Fund.8 The League of Composers was able to begin a fund

for commissions, but not at the level Reis would have

preferred. By the 1933-1934 season, Reis had developed the

Commission Plan for the League of Composers. The Commission

Plan was "solely for the benefit of the American composers.

Our society is international in scope, it is true.

Nevertheless, when it comes to a case of financial help, we

believe in helping our own first."9 It was to give direct

aid to composers in need of financial assistance, to find

positions in which they could be self-supporting while

continuing their creative activities, and in other ways to

foster their efforts.10 The Commission Plan also provided

performances of the works "by other organizations of this

country and Europe."1

Claire Reis never faltered in her efforts to find funds

for commissions. When approaching the 25th anniversary of

the League of Composers, Reis asked Irving Berlin and

Richard Rodgers to commission a composer to write a work for

the League's anniversary. Others to commission works for

the 25th anniversary were Boosey and Hawkes; Broadcast









58
Music, Inc.; Carl Fischer, Inc.; Hargail Music Press; Edward

B. Marks Corp.; National Federation of Music Clubs; Mrs.

Waler Rosen; Albert F. Metz; and Edwin Franko Goldman.

Other commissions were offered later by The Elizabeth

Sprague Coolidge Foundation at the Library of Congress;

Samuel R. Rosenbaum; the Koussevitzky Music Foundation;

Lado, Inc.; and Richard Rodgers and Oscar Hammerstein, who

gave a commission annually. Throughout her tenure as chair

of the League of Composers, Claire Reis continued in her

efforts to obtain commissions for composers. Even after she

retired as chair of the League, and through the other

organizations with which she was associated, Reis made it

clear that commissions for composers are important.

During its lifetime, the League of Composers offered a

wide variety of concerts of contemporary music. It produced

stage works, including ballets, and several in which life-

size puppets were introduced. There were productions of

American and Soviet operas, concerts honoring young

composers, and some which introduced composers of a

particular country or region. Evenings of tribute to one

composer offered a concert of his music followed by a

reception. Other concerts were dedicated to electronic

instruments, film music, music commissioned during World War

II, and radio broadcasts of commissioned works with a

discussion of the music.









59

The first staged work produced by the League of

Composers was in their second season (1924-1925). Board

member Lazare Saminsky (1882-1959) persuaded the board to

let him produce his new one-act opera Gaaliarda of a Merry

Plague. While Claire Reis and the other board members felt

the League was not ready to produce stage works, the fact

that there were so few one-act operas in production in the

United States made this seem like a worthwhile project to

attempt. Saminsky produced and directed the entire

production. He even managed to persuade a League patroness,

Alma Wertheim, to loan her antique Italian furniture for the

production. The performance was without mishap, but Claire

Reis felt strongly about achieving professional standards in

League performances, so the board decided not to attempt any

more stage productions until those standards could be met.

As it happened, that time came the next season. Reis had

heard about the premiere of Manuel de Falla's (1876-1946)

marionette opera, El Retablo de Maese Pedro, in Paris. The

opera was a success and had repeat performances across

Europe. After reading the reviews, the League decided to

present a concert version during the next season (1925-

1926). Reis cabled the publisher in London for the right of

performance for the League of Composers. It also happened

that Wanda Landowska (1879-1959), who had performed the work

in Paris, was in New York and on the advice of mutual

friends in Paris, had contacted Claire Reis. When Landowska










heard about the League's plans for performing El Retablo,

she offered to help and suggested that the League stage the

opera and not just produce a concert version. This launched

what Claire Reis has always called the League's "first stage

work because it was on a professional basis."12 Robert

Edmund Jones (1887-1954) designed the puppets, Remo Bufano

built them, and Willem Mengelberg (1871-1951) conducted.

Landowska had originally asked Leopold Stokowski (1882-1977)

to conduct, but when Reis went to discuss it with him, he

tried to convince her to sign over the rights of performance

to him so he could conduct it for Var&se and the

International Composer's Guild. Because the League of

Composers and the International Composer's Guild were the

two most active societies of contemporary music at that

time, there was a great rivalry between them. Reis refused

the request, and, after a number of difficulties, including

finding rehearsal space, El Retable de Maese Pedro was

premiered in Town Hall on December 29, 1925. The League's

production of de Falla's opera was called "a landmark in

stage production," and "one of the most important

experiments. in the theater of this country."13 Due

to the success of this performance, the League decided to

repeat El Retablo. The second performance was given at the

Jolson Theater with Pierre Monteaux (1875-1964) conducting,

and on the same program, a performance of Stravinsky's

(1882-1971) L'Histoire du Soldat was given. These










performances were underwritten by funds raised by an

existing League auxiliary committee. After the

performances, Reis was able to return one hundred percent of

the underwriting and to send twice the amount of payment to

de Falla that was asked for by his publisher.14

The next stage production (1929) of the League was

Stravinsky's Les Noces, with Stokowski conducting. He was

now prepared to work with the League. Stokowski asked that

the performance be held in the Metropolitan Opera House.

Luckily, it happened that the chair of the League's

auxiliary committee was the wife of the chairman of the

board of the Metropolitan Opera. The League was able to

rent the theater at minimum price and have the privilege of

extra house rehearsals. Since Les Noces would not fill an

entire evening, the League decided to contrast it with a

performance of Claudio Monteverdi's (1567-1643) II

Combattimente di Tancredi e di Clorinda. Although the

intention of the League was to promote contemporary music,

they did on occasion provide performances of older music.

In the 1927-1928 season, a performance was given of the

music of sixteenth- and seventeenth-century 'radical'

composers contrasted with the music of twentieth-century

'radicals.' The League believed "it was not modifying its

policies, but strengthening and broadening them [because]

that old music [was] as little known to the present

generation as the new."15 Of the Stravinsky/Monteverdi








62

concert, Reis wrote "this seventeenth century opera followed

by a contemporary composition, afforded a happy contrast,

dramatically and musically, and added great distinction to

the evening."16

The following season (1929-1930), Stokowski again

wanted to conduct a program with the League. The program

was to be Stravinsky's Le Sacre du Printemps and

Schoenberg's (1874-1951) Die Glickliche Hand. Stokowski

expected to use the entire Philadelphia Orchestra (of which

he was director). Claire Reis had to obtain permission to

use the orchestra from the board of directors of the

Philadelphia Orchestra Association; she then planned three

performances in Philadelphia and two in New York at the

Metropolitan Opera House. Reis again managed to gather some

of the greatest artists and performers in New York to work

on these productions. Robert Edmund Jones designed the sets

for Die GlUckliche Hand and Rouben Mamoulian (1897) was the

stage director. Nicholas Roerich (1874-1947), who designed

the original sets and costumes for the premiere of Le Sacre

du Printemps in Paris (1913), recreated them for the

League's production. Leonide Massine (1896-1979), who had

helped create the original choreography, was on hand to

recreate the dance, and the solo dancer was Martha Graham

(1894-1991), just beginning her own career. As usual, all

of these artists volunteered their talent and time. One

artist, however, let Reis know he expected to be paid. Reis











had organized one of her famous tea parties where she

gathered all the people involved to discuss the coming

production and build enthusiasm.

Before the meeting had been held I had received a
letter from Roerich saying, 'Of course I must be
paid for this work,' and it was rather a large
sum, and I didn't know how to handle this, so I
decided that I'd just wait 'till he saw the
enthusiasm of all the others, and I had the right
instinct, and everyone of them said, 'You can use
me. I would like to take part in this movement to
create new contemporary works on the stage,' and
of course to be at the Metropolitan Opera House
itself was a great event, and we had this group of
patrons, with Mrs. Kahn and Mrs. Henry Alexander
and all these people enormously interested. Mrs.
Kahn [vice-chair of the League's Auxiliary
Committee] was insisting for instance that every
bill must be shown to her, because she wouldn't
have any union charging us as much as they charged
for a regular performance. These were benefits.
Well, that day at the tea party the enthusiasm
grew, and before Roerich left my home he came up
to me and he said, 'I want to change my mind. I
want to give my services.' This was the spirit
that really carried us forward.17

The following season, Stokowski once more conducted

stage works for the League. The program, again performed in

both Philadelphia and New York, included Stravinsky's

Oedipus Rex with puppets designed by Robert Edmund Jones and

operated by Remo Bufano, and Sergey Prokofieff's (1891-1953)

ballet Pas d'Acier with stage designs and costumes created

by Lee Simonson (1888-1967).

In 1933, the League of Composers repeated a performance

of Pierrot Lunaire at Town Hall and preceded it with a film,

Odna, with music by Shostakovich (1906-1975) who was not yet

well known in the United States. Most of these stage










productions were American premieres of the works, and were

considered to be a great success for the League of

Composers. They have been called "a milestone in the

history of the lyric stage in America."18

Due to the Great Depression, the League of Composers

was unable to continue producing stage works of the quality

of those of previous years. However, in cooperation with

other groups, they were able to sponsor and produce operas

by American, and, on occasion, European, and Soviet

composers. The first opportunity came in the 1934-1935

season. Artur Rodzinski (1892-1958) had created a

production of Shostakovich's opera Lady Macbeth of Mzensk,

with the Cleveland orchestra (of which he was director).

Rodzinski sent the orchestra manager to Claire Reis to

convince her to have the League sponsor a performance of the

opera in New York. Using Rodzinski as director, the

Cleveland orchestra and soloists, and a local chorus, the

League sponsored in February, 1935, the only New York

performance of this opera, the first to come out of the

Soviet Union in several decades.

In 1939, the American Lyric Theater asked the League of

Composers to join them in sponsoring a series of operas and

ballets by American composers. The first series of concerts

included the opera The Devil and Daniel Webster by Douglas

Moore (1893-1969) and the ballets Billy the Kid by Aaron

Copland, Pocahontas by Elliott Carter (1908) and Filling










Station by Virgil Thomson (1896-1989). Although these works

have since had frequent performances, the opening week was

one of the Leagues only "failures," due to errors in

planning rather than in the performances. The opening week

of the American Lyric Theater coincided with the opening of

the New York World's Fair (April 30, 1939) and the

competition was too great to overcome.

In searching for other opportunities for composers of

opera and ballet, the League of Composers began a new

project, called The Composer's Theater, in cooperation with

universities and music schools. The purpose of the project

was to bring together the resources of music and drama

departments at colleges, universities, conservatories, and

museums to create a new type of American Lyric Theater for

small operas. The League hoped to offer frequent

performances of works through collaboration with these

groups. Each group could use its own orchestral and/or

dramatic group, chorus, and soloists. The League would rent

out to the group all the stage designs, decor, and costumes

needed for the production. The Composer's Theater was

endorsed by many colleges and universities including

Harvard, Yale, Columbia, Smith, Vassar, Princeton,

Bennington, Bard, Western Reserve, Duke, Juilliard, Eastman,

and the Curtis Institute.

The first production of this project was a performance,

in 1942, of an opera commissioned by the League, Ernst










Bacon's (1898) A Tree on the Plains. The opera premiered at

the Spartanburg Festival at Converse College and was

repeated at the Brandon Matthews Theater at Columbia

University. Columbia also performed Benjamin Britten's

(1913-1976) opera, Paul Bunyan.

Although the Composer's Theater Project had a good

beginning with much support from the necessary educational

establishments, it was interrupted by World War II. A

similar project was begun by the Columbia University

Department of Music (with Douglas Moore as chair) after the

war, but the League of Composers did not become involved.

In November of 1924, the League began a series of

"young composers concerts," a precedent that was observed

for many years. The first announcement of this series

stated, "the younger generation in music will present two

programs devoted to 'the musical youngsters' of America,

England, and the Continent."19 These programs were

usually given in a room in the New York Public Library

(which held about 250 people), or a museum, rather than Town

Hall or one of the other larger concert halls usually used

by the League. The first concert was presented at the

Anderson Galleries, with the music critic Olin Downes (1886-

1955) as speaker. The music performed was by George

Antheil, Mario Castelnuovo-Tedesco (1895-1965), Alois Haba

(1893-1973), Richard Hammond (1896), Ernst Krenek (1900),

Daniel Lazarus (1898-1964), Bernard Rogers (1873-1968),










Alexander Lang Steinert (1900-1982), and Aaron Copland.

This was Copland's first presentation of his music (the

Passacaalia and The Cat and the Mouse for piano) since his

return from Paris. He later wrote of this experience,

It was my first public presentation in New York--
not a very impressive debut, but the pieces were
well received, and when Paul Rosenfeld called me
the next day to tell me he liked my music, I could
not have been more surprised than if the President
of the United States had called. To me, an okay
from the critic of The Dial seemed better than
approval from The New York Times.20 The Young
Composers Concerts grew to be an important phase
of the League's activities, and the programs
frequently were devoted only to American
compositions. Many composers before the public
today made their professional bow on these
occasions. Through these programs a center
developed that afforded necessary contacts between
young composers and a sympathetic audience, and
gave recognition to unknown talent.21

Besides young composers, the League gave concerts

dedicated to the music of composers from certain countries

or regions. The first of these was held March 6, 1932, and

featured composers from Latin America. This concert was

considered to be the first (of any group) ever held in New

York which presented the works of living Latin American

composers. The concert featured the works of Pedr6 Humberto

Allende y Saron (1885-1959), Alejandro Garcia Caturla (1906-

1940), Carlos Ch&vez (1899-1978), Manuel Ponce (1882-1948),

and Heitor Villa-Lobos (1887-1959). Later concerts included

the music of Juan Jos4 Castro (1895-1968), Francisco Mignone

(1897), Luis Gianneo (1897-1968), Honorio Siccardi (1897),

Camargo Mozart Guarnieri (1907), Hector Tosar (1923),









68

Alberto Williams (1862-1952), Alberto Ginastera (1916-1983),

and Pedro San Juan (1886-1976). Due to its continuous

interest in the music of Latin America, the League of

Composers was chosen by Nelson Rockefeller, then Coordinator

of Cultural Relations, to sponsor a quintet of composer-

instrumentalists to tour Latin America, thus giving the

League an opportunity to offer contemporary music outside of

New York.

In January 1942, the League gave the first New York

program of works by contemporary Canadian composers. The

program was devoted to younger composers (the oldest was in

his early thirties); it featured the works of John J.

Weinzweig (1913), Godfrey Ridout (1918), Louis Applebaum

(1918), Hector Gratton (1900-1970), Andr6 Mathieu (1929-

1968), and Barbara Pentland (1912). Prior to the concert,

Claire Reis introduced James P. Manion, Assistant Canadian

Trade Commissioner in New York, who read a message from

Canadian Prime Minister, Mackenzie King:

It is very gratifying to know that such a splendid
opportunity is being given to our young artists,
and that their talents should receive this
recognition. To the sponsors of the program and
to the performers themselves I extend my very best
wishes that the concert may be an unqualified
success.22

When, beginning in the 1930's, contemporary composers

began composing music for film, Claire Reis felt it was part

of the League of Composer's responsibility to focus some

attention on this music. The precedent had been set by the










League when it showed the film Odna with music by

Shostakovich in 1933. The first concert dedicated solely to

film music was in 1941, and consisted of excerpts from

documentaries. These included Roots of the Earth, music by

Paul Bowles (1910); Valley Town, music by Marc Blitzstein

(1905-1964); Power and the Land, music by Douglas Moore; One

Tenth of a Nation, music by Roy Harris (1898-1979); The

River, music by Virgil Thomson; and The City, music by Aaron

Copland. Each of the composers added commentary on their

scores. Since the evening was a success, the League offered

a second evening of film music in February 1942. This

concert consisted of excerpts from Hollywood "feature"

films. These included Once in a Blue Moon, music by George

Antheil; Of Mice and Men, music by Aaron Copland; So Ends

Our Night, music by Louis Gruenberg; Citizen Kane, music by

Bernard Herrmann (1911-1975); The General Died at Dawn,

music by Werner Janssen (1899) and Ernst Toch (1887-1964);

and Juarez, music by Erich Korngold (1897-1957). The League

distributed a questionnaire to the patrons at this second

concert, and discovered that of the 400 people in the

audience, only 120 could fill in the titles of three film

scores by composers whom they knew by name, but 384

preferred original music in films rather than arrangements

of the 'classics.' Reis later wrote, "(I was] amazed at a

total ignorance about music for film which came to

light."23










As the most important group in the avant-garde of

contemporary music, the League of Composers felt the need to

occasionally present concerts of experimental music with

newly invented instruments. The first of these, held in

Town Hall in 1926, presented the Mexican inventor and

composer, Julian Carillo (1875-1965). The program was

performed on an ensemble of instruments capable of sounding

quarter-, eighth-, and sixteenth-tones. Besides the works

planned for the program, each instrument was individually

demonstrated so the audience could understand what was

heard.

The next program for recently invented instruments was

held in 1938. Claire Reis had heard about a number of new

electric instruments and "felt the time was ripe for the

League to gather together some of these recent inventions

and give a demonstration for our subscribers."24 The

program, called "Music and Electricity," demonstrated the

Theremin (on which were performed works by Ravel and

Korngold), and the new electric Hammond organ. The program

included the inventor Benjamin Meissner's electric piano,

electric violin, and various other of his electric

instruments. The evening also contained a short lecture

about electric instruments and a separate demonstration of

each.

In 1943, a program of percussion music for a "multitude

of more or less fantastic instruments"25 was conducted for










the League by John Cage (1912). The composers represented

included Cage, Lou Harrison (1917), Henry Cowell (1897-

1965), Jos6 Ardeval (1911-1931), and Amadeo Roldan (1900-

1939). Another composer-inventor given his first public

performance in New York by the League was Harry Partch

(1901-1976). This concert, given in the 1940's, allowed

Partch to demonstrate his own instruments and the music he

had written for them.

Claire Reis believed that it was important for those

composer-inventors to be given a fair chance to be heard.

She stated,

I always felt that the League of Composers
represented an open mind on any form of good
music, and we felt when these inventors had good
instruments where you could play good music it was
very important to have good performers, as it was
with all of the music that we performed. In fact
I sometimes think it's more important to have good
performers for contemporary music to give it a
fair chance to be understood. But if you take an
inventor, or if you take an exceedingly difficult
music to understand and you don't give it what I
call a fair performance--I don't mean just fairly
good, I mean fair to the composer--you are not
doing justice to the inventor or to the composer,
and this has been a principle that I think we did
carry out almost always.26

In an effort to be of service in the war effort, Claire

Reis and the League of Composers took on a variety of

projects. Since Reis was in touch with many composers who

were in the armed services, she soon discovered from their

letters that many were frustrated because they were not able

to use their abilities to contribute to the war effort.

Many spent their time on KP duty. Reis wrote Dr. Harold










Spivacke, chair of the sub-committee on music of the Joint

Army and Navy Committee on Welfare and Recreation and

volunteered the League to send out a questionnaire to all

composers of draft age to discover their background,

training, and special abilities. Dr. Spivacke agreed, and

the League sent out 1500 questionnaires. Reis later

received a letter from Dr. Spivacke stating, "We have made

use of the answers to the questionnaire you sent out and

have found them very helpful."27

As the war continued, Reis realized there was more the

League could do. "It seemed clear that our organization had

a double job: to help the morale of our colleagues still in

civilian life as well as those taken into service and

already in the fighting ranks."28 The League became a

kind of 'clearing house' for requests for music from service

men. They received letters requesting copies of the

League's journal, Modern Music, for information on any radio

broadcasts of contemporary music, and requests for scores of

American contemporary music to be performed by groups around

the world. Reis stated, "We made every effort to meet such

requests, to pursue every means of fitting our activities

into the war effort."29

The League of Composers continued its regular season of

concerts throughout the war, and in these concerts

programmed many works of composers who were in the armed

service. Reis mailed copies of the printed programs to the










composers involved so they would know their works were being

performed. The League also offered thirty (or more if

needed) free tickets to each League concert to the New York

Defense Recreation Committee to be used by service men on

leave in New York. During the Christmas holidays, the

number of free tickets offered was doubled.

With so many servicemen on leave in New York, the

League of Composers decided to add to their regular season

concerts by giving free concerts in the city parks. Reis

met with the New York City Commissioner of Parks and

received permission for the League to produce these concerts

on the Mall in Central Park and in Prospect Park in

Brooklyn. Called "Wartime Concerts for Soldiers and

Sailors," these concerts presented at least one contemporary

work on each program, plus various folk music and dance

performed by numerous foreign music groups in New York. The

League was able to find a wide variety of folk groups,

including a Russian chorus and dancers, an African group

from Nigeria, a Puerto Rican chorus, a chorus of Chinese lay

people, and groups who presented music and dance from

Lithuania, Greece, Italy, Scotland, and Czechoslovakia. The

National Orchestra Association volunteered its services for

concerts. Bands and orchestras organized by workers in some

of the armament factories around New York were also invited

to perform. These concerts, offered in the summers of 1942










and 1943, were so popular that the audience often reached a

size of eight to ten thousand people.

In another service to the war effort, the League

decided to commission a series of short works (not to exceed

five minutes) from composers born or resident in America.

Each work was to be composed on a war-associated theme, to

be chosen by the composer. Reis asked Artur Rodzinski,

conductor of the New York Philharmonic-Symphony Orchestra,

to perform one of these works at the beginning of each

program during the regular concert season. Rodzinski

agreed, stating,

.. in my opinion this series of commissions
will serve three excellent purposes; it will serve
as a strong and moving reminder to our country
that the preservation and furtherance of our
cultural resources is a duty and privilege of the
first importance in times as critical as our own.
It will create a living musical record of various
aspects of this war with its accompanying social
manifestations. It will continue to encourage and
stimulate composers resident in America, who are
given all too rarely the opportunity to be
heard.30

Not only were these works performed in New York, they were

recorded (live during the premiere performance) by the

Office of War Information (OWI) and broadcast over short

wave radio. The recordings were shipped overseas to be

broadcast over various outpost stations. Mackin Morrow,

music director of the OWI stated, "They will be heard by the

troops, by the civilian populations of allied and neutral

nations, and also in some of the occupied countries. We

expect to find them of value both in our propaganda and










entertainment programs."31 The composers commissioned and

their works follow:

Nicolai Berezowky (1900-1953) "Soldiers on the Town"

John Alden Carpenter (1876-1951) "The Anxious Bugler"

Henry Cowell (1897-1965) "American Pipers" (dedicated

to the A.E.F.

Norman Dello Joio (1913) "To a Lone Sentry"

Howard Hanson (1896-1981) "Fantasy for String

Orchestra"

Roy Harris (1898-1979) "March in Time of War"

Bernard Herrmann (1911-1975) "For the Fallen" (an

elegy)

Charles Ives (1874-1954) "War Song March" (They Are

There)

Werner Josten (1885-1963) "Before the Battle"

Bohuslav MartinA (1890-1959) "Memorial to Lidice"

Darius Milhaud (1892-1974) "Introduction et Marche

Funebre"

Douglas Moore (1893-1969) "Destroyer Song" (dedicated

to the U.S. Navy

Walter Piston (1894-1976) "Fugue on a Victory Tune"

Quincy Porter (1897-1966) "The Moving Tide"

Bernard Rogers (1893-1968) "Invasion"

Roger Sessions (1896-1985) "Dirge"

William Grant Still (1895-1978) "In Memoriam: The

Colored Soldiers Who Died for Democracy"










The broadcasts of wartime music were not the first in which

the League of Composers had been involved. In 1935, the

League began a series of broadcasts over the NBC radio

featuring a half-hour of contemporary music. The program

included three to four minutes of discussion of the music

performed and this duty was divided between the members of

the League's Executive Board. Reis later remarked,

I remember feeling I was very glad if they wanted
me to talk because I wasn't going into the depths
of new musicality. I was trying to explain what
the purpose was and something about the composer
himself. But they seemed very glad if I would
take the burden of some of this. We would
introduce the artist, the composer--the artist
perhaps saying a little about the composer, and
sometimes the composer would want to say something
about his work and that also was very agreeable
to all of us.32

After a season, the League moved its programs to CBS

radio. CBS commissioned, through the League of Composers, a

series of works to be performed on these broadcasts. These

commissions included such works as Concertino for Oboe.

Clarinet and String Quartet by Marion Bauer (1887-1955),

Suite for Seven Brass Instruments by Nicolai Berezowsky

(1900-1953), Music for Brass By Alvin Etler (1913-1973),

Worlds Fair Fanfare by Edwin Gerschefski (1909), Concerto

for Small Orchestra by Robert Palmer (1915), The Plains by

Bernard Rogers (1893-1968), Suite for Oboe, and Solomon and

Balkis, an opera composed specifically for radio, by Randall

Thompson (1899-1984).










For the League's twentieth anniversary, WQXR (the New

York Times's radio station) ran a series of four programs

that presented works either commissioned, premiered, or

sponsored in a recording by the League. These programs also

included a composer who was a member of a college faculty

who introduced the music. In addition, each of these

composers had composed a special anniversary piece for the

League which was performed. The composers were Walter

Piston (Harvard University), Darius Milhaud (Mills College),

Douglas Moore (Columbia University), and William Schumann

(Sarah Lawrence College). The League continued its radio

broadcasts through the 1940s. A list of broadcasts for the

1947-1948 season (the League's twenty-fifth anniversary) can

be found in Appendix C.

In 1936, the first National Conference on Educational

Broadcasting, in cooperation with the United States Office

of Education and the Federal Communications Commission, was

held in Washington D.C. Olga Samaroff (1882-1948), chair of

the music committee, invited Claire Reis to speak on

contemporary music and broadcasting. In her presentation,

Reis stated,

The first requisite for appraising and therefore
understanding new music is the opportunity to hear
a work repeated. for serious new works which
need to be repeated in order to be understood,
what an asset this can be. The improvements in
the mechanics of recorded music, film music, and
radio have given us today a scaffold on which to
build towards a better appreciation of music.33









78

The League of Composers did attempt to record some

contemporary works. The resulting records were sold through

the League office, but this project lasted for only a series

of five recordings. Claire Reis explained, "It meant a good

deal of extra work for which we were really not very well

suited."34

In its first season, the League gave a program of works

by Arthur Bliss, visiting from England and newly appointed

to the Executive Board of the League of Composers.

Following the program, a reception was held honoring Bliss

during which he gave a short talk about his music. This

evening of tribute to one composer proved to be so popular

that the practice became a League tradition. Claire Reis

recognized the importance of honoring a composer, and, in

particular, the significance of a composer being recognized

by his colleagues. She stated,

One of the fortunate phases of the League of
Composers has been the fact that we did not just
do a single thing--give concerts or publish a
magazine. We tried to add other facets to the
life of the composer, and that to me seemed very
important from the earliest years that we began a
special evening to honor a composer. And as these
special events were given by a group of composers
to a composer, this has often been made a great
point when a composer in recent years has been
honored by any organization. It is the fact that
his colleagues appreciate and honor him, and this
means more than the public can possibly
imagine.35

The evening of tribute would offer a selection of works

only by the composer being honored. Sometimes the composer

himself would be involved in the performance, and other










times he listened from the audience. At the reception,

composers would usually speak for a short time about their

works, and some would perform or demonstrate some aspect of

his music. "We had many different results I would say from

those evenings, and in every sense," Reis recalled. "I mean

by that the artist in question responded according to his

temperament. They were always, I considered, highly

successful."36 Reis remembered Benjamin Britten (1913-

1976), Paul Hindemith (1895-1963), and Bela Bart6k as "very

shy," while Darius Milhaud and Sergey Prokofieff were "very

affable and chatty." Beside the seven previously mentioned

composers, others who received evenings of tribute included

Arnold Schoenberg, Igor Stravinsky, Ernst Krenek (1900),

Kurt Weill (1900-1950), Carlos Chavez, Florent Schmitt

(1870-1958), Albert Roussel, Georges Enesco (1881-1955),

Juan Jos6 Castro (1895-1968), Camargo Mozart Guarnieri,

George Ebert Mignone (1897), Heitor Villa-Lobos (1887-1959),

Zolthn Koddly (1882-1967), Francis Poulenc (1899-1963), and

Gottfried von Einem (1918). Two evenings of tribute were

given to non-composers as well. Nadia Boulanger (1887-1979)

was honored in 1938, and she gave a talk on "The Relation of

Old Music to Modern Music." Serge Koussevitzky was honored

by the League on the fifth anniversary of the Koussevitzky

Music Foundation, which he had created as a means to

commission composers.










During the first year of its existence, the Board of

the League of Composers decided to publish a League bulletin

or review. In February 1924, the League of Composers Review

was published with Minna Lederman (1898) as editor. The

following year the name was changed to Modern Music and this

journal became an important source of information about

contemporary music and composers. Minna Lederman remained

the editor of Modern Music throughout its existence. Except

for assistance in raising funds, Claire Reis did not involve

herself in the League's journal, nor did she contribute

articles to it. Both Reis and Lederman felt that the League

and the journal should be as "independent of each other as

possible."37 During its lifetime, the League struggled to

meet the budget for Modern Music, and, finally, in 1946,

when costs became too high, it was forced to stop

publication.

In 1947, Claire Reis's husband, Arthur, died

unexpectedly; it was at this time that Reis decided to

resign as executive chair of the League of Composers. While

the death of her husband seemed to be the catalyst for her

decision, there were indications that things had not been

going well with the League. Reis wrote of her decision to

resign to Aaron Copland. In his reply to her, dated March

7, 1948, he wrote "Your letter came as a bombshell," and he

questioned her reasons for resigning, "[it was] too negative











a note to conclude on what destructive undercurrents

and discouraging rumors are you referring to?"38

Copland later wrote of this episode in his

autobiography,

The loss of Modern Music was a serious blow to the
League's prestige, and by 1947-1948 the board was
rife with internal friction and personal
differences. During the war, Claire had done her
best to keep the League alive, but the freshness
of spirit and enthusiasm that had characterized
the organization's early years had faded. At one
time, I even suggested to Claire that we change
the League's name to give it a new start, but that
idea was voted down by the board. Claire had been
the strength of the League of Composers since its
inception in 1923. After her husband's sudden
death in 1947, she felt the need to resign and she
wrote this to me in confidence with the hope that
we might find some new direction before her
resignation became known. I wondered how the
League could exist without Claire! We composers
owed her an enormous debt of gratitude.

On a personal note, Claire and Arthur Reis'
friendship had meant a great deal to me. I was
away when Arthur died, but when I returned, I was
determined to do as much as I could to help Claire
during the difficult period following Arthur's
death. When Claire's resignation became official
(1948), I accepted the position of director of the
League of Composers with the idea of supervising a
restructuring of the organization (I held the
position until 1951). It was important to act
quickly so as not to lose our membership and past
support. A notice went out announcing the changes
and the events planned for the 1948-1949 season,
the League's twenty-fifth anniversary.39

Reis seemed to have followed Copland's advice. Her

official letter of resignation, dated May 14, 1948, and

submitted to the League's Annual Report, read, in part,

There has been a certain continuity throughout
these years in the first aim for which the League
was founded which stated that the organization
would encourage and give support to the production









82

of new and significant works and effect
cooperation between composers of all nations. We
have also had a diversified program of activities
according to the times and we have cooperated with
organizations in many parts of this country and
established contacts with composers all over the
world. The League is perhaps the only society for
contemporary music in America, or perhaps the
world, to have continual activity during 25 years
[probably because] we have maintained a policy of
flexibility from year to year in order to meet
changing conditions. In the early years, the
League brought European composers to the attention
of the New York public and later encouraged
American composers. In the 1920's, the League
presented important stage works. .. and was
also among the pioneers to present contemporary
programs over major networks and specially
commissioned works for radio. [The League] gave
evenings of films with music, sponsored records of
contemporary must and above all [published] Modern
Music.40


Summary


Under Claire Reis's leadership, the League of Composers

quickly became a force in the musical world. Because of her

influence, the League of Composers was more flexible than

some of the other organizations for contemporary music, and

was able to adapt their programs to what was needed to help

the composer and to attract audiences to their concerts.

One of the most important accomplishments of the League

under Reis's direction was getting commissions for

composers. Reis was able to convince individuals and groups

to offer commissions in the name of the League of Composers

and she spread the idea of commissions rather than

competitions to other groups as well. The League gave

American or world premieres of many important contemporary










stage works early in its career. The League also gave

performances of operas by American composers and convinced

other groups, such as the New York City Opera and the

Metropolitan Opera, to also present American operas. Young

composers, and in particular, young American composers, were

given an opportunity to have their works performed. This

give them a boost in their career they might not have had if

they had had to wait for a major orchestra to perform their

works. Foreign composers, with particular emphasis on Latin

American composers, were given the opportunity to have their

music performed in New York as well. The League recognized

early the importance of music for film composed by many

important contemporary composers, and presented these works

to the public, emphasizing the music over the film. The

League was also willing to recognize the importance of

electric instruments, new inventions and the music composed

for them. In concerts dedicated to new instruments, not

only were compositions played, but each instrument was

demonstrated so the audience could understand these new

developments.

During World War II, the League did all it could to

help in the war effort. Reis and Lederman corresponded with

composers and servicemen around the world and tried to

answer all their requests. Extra copies of Modern Music

were sent out, as were scores of American music to be

performed by groups around the world. The League kept to









84

its regular season of concerts in addition to the free

concerts it sponsored in New York City parks. The League

commissioned composers to compose music on a war-related

theme, and Reis convinced Rodzinski to premiere them. Reis

recognized early the value of the radio, and used that

medium to achieve an even wider audience for contemporary

music. She was able to get broadcasting corporations to

commission works specifically for radio. Evenings of

tribute, organized by Reis, offered the opportunity for

composers to receive encouragement from their peers, as well

as from patrons of the arts.

Although the League of Composers was based primarily in

New York, its influence was felt around the United States

and in various parts of the world. Orchestras in such

cities as Boston, Philadelphia, Baltimore, Chicago,

Cincinnati, Cleveland, Denver, Detroit, Kansas City, Los

Angeles, Minneapolis, and St. Louis all cooperated with the

League, and performed works commissioned by the League.

Orchestras and other groups such as the Koussevitzky Music

Foundation, Alice M. Ditson Fund, Dumbarton Oaks, Lado,

Inc., the National Federation of Music Clubs and the

Elizabeth Sprague Coolidge Foundation followed the League's

example and began offering commissions to composers.

The League remained in contact with musicians around

the world through its own board members who traveled to

foreign countries, and through Modern Music which had a











worldwide readership. As executive chair, Claire Reis

received correspondence from many composers groups. There

were composer's groups in Poland, Palestine, South Africa,

Italy, and Japan who wrote to her to ask about forming their

own League, and requesting copies of the League of Composers

bylaws and constitution, and inquiring about music exchange

programs. Reis met in Paris with the executive committee of

the Triton Society (in the early 1930s), a group dedicated

to contemporary composers in Europe, and she corresponded

with the Union of Soviet Composers. Each of these groups

were inspired in their efforts to assist contemporary

composers by the success of the League of Composers.

As the executive chair of the League of Composers,

Claire Reis was able not only to influence the purpose and

philosophy of the League, but to play an active part in all

League productions. In her unique position, she knew many

people who could help in her work. Through her work in the

People's Music League, the International Composer's Guild,

and the League of Composers, she knew many composers,

conductors, performers, choreographers, and artists.

Through her family connections, she was acquainted with many

patrons of the arts to whom she could turn for financial

help for the League. Because of her personal contacts with

a variety of groups, she was able to acquire the artists

needed for each League production, the theater in which the










performance would take place, and the financial backing and

patron support to see the project reach fruition.

Through Reis's influence, most major artists donated

their services. While union fees had to be met, some

artists would even return those fees to the League. Reis

stated,

All union fees had to be paid, so if a singer
wanted to return to the League her fee that was
her privilege, but we thoroughly understood that
all the union fees were met. Now when Rodzinski
wanted to bring the Cleveland Orchestra here, he
found Cleveland patrons were so eager to have
their great orchestra in the Metropolitan for a
very great gala occasion that they underwrote the
orchestra. Then we found a Russian chorus here,
and the soloists came and were paid their fee, and
sometimes they would return it out of interest in
helping composers. I think we had done a pretty
solid job in making artists realize that the
composer needed the artist's support.41

Reis also held her "famous tea parties" at her home

where she gathered many artists together to discuss League

performances. She assembled many who might not have

ordinarily worked together such as Broadway stage designers,

choreographers, conductors, composers, and the patrons.

For each production, the League policy was that one of

the members of the Executive Board would be in charge.

However, whenever there was a problem, Claire Reis would be

the one called in to solve the crisis. When asked about

this, she answered, "Well, somebody had to feel the

responsibility and of course I felt it because I had helped

to put together many of these productions."42











As executive chair of the League of Composers, Claire

Reis was an effective administrator: it is, after all,

through her efforts that the League was able to accomplish

as much as it did on behalf of the contemporary composer.

Before her retirement as executive chair, during the

League's 25th anniversary year, she gathered the following

statistics pursuant to the League's accomplishments during

her administration:

Concert works performed 1068

Stage productions 16

Composers presented 678

American composers presented 361

League of Composers commissions 110

Modern Music journals 92

Series of recordings 5

Evenings of Tribute 25

Works broadcast by the League 93

Composer's News Record 7

Modern Music Index and other publications 6

At the announcement of her retirement, Olin Downes,

music critic of The New York Times wrote,

Mrs. Reis has been one of its [the League's] most
active and productive minds. One does not think
of the League in its whole character and of the
artistic initiative which has made it such a vital
agency for musical progress without her, close to
the helm.43

Aaron Copland also wrote about Reis, stating,











Claire Reis proved to be the right woman in the
right place. Her energy, devotion to the
composers's cause, her stick-to-it-ness through
all sorts of musical weather, were what the new
movement needed. She soon learned how to gather
forces together to energize them, and to see
things through.4

The success and accomplishments of the League of Composers

during its first twenty-five years must be attributed, to a

large degree, to the tireless efforts of Claire Reis.



Notes

1. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder 3.

2. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder 3.

3. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 33.

4. "The League of Composers," The New York Times, April
18, 1923, Sec. 8, p. 5.

5. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 73.

6. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 89-90.

7. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 68.

8. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 72-73.

9. Robert Bagar, "Mrs. Reis Discusses Composer's League
Work for Music," The New York World-Telegram, February
27, 1937.











10. Olin Downes, "The Avant-Garde," The New York Times,
November 29, 1936, sec. 12, p. 7.

11. Olin Downes, "The Avant-Garde," The New York Times,
November 29, 1936, sec. 12, p. 7.

12. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 86.

13. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 85.

14. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 87.

15. Olin Downes, "Old and Modern Revolutionaries," The New
York Times, May 29, 1927, sec. 7, p. 6.

16. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 91.

17. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 102-103.

18. Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers," The Musical Quarterly 34
(January 1948):8.

19. Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers," The Musical Quarterly 34
(January 1948):2.

20. Aaron Copland and Vivian Perlis, Copland: 1900-1942
(New York, NY: St. Martin's/Marek, 1984):101.

21. Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers, The Musical Quarterly 34
(January 1948):3.

22. Noel Strauss, "Canadian Concert," The New York Times,
January 12, 1942, p. 22.

23. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 127.









90

24. Claire R. Reis, Composers, Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 118.

25. Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers," The Musical Quarterly 34
(January 1948):12.

26. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 179.

27. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 156.

28. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 157.

29. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 158.

30. Olin Downes, "Composers on War," The New York Times,
October 10, 1943, sec. 2, p. 7.

31. Olin Downes, "Composers on War," The New York Times,
October 10, 1943, sec. 2, p. 7.

32. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 140-141

33. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection, Box la, folder 3.

34. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 142.

35. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 143.

36. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January











1977. Oral History, American Music. School of Music,
Yale University, p. 148.

37. Vivian Perlis, "Minna Lederman: The Life and Death of a
Small Music Magazine (Modern Music)," Journal of the
American Musicological Society 38 (Fall 1985):644.

38. New York Public Library and Museum of the Performing
Arts. League of Composers Letters file. Box 4, folder
C.

39. Aaron Copland and Vivian Perlis, Copland Since 1943
(New York, NY: St. Martin's Press, 1989), p. 86.

40. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection, Box la, folder 3.

41. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 153.

42. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 153.

43. Olin Downes, "Changes in Composer's League," The New
York Times, May 16, 1948, sec. 2, p. 7.

44. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. V.














CHAPTER V
WORK IN OTHER ORGANIZATIONS


While her main commitment was to the League of

Composers, Claire Reis also worked with various other

organizations in New York, although in each of these groups

she continued her campaign to help contemporary composers.

After she retired as chair of the League of Composers

(1948), Reis continued as an active member of several

committees in the League of Composers, as well as in other

groups. Reis held the post of advisory chair of the Dimitri

Mitropoulos International Competition for Conductors (1962-

1972) and president of the Hunter College Opera Association

(1968); in addition, she was appointed a member of the music

advisory committee to the Board of Trustees of Yale

University (1970-1973). Reis was also a member of the

Advisory Music Committee of the American Music Center (1964)

and assisted the New York Public Library and Museum of

Performing Arts to organize exhibits of the League of

Composers materials she had donated to the Library. For her

lifelong commitment to the contemporary composer, Reis

received numerous awards.

After her retirement as chair of the League of

Composers, Reis continued to be active in the organization









93

by remaining on the Board of Directors and assuming the

chair of projects. Reis began her work on projects by

chairing, in 1948, an international committee. This

committee concentrated on the presentation of works by

contemporary composers in the United States and abroad using

a system of interchange.

In 1950, Reis began a project to bring together the

composer, the performer, and the publisher, "the three

parties whose cooperation is essential to the promotion of

new works."1 The plan was to encourage publishers to

publish new music and for performers to schedule a

contemporary work on each of their performances. Reis was

quoted as saying,

All three have a stake in a new work. If a
composition is published and not played, it dies
on the music shelf. If a manuscript is played and
not published it has few chances of being
performed by many artists.2

For this project, four publishers each presented a program

of recently published, or soon-to-be published works to an

invited audience of interpretive artists.

For the 30th anniversary of the League of Composers

during the 1953-1954 season, Reis arranged a series of

commissions. As chair of projects, she arranged for

composers to receive commissions to celebrate the League's

30th season. Among the commissioned works were Aaron

Copland's opera The Tender Land, Mademoiselle by Robert

Russell Bennett, and works by Elliott Carter and William










Flanegan. Donors of the funds for these commissions

included the Elizabeth Sprague Coolidge Foundation, Lado,

Inc., and Edwin Franko Goldman.

In 1953, Reis began a project to convince performers to

program at least one contemporary work on each of their

programs. For this project, the League approached the music

faculties of 150 colleges and universities to ask them to

support the project. Reis and other members of the League

made personal visits to some of the principal concert

managers in New York. From these visits, they received

letters promising full support for the plan. Finally, the

League contacted nine music publishing firms. Each of these

firms agreed to select twenty pieces for voice, violin, and

piano from its catalogue, thus making 180 pieces available

to the performers.3

Another project of Reis's, in 1953, was one to bring

together composers and librettists. In cooperation with the

City Center of Music and Drama and the Metropolitan Opera

Company, a group of composers, dramatists and poets were

gathered together for a conference called "Opera 1953: The

Music and the Libretto." The composers who attended were

Leonard Bernstein, Marc Blitzstein, Aaron Copland, Douglas

Moore, William Schuman, and Virgil Thomson. The dramatists

and poets were W. H. Auden, Russel Crouse, Howard Dietz,

Chester Kallman, Arthur Miller, and Arnold Sundgaard. Reis

wrote, "Although nothing was solved, considerable light was




Full Text
140
"Passacaglia for Theremin and
Orchestra or Piano" 1948
Mrs. Walter (Lucie) Rosen
commission
Berger, Arthur
"Duo for Cello and Piano" -
1951 Lado commission
Bergsma, William
"The Fortunate Islands" -
(string orchestra) 1947/48
Carl Fischer Inc. commission
WOR, Sylvan Levin
Blitzstein, Marc
"The Harpies" (one-act
opera) 1941/42 New York
Opera
Bofkovek, Pavel
String Quartet 1948
Stuyvesant String Quartet
Carpenter, John Alden
"The Anxious Bugler" -
(symphonic work) 1943/44
Casella, Alfredo
Sinfonia for Piano, Clarinet,
Trumpet, and Cello 1933
Castro, Jos Maria
String Quartet 1948
Cazden, Norman
Quartet Op. 23 for Violin,
Viola, Clarinet, and cello -
1939 CBS
Chanler, Theodore
Song Cycle 1941
commissioned in co-operation
with Town Hall Dorothy
Maynor
Chavez, Carlos
Quartet for Oboe, Clarinet,
Trumpet, and Bassoon 1933
Copland, Aaron
Music for the Theatre -
(chamber orchestra with full
orchestra 1925 Boston
Symphony Orchestra
Elegies for Violin and Viola
with Chamber Orchestra 1933
"Statements" for Orchestra -
1925 Minneapolis Symphony
Orchestra


102
part of the many and various programs presented to the Club
on every aspect of the arts. She suggested that
contemporary music be performed by groups at the City
Center, made recommendations for commissions, and supported
a project to perform operas by American composers at the New
York City Opera. Claire Reis was never just a name on a
board, but an active member of every group with which she
was associated. The description of Reis as an "energetic
champion of living composers"17 was not just a compliment,
but an accurate portrayal; it was due to her continued work
in the many organizations with which she was associated that
living composers were able to succeed as composers and to
have their music performed.
Notes
1. Olin Downes, "Getting Together," The New York Times.
January 1, 1950, sec. 2, p. 7.
2. Olin Downes, "Getting Together," The New York Times.
January 1, 1950, sec. 2, p. 7.
3. Howard Taubman, "League Crusade," The New York Times.
June 28, 1953, sec. 2, p. 7.
4. Claire R. Reis, Composers, Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
pp. 242-243.
5. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 132.
6. Claire R. Reis, Chair of the Editorial Board, Spend
Your Time: New York's Resources for the Use of Leisure
(New York, NY: Teacher's College, Columbia University,
1933), p. viii.


113
the managers, the universities and colleges, the
music clubs and many other concert-giving
organizations, I believe that we will establish
once and for all a real desire for one or more
contemporary works on every concert program.17
Reis helped to develop a project for City Center, which
she described in her article "Screening for Opera." This
project called for an annual screening of new operas. These
new operas would be prepared by professional singers and
orchestras and then be given a 'reading' in front of a
committee of conductors, composers, dramatists, and ballet
directors. Following this reading, a conference would be
held to choose those operas to be performed and those that
needed more work. Reis hoped this plan would encourage more
groups to perform contemporary operas and keep them in the
repertoire.
In 1959, the Ford Foundation gave a grant to the New
York City Opera to perform American opera. To announce this
project, Claire Reis wrote "A New Chapter in American Opera
Repertory" for Playbill. The project would include 18
American operas to be performed in the coming two seasons.
Reis wrote,
These music-dramatic works, written within the
past 25 years, establish a new pattern, which
probably cannot be equaled anywhere by any other
country. If a search were made through the
archives of the opera houses in the capitals of
Europe, it is doubtful whether at any period in
their history one could find eighteen native
contemporary works that had been produced within
two consecutive seasons.18


80
During the first year of its existence, the Board of
the League of Composers decided to publish a League bulletin
or review. In February 1924, the League of Composers Review
was published with Minna Lederman (1898) as editor. The
following year the name was changed to Modern Music and this
journal became an important source of information about
contemporary music and composers. Minna Lederman remained
the editor of Modern Music throughout its existence. Except
for assistance in raising funds, Claire Reis did not involve
herself in the League's journal, nor did she contribute
articles to it. Both Reis and Lederman felt that the League
and the journal should be as "independent of each other as
possible."37 During its lifetime, the League struggled to
meet the budget for Modern Music, and, finally, in 1946,
when costs became too high, it was forced to stop
publication.
In 1947, Claire Reis's husband, Arthur, died
unexpectedly; it was at this time that Reis decided to
resign as executive chair of the League of Composers. While
the death of her husband seemed to be the catalyst for her
decision, there were indications that things had not been
going well with the League. Reis wrote of her decision to
resign to Aaron Copland. In his reply to her, dated March
7, 1948, he wrote "Your letter came as a bombshell," and he
questioned her reasons for resigning, "[it was] too negative


98
its Board of Directors. She was a member of the Women's
City Club for more than sixty years, longer than her
membership in any other group. However, she was not active
in committee work until after her retirement from the League
of Composers in 1948, after which she founded the Arts
Committee.
On March 5, 1943, Claire Reis was among the fifteen
people called to a meeting with Mayor Fiorello LaGuardia.
The purpose of this meeting was to create the City Center of
Music and Drama. In July, a board of directors was elected.
Mayor LaGuardia became President of the corporation, Newbold
Morris (President of the City Council) was elected chair of
the board, and Claire Reis was elected secretary. The board
began by raising funds to remodel the Mecca Temple, recently
acquired by the city, and the first concert was given on
December 11, 1943. The artistic groups which began in the
City Center included the New York City Symphony (with
Stokowski and Bernstein as conductors), the New York City
Opera, and the New York City Ballet (with George Balanchine
as artistic director), and the Joffrey Ballet. Claire Reis
remained secretary to the board until 1969, when she was
made an honorary vice-chair. She also tried for many years,
without success, to have a composer appointed to the board.
She was executive chair for the Center's 20th Anniversary
Program and Celebration in 1963, as well as for the 25th
anniversary festivities in 1968. Reis felt that City Center


6
Howard Hanson (1896-1981) wrote
I would like to add my word of commendation for
the important work which the League of Composers
has done for the development of Creative Music in
the United States, and to express my earnest hope
that its important work may not be permitted to be
discontinued in these critical times.9
Despite such words of recognition by these and many other
musicians, Mrs. Reis had been ignored in the major
literature covering twentieth-century music. There was only
a short (283 words) biography of her in the New Grove
Dictionary of American Music (Macmillan, 1986). Such works
as Music in the 20th Century by William W. Austin (Norton,
1966), Introduction to Contemporary Music. 2nd edition by
Joseph Machlis (Norton, 1979), and Twentieth-Century Music:
An Introduction. 2nd edition by Eric Salzman (Prentice-Hall,
1974) made no mention of the work done by Claire Reis on
behalf of contemporary composers. This lack of available
data pointed to the need for a study of her contributions.
This study will provide valuable information on the
significance of the work achieved by Claire Reis in helping
to establish the careers of many important contemporary
composers. Such a study would also add much needed data to
the curricula of twentieth-century music courses which, in
turn, would enhance the teaching about the development of
twentieth-century music and its composers.


79
times he listened from the audience. At the reception,
composers would usually speak for a short time about their
works, and some would perform or demonstrate some aspect of
his music. "We had many different results I would say from
those evenings, and in every sense," Reis recalled. "I mean
by that the artist in question responded according to his
temperament. They were always, I considered, highly
successful."36 Reis remembered Benjamin Britten (1913-
1976), Paul Hindemith (1895-1963), and Bla Bartk as "very
shy," while Darius Milhaud and Sergey Prokofieff were "very
affable and chatty." Beside the seven previously mentioned
composers, others who received evenings of tribute included
Arnold Schoenberg, Igor Stravinsky, Ernst Krenek (1900),
Kurt Weill (1900-1950), Carlos Chavez, Florent Schmitt
(1870-1958), Albert Roussel, Georges Enesco (1881-1955),
Juan Jos Castro (1895-1968), Camargo Mozart Guarnieri,
George Ebert Mignone (1897), Heitor Villa-Lobos (1887-1959),
Zoltn Kodly (1882-1967), Francis Poulenc (1899-1963), and
Gottfried von Einem (1918). Two evenings of tribute were
given to non-composers as well. Nadia Boulanger (1887-1979)
was honored in 1938, and she gave a talk on "The Relation of
Old Music to Modern Music." Serge Koussevitzky was honored
by the League on the fifth anniversary of the Koussevitzky
Music Foundation, which he had created as a means to
commission composers.


155
Broadcasting Stations
WNBC
WCBS
WNYC
WOR
WMCA
WQXR
Wartime Concerts in Central Park and Prospect Park
War Series for Philharmonic Symphony (commissioned works)
New York City Defense Recreation Committee
Metropolitan Opera Company and New York City
Center of Music and Drama
A Conference on Opera: The Music and the Libretto
(featuring six renowned composers and six renowned
dramatists)
A Conference and Concert at the Julius Hartt Foundation in
Hartford, Connecticut


81
a note to conclude on ... what destructive undercurrents
and discouraging rumors are you referring to?"38
Copland later wrote of this episode in his
autobiography,
The loss of Modern Music was a serious blow to the
League's prestige, and by 1947-1948 the board was
rife with internal friction and personal
differences. During the war, Claire had done her
best to keep the League alive, but the freshness
of spirit and enthusiasm that had characterized
the organization's early years had faded. At one
time, I even suggested to Claire that we change
the League's name to give it a new start, but that
idea was voted down by the board. Claire had been
the strength of the League of Composers since its
inception in 1923. After her husband's sudden
death in 1947, she felt the need to resign and she
wrote this to me in confidence with the hope that
we might find some new direction before her
resignation became known. I wondered how the
League could exist without Claire! We composers
owed her an enormous debt of gratitude.
On a personal note, Claire and Arthur Reis'
friendship had meant a great deal to me. I was
away when Arthur died, but when I returned, I was
determined to do as much as I could to help Claire
during the difficult period following Arthur's
death. When Claire's resignation became official
(1948), I accepted the position of director of the
League of Composers with the idea of supervising a
restructuring of the organization (I held the
position until 1951). It was important to act
quickly so as not to lose our membership and past
support. A notice went out announcing the changes
and the events planned for the 1948-1949 season,
the League's twenty-fifth anniversary.39
Reis seemed to have followed Copland's advice. Her
official letter of resignation, dated May 14, 1948, and
submitted to the League's Annual Report, read, in part,
There has been a certain continuity throughout
these years in the first aim for which the League
was founded which stated that the organization
would encourage and give support to the production


42
members for a repeat performance of Pierrot Lunaire that
brought to the surface the dissatisfactions and
disagreements among them resulting in the resignation of
three board members. Besides the artistic reasons for
wanting a repeat performance, there was also a practical
one: the success of the first concert and resulting
curiosity about the work would have almost guaranteed a full
house, the proceeds of which would have helped the Guild
with the debts it had incurred that year. Unfortunately,
the by-laws of the Guild's charter specifically stated that
the Guild would give first performances only. For some
unexplained reason, it seems that Varse was the only one
who know about this particular by-law. This was a policy
that he had stipulated for the Guild, and one that he would
not compromise. This altercation seemed to be only the tip
of the iceberg of dissent between members of the board, and
it was only the last in a long list of complaints that
caused their walkout. At first, Reis tried to mediate
between the two groups, but because she was in complete
disagreement with the policy of first performances only,
felt she must resign. She later said:
[There were] some of the things, I think, that
created the now famous walkout of three of the
boardand they really were board members because
they had attended regularly. Gruenberg had been
enormously interested and he felt responsible for
having brought Varse to see me and persuade me to
take over the society; Saminsky was traveling a
great deal during those years in the summer, and
knew many musicians in Europe and brought ideas
back of new works, and Alma Morgenthau Wertheim


89
10.
11.
12.
13.
14 .
15.
16.
17.
18.
19.
20.
21.
22.
23.
Olin Downes, "The Avant-Garde," The New York Times.
November 29, 1936, sec. 12, p. 7.
Olin Downes, "The Avant-Garde," The New York Times.
November 29, 1936, sec. 12, p. 7.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 86.
Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 85.
Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 87.
Olin Downes, "Old and Modern Revolutionaries," The New
York Times. May 29, 1927, sec. 7, p. 6.
Claire R. Reis, Composers, Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 91.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 102-103.
Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers," The Musical Quarterly 34
(January 1948):8.
Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers," The Musical Quarterly 34
(January 1948):2.
Aaron Copland and Vivian Perlis, Copland: 1900-1942
(New York, NY: St. Martin's/Marek, 1984):101.
Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers, The Musical Quarterly 34
(January 1948):3.
Noel Strauss, "Canadian Concert," The New York Times.
January 12, 1942, p. 22.
Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 127.


12
Artur Rodzinski, Carlos Salzedo, Arnold Schoenberg, Roger
Sessions, Leopold Stokowski, Igor Stravinsky, George Szell,
Germaine Tailleferre, Virgil Thomson, Ernest Toch, Bruno
Walter, Kurl Weill, and Egon Wellesz. Some of these letters
contained information about the sender, personal opinions,
doubts about their music, questions about the League,
information for or complaints about the performances of
their music, or outrage over a review. Many, however, were
merely thank you's, or acceptances for a party, dinner, or
reception hosted by Claire Reis, or an answer to a question
posed by Mrs. Reis. Some were only one or two lines long:
a "yes to your kind invitation," or "yes, I will compose a
piece for . ."
The League of Composer's clippings file contained
newspaper articles and programs about the League of
Composers. This information was in no particular order.
Many of the articles in this file, though providing
excellent information, had been cut so that either the title
of the newspaper or journal, or the date, or both, were
missing, making it difficult to ascertain from where they
came. Also found in this file were several articles written
by Claire Reis that were not found elsewhere, and some which
were written about her.
Claire Reis published two books, Conductors. Composers
and Critics (1955, reprinted 1974) and American Composers
Today (1930) which was revised, enlarged, and published in


24
study all the more necessary to contribute to the curriculum
of college-level music history and literature classes where
this information would add much needed insight into the
development of twentieth-century music.
Notes
1. Claire R. Reis, Composers in America: Biographical
Sketches of Living Composers with a Record of their
Works 1912-1937. New York, NY: Macmillan, 1938, p. 3.
2. Claire R. Reis, American Composers: A Record of Works
Written Between 1912 and 1932. 2nd ed. New York, NY:
The International Society for Contemporary Music, 1932,
p. ii.
3.
Claire R. Reis, "Contemporary Music and 'The Man on the
Street'," Aeolian Review 2 (March 1923):26.
4.
Claire R. Reis, "Contemporary Music and 'The Man on the
Street'," Aeolian Review 2 (March 1923):27.
5.
Claire R. Reis, "Contemporary Music and 'The Man on the
Street'," Aeolian Review 2, (March 1923):25.
6.
Marion Bauer and Claire R. Reis, "Twenty-Five Years
With the League of Composers," The Musical Quarterly 34
(January 1948):2.


APPENDIX C
LEAGUE OF COMPOSERS RADIO BROADCASTS 1947-1948
September 14, 1947
CBS (WABC), Bernard Hermann,
conductor
Charles Ives "Symphony No. 3
Walter Piston Incredible Flutist
Vladimir Dukelsky Concerto for
Cello and Orchestra
December 6, 1947
WQXR Richard Goldman, commentator
Bla Bartk Violin Sonata No. 2
- Four Roumainian Dances
December 13, 1947
WQXR Car letn S. Smith,
commentator
Charles Ives Violin Sonata No. 4
Roy Harris Song of Occupations
December 20, 1947
WQXR Frederick Jacobi,
commentator
William Schuman Quartet No. 3
December 27, 1947
WQXR Aaron Copland, commentator
Aaron Copland Music for the
Theater
January 11, 1948
WNYC Marion Bauer, commentator
William Bergsma The Fortunate
Islands
Peter Mennin Fantasia for Strings
Sylvan Levin Nostalgia (played as
a tribute to the League)
January 18, 1948
WNYC Richard Goldman, commentator
Carter Harman Song Cycle "From
Dusk to Dawn" for soprano and
string quartet
Dai-Keong Lee String Quartet No.l
January 19, 1948
WOL (Washington, DC) Richard
Bales, commentator
Aaron Copland Music for the
Theater Mary Howe Allegro
Inevitable Stars
147


125
14. Claire R. Reis, "The Attitude of the Press Toward
American Composers and How It Can Be Changed for the
Better," National Music Council Bulletin 6 (May
1945):6.
15. Claire R. Reis, "The Attitude of the Press Toward
American Composers and How It Can Be Changed for the
Better," National Music Council Bulletin 6 (May
1945):6.
16. Claire R. Reis, "Demand and Supply of Performances of
Contemporary Music," National Music Council Bulletin 13
(May 1953):6.
17. Claire R. Reis, "Demand and Supply of Performances of
Contemporary Music," National Music Council Bulletin 13
(May 1053):6.
18. Claire R. Reis, "A New Chapter in American Opera
Repertory," Playbill 16 (Spring 1959):25.
19. Claire R. Reis, "A New Chapter in American Opera
Repertory," Playbill 16 (Spring 1959):26.
20. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 264.
21. Claire R. Reis, "Previously Unpublished Composers as
Written to Claire R. Reis," Musical America 83 (January
1963):14.
22. Claire Re. Reis, "Previously Unpublished Composers as
Written to Claire R. Reis," Musical America 83 (January
1963):14.
23. Claire R. Reis, "A City Center Chronicle," Opera News
33 (October 12, 1968):11.
24. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 265.
25. Claire R. Reis, American Composers. 2nd ed. (New York,
NY: International Society for Contemporary Music,
1938), p. ii.


91
1977. Oral History, American Music. School of Music,
Yale University, p. 148.
37. Vivian Perlis, "Minna Lederman: The Life and Death of a
Small Music Magazine (Modern Music)." Journal of the
American Musicoloctical Society 38 (Fall 1985) :644.
38. New York Public Library and Museum of the Performing
Arts. League of Composers Letters file. Box 4, folder
C.
39. Aaron Copland and Vivian Perlis, Copland Since 1943
(New York, NY: St. Martin's Press, 1989), p. 86.
40. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection, Box la, folder 3.
41. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 153.
42. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 153.
43. Olin Downes, "Changes in Composer's League," The New
York Times. May 16, 1948, sec. 2, p. 7.
44. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. V.


151
Cleveland Symphony Orchestra Artur Rodzinski, conductor
1936
Walter Piston Prelude and Fugue for Orchestra
(commissioned)
Denver Civic Symphony Saul Caston, conductor
1948
Samuel Barber Overture for School for Scandal
Dessoff Choirs Margarete Dessoff, conductor
1932
Randall Thompson Americana for mixed voices and piano
Detroit Symphony Orchestra Karl Krueger, conductor
1948
Burrill Phillips Scherzo
The Goldman Band Edwin Franko Goldman, conductor
1948
Percy Grainger The Power of Rome and the Christian Heart
1950
A League of Composers Program
Harvard Glee Club and Radcliffe Choral Society G. Wallace
Woodworth, conductor
Randall Thompson The Peaceable Kingdom
Houston, Texas Society for Contemporary Music (a chapter of
the New York League)
The Juilliard School of Music
1948
In Honor of the League of Composer's 25th anniversary
Kansas City Philharmonic Efrem Kurtz, conductor
1948
Aaron Copland Elegies for Violin, Viola and Chamber
Orchestra
Los Angeles Evenings on the Roof Programs
In Honor of the League of Composer's anniversaries


27
where the children could receive a better education. After
his sudden death, Mrs. Raphael followed her husband's plans
and, in September 1898, moved with her three children to New
York. The Raphaels had no family or friends in that city,
but with "single-minded determination and energy,"5 they
established a home there. Since Mrs. Raphael was European,
her own background influenced her decisions in raising her
children. After only a winter in New York, it was decided
that the family would move to France for two years (1899-
1901), where their education included piano lessons, weekly
visits to the opera, and learning the language.6 When
Claire was 16 (1904), the family moved to Berlin, Germany,
for one year for the study of music and the language. Of
this year, she later said,
It was the great year of my educational life,
studying in Germany, because it was a serious
year, I really grew up, and I don't think I could
have given as much of my life to music as I have
done if I had not felt so keenly about making
music my life that year I was in Germany.7
Reis studied with the Leschetizsky Vorbereiter in
Berlin. Her daily schedule included studying to complete
her high school graduation requirements in New York,
practicing the piano four or five hours, and attending
concerts. Concerts were held nightly from 7:00 to 9:00, and
featured the great artists of the day. Reis recalled seeing
such performers as Mark Hambourg, Geraldine Farrar, Emmy
Destin, and the Berlin Philharmonic Orchestra conducted by
Felix Weingartner and Artur Nikisch. Of contemporary music


74
and 1943, were so popular that the audience often reached a
size of eight to ten thousand people.
In another service to the war effort, the League
decided to commission a series of short works (not to exceed
five minutes) from composers born or resident in America.
Each work was to be composed on a war-associated theme, to
be chosen by the composer. Reis asked Artur Rodzinski,
conductor of the New York Philharmonic-Symphony Orchestra,
to perform one of these works at the beginning of each
program during the regular concert season. Rodzinski
agreed, stating,
. . in my opinion this series of commissions
will serve three excellent purposes; it will serve
as a strong and moving reminder to our country
that the preservation and furtherance of our
cultural resources is a duty and privilege of the
first importance in times as critical as our own.
It will create a living musical record of various
aspects of this war with its accompanying social
manifestations. It will continue to encourage and
stimulate composers resident in America, who are
given all too rarely the opportunity to be
heard.30
Not only were these works performed in New York, they were
recorded (live during the premiere performance) by the
Office of War Information (OWI) and broadcast over short
wave radio. The recordings were shipped overseas to be
broadcast over various outpost stations. Mackin Morrow,
music director of the OWI stated, "They will be heard by the
troops, by the civilian populations of allied and neutral
nations, and also in some of the occupied countries. We
expect to find them of value both in our propaganda and


8
Notes
1. H. Wiley Hitchcock, Music in the United States: A
Historical Introduction. 3rd ed. (Englewood Cliffs, New
Jersey: Prentice-Hall, 1988), p. 61.
2. Claire R. Reis, "Contemporary Music and 'the Man on the
Street,'" Aeolian Review 2 (March 1923): 25.
3. Dorle J. Soria, "Copland PS," Musical America 20
(December 1970):32.
4. "New Music Long Fought Uphill Battle," The Hartford
Courant 15 January 1952.
5. League of Composers Letters. Olga Samaroff, June 6,
1931. New York Public Library and Museum of the
Performing Arts. Box 5.
6. League of Composers Letters. Leonard Bernstein,
December 2, 1965. New York Public Library and Museum
of the Performing Arts. Box 1.
7. League of Composers Letters. William Schuman, February
9, 1962. New York Public Library and Museum of the
Performing Arts. Box 6.
8. League of Composers Letters. George Antheil, (no
date). New York Public Library and Museum of the
Performing Arts. Box 1.
9. League of Composers Letters. Howard Hanson, September
17, 1942. New York Public Library and Museum of the
Performing Arts. Box 4.


19
"Opera in the Making," from Here at Hunter, a publication of
the Hunter College Opera Association, was about the benefits
of the Hunter College opera workshops for talented young
singers.
"Previously Unpublished Composers' Letters" was
published in the January 1963 issue of Musical America.
With opening comments by Claire Reis and Everett Helm, these
were letters written to Mrs. Reis as chair of the League of
Composers (originals of which can be found in the League of
Composers Letters mentioned previously). Mrs. Reis added
introductory comments to each letter. The article included
letters of Copland, Bartk, Milhaud, Schuman, Riegger,
Prokofieff, Bloch, Schoenberg, Moore, Webern, Malipiero,
Gruenberg, Blitzstein, and de Falla. Also included are
copies of autographed pictures of Copland, Milhaud,
Prokofieff, Schoenberg, Malipiero, and de Falla and Wanda
Landowska together.
The twenty-fifth anniversary of New York City Center
brought "A City Center Chronicle," published in 1968 in
Ooera News. Mrs. Reis told of being summoned to Mayor
Fiorello La Guardia's office in 1943 for a conference to
discuss plans for a cultural center for New York City. She
detailed the beginnings of the New York City Center from its
first home in the old Mecca Temple on West Fifty-fifth
Street to the present complex at Lincoln Center. As with


73
composers involved so they would know their works were being
performed. The League also offered thirty (or more if
needed) free tickets to each League concert to the New York
Defense Recreation Committee to be used by service men on
leave in New York. During the Christmas holidays, the
number of free tickets offered was doubled.
With so many servicemen on leave in New York, the
League of Composers decided to add to their regular season
concerts by giving free concerts in the city parks. Reis
met with the New York City Commissioner of Parks and
received permission for the League to produce these concerts
on the Mall in Central Park and in Prospect Park in
Brooklyn. Called "Wartime Concerts for Soldiers and
Sailors," these concerts presented at least one contemporary
work on each program, plus various folk music and dance
performed by numerous foreign music groups in New York. The
League was able to find a wide variety of folk groups,
including a Russian chorus and dancers, an African group
from Nigeria, a Puerto Rican chorus, a chorus of Chinese lay
people, and groups who presented music and dance from
Lithuania, Greece, Italy, Scotland, and Czechoslovakia. The
National Orchestra Association volunteered its services for
concerts. Bands and orchestras organized by workers in some
of the armament factories around New York were also invited
to perform. These concerts, offered in the summers of 1942


134
be available to scholars so that the music might be studied,
analyzed, and some conclusions made as to the worth of these
works.
The third recommendation for further study is to trace
the paths taken by composers included in Composers in
America. When compiling the information for this book,
Claire Reis did not make any judgements on the music itself.
Her primary concern was that the composers were active.
Many years have elapsed since this book was reprinted and
revised, a study might include the following:
1. Did any of these composers become an important force in
contemporary American Music?
2. What have they composed since this book was printed?
Did any compose a major contemporary work?
3. Which of these composers is considered today a 'minor'
composer?
4. How many made their living as composers, and how many
were forced to find other means of support, such as
teaching?
5. Did any give up composing?
A final recommendation is that the work of Claire Reis
in support of the contemporary composer and his music should
be included in the curriculum of college-level courses in
twentieth-century music and American music. Because Reis
made an important contribution to contemporary music and its
composers, it is reasonable to expect that any study of the


119
chair of the Editorial Board for the book Spend Your Time,
for which she wrote the forward. Reis was appointed to the
Committee for the Use of Leisure Time by President Franklin
D. Roosevelt. The purpose of the committee was to discover
ways of utilizing leisure time in a satisfactory manner and
list the facilities available in New York City. An
Editorial Board was chosen, with Claire Reis appointed chair
and the resulting publication was Spend Your Time. In the
forward, Reis wrote,
The purpose of this book is to present in an
organized manner the most salient features of New
York as a laboratory for recreational and cultural
opportunities. The subjects chosen are those
which the committee believes are of the widest
interest to parents, teachers, and students of all
ages. The material has been gathered in order to
increase the student's interest as well as to
assist the teacher or parent in finding
organizations, museums, libraries, or clubs which
relate to the particular subject listed.32
The categories listed were Art-Fine and Applied; Drama
and Dance; Music; Libraries-Public and Private; Science;
Radio Education; Historic Interest; Civic Institutions;
Transportation, Communication, and Commerce; Parks,
Playgrounds, and Athletic Facilities; Stamps, Coins, and
Photography; and Supplementary References. Each facility
was listed with its address, hours of operation, entrance
fees (if any), and what each facility had to offer, thus
making it easy for the user to find information on their
interests.


115
had it not been for a dynamic fervently devoted woman named
Claire Reis."22
"Opera in the Making" was written for Here at Hunter, a
publication of the Hunter College Opera Association, of
which Claire Reis was elected president in 1968. In this
article, Reis discussed the Hunter College Opera Workshop.
She described the purpose of the workshop, the students, and
the operas studied. She also told how the Opera Association
sponsored the opera productions and raised money for
scholarships.
For the twenty-fifth anniversary of City Center in
1968, the editor of Ooera News asked Reis to write an
article about the beginnings of City Center. Reis told of
the first meeting in Mayor LaGuardia's office in 1943, and
how the concerts began in the old Mecca Temple. The many
people involved with City Center over the years were
described, as well as the many projects produced there.
Reis discussed the financial problems that occurred and
indicated how they were addressed. She ended with the
opening of the new theaters at Lincoln Center and a
remainder of the "aesthetic and social philosophy to which
the City Center is a living tributea people's
theater."23
The first of Claire Reis's four books was a catalog of
American composers, published by the International Society
for Contemporary Music. "I began in a modest way," Reis


75
entertainment programs."31 The composers commissioned and
their works follow:
Nicolai Berezowky (1900-1953) "Soldiers on the Town"
John Alden Carpenter (1876-1951) "The Anxious Bugler"
Henry Cowell (1897-1965) "American Pipers" (dedicated
to the A.E.F.
Norman Dello Joio (1913) "To a Lone Sentry"
Howard Hanson (1896-1981) "Fantasy for String
Orchestra"
Roy Harris (1898-1979) "March in Time of War"
Bernard Herrmann (1911-1975) "For the Fallen" (an
elegy)
Charles Ives (1874-1954) "War Song March" (They Are
There)
Werner Josten (1885-1963) "Before the Battle"
Bohuslav Martin (1890-1959) "Memorial to Lidice"
Darius Milhaud (1892-1974) "Introduction et Marche
Fnebre"
Douglas Moore (1893-1969) "Destroyer Song" (dedicated
to the U.S. Navy
Walter Piston (1894-1976) "Fugue on a Victory Tune"
Quincy Porter (1897-1966) "The Moving Tide"
Bernard Rogers (1893-1968) "Invasion"
Roger Sessions (1896-1985) "Dirge"
William Grant Still (1895-1978) "In Memoriam: The
Colored Soldiers Who Died for Democracy"


49
31. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 41.
32. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974):
p. 31.
33. Louise Varese, Varese: A Looking-Glass Diary (New York
NY: Norton, 1972), p. 176.
34. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 4.
35. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 56.
36. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 59.
37. Claire R. Reis, Composers, Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 12.
38. Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 12.
39. Louise Varese, Varese: A Looking-Glass Diary (New York
NY: Norton, 1972), p. 186.
40. "Not Fair Play," Musical Courier 86 (February 8,
1923):20.
41. Claire R. Reis, "Pierrot Again," Musical Courier 86
(March 1, 1923):23.
42. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 64-65.
43. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January


10
information about her tenure as chair of the League of
Composers. There were many stories and anecdotes about
composers, concerts, the work she did as chair, and other
experiences. In other tapes, she told of her work with the
New York City Center, Women's City Club, and other areas of
interest. In still other tapes there was a discussion of
her speeches and publications. Although these interviews
repeated many stories about the League of Composers found in
here book, Conductors. Composers, and Critics, they included
much information not found elsewhere, particularly about her
early life, education, and about her family. She rarely
discussed her family, but, in these interviews, Mrs. Reis
told of her mother's influence, and of how she managed a
household with a husband and two children while performing
her duties as chair of the League of Composers.
Another important source of primary material was
located in the Americana Collection at the New York Public
Library and Museum of the Performing Arts. These items
included: 1) the Claire Reis Collection, a collection of
Claire Reis's personal papers donated to the library by Mrs.
Reis; 2) the League of Composers Letters, a collection of
letters written by composers, musicians, conductors,
critics, and others involved with the League of Composers;
and 3) the League of Composers clippings file which
contained a number of newspaper clippings, press releases,
and programs about the League of Composers.


38
Varse (1883-1965). In 1921, Varse formed the
International Composer's Guild (ICG) in New York. This was
the first American organization to devote itself exclusively
to performing contemporary music. During the first season,
the Guild produced three concerts which were held in the
Greenwich Village Theater on Sheridan Sguare. The concerts
were a success, but the location was considered too
inconvenient for most subscribers and critics. The theater
was also quite small, and located over a subway.33 Varese
needed someone to organize the business affairs of the
Guild, leaving him free to concentrate on the artistic
concerns. According to Claire Reis, in both her book
Composers. Conductors, and Critics and the oral history
interview with Vivian Perlis, Varese came to her through the
recommendation of her friend Louis Gruenberg. Reis wrote
that Varse came to her house in February of 1922 and told
her, "We need your help! .... If you'd help us to
reorganize the International Composers' Guildour society
to advance contemporary composers and their musicthere may
still be some hope for what we're trying to accomplish.34
Reis agreed to join the Guild and become its executive
secretary for the next season (beginning in the fall of
1922), with Varse as chair and Carlos Salzedo (1885-1961)
as vice-chair. Her first task was to find a new theater.
She was able to rent the Klaw Theater on West 45th Street
for a nominal fee since the owners were friends of hers and


31
classes visited, and later insisted that Reis and Naumburg
begin a similar class in a public school. After some "red
tape" in getting their teaching licenses, they began a class
in the spring of 1914 at the public school on 182nd Street.
Unfortunately, the promised piano and other materials never
arrived, so Reis and Naumburg decided to establish a private
school. They opened the Children's School in the fall of
1914. The school's name was later changed to the Walden
School. Reis gave several lectures between July and October
of 1914 about the Dalcroze movement. These were given to
the Federation for Child Study in New York and in Baltimore,
and to the Marietta Johnson School of Organic Education.
She stated that it was the purpose of Dalcroze Eurythmics to
"develop a conscious rhythmic feeling in every art as well
as in all life" and that Eurhythmies "has proven value for
concentration and coordination.1,14
Claire Raphael married Arthur M. Reis in 1915. She was
soon busy with family life, and decided to resign at the end
of her fourth year at the Walden School. When Reis married,
she and her husband had been friends for a long time.15
He understood her drive and her interest in Walden School,
the People's Music League, and subseguently the League of
Composers. Their agreement was that since his business day
with Robert Reis and Company (men's clothing manufacturer)
ended at a specific time, hers would also. Their evenings
were reserved for family and friends.16
However, she


82
of new and significant works and effect
cooperation between composers of all nations. We
have also had a diversified program of activities
according to the times and we have cooperated with
organizations in many parts of this country and
established contacts with composers all over the
world. The League is perhaps the only society for
contemporary music in America, or perhaps the
world, to have continual activity during 25 years
[probably because] we have maintained a policy of
flexibility from year to year in order to meet
changing conditions. In the early years, the
League brought European composers to the attention
of the New York public and later encouraged
American composers. In the 1920's, the League
presented important stage works. . and was
also among the pioneers to present contemporary
programs over major networks and specially
commissioned works for radio. [The League] gave
evenings of films with music, sponsored records of
contemporary must and above all [published] Modern
Music- 0
Summary
Under Claire Reis's leadership, the League of Composers
quickly became a force in the musical world. Because of her
influence, the League of Composers was more flexible than
some of the other organizations for contemporary music, and
was able to adapt their programs to what was needed to help
the composer and to attract audiences to their concerts.
One of the most important accomplishments of the League
under Reis's direction was getting commissions for
composers. Reis was able to convince individuals and groups
to offer commissions in the name of the League of Composers
and she spread the idea of commissions rather than
competitions to other groups as well. The League gave
American or world premieres of many important contemporary


35
knowledge of reading at sight, and regular attendance."23
The chorus met once a week, and a small sum of money was
charged to cover the cost of the music. The second need met
was to help Ernest Bloch. Bloch had arrived from
Switzerland in 1916 with his family, and was little known in
the United States. Reis visited Bloch at his apartment and
discovered how unhappy he was "having to teach young people
who were not all very talented."24 When she asked what he
would like to do, he replied, "I would like to conduct a
chorus of old works, early works."25 What was different
about the People1s Chorus and other community choruses was
that the purpose of the People's Chorus was to study and
enjoy the choral music of the fifteenth and sixteenth
centuries, but not necessarily to prepare or perform a
concert. Musical America called the chorus "one of the
League's finest plans."26 Paul Rosenfeld wrote,
It seemed wellnigh impossible that such rare and
subtle music could be taught to a chorus of
amateurs in, say, as work-a-day a place as the
auditorium of the Manhattan Trade School.
Palestrina and Twenty-second Street were mutually
exclusive, one was sure. And yet, to those of us
who assisted at those first meetings, when the
chorus of the People's Music League was being born
a few weeks ago, it was evident that whatever
might hamper the progress of the movement, it was
not the fact that there was unrelatedness between
music and audience. For none existed.27
Although the People's Chorus only lasted one season
(September to May), it was considered a success.
For the concert to celebrate the tenth anniversary of
the People's Music League (held February 12, 1922), Reis


126
26. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 266.
27. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 267.
28. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 3, folder 1.
29. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 3, folder 2.
30. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 5.
31. Claire R. Reis, Composers in America: Biographical
Sketches of Contemporary Composers with a Record of
Their Works. 2nd ed. (New York, NY: Macmillan, 1947;
Reprint ed. New York, NY: DaCapo Press, 1977),
introduction to 1977 reprint.
32. Claire R. Reis, Chair of the Editorial Board, Spend
Your Time: New York's Resources for the Use of Leisure
(New York, NY: Teacher's College, Columbia University,
1933), p. viii.
33. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, pp. 267-268.
34. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 4.
35. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 4.
36. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 4.
37. Milton Feist, "Composers, Conductors, and Critics,"
Notes 13 (December 1955):56.
38. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 266.


100
presented a plan to the Board of Directors in the fall of
1955. This plan was to recommend that educational
institutions which had opera workshops pool their resources
and extend their engagements and presentations by forming an
opera circuit among the participating institutions. The
educational institutions interested in this proposal were
Hunter College, Boston University, Brandis University,
Columbia University, the Curtis Institute of Music, Hartt
College of Music, Juilliard School of Music, Manhattan
School of Music, and Peabody Conservatory of Music. Reis
later served as president of the Hunter College Opera
Association, as well as participating in one other
university committee. She was appointed to the Music
Advisory Committee by the Trustees of Princeton University
in June 1970, and served for three years.
For her support and work on behalf of contemporary
composers and music, Claire Reis received several awards.
She was presented with the 1945-1946 Award of Merit from the
National Association for American Composers and Conductors
for "outstanding service to American music." In 1963, she
received the Laurel Leaf Award from the American Composers
Alliance for "distinguished achievement in fostering and
encouraging American music." Also in 1963, Reis was awarded
the Mitropoulos Medal for her "invaluable contributions" to
music. In 1968, Mayor John V. Lindsey presented Reis with a
scroll honoring her work for the City Center, and on January


3
The result of this adulation was that the focus of concerts
was on the performer or conductor rather than on the
composer or even the music itself.1 This was a problem
that Clair Reis recognized early in her career. In 1923,
she wrote,
Today, music is generally heard under conditions
which have almost obliterated the composer as the
raison d'etre of a program. The interpreter is
the object of attention, the magnet for the
audience, and the works he presented are chosen
because he can best show his art in this soli.
Concert upon concert of the most familiar
selections is thrust upon the public and is
attended for the sake of hearing a prima-donna and
of discussing every angle of the interpreterfrom
the voice to the clothes; but the quality and
choice of the music itself is generally unnoticed,
perhaps not heard.2
In an effort to assist contemporary composers, Reis helped
to found the League of Composers and was its executive chair
for twenty-five years. Under her direction, the League
became one of the most influential groups of the first half
of the twentieth century in increasing awareness and
appreciation of contemporary music and contemporary
composers. Not only did the League sponsor concerts of
contemporary works, but also obtained 110 commissions for
outstanding young composers. During Mrs. Reis's tenure as
chair, the works of 678 contemporary composers were
performed.
Prior to her work with the League of Composers, Mrs.
Reis helped to organize free concerts for European
immigrants at Cooper Union in New York as chair of the


34
League's Board of Trustees), who had attended a concert and
had been impressed by what he had seen. They received this
gift for each of the remaining years the People's Music
League was in existence (1912-1922) .19
The concerts were a success, and often the auditoriums
were so full that a concert had to be repeated. Other rooms
in the buildings were opened for the overflow crowd, and
when the artists were finished in one room they would move
to another and repeat their program. Later Reis was to
state,
I don't think that today if you tried something
like that you would find as eager an audience for
entertainment. These people were so largely the
foreigners who were coming in from Ellis Island to
a new country, where they knew nobody or only a
few people, but who had had concerts in all their
small towns in their small parks in their own
homelands.20
The concerts consisted mainly of choral, chamber, and
orchestra music from the standard repertoire, and some folk
music from various countries. In one year, there were 600
concerts.21 Contemporary music was not specifically
planned until the tenth anniversary concert.
In 1919, the People's Music League formed the People's
Chorus, which was directed by Ernest Bloch (1880-1959).
This project was one with which Claire Reis proposed to
address two needs. The first was to offer the opportunity
to the people to sing in a community chorus. Reis began to
organize the chorus, and flyers were printed and addressed
"to music lovers."22
Requirements were "a voice,


90
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
Claire R. Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 118.
Claire R. Reis and Marion Bauer, "Twenty-Five Years
with the League of Composers," The Musical Quarterly 34
(January 1948):12.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 179.
Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 156.
Claire R. Reis, Composers, Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 157.
Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 158.
Olin Downes, "Composers on War," The New York Times.
October 10, 1943, sec. 2, p. 7.
Olin Downes, "Composers on War," The New York Times.
October 10, 1943, sec. 2, p. 7.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 140-141
New York Public Library and Museum of the Performing
Arts. Claire Reis Collection, Box la, folder 3.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 142.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 143.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
36.


135
subject should include information about her work.
Composers. Conductors, and Critics. Composers in America,
and her articles are all important resources for the study
of contemporary music.
The importance of the work of Claire Reis can best be
summed up by one of the many composers she helped, William
Schuman, who wrote,
For composers, Claire Reis is the ideal patron.
In her home, leading creative figures in music of
all schools and nationalities have been welcome
these many, many years. She has provided a
meeting place, a center with a special warmth and
camaraderie. It would be, however, the most
extreme injustice to give the impression that she
has served composers only through the social
amenities. Claire Reis knows that composers are
the true seminal force for all of music. If the
though is commonplace, dedicated service in its
implementation is rare.
The focus of Mrs. Reis's professional life is a never-
ending crusade for the creative artist. Concern for
the living composer is fundamental to the survival of
the art of music. The contributions of a Claire Reis,
for this reason, continue to be unique.7
Through her continuous efforts on behalf of the contemporary
composer, her work in and influence on the League of
Composers, and her writings, Claire Reis made a substantial
impact on the performance of contemporary music, and
contributed to the development of music in the twentieth-
century .


7
Research Procedure
Materials for this research were gathered from
newspaper and journal articles, books, and two significant
resources: an oral history interview of Claire Reis
conducted by Vivian Perlis, director of the Oral History,
American Music program at Yale University, and the Americana
Collection located in the New York Public Library and Museum
of the Performing Arts. This repository contained the
Claire Reis collection, League of Composers letters, and
League of Composers clippings file. The Clair Reis
collection contained her personal papers and letters. The
League of Composers letters were made up of letters written
to Claire Reis as chair of the League of Composers. The
League of Composers clippings file contained newspaper and
journal clippings, programs, and miscellaneous material
about the League. These collections were donated to the
library by Claire Reis.
The research procedure was one of historical analysis
of primary and secondary sources. The information was
analyzed to discover the importance of the work of Claire
Reis in gaining acceptance for contemporary composers and
their music, and place the findings into the general history
of music.


Ill
Another problem Reis discussed was the difficulty a
critic faced when reviewing new music after only one
hearing. She revealed that in the early years of the League
of Composers, some critics requested a copy of the score in
advance so they could study the music. Reis suggested it
would be a great help if that practice were resumed. She
wrote, "I believe we might all feel happier in having a
well-digested review, rather than the rush into print which
is actually reporting, and not criticism.1,15 Reis
concluded by writing that she wanted to be fair to all
parties, composers, critics, and audiences. She did not
want to change critic's opinions, but she did believe that
they needed to be more fair in presenting material and space
for news releases, and less prejudiced in reviewing music.
The 25th anniversary of the League of Composers
occurred in 1948. Claire Reis teamed with Marion Bauer to
write the story of the League's first twenty-five years for
The Musical Quarterly. They chronicled the achievements of
the League of Composers from its beginning. Included were
the young composers's concerts, Latin American and Canadian
concerts, and evenings of tribute for composers. They
recalled the stage works, wartime concerts, Commission Plan,
film music, radio broadcasts, and the life of Modern Music.
The League's activities for the anniversary year were
discussed followed by suggestions for the future.


CHAPTER I
INTRODUCTION
Purpose of the Study
The purpose of this study is to examine the work of
Claire Raphael Reis (1888-1978) on behalf of twentieth-
century composers and their music. At a time when the music
of twentieth-century composers was rarely performed in the
United States, Claire Reis was a leader in bringing this
music to the attention of the public. Through her lectures
and writings, she was successful in educating the public
about living composers and appreciating their music. Mrs.
Reis's activities as chair of the People's Music League,
executive secretary of the International Composer's Guild,
and as a founder and executive chair of the League of
Composers enabled her to organize concerts of twentieth-
century music, and evenings honoring the composers. She was
able to acquire commissions for composers so that they could
continue in their careers as composers, and radio air time
so that their music could be heard by a wider audience. In
view of her accomplishments in the advocacy of twentieth-
century music and composers, this study is intended
1


97
appeared together that I know of, with such people
of distinction and with such an opportunity to
really say what they think about the other one's
profession.10
The six meetings included the following people:
Drama John Houseman Artist/Director
John Chapman Drama Critic (Daily News)
Music Marc Blitzstein Pianist/Composer
Howard Taubman Music Critic (The New York Times)
Fine Arts James Ernst Painter
James Johnson Sweeney Director of the
Guggenheim Museum
Television David Susskind Producer
Jack Gould Radio/TV Critic (The New York
Times)
Film Budd Schulbeg Author/Producer
Fred Hift Film Critic (Variety)
Literature Nancy Ross Author
Donald Adams Editor, Book Review of The New
York Times
The questions addressed in these meetings follow:
1. Should the critic lead or reflect public opinion?
2. How dependent is the public on the opinions of the
critic?
3. What are the criteria and qualifications for a
critic?11
Reis resigned as chair of the Arts Committee in 1959,
but remained active in the Women's City Club as a member of


VII CONCLUSIONS AND RECOMMENDATIONS 127
Conclusions 127
Recommendations 133
Notes 136
APPENDICES
A BIBLIOGRAPHY OF WORKS BY CLAIRE REIS 137
B COMMISSIONED WORKS OF THE LEAGUE OF COMPOSERS... 139
C LEAGUE OF COMPOSERS RADIO BROADCASTS 1947-1948.. 147
D ORCHESTRAS AND OTHER ORGANIZATIONS WHICH
COOPERATED WITH THE LEAGUE OF COMPOSERS 149
E AWARDS RECEIVED BY CLAIRE REIS 156
REFERENCES 157
BIOGRAPHICAL SKETCH 165
iv


45
organization which ruled out repetitions. The
purpose of the rule had been to provide the
broadest possible view of contemporary music and
to give a hearing to as many qualified composers
as possible. It was much too early in the life of
the Guild to consider changing this rule. Many
works of many composers, Varese insisted, still
remained to be heard. Varese's opposition led to
a heated quarrel between him and Gruenberg... To
Varese this question, involving the very raison
d'tre of the Guild, was not one to be argued
coolly in parliamentary style (Mrs. Reis was a
stickler for parliamentary procedure.) Varse
felt too deeply. It seemed to him that the same
elements that had disrupted his orchestra might
once more defeat his purpose. He was at this
point not arguing, he was charging. He wanted a
fighta fight to the finish. It came in the end
when Mrs. Reis, even further overstepping her
role, took it upon herself to call a meeting to be
held at the gallery of her friend Mr.
Bourgeois.48
Although Mrs. Reis did not mention this particular
meeting in any of her papers, a board of directors was
formed and the League of Composers was incorporated in
April, 1923.
Summary
The events experienced by Claire Reis, her family and
the people with whom she was acquainted, had a direct
influence on her philosophy as executive chair of the League
of Composers. Her mother taught her the importance of
music, and to work to improve her community. Mrs. Reis was
a trained musician and excellent performer, as well as a
music educator. Her acquaintances with numerous composers
led her to realize their problems and try to develop
solutions. She gained experience in organizing concerts as


Copyright 1991
by
Penny Thomas


advocacy of contemporary music are discussed. Her influence
on the philosophy and activities of the League of Composers,
her impact on the performance of contemporary music, and the
significance of her writings are considered.
Data have been gathered from a variety of sources.
Most important were Reis's books, articles, speeches,
personal papers, and letters from composers. Also important
was a transcript of a series of interviews with Reis,
conducted by Vivian Perlis, director of the Oral History,
American Music Project at Yale University.
The study shows that Claire Reis made a substantial
impact on the production and performance of contemporary
music; indeed, her work in the League of Composers and other
organizations made it possible for the works of many
composers to be performed and published. Her published
writings brought the composer and his music to the attention
of the public. Reis's contributions as an advocate for the
contemporary composer need to be included in the literature
on twentieth-century music and added to the curriculum of
college-level music history and literature classes where
they would shed much needed insight into the development of
twentieth-century music.
vi


109
Air Force (RAF) in Cairo for scores of contemporary American
music for a program to be performed there. Reis also
reported on the League's series of wartime concerts in the
parts, and the commissions of wartime music, as well as
requests from other groups to start their own 'branch' of
the League of Composers. Reis concluded,
These signs of interest and activity in
contemporary music during wartime are proof of the
fact that the progressive values in our culture
are being kept alive during one of the most
precarious epochs of all times. And it is of the
utmost importance during this period of war and
destruction to continue to encourage the creative
arts.11
"Government Support of the Arts" appeared in Music
Publisher's Journal in 1945. This was the article that was
edited for space and reprinted in The New York Times. Reis
discussed the changing world and how, since the era of
patrons had waned in Europe, each government had taken over
support of the arts. She recommended the same for the
United States, using the New York City Center of Music and
Drama as an example of what could be done with government
help. Reis wrote, "It would be a rosy future indeed that
could offer the veteran as a corollary to his eduction under
the GI Bill of Rights, a civic arts program on a national
scale."12
Claire Reis gave a speech titled "The Attitude of the
Press Toward American Composers and How It Can Be Changed
for the Better" to the annual meeting of the National Music
Council on May 10, 1945. This speech was printed in their


94
Flanegan. Donors of the funds for these commissions
included the Elizabeth Sprague Coolidge Foundation, Lado,
Inc., and Edwin Franko Goldman.
In 1953, Reis began a project to convince performers to
program at least one contemporary work on each of their
programs. For this project, the League approached the music
faculties of 150 colleges and universities to ask them to
support the project. Reis and other members of the League
made personal visits to some of the principal concert
managers in New York. From these visits, they received
letters promising full support for the plan. Finally, the
League contacted nine music publishing firms. Each of these
firms agreed to select twenty pieces for voice, violin, and
piano from its catalogue, thus making 180 pieces available
to the performers.3
Another project of Reis's, in 1953, was one to bring
together composers and librettists. In cooperation with the
City Center of Music and Drama and the Metropolitan Opera
Company, a group of composers, dramatists and poets were
gathered together for a conference called "Opera 1953: The
Music and the Libretto." The composers who attended were
Leonard Bernstein, Marc Blitzstein, Aaron Copland, Douglas
Moore, William Schuman, and Virgil Thomson. The dramatists
and poets were W. H. Auden, Russel Crouse, Howard Dietz,
Chester Kallman, Arthur Miller, and Arnold Sundgaard. Reis
wrote, "Although nothing was solved, considerable light was


CHAPTER V
WORK IN OTHER ORGANIZATIONS
While her main commitment was to the League of
Composers, Claire Reis also worked with various other
organizations in New York, although in each of these groups
she continued her campaign to help contemporary composers.
After she retired as chair of the League of Composers
(1948), Reis continued as an active member of several
committees in the League of Composers, as well as in other
groups. Reis held the post of advisory chair of the Dimitri
Mitropoulos International Competition for Conductors (1962-
1972) and president of the Hunter College Opera Association
(1968) ; in addition, she was appointed a member of the music
advisory committee to the Board of Trustees of Yale
University (1970-1973). Reis was also a member of the
Advisory Music Committee of the American Music Center (1964)
and assisted the New York Public Library and Museum of
Performing Arts to organize exhibits of the League of
Composers materials she had donated to the Library. For her
lifelong commitment to the contemporary composer, Reis
received numerous awards.
After her retirement as chair of the League of
Composers, Reis continued to be active in the organization
92


21
and 1945, and later published in their Bulletin. In "Demand
and Supply of Performances of Contemporary Music," Mrs. Reis
described how the League of Composers, in its thirteenth
season, embarked on a national plan to influence concert
artists to perform one or more contemporary works on each of
their programs. "The Attitude of the Press Toward American
Composers and How It Can Be Changed For the Better" was her
plan to get more "fair play," as she called it, for
contemporary composers from critics.
There were only a few articles written about Claire
Reis. One of the earliest was published in the French
journal Le Messaaer de New York (June 1, 1935). The article
contained information about Mrs. Reis's accomplishments as
an advocate of the arts. Her work establishing the
Montessori method of teaching music, founding the Walden
School, the People's Music League, and the League of
Composers was included in the article. Seven years after
her retirement as chair of the League of Composers, Claire
Reis was interviewed for an article in The New York Times,
written by Howard Taubman. "Endless Battle" (November 20,
1955) recounted her work as chair of the League of Composers
and discussed her work as an active honorary chair. The
point is made that although much had been accomplished in
the early years of the League, there was still much to be
done. In 1969, Claire Reis visited the Santa Fe, New
Mexico, opera festival, which was premiering two American


106
On the twentieth anniversary of the League of
Composers, Reis recounted the past accomplishments of the
League and pointed to important work for the future. In
this New York Times article, Reis told of the early years of
the League, the presentation of works of non-American
composers, young composer's concerts, the idea for the
Commission Plan, and the many stage works that had been
presented. In looking at the League's record on its
anniversary, Reis pointed out how important it was that the
League of Composers continue in its efforts to help
composers.
In 1945, The New York Times reprinted a shortened
version of an article Reis had written in favor of
government subsidy of the arts (originally printed in the
same year in the Music Publisher's Journal). The article
was written in favor of a bill which had been introduced in
the state government to support the arts. She used the
example of Great Britain supporting music through its
Council for the Encouragement of the Arts. Reis also cited
the many civic arts programs in the Soviet Union, and
government aid to arts in France, Czechoslovakia, Mexico,
and several other countries. The New York City Center of
Music and Drama had blazed a trail in making concerts
available at affordable prices to the public, Reis wrote,
and the federal government needed to underwrite similar
projects as part of its program to help veterans returning


70
As the most important group in the avant-garde of
contemporary music, the League of Composers felt the need to
occasionally present concerts of experimental music with
newly invented instruments. The first of these, held in
Town Hall in 1926, presented the Mexican inventor and
composer, Julian Carillo (1875-1965) The program was
performed on an ensemble of instruments capable of sounding
quarter-, eighth-, and sixteenth-tones. Besides the works
planned for the program, each instrument was individually
demonstrated so the audience could understand what was
heard.
The next program for recently invented instruments was
held in 1938. Claire Reis had heard about a number of new
electric instruments and "felt the time was ripe for the
League to gather together some of these recent inventions
and give a demonstration for our subscribers.1,24 The
program, called "Music and Electricity," demonstrated the
Theremin (on which were performed works by Ravel and
Korngold), and the new electric Hammond organ. The program
included the inventor Benjamin Meissner's electric piano,
electric violin, and various other of his electric
instruments. The evening also contained a short lecture
about electric instruments and a separate demonstration of
each.
In 1943, a program of percussion music for a "multitude
of more or less fantastic instruments"25 was conducted for


142
"Serenade to a Beauteous Lady
- (symphonic work) 1935
Chicago Symphony
Harris, Roy
Song of Occupations (8-part
mixed choir a capella) 1934
Westminster Choir
Three Pieces for Piano 1942
"March In Time of War" -
(symphonic work) 1943/44
Hermann, Bernard
"For The Fallen" an elegy -
1943/44
Ives, Charles E.
War Song March "They Are
There" 1943/44
Jacobi, Frederick
Three Excerpts for Voices and
Two Pianos 1942
Jolivet, Andr
Hopi Snake Dance for Two
Pianos 1948
Josten, Werner
"Before the Battle" 1943/44
Kirchner, Leon
Symphonia in 2 Parts -
(symphonic work) 1951
Rogers and Hammerstein
commission New York
Philharmonic
Lee, Dai-Keong
"Children's Caprice" -
(ballet) 1947 Albert F.
Metz commission
Luening, Otto
Flute and Piano Piece 1951
Malipiero, Francesco
Epodi e Gambi (for violin,
viola, oboe, and bassoon) -
1933
McBride, Robert
"Go Choruses" (chamber
orchestra) 1936
Philharmonic Chamber Orchestra
Hans Lange


129
Europe. Together we enjoyed the great galleries and castles
in Europe, France, Belgium, etc."4
After her husband's sudden death, Reis retired as chair
of the League of Composers, but in doing so actually
broadened her activities to include work with numerous other
groups. In each of them, she continued her promotion of
living composers.
Claire Reis exerted an important influence on the
philosophy and activities of the League of Composers. As a
founding member, she brought with her experiences and ideas
gained from her work with the People's Music League and the
International Composers's Guild. It was her idea to repeat
works rather than concentrate on premieres. It was also her
idea not to perform the works of board members during their
first year as a board member, and to have all programs
depend on the unanimous decision of the board so that no one
person was in control. It was because of Reis's efforts
that the League adopted the policy to commission works from
composers, and she promoted that idea to other groups. Reis
believed it should be League policy to represent all
tendencies in contemporary music in the broadest sense, and
to support performances of such music without pre-judgement.
There were, however, some who believed that the League
did not follow this policy. Howard Hanson felt that League
concerts did not include enough of the more conservative
contemporary works. He wrote, "The League in performance


This dissertation was submitted to the Graduate Faculty
of the College of Education and to the Graduate School and
was accepted as partial fulfillment of the requirements for
the degree of Doctor of Philosophy.
December 1991
Dean, College of Education-£='
Dean, Graduate School


41
and explanations, Schoenberg gave his permission for the
performance. Other controversies stemmed from the reaction
of the press. They avoided attacking Schoenberg outright,
but gave very little praise in their reviews, using such
terms as 'a painstaking performance.' An editorial in the
Musical Courier was very critical of the performance:
Schoenberg first protested the performance of his
Pierrot Lunaire by the New York section of the
International Composers' Guild, but later gave his
consent. Had he seen the performance he surely
would have been sorry that he changed his mind.
.... Since it represents the extreme of descriptive
music, one should at least have been able to hear the
text of which the music was descriptive; as a matter of
fact, owing to one cause or another, not one word in
five could be heard or was intelligible when heard.
The International Composers' Guild does no service to
itself, Schoenberg, or anybody else by such a parody.
.... We do not share in the enthusiasm of some of
our foreign correspondents for Schoenberg. It may be
that he is the musical Messiah to lead us into new
paths. We doubt it. But we do like to see fair play
for everyone and fair play was not what Schoenberg
received at the hand of the International Guild.4
Claire Reis was quick to respond to this editorial,
replying:
It seems to us that Fair Play would have been to
have inquired further as to the manner in which
Schoenberg has authorized the recent presentation
of this work before giving so much publicity to
your protest It is but little to expect
that an organization like the International
Composers' Guild would inform themselves of the
traditions concern Pierrot Lunaire and the best
way to present any composer's intentions in
bringing their work to the American audience.41
Despite the critic's opinion, Pierrot Lunaire was a
success with the audience and there were many calls for a
repeat performance. It was the desire by some of the board


160
The League in Retrospect." Philharmonic Hall 1965-66.
Lincoln Center for the Performing Arts, New York.
Lederman, Minna. (1983). The Life and Death of a Small
Magazine fModern Music. 1924-1946. New York, NY:
Institute for Studies in American Music.
Leibling, Leonard. "Variations." Musical Courier 129 (May
20, 1944): 21.
Lockspeiser, Edward. "American Composers." The New York
Times July 17, 1938, sec. 6, p. 16.
Lott, R. Allen. "'New Music for New Ears': The
International Composers Guild." Journal of the American
Musicoloaical Society (Summer 1983): 266-286.
Machlis, Joseph. (1979). Introduction to Contemporary
Music. 2nd Edition. New York, NY: Norton.
Martens, Frederick. (1918). Leo Ornstein: The Man-His Ideas-
His Work. New York, NY: Breitkopf and Hartel. Reprint
New York, NY: Arno Press, 1975.
Mead, Rita H. "League of Composers." New Grove Dictionary of
American Music. Ed. by H. Wiley Hitchcock and Stanley
Sade. London, England: Macmillan, 1986.
Mellquist, Jerome and Lucie Wiese, eds. (1977) Paul
Rosenfeld: Vovaaer in the Arts. New York, NY: Octagon
Books.
"Mephisto's Musings." Musical America 35 (February 11,
1922): 7-8.
Milhaud, Darius. (1953). Notes Without Music. New York, NY:
Alfred A. Knopf.
"Mrs. A. Reis Resigns Music Post." The New York Times. May
15, 1948, p. 18.
Neuls-Bates, Carol. "Sources and Resources for Women's
Studies in American Music: A Report." Notes 35
(December 1978): 269-283.
"New Group to Give Opera, Plays Here." The New York Times.
July 22, 1943, p. 21.
"New Music Long Fought Uphill Battle." The Harford Courant.
January 15, 1952.


APPENDIX E
AWARDS RECEIVED BY CLAIRE REIS
Award of Merit 1945-1946
National Association for American Composers and Conductors
New York
Laurel Leaf Award 1963
American Composers Alliance
New York
Mitropoulos Medal 1963
Dimitri Mitropoulos International Competition for Conductors
New York
Scroll of New York City 1968
City of New York John V. Lindsey, mayor
Handel Medallion
City of New York
1969
John V. Lindsey, mayor
156


20
other articles, Mrs. Reis gave a first-hand account of
events and people, trials and tributations, and successes.
Claire Reis was not shy about writing letters to
editors, usually defending the League of Composers from
criticism. The March 1, 1923, Musical Courier contained a
letter from her defending the International Composer's
Guild's production of Schoenberg's Pierrot Lunaire. This
production was criticized in the February 8 issue, and Mrs.
Reis was quick to point out the critic's fallacies. Again
in 1936, 1940, and 1943, Mrs. Reis wrote to The New York
Times in defense of the League of Composers. In 1942, she
wrote in support of the Fleisher Music Collection housed at
the Free Library in Philadelphia.
Claire Reis gave many lectures. Manuscripts of some
could be found in her personal papers in the collection
housed in the New York Public Library. One of these was a
presentation on the Dalcroze movement given July 28, 1914;
in another, in the fall of 1915, she described the
eurhythmies of mile Jacques-Dalcroze and opined that they
had proven value for concentration and coordination for
children. Many years later, in a lecture given at a
Conference on Radio and Education held December 11, 1936, in
Washington, D.C., she discussed the asset radio could be for
bringing contemporary music to a wider audience, and how
repeating works could aid in their understanding. Two other
lectures were given to the National Music Council in 1936,


133
first half of the twentieth century. Claire Reis educated
the reader about this exciting time in American music and
gave a more intimate view of contemporary composers than the
few music history books on that subject. Reis's writings
also were important in educating the public about the
contemporary composer and his music. They are still
important tools for any scholar who may be researching the
music of this century.
Recommendations
There are several recommendations for further study to
be made. The first is to gather together and publish the
programs of the concerts produced by the League of
Composers. Many of these concerts were important world or
American premieres of contemporary music. Others were first
performances of a particular composer's music. To scholars
of twentieth-century music, these programs would be an
important source of information about the music itself,
about performances of the music, and about composers. The
second recommendation is to reprint the music commissioned
by the League of Composers and make it readily available for
performance and study. The League commissioned 110 works:
few of them are performed today. Claire Reis believed that
to understand contemporary music, it must have repeat
performances. In order to insure those repeat performances,
the music must be made available to musicians. It must also


52
with Varese in the International Composer's Guild, she also
added that while "first performances were to be a feature of
the League concerts, modern works that the board considered
of sufficient importance to have a rehearing would be
included."3
The April 18, 1923, edition of The New York Times
carried the following article:
Another society to further the production of
modern music is now being incorporated, called the
League of Composers. Its immediate purpose is to
present music to the New York public which shall
be representative of contemporary tendencies in
the broadest and best sense. During the season of
1923-24 an opening series of concerts will be
offered at the Klaw Theater, devoted to the work
of modern composers of various schools and
nations.
The league has been founded and is directed
by a small board of composers and laymen. Six of
this number have been members of the group of
eight people who acted as Executive Council for
the International Composer's Guild during the
present season. A year's active association
convinced the seceding members that a broader
interpretation of the guild's original purpose was
imperative if a permanent public for modern music
were to be sought in this country. Owing to
irreconcilable differences as to policy, they have
formed a new medium, the League of Composers,
which will endeavor to present programs of such
disinterestedness, impartiality, and significance
as to place the sincerity of its purposes beyond
question.
The league is being incorporated to
encourage, support, and make possible the
production of music representative of present
time; to enable new composers to achieve
production and publication, to further the
publication of modern music; to promote
cooperation among composers of all countries, and,
finally to give performances, not for profit,
which shall represent and encourage new tendencies
in music.


58
Music, Inc.; Carl Fischer, Inc.; Hargail Music Press; Edward
B. Marks Corp.; National Federation of Music Clubs; Mrs.
Waler Rosen; Albert F. Metz; and Edwin Franko Goldman.
Other commissions were offered later by The Elizabeth
Sprague Coolidge Foundation at the Library of Congress;
Samuel R. Rosenbaum; the Koussevitzky Music Foundation;
Lado, Inc.; and Richard Rodgers and Oscar Hammerstein, who
gave a commission annually. Throughout her tenure as chair
of the League of Composers, Claire Reis continued in her
efforts to obtain commissions for composers. Even after she
retired as chair of the League, and through the other
organizations with which she was associated, Reis made it
clear that commissions for composers are important.
During its lifetime, the League of Composers offered a
wide variety of concerts of contemporary music. It produced
stage works, including ballets, and several in which life-
size puppets were introduced. There were productions of
American and Soviet operas, concerts honoring young
composers, and some which introduced composers of a
particular country or region. Evenings of tribute to one
composer offered a concert of his music followed by a
reception. Other concerts were dedicated to electronic
instruments, film music, music commissioned during World War
II, and radio broadcasts of commissioned works with a
discussion of the music.


47
7. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 11.
8. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 13-14.
9. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 16.
10. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 16.
11. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 16.
12. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 18.
13. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder IV.
14. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder III.
15. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 32.
16. Claire Raphael Reis, Composers Conductors and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 27.
17. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 33.
18. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 2, folder III.


141
Birthday Piece for Two Pianos
- 1942
"The Tender Land" (opera)
- 1952
Cowell, Henry
"American Pipers" (symphonic
work) 1943/44
Orchestra and 4 Voices 1954
Rogers and Hammerstein
commission
Dallapiccola, Luigi
Tartinana (Divertimento for
Violin and Orchestra) 1952
Koussevitsky Foundation
commission
Dello Joio, Norman
"To a Lone Sentry" 1943/44
Diamond, David
Quintet in B Minor for Flute,
String Trio and Piano -
1937/38 Barrere Ensemble
Etler, Alvin
Music for Brass 1939
radio commission CBS
Fine, Irving
Work to be completed for
Rogers-Hammerstein commission
- 1952
Foss, Lucas
"Song of Songs" (symphonic
work) 1946 Boston
Symphony Orchestra
Gerschefski, Edwin
"World's Fair Fanfair" 1939
radio commission CBS
Goldman, Richard Franko
Sonata for Violin and Piano -
1948 National Federation
of Music Clubs commission
Grainger, Percy
"The Power of Rome and the
Christian Heart" for Band -
1948 Edwin Franko Goldman
commission
Gruenberg, Louis
Five Variations on a Popular
Theme for String Quartet -
1942


132
compositions by contemporary composers. Late in her life,
Reis worked with the New York Public Library and Museum of
Performing Arts in organizing exhibits of materials of the
League of Composers which Reis had donated to the Library.
Throughout her life, she was a tireless supporter of the
contemporary composer and his music, and she promoted the
performance of contemporary music whenever she could.
By means of her writings, Claire Reis helped to educate
the public about contemporary composers and their music.
Each of her articles were devoted to some aspect of
contemporary music. Some promoted the idea that the 'common
man' was perhaps a better listener to contemporary music
than the trained musician. Some explained how new
inventions were expanding the possibilities of sound
production for the composer and listener. Reis wrote on the
25th anniversaries of the League of Composers and City
Center, about the many accomplishments of each and the
avenues of performance each opened for contemporary music.
Her books, American Composers and Composers in America, were
written as reference sources to help inform those searching
for contemporary music to perform, or for a composer to
commission. These books were also an invaluable source of
information on contemporary composers active during the
first half of the twentieth century in America. Composers.
Conductors and Critics was a first-person view of
contemporary music and activities in New York during the


164
Straus, Noel. "Canadian Concert." The New York Times.
January 12, 1942, p. 22.
Taubman, Howard. "Homage to Bloch." The New York Times.
October 5, 1947, sec. 2, p. 7.
Taubman, Howard. "To Benefit Composers." The New York Times
June 8, 1952, sec. 2, p. 7.
Taubman, Howard. "League Crusade." The New York Times. June
28, 1953, sec. 2, p. 7.
Taubman, Howard. "Endless Battle." The New York Times.
November 20, 1955, sec. 2, p. 7.
"Two Music Groups Announce Merger." The New York Times.
December 2, 1954, p. 38.
"Two Women Honored for City Center Aid." The New York Times
January 29, 1969, p. 26.
Varese, Louise. (1972). Varese: A Looking-Glass Diary,
Volume I: 1883-1928. New York, NY: Norton.


17
countries and giving concerts of their music, the
determination of the League to give young composers their
first public performance, and the encouragement of
commissions. Also included was a discussion of the
compositions to be presented on the anniversary concert.
Claire Reis wrote two articles for the Music Publishers
Journal. "A Marked Global Interest" appeared in 1944, and
concerned the new global interest in the work of the League
of Composers. Many League members were serving in the armed
forces during the war, and they were requesting that the
League's publication, Modern Music, be forwarded to them.
Allied groups were asking for copies of American
contemporary music to be performed on radio broadcasts.
"Government Support of the Arts" appeared in 1945, and was a
plea for government assistance for the arts. The United
States was compared to several other countries, including
Great Britain, Russia, Mexico, France, and Austria, whose
support of the arts far outdistanced that of the United
States, and suggestions were made to improve the situation.
This article was also printed in The New York Sunday Times
in the same year.
In January of 1948, Claire Reis co-authored with Marion
Bauer an article for The Musical Quarterly to celebrate the
twenty-fifth anniversary of the League of Composers. As in
the article for the twentieth anniversary, she began with
the inception of the League and the policies and purposes it


39
the theater was unused on Sundays when the Guild held their
concerts.
Board meetings of the Guild were usually held in Reis's
home. She recalled that the meetings were usually
unorganized as often wives of the board members and other
musicians would attend the meetings.
At those meetings we had no rules. Varese would
talk, Salzedo would talk, maybe I did a little.
Then in would come some musicians who wanted to
know what was going on, and they were welcomed by
Varse, and I never was sure who belonged and who
didn't.35
For the second concert of the season, the Guild decided
to perform Arnold Schoenberg's (1974-1951) Pierrot Lunaire.
which had been creating a sensation at all of its
performances in Europe. Louis Gruenberg was chosen to
conduct, with Greta Torpadie as soloist and a small ensemble
of five musicians. Fifteen rehearsals were agreed upon, to
be held at Reis's home. She recalled,
As we had a large studio living room in our
apartment they rehearsed there, and I was in the
room next to it, at every rehearsal wondering if X
was in the wrong camp, because I had never heard
so much contemporary music, except when Leo
Ornstein was just beginning to introduce his
music.36
Near the completion of the fifteen rehearsals, Gruenberg
informed Reis that more rehearsals were needed and three
more were agreed upon. At the end of the eighteenth
rehearsal, it was decided that there would have to be two
more rehearsals. After the twentieth rehearsal, Gruenberg
told Reis that they would not be able to perform the work as


85
worldwide readership. As executive chair, Claire Reis
received correspondence from many composers groups. There
were composer's groups in Poland, Palestine, South Africa,
Italy, and Japan who wrote to her to ask about forming their
own League, and reguesting copies of the League of Composers
bylaws and constitution, and inguiring about music exchange
programs. Reis met in Paris with the executive committee of
the Triton Society (in the early 1930s), a group dedicated
to contemporary composers in Europe, and she corresponded
with the Union of Soviet Composers. Each of these groups
were inspired in their efforts to assist contemporary
composers by the success of the League of Composers.
As the executive chair of the League of Composers,
Claire Reis was able not only to influence the purpose and
philosophy of the League, but to play an active part in all
League productions. In her unigue position, she knew many
people who could help in her work. Through her work in the
People's Music League, the International Composer's Guild,
and the League of Composers, she knew many composers,
conductors, performers, choreographers, and artists.
Through her family connections, she was acguainted with many
patrons of the arts to whom she could turn for financial
help for the League. Because of her personal contacts with
a variety of groups, she was able to acguire the artists
needed for each League production, the theater in which the


163
Reis, Claire R. "Demand and Supply of Performances of
Contemporary Music." National Music Council Bulletin
13 (May 1953): 5-6.
Reis, Claire R. (1955). Composers. Conductors, and Critics.
New York, NY: Oxford University Press. Reprint
edition, Detroit, MI: Detroit Reprints in Music, 1974.
Reis, Claire R. "Screening for Opera." Center: A Magazine
for the Performing Arts 3 (April 1956): 31-32.
Reis, Claire R. "A New Chapter in American Opera Repertory."
Playbill 16 (Spring 1959): 24-26.
Reis, Claire R. "Previously Unpublished Composers Letters
As Written to Claire R. Reis." Musical America 83
(January 1963): 14-17.
Reis, Claire R. "Opera in the Making." Here at Hunter.
Hunter College Opera Association, New York, 1968.
Reis, Claire R. "A City Center Chronicle." Opera News 33
(October 12, 1968): 6-11.
Reis, Claire R. Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University.
Root, Deane L. "New Music Enthusiast." The Musical Times
116 (June 1975): 542.
Rosenfeld, Paul. "Palestrina on Twenty-Second Street." New
Republic 18 (March 8, 1919): 177-179.
Salzman, Eric. (1974). Twentieth-Century Music: An
Introduction. 2nd Edition. Englewood Cliffs, NJ:
Prentice-Hall.
Saminsky, Lazare. "Founding a League." The New York Times.
November 15, 1942, sec. 8, p. 7.
Schonberg, Harold C. "Book Reviews." Musical Courier 152
(October 1955): 45.
Slonimsky, Nicolas. (1971). Music Since 1900. 4th Edition.
New York, NY: Charles Scribner's Sons.
Soria, Dorle J. "Copland P.S." Musical America 20 (December
1970): 32.


162
Reis, Claire R. "Contemporary Music and 'The Man on the
Street.'" Aeolian Review 2 (March 1923): 24-27.
Reis, Claire R. "Pierrot Again." Musical Courier 86 (March
1, 1923): 23.
Reis, Claire R. (1933). Chair of the Editorial Board.
Spend Your Time: New York's Resources for the Use of
Leisure. New York, NY: Teacher's College, Columbia
University.
Reis, Claire R. "The League of Composers." The New York
Times December 20, 1936, sec., 11, p. 8.
Reis, Claire R. (1938). American Composers. 2nd Edition. New
York, NY: International Society for Contemporary Music.
Reis, Claire R. "League of Composers Record." The New York
Times. January 21, 1940, sec. 9, p. 8.
Reis, Claire R. "The Fleisher Collection." The New York
Times, May 24, 1942, sec. 8, p. 6.
Reis, Claire R. "League of Composers Turn 20." The New York
Times. December 20, 1942, sec. 8, p. 7.
Reis, Claire R. "In Defense of the League." The New York
Times. January 10, 1943, sec. 8, p. 1.
Reis, Claire R. "A Marked Global Interest." Music Publishers
Journal 2 (January-February 1944): 6-7, 34.
Reis, Claire R. "The Attitude of the Press Toward American
Composers and How It Can Be Changed for the Better."
National Music Council Bulletin 6 (May 1945): 5-6.
Reis, Claire R. "A Case for Government Subsidy." The New
York Times. May 6, 1945, sec. 2, p. 4.
Reis, Claire R. "Government Support of the Arts." Music
Publishers Journal 3 (May-June 1945): 17, 47-48.
Reis, Claire R. (1947). Composers in America: Biographical
Sketches of Contemporary Composers with a Record of
Their Works. 2nd ed. New York, NY: Macmillan. Reprint
edition, New York, NY: DaCapo Press, 1977.
Reis, Claire R. "Mechanical Developments and Modern
Inventions Have Made Us Adapt Ourselves to New
Sensations Reflected in Our Art." Musical Leader 60
(June 18, 1951): 7, 16.


14
one or two can win the award. Not only is this
unsatisfactory to those who fail to win, but it
may even prove a boomerang to the winner, for too
often the public expects so much of the prize
winning composition that the result is
disappointing A commissioned work
bespeaks confidence in the chosen individual, and
he does his best to meet this faith. It also
brings the new compositions before the public with
the backing and confidence of a recognized
organization.1
Composers were listed alphabetically. Each listing provided
a brief biography, including when and where that composer's
compositions had been performed, including radio broadcasts.
Following the biography were the titles of their
compositions, listed by genre, the duration of each piece,
the publisher, and the date of publication. This would have
provided anyone at that time who wanted to commission a
piece the information required to choose a composer.
Two other publications with which Claire Reis was
involved were American Composers: A Record of Works Written
Between 1912 and 1932. which she compiled for the
International Society for Contemporary Music (1932 and
1938), and Spend Your Time, for which she was chair of the
editorial board. American Composers was meant to present a
"complete picture of the outstanding works written during
the past twenty years and present the important composers
living in America or American born."2 The purpose was to
be of assistance to orchestras, conductors, publishers,
libraries, and musical organizations; consequently, the
works listed were most often large works. No solo works


15
were included. The composers were listed alphabetically,
with their works listed by genre in categories such as
orchestral works, chamber orchestra, choral works, chamber
music, and stage works. Along with the title of each piece,
the duration, publisher and date of publication was listed.
Also included was a record of performances, and a short
biography (sometimes as short as two lines).
Mrs. Reis was appointed by President Franklin D.
Roosevelt to the Committee for the Use of Leisure Time. The
result was the publication Spend Your Time for which Claire
Reis served as chair of the editorial board. This
publication listed the City of New York's resources for
spending leisure time. Categories listed include art,
music, theater, libraries, science, history, recreation, and
hobbies. Each resource was listed by name, address, and
offerings enumerated.
Claire Reis wrote a number of articles for journals and
newspapers, as well as letters to editors. One of her first
articles was for the Aeolian Review (1923), titled
"Contemporary Music and 'the Man on the Street'." She felt
that the average man was better able to appreciate and
listen to contemporary music with an open mind than the
listener brought up on the musical values of the past who
was prejudiced and unable to accept "new" music. Those who
had studied music (even just a little) had been "nourished
on the romanticists and had in fact never developed beyond


159
Downes, Olin. "Getting Together." The New York Times.
January 1, 1950, sec. 2, p. 7.
Dupree, Mary Herron. "Jazz, the Critics, and American Art
Music in the 1920's." American Music 4 (Fall 1986):
287-301.
Elliot, J. H. "Claire Reis' Conductors, Composers, and
Critics." Music Review 37 (August 1976): 240.
Feist, Milton. "Composers, Conductors and Critics." Notes 13
(December 1955): 55-56.
Grant, Frances R. "Cooperation will Purge New York's
Municipal Music of Political Poison." Musical America
30 (May 3, 1919): 45-46.
Grant, Frances R. "The People's Music League of New York as
Possible Sharer in the Juilliard Bequest." Musical
America 30 (July 19, 1919): 35-36.
Grant, Frances R. "Symposium of Composers to Open People's
Music League Season." Musical America 35 (January 28,
1922): 56.
Grant, Frances R. "Native Writers Give Own Works." Musical
America 35 (February 18, 1922): 13.
Hall, David. "In Memoriam-Claire R. Reis 1889-1978."
National Music Council Bulletin 37 (Spring 1978): 7.
Hamm, Charles. (1983). Music in the New World. New York,
NY: Norton.
Hanson, Howard. "America's Musical Culture." The New York
Times. June 14, 1948, p. 22.
Hitchcock, H. Wiley. (1988). Music in the United States: A
Historical Introduction. 3rd Edition. Englewood Cliffs,
NJ: Prentice-Hall.
"International Composers Guild." Musical Courier 86
(February 8, 1923): 33.
Jules-Bois, H. A. "Mrs. Arthur M. Reis." Le Messaaer de New
York 10 (June 1, 1935): 13-14.
"The League of Composers.
1923, sec. 8, p. 5.
The New York Times. April 18,


112
As chair of the Projects Committee for the League of
Composers, Claire Reis developed a plan to encourage concert
artists to perform contemporary works on their concerts. In
support of this plan, Reis wrote "Demand and Supply of
Performances of Contemporary Music" which appeared in the
National Music Council Bulletin in 1953. The objectives of
the plan were
1. to reach the large number of performing artists
throughout the country and obtain their assurance that
they will endeavor to perform at least one contemporary
work on every program; and
2. to communicate with musical organizations in all
categories, orchestras, choral groups, various
ensembles, in order to secure their cooperation in
asking the artists appearing with them to present at
least one contemporary work on all programs.16
Reis described enlisting the aid of music faculties and
artist's managers for this project. After deciding to limit
the project to singers, pianists, and violinists for the
first year, music publishers were asked to select nine
contemporary works in these genres from their catalogs to
form a collective basis from which artists could choose
works. These works were listed at the end of the article.
At the conclusion, Reis wrote,
I believe that this project will help to establish
in time a new convention on all concert programs,
and perhaps in all musical organizations and in
all countries. With the sympathy of the artists,


48
19. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, p. 35.
20. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, pp. 35-36.
21. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, p. 39.
22. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, p. 48.
23. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, p. 48.
24. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, p. 47.
25. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music
Yale University, p. 47.
26. Frances R. Grant, "Cooperation Will Purge New York's
Municipal Music of Political Poison," Musical America
30 (May 3, 1919):46.
27. Paul Rosenfeld, "Palestrina on Twenty-Second Street,"
New Republic 18 (March 8, 1919):179.
28. France R. Grant, "Symposium of Composers To Open
People's Music League Season," Musical America 35
(January 28, 1922):56.
29. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974):
p. 29.
30. Frances R. Grant, "Native Writers Give Own Works,"
Musical America 35 (February 18, 1922):13.


166
Renaissance Ensemble, was an active member of the
Gainesville Alumnae Chapter of Sigma Alpha Iota, was
appointed to serve on the Community Advisory Board of WUFT-
FM, and organized and hosted a Symposium on Women Composers.
She was inducted into Phi Beta Delta and Pi Kappa Lambda.
She is a member of the Sonneck Society, College Music
Society, and American Musicological Society. She was
elected student representative of the Southern Chapter to
the AMS Council in 1989. Ms. Thomas has also presented
papers on various musicological subjects on the University
of Florida Department of Music Musicology Lecture Series,
Southern Chapter of the College Music Society, and South-
Central Chapter of the American Musicological Society. She
has taught in the public school system in Houston County,
Georgia, Volusia County and Bradford County, Florida, and at
the University of Florida.


77
For the League's twentieth anniversary, WQXR (the New
York Times's radio station) ran a series of four programs
that presented works either commissioned, premiered, or
sponsored in a recording by the League. These programs also
included a composer who was a member of a college faculty
who introduced the music. In addition, each of these
composers had composed a special anniversary piece for the
League which was performed. The composers were Walter
Piston (Harvard University), Darius Milhaud (Mills College),
Douglas Moore (Columbia University), and William Schumann
(Sarah Lawrence College). The League continued its radio
broadcasts through the 1940s. A list of broadcasts for the
1947-1948 season (the League's twenty-fifth anniversary) can
be found in Appendix C.
In 1936, the first National Conference on Educational
Broadcasting, in cooperation with the United States Office
of Education and the Federal Communications Commission, was
held in Washington D.C. Olga Samaroff (1882-1948), chair of
the music committee, invited Claire Reis to speak on
contemporary music and broadcasting. In her presentation,
Reis stated,
The first reguisite for appraising and therefore
understanding new music is the opportunity to hear
a work repeated. . for serious new works which
need to be repeated in order to be understood,
what an asset this can be. The improvements in
the mechanics of recorded music, film music, and
radio have given us today a scaffold on which to
build towards a better appreciation of music.33


66
Bacon's (1898) A Tree on the Plains. The opera premiered at
the Spartanburg Festival at Converse College and was
repeated at the Brandon Matthews Theater at Columbia
University. Columbia also performed Benjamin Britten's
(1913-1976) opera, Paul Bunvan.
Although the Composer's Theater Project had a good
beginning with much support from the necessary educational
establishments, it was interrupted by World War II. A
similar project was begun by the Columbia University
Department of Music (with Douglas Moore as chair) after the
war, but the League of Composers did not become involved.
In November of 1924, the League began a series of
"young composers concerts," a precedent that was observed
for many years. The first announcement of this series
stated, "the younger generation in music will present two
programs devoted to 'the musical youngsters' of America,
England, and the Continent."19 These programs were
usually given in a room in the New York Public Library
(which held about 250 people), or a museum, rather than Town
Hall or one of the other larger concert halls usually used
by the League. The first concert was presented at the
Anderson Galleries, with the music critic Olin Downes (1886-
1955) as speaker. The music performed was by George
Antheil, Mario Castelnuovo-Tedesco (1895-1965), Alois Hba
(1893-1973), Richard Hammond (1896), Ernst Krenek (1900),
Daniel Lazarus (1898-1964), Bernard Rogers (1873-1968),


116
said, "feeling that a catalog of American composers works
with practically no biography would establish a certain
number who were becoming known or should be better
known."24 The first edition of American Composers was
published in 1930, but Reis felt it did not contain enough
information and began to work on a second edition which was
published in 1932. Each edition listed a record of
composers and works written between 1923 and 1930 (1932 for
the second edition). The composers were listed
alphabetically and their works given by genre. The title,
duration, publisher and date was given for each work. Also
listed was a record of performances, the title of the works
performed, and the names of the artists. Finally, there was
a very short biography of each composer (added to the second
edition). The purpose of this catalog, as Reis wrote in the
forward, was,
.... primarily to be of assistance to
orchestras, conductors, publishers, libraries and
musical organizations, the works included are
mostly by composers who write in larger forms and
short solo works are not listed. The biographical
data which has been added to this second edition
may be of value in giving a brief portrait of each
composer, his background, past studies, activities
and particular interests. Although it may seem
arbitrary to include only works written between
1912 and 1932, yet a score of years is a fair
exposition of contemporary music. It is the
purpose of the editor and the Board of Directors
of the International Society for Contemporary
Music (U.S. Section) to present this material with
less emphasis on the complete historical survey
than in the original work which has come out of
this country in the last twenty years.25


54
The first concert of the League of Composers was held
November 11, 1923. The works performed on this concert were
Ernest Bloch's Piano Quintet. Arthur Bliss's (1891-1975)
Songs with Chamber Orchestra. Igor Stravinsky's (1882-1971)
Three Pieces for Clarinet, and Albert Roussel's (1869-1937)
Divertissement for Piano and Woodwinds. Although one of the
first rules decided by the League's board was that works by
board members in their first year would not be performed, an
exception was made in the case of Arthur Bliss. He was a
member of the board, but was newly arrived in America, and
was to be in the country only one year. Since he offered to
conduct his work, which was to be an American premiere, the
board decided to allow his work on this first program.
Another rule suggested by Claire Reis was that there should
be no encores. "I had great objection to encores," she
later stated,
I had seen that happen when I was with Varese and
Hvoerprism was played, and some of the audience
then were walking out at the end of the program,
and Salzedo jumped up on stage, finding always a
place to appear, and said, 'We decided to repeat
Hvoerprism. and anyone who doesn't want to hear it
may go home. We'll have five minutes for this.'
And there was an exodus of people, but there were
people who stayed, and I thought that was very bad
manners and bad form, and I didn't think it should
happen. So I suggested a ruleno more repeats,
no encores. We would settle our programs
according to the time we wanted to hold one. And
Arthur Bliss understood this, but to my surprise,
with the great applause he receivedand he was a
very good-looking figure on the stage and
conducted very wellthe applause was more than he
could bear without a repeat, and before I knew it
he had tapped his baton for silence and he was
repeating the work. And at the end I said to him,


37
Not long after this concert, Claire Reis identified
what she felt had become a serious problem in the People's
Music League. She had noticed that many people in the
audiences of the concerts were leaving in the middle of the
concerts. She wondered if free concerts were necessary for
the newly arrived people anymore. What she discovered was
that these people were leaving the concerts and going to the
movies. Since the concerts were free, and it cost money to
get into a movie, it was suggested that the People's Music
League begin charging a small admission to their concerts.
After some discussion with Dr. Eugene Noble, president of
the Juilliard Foundation for Music, and some serious
thought, Reis decided it was time to stop since the
audiences were dwindling.31 The People's Music League was
dissolved in February, 1922.
In reviewing the recent concert of living composers
works, Reis felt that it was now time for more of those
types of programs.
I felt compelled to find new and better ways to
help with the development of contemporary music.
Something told me that now my activities of the
last ten years had served the purpose, but had
reached their logical end. . With this in
mind, I turned to the new interest I had taken in
helping living composers.32
The International Composer's Guild
The Composer's Concert of the People's Music League
brought Claire Reis to the attention of the composer Edgard


44
Louis Gruenberg, the pianist and composers whom
Varese had known in Berlin and who had played
something of his own at the first concert,
proposed a friend of his, a Mrs. Arthur Reis, who
had been managing concerts at the Cooper Union.
So Varese and Salzedo went to see her and she
eagerly accepted. Mrs. Reis began by finding an
auditorium uptown for the concerts. Her
affiliations were many and moneyed. She obtained
the Klaw Theater for three Sundays at a very
moderate rate, as she tells in her carefully
misleading (not to use a less euphemistic word)
account of the ICG in her book. The Klaws were
friends of hers. She also added other friends to
be the executive board: Mrs. Alma Wertheim, who
was a daughter and sister of the Morganthaus, and
Stephen Bourgeois, a picture dealer. She was
indefatigable. She took over. The musical
guidance of the Guild was to be left exclusively
to Varese and Salzedo. She was a treasureor so
we thought.45
When the Varses left for Berlin in July of 1922,
Louise Varese claimed that Varese cautioned Salzedo to watch
out for the "foreign element" in the Guild and that he
already sensed in Reis "a tendency toward tentacular
proliferation.46 About their homecoming, she wrote:
As soon as we returned to New York in the middle
of November, Varse, as chairman of the ICG,
called a meeting and, as naturally as breathing,
resumed leadership. This, it was soon to become
evident, was resented by Mrs. Reis and her clique,
who, during his absence, had assumed that theirs
was the power and the glory to come. They began,
not yet frankly, but with the determination of
pique, working democratically to dethrone him.47
Of the final split, Louise Varse wrote:
The ostensible reason for the final quarrel,
though reason enough, was not the real one. That
was simply, as in most divorce cases, a matter of
incompatibility. If it hadn't been one reason, it
would have been another. Mrs. Reis and Gruenberg,
supported by Saminsky, Jacobi, and Whithorne,
voted for a repetition of Schoenberg's work. . .
However, Varese referred them to the bylaws of the


55
'Arthur, I guess you forgot the rule we madeno
repeats, no encores.' He said, 'Oh, I couldn't
help it, they wanted to hear it again.' But we
made a rule at the next meeting that no matter how
well received a work was there would be no more
encores.6
The idea to commission works came early in the life of
the League of Composers. It was first suggested to Claire
Reis by the conductor Serge Koussevitzky (1874-1951). Mrs.
Reis met with Koussevitzky in the spring of 1925 to discuss
the possibility of his conducting a League concert in the
fall. Koussevitzky suggested to Mrs. Reis that she contact
Aaron Copland (1900-1990), who had been studying in Paris
but had recently returned to the United States, and
commission a work for Koussevitzky to conduct. This was
done, and Copland's Music for the Theater (1925) was the
League of Composer's first commission.
Claire Reis felt the success of this work opened a new
opportunity for the League in its efforts to aid living
composers. She wrote
it was obvious that competitions often represented
a great waste of time for men of talent, when only
one or two composers could receive recognition.
Others who had to give a great deal of their time
in order to enter the competition found themselves
without either honor or compensation for such
expenditures of time and labor. For this very
reason many composers of real stature would not
enter some of the competitions. If a man was
worthy of consideration, we believe he should be
chosenas in the time of Mozart and Haydn.7
Through Reis's efforts, it became the policy of the
League of Composers to commission. However, due to the
limited financial scope of the League in its early years,


65
Station by Virgil Thomson (1896-1989). Although these works
have since had frequent performances, the opening week was
one of the Leagues only "failures," due to errors in
planning rather than in the performances. The opening week
of the American Lyric Theater coincided with the opening of
the New York World's Fair (April 30, 1939) and the
competition was too great to overcome.
In searching for other opportunities for composers of
opera and ballet, the League of Composers began a new
project, called The Composer's Theater, in cooperation with
universities and music schools. The purpose of the project
was to bring together the resources of music and drama
departments at colleges, universities, conservatories, and
museums to create a new type of American Lyric Theater for
small operas. The League hoped to offer frequent
performances of works through collaboration with these
groups. Each group could use its own orchestral and/or
dramatic group, chorus, and soloists. The League would rent
out to the group all the stage designs, decor, and costumes
needed for the production. The Composer's Theater was
endorsed by many colleges and universities including
Harvard, Yale, Columbia, Smith, Vassar, Princeton,
Bennington, Bard, Western Reserve, Duke, Juilliard, Eastman,
and the Curtis Institute.
The first production of this project was a performance,
in 1942, of an opera commissioned by the League, Ernst


124
Notes
1.
2.
4.
6.
9.
10.
11.
12.
13.
Claire R. Reis, "Pierrot Again," Musical Courier 36
(March 1, 1923):23.
Claire R. Reis, "The League of Composers," The New York
Times. December 20, 1936, sec. 11, p. 8.
Claire R. Reis, "The League of Composers Record," The
New York Times. January 21, 1939, sec. 9, p. 8.
Claire R. Reis, "The League of Composers Record," The
New York Times. January 21, 1939, sec. 9, p. 8.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 256.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, pp. 250-251.
Claire R. Reis, "Contemporary Music and 'the Man on the
Street,'" Aeolian Review 2 (March 1923):24.
Claire R. Reis, "Contemporary Music and 'the Man on the
Street,"' Aeolian Review 2 (March 1923):25-26.
Claire R. Reis, "Mechanical Developments and Modern
Inventions Have Made Us Adapt Ourselves To New
Sensations In Our Art," Musical Leader 60 (June 18,
1951):7.
Claire R. Reis, "Mechanical Developments and Modern
Inventions Have Made Us Adapt Ourselves To New
Sensations In Our Art," Musical Leader 60 (June 18,
1951):7.
Claire R. Reis, "A Marked Global Interest," Music
Publisher's Journal 2 (January-February 1944):34.
Claire R. Reis, "Government Support of the Arts," Music
Publisher's Journal 3 (May-June 1945):17.
Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 258.


123
activities and people involved in New York in the first half
of the twentieth century.
Summary
Reis's articles and books were intended to educate the
public about composers and offer suggestions as to how they
could be helped. Her writings were concise, to-the-point,
and written in layman's terms so that they could be readily
understood by the public. She challenged the public not to
be complacent about music, but to take an active role in the
music of the times. While Reis made constructive
suggestions to music critics, and tried to convince
performers to perform more contemporary music, there has
been no evidence uncovered to show that these groups heeded
these suggestions. Her catalogs have proved useful to
researchers, including an editor, who told her, "I have used
your catalog so much I'll show you what it looks like" and
he opened a drawer and he pulled out the most ragged copy.
He was working on an encyclopedia, and my catalog had been
most helpful to him, he said."38 Reis's writings were
only a part of her achievements in the advocacy of
contemporary music. They were significant because they
brought before the public the importance of the living
composer and garnered support for his music.


56
little or no monetary reward could be offered for a
commissiononly the prestige of receiving a League of
Composers commission. The usual policy was that while the
League guaranteed a performance of the work, a composer
owned his work and was able to publish and sell it as he
wished. All he had to do was have printed on the music
'Commissioned by the League of Composers.'
While the prestige of a commission raised morale and
brought a composer's name before the attention of the
public, with little or no monetary reward, it did little to
help a composer earn a living. Concerned about this
problem, Reis realized the need to crusade for commissions
not only from the League but from other groups as well, and
for the League itself to establish a specific fund for
commissions. A chance to crusade came while attending a
meeting of the Music Committee of Town Hall (of which Reis
was a member). During a discussion of the Artist's Awards,
Reis suggested that they not only be awarded to performing
artists, but also to composers. After a discussion, it was
decided to offer a commission to William Schuman (1910), and
his String Quartet No. 3 was premiered in Town Hall the next
fall.
Due to the success of the League of Composers concerts,
with many famous conductors and artists volunteering their
services, the League was able to enlist the aid of a number
of patrons and patronesses to sponsor a series of gala


22
operas. She was written about in The New Mexican in an
article that recounted her work as a founder and secretary
of the board of the New York City Center, as well as her
promotion of American opera. There was a one-paragraph
biography of her written by Vivian Perlis in the New Grove
Dictionary of American Music: the accompanying bibliography
had only three entries.
Following her death in 1978, there was the standard
obituary in The New York Times and National Music Council
Bulletin. The Musical Quarterly published a longer memorial
written by Aaron Copland, a close friend of Mrs. Reis.
There are numerous articles from The New York Times and
music journals about the League of Composers, New York City
Center, and other groups with which Claire Reis was
involved. Although she was sometimes interviewed for these
articles, most often only her name was listed as being a
member of the organization.
Another source of information about Claire Reis was in
biographies, autobiographies, and memoirs of those
composers, musicians, and critics with whom she was
involved. They often confirm in their own books what Claire
Reis wrote about them. Aaron Copland, in Copland: 1900
Through 1942. wrote of their friendship and of the support
he received from the League of Composers. Two books about
Stokowski, Leonard Stokowski by Preben Opperby and
Stokowski: A Counterpoint of View by Daniel Oliver, both


Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy
CLAIRE REIS: ADVOCATE FOR CONTEMPORARY MUSIC
By
Penny Thomas
December 1991
Chairman: Dr. David Z. Kushner
Major Department: Instruction and Curriculum
In an effort to assist contemporary composers, Claire
Raphael Reis (1888-1979) helped to found the League of
Composers in 1923 and served as its executive chair for
twenty-five years. Under her direction, the League became
one of the most influential advocacy groups of the first
half of the twentieth century for increasing awareness and
appreciation of contemporary music and composers. Not only
did the League sponsor concerts of contemporary works, but
it also obtained 110 commissions for outstanding young
composers. During Mrs. Reis's tenure as chair, the works of
678 contemporary composers were performed. She also wrote
numerous articles and books about composers and their works.
Despite these and other achievements, little has been
written about Reis.
This study examines Reis's life and work. Her
childhood, education, and experiences which led her to the
v


APPENDIX B
COMMISSIONED WORKS OF THE LEAGUE OF COMPOSERS
1922-1952
Achron, Joseph
Spring Quartet 1935
Pro Arte Quartet in Europe
Anthei1, George
Chamber Concerto for Eight
Instruments 1932
Bacon, Ernst
"The Lamp on the Plains"
(opera) 1942
Columbia University
Barber, Samuel
Piano Sonata 1948
Berlin and Rogers Commission
Bartk, Bla
Village Scenes (vocal
quartet and chamber orchestra)
- 1926 Boston Symphony
Ensemble, Koussevitsky
Bauer, Marion
Concertino for Oboe, Clarinet,
and String Quartet 1940
radio commission CBS
Bennett, Robert Russell "Hollywood" (symphonic work)
Berezowsky, Nicolai
- 1936 NBC orchestra,
Frank Black
"Mademoiselle" (symphonic
work) 1952 Goldman Band
commission
String Quartet No. 1 1935
Stradivarius Quartet
Suite for Seven Brass
Instruments 1939 radio
commission CBS
"Soldiers on the Town" -
(march for orchestra) -
1943/44
139


43
was giving money generously to pay the back debts
and to help establish this organization. But I
did not know that their complaints were getting
close to a point of crisis. I was spared that
until the three of them in a temper just broke up
the meeting and said, 'We are resigning.' Varese
was startled. I don't think a dictator always
knows what a dictator's offenses are on
others.42
Reis did not know that there was so much
dissatisfaction. She said,
I think they felt that I was doing a pretty good
job in bringing big audiences and getting enough
money to pay good instrumentalists, and they
didn't want me to worry about Varse's behavior.
He soon really became an impossible kind of an
enemy to the League and to me. He struggled to
keep his society going, and he felt that when the
League was formedwhich was a suggestion made to
me by the three dissidents who had walked out;
when they heard that I wasn't going to stay with
him for a completely different reasonbecause he
wouldn't repeat worksthey suggested forming the
League of Composers, or a society which became
called that. Well, by that time I was getting
more and more interested in the lives of composers
and their needs, and I readily saw that a society
could be formed which would not have a dictator,
not have the ruling that had made me break with
Varese, and from there I can go on and tell you we
formed a society immediately with bylaws which we
all agreed upon. The music we would perform would
be from every country, from every trend; the first
year no one who was on the boardno composer on
the board would have his work performed, so we
wouldn't start off as the other society had, with
more or less of a cligue feeling in it.43
The split was acrimonious. In her biography of Varse,
Louise Varse later wrote about this episode. She admitted
that Varse was a "despot director"44 of the ICG, but her
condemnation of Reis was nonetheless complete. Her
description of Reis's entry into the ICG was this:


61
performances were underwritten by funds raised by an
existing League auxiliary committee. After the
performances, Reis was able to return one hundred percent of
the underwriting and to send twice the amount of payment to
de Falla that was asked for by his publisher.14
The next stage production (1929) of the League was
Stravinsky's Les Noces, with Stokowski conducting. He was
now prepared to work with the League. Stokowski asked that
the performance be held in the Metropolitan Opera House.
Luckily, it happened that the chair of the League's
auxiliary committee was the wife of the chairman of the
board of the Metropolitan Opera. The League was able to
rent the theater at minimum price and have the privilege of
extra house rehearsals. Since Les Noces would not fill an
entire evening, the League decided to contrast it with a
performance of Claudio Monteverdi's (1567-1643) II
Combattimente di Tancredi e di Clorinda. Although the
intention of the League was to promote contemporary music,
they did on occasion provide performances of older music.
In the 1927-1928 season, a performance was given of the
music of sixteenth- and seventeenth-century 'radical'
composers contrasted with the music of twentieth-century
'radicals.' The League believed "it was not modifying its
policies, but strengthening and broadening them [because]
that old music [was] as little known to the present
generation as the new."15
Of the Stravinsky/Monteverdi


83
stage works early in its career. The League also gave
performances of operas by American composers and convinced
other groups, such as the New York City Opera and the
Metropolitan Opera, to also present American operas. Young
composers, and in particular, young American composers, were
given an opportunity to have their works performed. This
give them a boost in their career they might not have had if
they had had to wait for a major orchestra to perform their
works. Foreign composers, with particular emphasis on Latin
American composers, were given the opportunity to have their
music performed in New York as well. The League recognized
early the importance of music for film composed by many
important contemporary composers, and presented these works
to the public, emphasizing the music over the film. The
League was also willing to recognize the importance of
electric instruments, new inventions and the music composed
for them. In concerts dedicated to new instruments, not
only were compositions played, but each instrument was
demonstrated so the audience could understand these new
developments.
During World War II, the League did all it could to
help in the war effort. Reis and Lederman corresponded with
composers and servicemen around the world and tried to
answer all their requests. Extra copies of Modern Music
were sent out, as were scores of American music to be
performed by groups around the world. The League kept to


93
by remaining on the Board of Directors and assuming the
chair of projects. Reis began her work on projects by
chairing, in 1948, an international committee. This
committee concentrated on the presentation of works by
contemporary composers in the United States and abroad using
a system of interchange.
In 1950, Reis began a project to bring together the
composer, the performer, and the publisher, "the three
parties whose cooperation is essential to the promotion of
new works."1 The plan was to encourage publishers to
publish new music and for performers to schedule a
contemporary work on each of their performances. Reis was
quoted as saying,
All three have a stake in a new work. If a
composition is published and not played, it dies
on the music shelf. If a manuscript is played and
not published it has few chances of being
performed by many artists.2
For this project, four publishers each presented a program
of recently published, or soon-to-be published works to an
invited audience of interpretive artists.
For the 30th anniversary of the League of Composers
during the 1953-1954 season, Reis arranged a series of
commissions. As chair of projects, she arranged for
composers to receive commissions to celebrate the League's
30th season. Among the commissioned works were Aaron
Copland's opera The Tender Land. Mademoiselle by Robert
Russell Bennett, and works by Elliott Carter and William


TABLE OF CONTENTS
Page
ABSTRACT V
CHAPTERS
I INTRODUCTION 1
Purpose of the Study 1
Need of the Study 2
Research Procedure 7
Notes 8
II REVIEW OF THE LITERATURE 9
Summary 23
Notes 24
III EARLY LIFE AND WORK, THE PEOPLE'S MUSIC LEAGUE
AND THE INTERNATIONAL COMPOSER'S GUILD 25
Early Life and Work 25
The People's Music League 32
The International Composer's Guild 37
Summary 45
Notes 46
IV THE LEAGUE OF COMPOSERS 51
Summary 82
Notes 88
V WORK IN OTHER ORGANIZATIONS 92
IV PROSE WORKS 104
Summary 123
Notes 124
iii


148
February 15, 1948
WNYC
Paul des Marais Piano Sonata
Otto Luening Elegy for Cello and
Piano
Bernard Wagenaar Sonatina for
Cello and Piano
Everett Helm Sonata for Flute
and Piano
February 29, 1948
WOR (Mutual Network) Sylvan
Levin, conductor
William Bergsma The Fortunate
Islands
March 21, 1948
WNYC
Henry Cowell Sonata for Violin
and Piano
William Flannagan Divertimento
for String Quartet
April 13, 1948
WNYC
Adolph Weiss Five Songs for
Baritone, Viola, and Piano
Ingolf Dahl Hymn and Toccata for
Piano
George Tremblay String Quartet
May 9, 1948
WNYC
Jerzy Fitelberg
Lukas Foss Song of Songs


87
As executive chair of the League of Composers, Claire
Reis was an effective administrator: it is, after all,
through her efforts that the League was able to accomplish
as much as it did on behalf of the contemporary composer.
Before her retirement as executive chair, during the
League's 25th anniversary year, she gathered the following
statistics pursuant to the League's accomplishments during
her administration:
Concert works performed 1068
Stage productions 16
Composers presented 678
American composers presented 361
League of Composers commissions 110
Modern Music journals 92
Series of recordings 5
Evenings of Tribute 25
Works broadcast by the League 93
Composer's News Record 7
Modern Music Index and other publications 6
At the announcement of her retirement, Olin Downes,
music critic of The New York Times wrote,
Mrs. Reis has been one of its [the League's] most
active and productive minds. One does not think
of the League in its whole character and of the
artistic initiative which has made it such a vital
agency for musical progress without her, close to
the helm.43
Aaron Copland also wrote about Reis, stating,


96
During World War II, besides organizing concerts for
the League of Composers, Reis organized a committee to
collect old pianos which were donated for their metal.
After her committee had collected and delivered 100 pianos,
she received a letter, dated October 27, 1942, from R. E.
Fisher, Associate Executive Director for the New York City
War Production Board, informing her that from the 100 pianos
collected, they had "gotten 22,000 pounds of urgently needed
war materials."7
During its second year of existence (1917), Claire Reis
was invited to join the New York Women's City Club. She
began as chair of the Education Committee since, at that
time, she was still active in the Walden School. Reis
formed, in 1949, the Arts Committee and remained its chair
for 10 years. As chair, she arranged programs on the arts
for the Women's City Club. Music was certainly included,
but, as she stated, "that meant bringing to the club some of
the leading people in all the arts."8
Reis organized a program for the Women's City Club, in
1958, to bring together the artist and the critic. She
stated, "I decided to do a job with had not been shown in
this light, and that was to bring together the critic and
the creative man."9 The purpose was to discuss the
function of the critic and criticism and,
.... we made them each feel they had to be very
outspokenthe creative man against the critic,
and the critic answering the creative manand
there was really no platform where they have


40
scheduled. Since the Klaw Theater was completely sold out,
Reis knew that the performance would have to go on. She
told Gruenberg,
Louis, we have two days left before the scheduled
performance of Pierrot Lunaire. We can add two
more rehearsals. But then, after twenty-two
rehearsals, the work will simply have to be given
according to our agreement with the public.3'
Reis and Gruenberg spent the next two hours pacing up and
down her living room arguing about the performance. Reis
finally convinced Gruenberg, and Pierrot Lunaire was given
its American premiere as scheduled. She later wrote,
It was as strange and turbulent a walk as I have
ever taken in my life. ... To this day I do not
know what reason brought him round, unless it was
my stubborn repetition that his best attempt with
this work at its present state probably would be
as good, and very likely better, than an attempt
by anyone else.38
With the performance of Pierrot Lunaire came
controversy. The first came from Schoenberg himself.
Varese wrote to Schoenberg to ask permission to perform the
work. Schoenberg first replied that he wanted to know the
aims of the Guild. After receiving their manifesto, he
wrote to ask how the Guild could call itself international
when they had not performed a work by a German composer, and
had they planned enough rehearsals (he had held one hundred
rehearsals for a performance in Vienna), did they have an
adequate woman speaker, did they understand the style of the
work? If they could satisfy him on these and other points,
he would give his permission.39 After a number of letters


68
Alberto Williams (1862-1952), Alberto Ginastera (1916-1983),
and Pedro San Jun (1886-1976). Due to its continuous
interest in the music of Latin America, the League of
Composers was chosen by Nelson Rockefeller, then Coordinator
of Cultural Relations, to sponsor a quintet of composer-
instrumentalists to tour Latin America, thus giving the
League an opportunity to offer contemporary music outside of
New York.
In January 1942, the League gave the first New York
program of works by contemporary Canadian composers. The
program was devoted to younger composers (the oldest was in
his early thirties); it featured the works of John J.
Weinzweig (1913), Godfrey Ridout (1918), Louis Applebaum
(1918), Hector Gratton (1900-1970), Andr Mathieu (1929-
1968), and Barbara Pentland (1912). Prior to the concert,
Claire Reis introduced James P. Manion, Assistant Canadian
Trade Commissioner in New York, who read a message from
Canadian Prime Minister, Mackenzie King:
It is very gratifying to know that such a splendid
opportunity is being given to our young artists,
and that their talents should receive this
recognition. To the sponsors of the program and
to the performers themselves I extend my very best
wishes that the concert may be an unqualified
success.22
When, beginning in the 1930's, contemporary composers
began composing music for film, Claire Reis felt it was part
of the League of Composer's responsibility to focus some
attention on this music. The precedent had been set by the


CHAPTER II
REVIEW OF THE LITERATURE
Literature related to the subject under study came from
a variety of sources. The most important were works created
by Claire Reis, including books, articles, speeches, letters
to editors, and a series of interviews carried out with her
from 1976-77 for the Oral History, American Music project at
Yale. These interviews were conducted by Vivian Perlis,
director of this project. The interviews, a total of
twenty-six tapes (designated by alphabetical letters) or 302
pages in transcript form, included information about Mrs.
Reis's childhood in Brownsville, Texas, her early music
training, the death of her father and subsequent move to New
York with her mother, her education in Europe, the
beginnings of her interest in contemporary music, her early
musical associations in New York, her early social concerns,
including using Montessori principles to teach music to
children and co-founding the Walden School, and her work in
the People's Music League. The interviews continued with
her association with Varese and the International Composers
Guild, the ensuing split between members of the board of
that latter organization, and the subsequent formation of
the League of Composers. Many of the tapes included
9


BIOGRAPHICAL SKETCH
Penny Thomas was born August 28, 1952, in Atlanta,
Georgia. She moved with her family to Orlando, Florida, in
1958, and attended public school there, graduating from
William R. Boone High School in 1970. She attended Wesleyan
College in Macon, Georgia. While at Wesleyan, Ms. Thomas
was a member of the Wesleyan College Glee Club, Renaissance
Ensemble, Collegiate Chapter of the Music Educator's
National Conference; she also served as the music editor of
the Wesleyan Magazine of Creative Arts. She was inducted
into Sigma Alpha Iota, Alpha Psi Omega, and Pi Delta
Epsilon. In 1974, Ms. Thomas graduated with a Bachelor of
Music degree in music education. In 1977, she began
graduate studies at Georgia State University in Atlanta, and
received a Master of Music degree in music history and
literature in 1979. The title of her master's thesis was A
Study of the Style Characteristics Found in Selected Early
Works of Rov Harris.
Ms. Thomas began doctoral studies in 1986 at the
University of Florida, where she served as a graduate
teaching assistant, and was awarded the John V. D'Albora
Graduate Music Scholarship and the President's Recognition
Award. She has performed with the University of Florida
165


86
performance would take place, and the financial backing and
patron support to see the project reach fruition.
Through Reis's influence, most major artists donated
their services. While union fees had to be met, some
artists would even return those fees to the League. Reis
stated,
All union fees had to be paid, so if a singer
wanted to return to the League her fee that was
her privilege, but we thoroughly understood that
all the union fees were met. Now when Rodzinski
wanted to bring the Cleveland Orchestra here, he
found Cleveland patrons were so eager to have
their great orchestra in the Metropolitan for a
very great gala occasion that they underwrote the
orchestra. Then we found a Russian chorus here,
and the soloists came and were paid their fee, and
sometimes they would return it out of interest in
helping composers. I think we had done a pretty
solid job in making artists realize that the
composer needed the artist's support.41
Reis also held her "famous tea parties" at her home
where she gathered many artists together to discuss League
performances. She assembled many who might not have
ordinarily worked together such as Broadway stage designers,
choreographers, conductors, composers, and the patrons.
For each production, the League policy was that one of
the members of the Executive Board would be in charge.
However, whenever there was a problem, Claire Reis would be
the one called in to solve the crisis. When asked about
this, she answered, "Well, somebody had to feel the
responsibility and of course I felt it because I had helped
to put together many of these productions.1,42


121
About Composers. Conductors, and Critics Aaron Copland
wrote,
Anyone who reads Claire Reis's book will get an
intimate and personalized view of recent musical
history, based on her more than thirty years of
experience as a 'maker' and 'doer' in the field of
music. Without her energy and initiative, America
would have moved more slowly toward the musical
future. Her book gives a lively picture of how it
was then with a sense of happy accomplishment in
the cause of the living composer.34
Douglas Moore wrote.
Composers. Conductors, and Critics by Claire Reis
is a fascinating account of the resourcefulness of
one woman who by her devotion to the cause of
modern music has been able to work miracles. Her
evocation of the musical scenes in the twenties
and thirties in New York will be read with delight
by everyone who has an interest in the coming of
age of music in America,35
and Lincoln Kirstein, director of City Center Ballet, wrote,
Claire Reis has promoted unusual and valuable
performances. She has helped to bring into the
conciousness of our audiences, what otherwise
would never have happened without her help. Her
story is part of our musical and theatrical
history and it will reappear in many indices to
come.36
Most book reviewers saw the book as an important first-
person view of musical America in the first half of the
twentieth century. Minton Feist wrote in his review, "The
annals of this interest and this help are an encouragement
and a comfort in these days of readjustment. Darius Milhaud
has found the right term in his Forwardthe book is a
necessary one."37
Claire Reis carried her campaign to aid contemporary
composers over into her prose works. She felt she could


88
Claire Reis proved to be the right woman in the
right place. Her energy, devotion to the
composers's cause, her stick-to-it-ness through
all sorts of musical weather, were what the new
movement needed. She soon learned how to gather
forces together, to energize them, and to see
things through. 4
The success and accomplishments of the League of Composers
during its first twenty-five years must be attributed, to a
large degree, to the tireless efforts of Claire Reis.
Notes
1. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder 3.
2. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder 3.
3. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974) ,
p. 33.
4. "The League of Composers," The New York Times. April
18, 1923, Sec. 8, p. 5.
5. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 73.
6. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis, January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 89-90.
7. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974) ,
p. 68.
8. Claire R. Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 72-73.
9. Robert Bagar, "Mrs. Reis Discusses Composer's League
Work for Music," The New York World-Telearam. February
27, 1937.


110
Bulletin of that same year. Reis felt very strongly about
the attitudes of music critics. She stated,
I think the press have always had the problem of
accepting quickly, writing quicklythe same night
oftenof new music, and many times not liking it,
and I tried once to try and ask if the press could
possibly give a report of what happened without a
review of their opinion until the next Sunday
. . but I never could get enough opinions from the
critics to change the method. But I still feel that
there is a great difference between reporting and
reviewing, and unfortunately too many men have to do
both and too quickly.13
In this article Reis complained that critics were no
longer even attending performances of contemporary music,
and when they did write a review it often contained mistakes
which the critics later refused to correct. Reis wrote that
she felt that conditions of the day presented problems which
needed a thorough airing. She then offered the following
suggestions:
1. That first of all the Critics Circle plan a conference
to discuss the subject of contemporary composition in
relation to the press and to the public, and consider
some of the problems of the composers.
2. That a music critic who finds space in his column for a
great deal of musicological correspondence also find
space to correct errors which were published.
3. That music editors give preference to releases
pertaining to the present season of programs instead of
advertising dates, soloists, subscriptions, etc., eight
months ahead of time.14


13
1947 as Composers in America: Biographical Sketches
(reprinted 1977). Conductors. Composers, and Critics told
of her experiences as chair of the League of Composers. She
began with the period during which she joined the
International Composers Guild and discusses the split with
Varese and the formation of the League of Composers. Mrs.
Reis told how she put concerts together, and of audience and
critical reaction. Those concerts that were put together
easily, and those that had difficulties were each discussed.
She included many anecdotes about the composers, conductors,
and others involved with the League of Composers. Her book
was an important source of information about music and
composers in the first half of the twentieth century, told
by someone who was there and directly involved. Mrs. Reis
often painted a more personal portrait of a composer than
what was usually found in a discussion of his music. She
corresponded with many composers, greeted them upon their
arrival in New York, organized evenings of tribute for many
of them, and often made available the music room in her
house for rehearsal.
Composers in America: Biographical Sketches was written
as a source book for organizations that wanted to commission
works from American composers. Claire Reis believed
strongly both in American composers and in commissioning
works, rather than awarding prizes. She stated,
In the case of competition many composers give
their time and effort without recompense, and only


CHAPTER IV
THE LEAGUE OF COMPOSERS
In founding the League of Composers, Claire Reis
believed that she was creating an organization for the
composer, a true composer's guild. She used the experiences
gained from the People's Music League and the International
Composer's Guild to organize and run the League of Composers
for twenty-five years. These previous experiences also
helped her to create a philosophy and purpose for the League
of Composers, making it known that the raison d'etre for
establishing the new group was the composer.
The League of Composers was incorporated in April,
192 3. The charter members of the League of Composers's
Executive Board were Arthur Bliss, Stefan Bourgeois, Louis
Gruenberg, Minna Lederman, Leo Ornstein, Lazare Saminsky,
Alma Morgenthau Wiener, Emerson Whithorne, Dr. T. H. Ames,
treasurer, and Claire Reis as executive chair. The stated
philosophy of the League was "to encourage the development
of every nationality and every trend in contemporary
music.''1 In that first year, the League's aims were to
encourage and support the production of new and significant
works, to promote living composers and give special support
to young, unknown composers.2 Due to Reis's experiences
51


I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
fit tA^o-d) y\
l
David Z. Ku'sl
iner, Chair
Professor of Instruction and
Curriculum
I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
Dor/ald H. Bernard
Associate Professor of Instruction
and Curriculum
I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor/of Philosophy.
W. Gregory
Professor of Ini
Curriculum
ion and


105
International Composer's Guild performance of Schoenberg's
Pierrot Lunaire. Although she ably refuted all of the
critics complaints, it was obvious by his reply to her
letter that it was not the performance he disliked, but the
music itself, which he called an "eccentric novelty."1
In 1936, Reis wrote to the editor of The New York Times
about the many programs and projects in support of composers
for which the League of Composers was responsible. Another
letter writer had complained that the International
Composers's Guild, no longer in existence after six years,
had found it difficult to find contemporary music to
perform. Reis reminded readers that the League of Composers
had been in existence for fourteen years and that "its
vitality had increased rather than diminished."2 In 1940,
Reis again defended the League of Composers after a series
of articles in The New York Times about the lack of support
for American composers. She pointed out that the League had
"probably given more commissions to American composers than
any other organization."3 She wrote that in sixteen
seasons, the League had performed 636 works, of which 304
were by 111 American composers.4
Reis wrote in support of the Edwin A. Fleisher Music
Collection in 1942. She felt it was very important that
this music collection at the Free Library of Philadelphia be
kept open and that it was a great help to composers and
musical organizations throughout the country.


63
had organized one of her famous tea parties where she
gathered all the people involved to discuss the coming
production and build enthusiasm.
Before the meeting had been held I had received a
letter from Roerich saying, 'Of course I must be
paid for this work,' and it was rather a large
sum, and I didn't know how to handle this, so I
decided that I'd just wait 'till he saw the
enthusiasm of all the others, and I had the right
instinct, and everyone of them said, 'You can use
me. I would like to take part in this movement to
create new contemporary works on the stage,' and
of course to be at the Metropolitan Opera House
itself was a great event, and we had this group of
patrons, with Mrs. Kahn and Mrs. Henry Alexander
and all these people enormously interested. Mrs.
Kahn [vice-chair of the League's Auxiliary
Committee] was insisting for instance that every
bill must be shown to her, because she wouldn't
have any union charging us as much as they charged
for a regular performance. These were benefits.
Well, that day at the tea party the enthusiasm
grew, and before Roerich left my home he came up
to me and he said, 'I want to change my mind. I
want to give my services.' This was the spirit
that really carried us forward.17
The following season, Stokowski once more conducted
stage works for the League. The program, again performed in
both Philadelphia and New York, included Stravinsky's
Oedipus Rex with puppets designed by Robert Edmund Jones and
operated by Remo Bfano, and Sergey Prokofieff's (1891-1953)
ballet Pas d'Acier with stage designs and costumes created
by Lee Simonson (1888-1967).
In 1933, the League of Composers repeated a performance
of Pierrot Lunaire at Town Hall and preceded it with a film,
Odna. with music by Shostakovich (1906-1975) who was not yet
well known in the United States. Most of these stage


101
28, 1969, he presented Reis with New York's Handel
Medallion. The citation accompanying this award read:
As founder of the League of Composers and Chairman
of its Board for 25 years, as founder of the
People's Music League for free concerts, and as a
founder and Secretary of the City Center of Music
and Drama for 25 years, you have spent your life
developing composers and fostering the musical
life of your adopted city and the entire world.
You have already been the recipient of the
Mitropoulos Medal, the American Composers Alliance
and the Award of Merit for outstanding service to
Music from the Association of American Composers
and conductors. Your city can do no more than to
present you with its highest music award, the
Handel Medallion, to thank you in a small way for
spending your life in behalf of all of us and
bringing so much joy and delight into our
lives.u
Claire Reis died in 1978, at the age of 89. In 1982, a
marble plaque in her honor was placed in the lobby of the
New York State Theater at Lincoln Center, which she helped
to found. This plaque described her as a "brave champion of
modern music, musicians and service to the performing
arts.''15
In each group with which she was involved, Claire Reis
continued her work to further the cause of the contemporary
composer. Reis stated, "I always tried to involve the point
of view of the League which was minecontemporary music in
some aspect."16 After her retirement as executive chair
of the League of Composers, she worked on several projects
to have contemporary music performed and gain commissions
for composers. As chair of the Arts Committee of the
Women's City Club, Reis included contemporary composers as


138
Reis, Claire R. "Government Support of the Arts." Music
Publisher Journal. Volume 3 (May-June 1945): 17, 47-48.
Reis, Claire R. (1947). Composers in America: Biographical
Sketches of Contemporary Composers with a Record of
Their Works. 2nd Edition. New York, NY: Macmillan.
Reprint edition, New York, NY: DeCapo Press, 1977.
Reis, Claire R. "Mechanical Developments and Modern
Inventions Have Made Us Adapt Ourselves to New
Sensations Reflected in Our Art." Musical Leader 60
(June 18, 1951): 7, 16.
Reis, Claire R. "Demand and Supply of Performances of
Contemporary Music." National Music Council Bulletin
13 (May 1953):5-6.
Reis, Claire R. (1955). Composers. Conductors, and Critics.
New York, NY: Oxford University Press. Reprint
edition, Detroit, MI: Detroit Reprints in Music, 1974.
Reis, Claire R. "Screening for Opera." Center: A Magazine
for the Performing Arts 3 (April 1956): 31-32.
Reis, Claire R. "A New Chapter in American Opera Repertory."
Playbill 16 (Spring 1959): 24-26.
Reis, Claire R. "Previously Unpublished Composers Letters
as Written to Claire R. Reis." Musical America 83
(January 1963): 14-17.
Reis, Claire R. (1968). "Opera in the Making." Here at
Hunter Hunter College Opera Association, New York.
Reis, Claire R. "A City Center Chronicle." Opera News 33
(October 12, 1968):6-11.
Reis, Claire R. Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University.


78
The League of Composers did attempt to record some
contemporary works. The resulting records were sold through
the League office, but this project lasted for only a series
of five recordings. Claire Reis explained, "It meant a good
deal of extra work for which we were really not very well
suited."34
In its first season, the League gave a program of works
by Arthur Bliss, visiting from England and newly appointed
to the Executive Board of the League of Composers.
Following the program, a reception was held honoring Bliss
during which he gave a short talk about his music. This
evening of tribute to one composer proved to be so popular
that the practice became a League tradition. Claire Reis
recognized the importance of honoring a composer, and, in
particular, the significance of a composer being recognized
by his colleagues. She stated.
One of the fortunate phases of the League of
Composers has been the fact that we did not just
do a single thinggive concerts or publish a
magazine. We tried to add other facets to the
life of the composer, and that to me seemed very
important from the earliest years that we began a
special evening to honor a composer. And as these
special events were given by a group of composers
to a composer, this has often been made a great
point when a composer in recent years has been
honored by any organization. It is the fact that
his colleagues appreciate and honor him, and this
means more than the public can possibly
imagine.35
The evening of tribute would offer a selection of works
only by the composer being honored. Sometimes the composer
himself would be involved in the performance, and other


64
productions were American premieres of the works, and were
considered to be a great success for the League of
Composers. They have been called "a milestone in the
history of the lyric stage in America."18
Due to the Great Depression, the League of Composers
was unable to continue producing stage works of the quality
of those of previous years. However, in cooperation with
other groups, they were able to sponsor and produce operas
by American, and, on occasion, European, and Soviet
composers. The first opportunity came in the 1934-1935
season. Artur Rodzinski (1892-1958) had created a
production of Shostakovich's opera Lady Macbeth of Mzensk.
with the Cleveland orchestra (of which he was director).
Rodzinski sent the orchestra manager to Claire Reis to
convince her to have the League sponsor a performance of the
opera in New York. Using Rodzinski as director, the
Cleveland orchestra and soloists, and a local chorus, the
League sponsored in February, 1935, the only New York
performance of this opera, the first to come out of the
Soviet Union in several decades.
In 1939, the American Lyric Theater asked the League of
Composers to join them in sponsoring a series of operas and
ballets by American composers. The first series of concerts
included the opera The Devil and Daniel Webster by Douglas
Moore (1893-1969) and the ballets Billy the Kid by Aaron
Copland, Pocahontas by Elliott Carter (1908) and Filling


28
she said, "The general philharmonic concerts were probably
the same as in any other city today. Maybe some modern, but
no contemporary composer .... except Busoni (1866-
1924)."8
Upon her return to New York (1906), Reis, with one year
to finish in school, began piano studies with Bertha Fiering
Tapper (1859-1915) at the Institute of Musical Art (later
the Juilliard School). She and a friend, Irene Jacobi,
hired a professional cellist and violinist and studied
chamber music literature together. According to Reis, they
went through "all the sonatas,"9 including piano sonatas,
sonatas for piano and violin, sonatas for cello and piano,
and four-hand arrangements of symphonies. These sessions
were not used to prepare for any concerts, but to study the
literature, and the enjoyment of playing.
After graduation from high school (1907), Reis attended
the Institute of Musical Art, continued her piano studies
with Tapper and attended other music classes. She remained
at the Institute, however, for only two and a half years,
feeling that she "didn't care whether I had a diploma or not
because I wasn't striving for that"10 and that she "had
had the best of the being there."11 She remained a
student of Mrs. Tapper, with whom she studied for seven
years. Reis was a talented enough pianist to be asked by
her teachers to consider a career as a professional pianist.


143
McPhee, Colin
Text for the Revelation of
Saint John for Men's Chorus,
two pianos, three trumpets,
and tympani 1936 Princeton
Glee Club
Martin, Bohuslav
Madrigal Sonata for flute,
violin, and piano 1942
Memorial to Lidice -
(symphonic work) 1943/44
Mennin, Peter
Fantasia for String Orchestra
- 1948 Hargail Music Press
commission Mutual Network -
New York Philharmonic
Band Piece 1951
Milhaud, Darius
"Chant de la Mort" (vocal
quartet a capella) 1933
La Danse des Animaux (vocal
quartet a capella) 1933
Eleventh String Quartet 1942
Budapest String Quartet
Introduction and march Fnebre
- (sumphonic work) 1942
dedicated to the memory of the
allied army's dead soldiers
Moore, Douglas
"Destroyer Song" (symphonic
work) 1943/44
"The Devil and Daniel Webster"
- (opera) 1938 American
Lyric Theatre
Naginski, Charles
Sinfonietta for Orchestra -
(symphonic work) 1938
WOR, Wallenstein
Ornstein, Leo
Nocturne and Tribal Dances -
(symphonic work) 1935
St. Louis Symphony, Golschmann
Palester, Roman
Petite Serenade for Flute,
Violin, and Viola 1948
Museum of Modern Art


153
New York Philharmonic Symphony Society Walter Hend,
conductor
January 1948
Peter Mennin Fantasia for Strings
Orchestra Albert F. Metz, conductor
Dai-Keong Lee Children's Caprice Ballet
Philharmonic Chamber Orchestra Hans Lange, conductor
1936
Robert McBride God Choruses (commissioned)
Philharmonic Symphony Ensemble Alexander Smallens,
conductor
1926
Emerson Whithorne Saturday's Child
Princeton Glee Club, The Wellesley College Choir, two
Pianos, Trumpets, and Tympani
1936
Colin McPhee Text from Revelation of St. John
(commissioned)
Spartanburg Festival Orchestra
1942
Ernst Bacon The Lamp on the Plains (commissioned opera)
St. Louis Symphony Orchestra Vladimir Golschmann,
conductor
1935
Leo Ornstein Nocturne and Tribal Dances
1948
Bohuslav Martini! Memorial to Lidice
Stuttgart Orchestra, Germany
1955
Stefan Wolpen Symphony
The Town Hall Endowment Series
1943
A Salute to the League of Composers on their 20th
Anniversary


99
continued the work she had begun with the People's Music
League in bringing affordable music to the people. She
said,
We, too, are considered unique in what we've done,
in opera, in ballet, in many of the developments
which we may have had to stop but may do again
someday, and always with the idea that we are
really a people's theater.12
In her work with City Center, Reis was also a supporter
of the New York Public Library and Museum of the Performing
Arts located at Lincoln Center. In 1966, Reis donated her
memorabilia, including a collection of autograph letters,
programs, and signed photographs to the Library. She helped
to organize an exhibit of this memorabilia in November of
1966. This exhibit included the puppets used in some of the
League of Composers's staged productions CE1 Retablo de
Maese Pedro. Les Noces, and Oedipus Rexi, more than 100
autograph letters of prominent composers, sketches and
drawings for illustrations for Modern Music, and many other
items associated with the League of Composers.13 She also
served on the Women's Council of the New York Public Library
for that same year.
Claire Reis contributed her time and energy to a number
of other musical organizations. From 1962 to 1972, she was
the advisory chair of the Dimitri Mitropoulos International
Competition for Conductors. In 1964, she was a member of
the Advisory Board of the American Music Center. As vice-
president of the Hunter College Opera Association, she


118
published) and if the music was for hire or for sale, the
year completed, duration, and solo instruments (if any).
Reis also asked for a list of any major performances in
America or Europe, the performing organization, conductor,
title of work performed, and city of performance, followed
by a list of radio broadcasts and recordings. A short
biography completed the questionnaire.
In reviewing this book, Douglas Moore wrote, "Composers
in America is a fine record of our achievement in music. It
contains a great deal of useful information which is
unavailable elsewhere. I cannot see how anyone interested
in music can afford to be without it."28 Olin Downes
wrote, "It is indispensable as a work of information and
reference,1,29 and Walter Piston wrote, "The new book is a
brilliant piece of research and compilation of inestimable
value to all who are interested in music as a living
art."30
In 1977, Composers in America was reprinted with a new
introduction by William Schuman, who wrote,
To read Composers in America three decades after
its initial publication is to envy those who will
now have that extraordinary pleasure and
enlightenment for the first time. This book was
and remains an original. To my knowledge, no
other survey exists wherein the composers of a
particular period were themselves the suppliers of
all the pertinent data and have all been brought
together in one huge family portrait.31
During the period in which she compiled information for
American Composers and Composers in America. Reis served as


5
institution that has fought the battle for the composer for
three decades. Modern music would be a totally different
picture today if it were not for the League."4 Other
composers and musicians have expressed similar sentiments
about Claire Reis and the League of Composers. In letters
to Claire Reis, Olga Samaroff (1882-1948) wrote "It is no
exaggeration to say the history of music in America would
have been very different without the tireless and unselfish
devotion of the League of Composers toward contemporary
creative music. Such work requires both vision and
courage."5 Leonard Bernstein (1918-1990) wrote "I utterly
neglected to say the very thing I should have wished to say:
namely, to recall for a moment the wonders you [Claire Reis]
have done for music and musicians in our community."6
William Schuman (1910) wrote
I can only say that those of us who had your
support during our formative years were fortunate
indeed. The entire scene of contemporary music
during the heyday of the League of Composers was
one of excitement, of discovery, of belief, (and
often disbelief), but never of apathy or of
criticism. . thank you for caring about all of
us.7
George Antheil (1900-1959) wrote
I have no hesitation in saying that the work of
the League of Composers these last eight years is
of the very highest importance to the young
creative artist in America, easily taking
precedence, in my opinion, above all similar
organizations.8




131
appreciatea born leader. It was in this role
that, it seems to me, she was most comfortable,
and in which we found her activities
indispensable. When she undertook to direct a
project (rather than to advise and counsel), we
could feel the utmost confidence that it would be
carried out as planned. In this role she was able
to free others to make contributions to the
fullest extent of their perhaps very different
capabilities. The objective would be achieved and
everyone would, in the end, benefit.6
Through her work with various groups, Claire Reis made
an impact on the performance and production of contemporary
music. She organized her first composer's concert while
serving as chair of the People's Music League. She later
promoted contemporary composers and their music through her
work in the International Composer's Guild, and especially
in her role as chair of the League of Composers. As chair
of projects for the League, Reis developed projects to
convince performers to program contemporary works on all of
their concerts. She provided them with a list of works and
publishers to aid in this effort. Other projects promoted
the performance of contemporary operas, opera workshops in
colleges, and the bringing together the composer and the
librettist. As a member of the Town Hall Music Committee,
she suggested that composers as well as performers be
granted Artist's Awards. She succeeded in accomplishing
this goal. In her capacity as chair of the Arts Committee
of the Women's City Club, she brought composers to speak and
perform before meetings. As a founder and secretary of New
York City Center, she could promote the performance of


APPENDIX A
BIBLIOGRAPHY OF WORKS BY CLAIRE REIS
Bauer, Marion and Claire R. Reis. "Twenty-Five Years With
the League of Composers." The Musical Quarterly 34
(January 1948):1-14.
Reis, Claire R. "Pierrot Again." Musical Courier 86 (March
1, 1923): 23.
Reis, Claire R. "Contemporary Music and 'The Man on the
Street."' Aeolian Review 2 (March 1923): 24-27.
Reis, Claire R., Chair of the Editorial Board. (1933).
Spend Your Time: New York's Resources for the Use of
Leisure. New York, NY: Teacher's College, Columbia
University.
Reis, Claire R. "The League of Composers." The New York
Times. December 20, 1936, sec. 11, p. 8.
Reis, Claire R. (1938). American Composers. 2nd Edition. New
York, NY: International Society for Contemporary Music.
Reis, Claire, R. "League of Composers Record." The New York
Times. January 21, 1940, sec. 9, p. 8.
Reis, Claire R. "The Fleisher Collection." The New York
Times. May 24, 1942, sec. 8, p. 6.
Reis, Claire R. "League of Composers Turns 20." The New York
Times. December 20, 1942, sec. 8, p. 7.
Reis, Claire R. "In Defense of the League." The New York
Times. January 10, 1943, sec. 8, p. 1.
Reis, Claire R. "A Marked Global Interest." Music Publishers
Journal. 2 (January-February 1944):6-7, 34.
Reis, Claire R. "A Case for Government Subsidy." The New
York Times. May 6, 1945, sec. 2, p. 4.
Reis, Claire R. "The Attitude of the Press Toward American
Composers and How It Can Be Changed for the Better."
National Music Council Bulletin 6 (May 1945): 5-6.
137


146
Wagenaar, Bernard
Ward, Robert
Webern, Anton von
Whithorne, Emerson
Six Portraits for Harpsichord
- 1942 Ralph Kirkpatrick
Band Piece 1949
Concertino (symphonic work)
- 1942
Concert Piece for Orchestra -
1947/48 Broadcast Music
Inc. commission
Symphony for Chamber Orchestra
- 1929 Boston Symphony
Ensemble, Koussevitsky
"Saturday's Child" (chamber
orchestra work) 1926
Philharmonic Symphony Ensemble


67
Alexander Lang Steinert (1900-1982), and Aaron Copland.
This was Copland's first presentation of his music (the
Passacaalia and The Cat and the Mouse for piano) since his
return from Paris. He later wrote of this experience.
It was my first public presentation in New York
not a very impressive debut, but the pieces were
well received, and when Paul Rosenfeld called me
the next day to tell me he liked my music, I could
not have been more surprised than if the President
of the United States had called. To me, an okay
from the critic of The Dial seemed better than
approval from The New York Times.20 The Young
Composers Concerts grew to be an important phase
of the League's activities, and the programs
frequently were devoted only to American
compositions. Many composers before the public
today made their professional bow on these
occasions. Through these programs a center
developed that afforded necessary contacts between
young composers and a sympathetic audience, and
gave recognition to unknown talent.21
Besides young composers, the League gave concerts
dedicated to the music of composers from certain countries
or regions. The first of these was held March 6, 1932, and
featured composers from Latin America. This concert was
considered to be the first (of any group) ever held in New
York which presented the works of living Latin American
composers. The concert featured the works of Pedro Humberto
Allende y Saron (1885-1959), Alejandro Garcia Caturla (1906-
1940), Carlos Chvez (1899-1978), Manuel Ponce (1882-1948) ,
and Heitor Villa-Lobos (1887-1959). Later concerts included
the music of Juan Jos Castro (1895-1968), Francisco Mignone
(1897), Luis Gianneo (1897-1968) Honorio Siccardi (1897),
Camargo Mozart Guarnieri (1907), Hctor Tosar (1923),


REFERENCES
"Activities of Musicians." The New York Times. October 28,
1934, sec. 9, p. 6.
Anderson, Walter. "Composer's Guild." The New York Times.
December 13, 1936, sec. 11, p. 9.
Austin, William W. (1966). Music in the Twentieth Century
from Debussy to Stravinsky. New York, NY: Norton.
Bagar, Robert. "Mrs. Reis Discusses Composer's League Work
for Music." New York World Telegram. February 27,
1937.
Bauer, Marion. (1947). Twentieth Century Music. 2nd Ed. New
York, NY: Putnam's Sons.
Bauer, Marion and Claire R. Reis. "Twenty-Five Years With
the League of Composers." The Musical Quarterly 34
(January 1948):1-14.
Blalosky, Marshall. "A Brief History of Composers's Groups
in the United States." College Music Symposium 20 (Fall
1980):29-40.
Block, Adrienne Fried, and Carol Neuls-Bates. (1979). Women
in American Music: A Bibliography of Music and
Literature. Westport, CT: Greenwood Press.
Chase, Gilbert. (1987). America's Music. Chicago, IL:
University of Illinois Press.
"City Center Benefactors Are Remembered." The New York
Times. January 12, 1982, sec. 2, p. 14.
"City Center Lists Deficit of $10,254." The New York Times.
May 24, 1956, p. 25.
"City Will Remodel Mecca Auditorium." The New York Times.
July 24, 1943, p. 9.
157


CHAPTER VI
PROSE WORKS
In her efforts to make the public more aware of
contemporary composers and their music, Claire Reis wrote
numerous letters to editors, articles in newspapers and
journals, and four books. The letters were usually in
defense of a program performed by the League of Composers
(or any other group with which Reis was working), the
articles were about contemporary composers or some aspect of
contemporary music such as newly invented instruments,
commissions for composers, or other ways of helping
composers. She was invited to write an article chronicling
the formation of the New York City Center of Music and Drama
and also one about the League of Composers. Two of Reis's
four books were in the form of catalogs of American
composers. Composers. Conductors, and Critics told the
story of the League of Composers, and Spend Your Time, for
which Reis was chair of the Editorial Board, listed places
to spend leisure time in New York City.
Reis was always quick to defend against negative
criticism leveled at concerts in which she was involved. As
early as 1923, she wrote to Leonard Leibling, editor of the
Musical Courier to protest an editorial written about the
104


117
After the second edition of the catalog was published,
Reis decided to enlarge it into a book. The first edition
of Composers in America. printed in 1938, contained
information about 140 American composers. It contained much
of the same material on each composer as the catalogues but
the biographical sketch was enlarged. After the
publication, a second edition was called for. Reis stated,
I found the idea growing and growing and they
meanwhile wanted a second edition quickly because
due to the war so much material was going to
rehabilitate the libraries in Europe. And I got
out a second edition some years later with a great
deal more material330 composers by that time,
because I added those Europeans who were coming to
live here.26
Again, the information about each composer included larger
works under the categories of orchestral works, chamber
orchestra, band music, choral work, chamber music, stage
works, and film music. For each composition, the duration,
publisher, and date was given. The biography of each
composer was longer and more detailed than in the catalogs
or the previous edition. To obtain the information for each
composer, Reis sent each one a questionnaire she had
carefully worked out. Reis said, "I wanted them to be
responsible for what appeared in print."27 The
questionnaire asked for the composer's name, birthplace,
birthdate, and address. Works were to be listed by genre
(genres included were orchestra, chamber orchestra, choral
works, chamber music, stage works, and film music). Under
genre, the composer was to list the title, publisher (if


57
concerts at the Metropolitan Opera House. The purpose of
these concerts was to raise money to establish a Composer's
Fund with which the League could offer commissions with a
monetary award. Reis was disappointed to discover that
while they were willing to pay $250.00 per ticket, none of
these patrons were willing to contribute to a Composer's
Fund.8 The League of Composers was able to begin a fund
for commissions, but not at the level Reis would have
preferred. By the 1933-1934 season, Reis had developed the
Commission Plan for the League of Composers. The Commission
Plan was "solely for the benefit of the American composers.
Our society is international in scope, it is true.
Nevertheless, when it comes to a case of financial help, we
believe in helping our own first."9 It was to give direct
aid to composers in need of financial assistance, to find
positions in which they could be self-supporting while
continuing their creative activities, and in other ways to
foster their efforts.10 The Commission Plan also provided
performances of the works "by other organizations of this
country and Europe."11
Claire Reis never faltered in her efforts to find funds
for commissions. When approaching the 25th anniversary of
the League of Composers, Reis asked Irving Berlin and
Richard Rodgers to commission a composer to write a work for
the League's anniversary. Others to commission works for
the 25th anniversary were Boosey and Hawkes; Broadcast


122
best educate the public about contemporary composers by
writing about them and their music. She was always quick to
defend performances and composers from what she considered
unfair or uniformed criticism, and that included writing
letters to editors or writing articles. Many of her
articles made suggestions or offered projects to help
composers, music or the arts in general. Some of these
included government support of the arts, screening new
operas for performance, and convincing performers to program
contemporary works on their concerts. She offered a well-
conceived plan to critics to improve their reviews of
contemporary music. She wrote about the twenty-fifth
anniversaries of the League of Composers and City Center.
In both, she described their formation, the projects and
people involved, and concluded with suggestions for
improvement in the future, particularly in performing
contemporary music.
American Composers and Composers in America were
catalogs specifically designed to be used by such groups as
orchestras, conductors, publishers, libraries, and the
public as a ready reference to contemporary composers. Reis
felt that these catalogs would help to establish composers
and make them readily available to groups who would want to
perform or commission works. Composers. Conductors. and
Critics gave an important first-person look at the musical


29
She played in recitals given by Tapper's students, and in
the New York area.
I playedI played for charities, I played for bad
little boys in institutions, I played for sick
people; whenever anybody asked me and as I had the
time I played a whole program, but it never gave
me the feeling that this is what I want to go
with. And I don't regret it to this day.12
Reis's name can be found on programs presented at Cooper
Union accompanying Max Rosen (then 10 years old) performing
Corelli's La Folia on violin; the Women's Trade Union League
of New York Second Annual Entertainment and Ball held
November 10, 1911, performing Chopin's Polonaise in Ab
major; accompanying Conrad R. Strassner, violinist, at the
Carnegie Lyceum April 30, 1911; and accompanying Albert
Greenfeld, violinist, at the Lyceum Theater April 28,
1912.13
Reis's introduction to contemporary music came after
she left the Institute of Musical Art (1910). She formed a
trio with Walter Kramer (1890-1969), a composer, violinist
and music critic, and Waldo Frank (1889-1967), a cellist and
author. Kramer had access to some of the newest music and
would bring those scores to the trio's sessions. They did
not perform in public, but met only to play for the joy of
making music and to experience new music. The only person
allowed to sit in on the sessions was Paul Rosenfeld (1890-
1946), a close friend, who was also interested in
contemporary music (Rosenfeld later became a writer on the
arts, music critic, and ardent champion of new music). Reis


71
the League by John Cage (1912) The composers represented
included Cage, Lou Harrison (1917), Henry Cowell (1897-
1965), Jos Ardval (1911-1931), and Amadeo Roldn (1900-
1939) Another composer-inventor given his first public
performance in New York by the League was Harry Partch
(1901-1976). This concert, given in the 1940's, allowed
Partch to demonstrate his own instruments and the music he
had written for them.
Claire Reis believed that it was important for those
composer-inventors to be given a fair chance to be heard.
She stated,
I always felt that the League of Composers
represented an open mind on any form of good
music, and we felt when these inventors had good
instruments where you could play good music it was
very important to have good performers, as it was
with all of the music that we performed. In fact
I sometimes think it's more important to have good
performers for contemporary music to give it a
fair chance to be understood. But if you take an
inventor, or if you take an exceedingly difficult
music to understand and you don't give it what I
call a fair performanceI don't mean just fairly
good, I mean fair to the composeryou are not
doing justice to the inventor or to the composer,
and this has been a principle that I think we did
carry out almost always.26
In an effort to be of service in the war effort, Claire
Reis and the League of Composers took on a variety of
projects. Since Reis was in touch with many composers who
were in the armed services, she soon discovered from their
letters that many were frustrated because they were not able
to use their abilities to contribute to the war effort.
Many spent their time on KP duty. Reis wrote Dr. Harold


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EJABTFEKR_KH82TR INGEST_TIME 2013-01-23T16:25:58Z PACKAGE AA00012969_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


2
1. To determine the influence of Claire Reis on
the philosophy and activities of the League
of Composers.
2. To determine the impact of Claire Reis on the
performance and production of contemporary
music.
3. To determine the significance of Claire
Reis's writings in educating the public about
contemporary music and composers.
4. To contribute to current musicological
research of twentieth-century music with
particular emphasis on the accomplishments of
Claire Reis.
Mrs. Reis was acquainted with many of the leading
composers and critics of the first half of the twentieth
century. She was often mentioned in their memoirs,
autobiographies, or biographies, and many of their comments
about her and her work will be included in this study, as
well as her own personal reminiscences about some of the
leading composers of the day. Also included will be an
extensive bibliography of Claire Reis's prose works.
Need for the Study
One of the manifestations of nineteenth-century
romanticism that carried over into the twentieth century was
the adulation of virtuosi, both performers and conductors.


158
"Claire Raphael Reis Dies at 89; Leader in New York Cultural
Life." The New York Times. April 13, 1978, sec. 2, p.
2.
"Composers's Form Guild to Bring New Works to Public
Hearing." Musical America 34 (July 23, 1921): 1, 6.
"Composers's Group Marks 25th Year." The New York Times. May
17, 1963, p. 27.
"Composers's Guild Gives First Concert." The New York Times.
December 18, 1922, p. 22.
"Composers's League Changes." The New York Times. October
28, 1928, sec. 9, p. 10.
"Composers's League to Meet." The New York Times. May 3,
1947, p. 9.
"Concert on April 4 to be Joint Benefit." The New York
Times. March 28, 1937, sec. 6, p. 3.
Copland, Aaron. (1941). Our New Music: Leading Composers in
Europe and America. New York, NY: McGraw-Hill.
Copland, Aaron. "Claire Reis (1889-1978)." The Musical
Quarterly 64 (July 1978): 386-388.
Copland, Aaron and Vivian Perlis. (1984). Copland 1900
Through 1942. New York, NY: St. Martin's/Marek.
Copland, Aaron and Vivian Perlis. (1989). Copland Since
1943. New York, NY: St. Martin's Press.
Downes, Olin. "Old and Modern Revolutionaries." The New York
Times, May 29, 1927, sec. 7, p. 6.
Downes, Olin. "Two Decades of American Work." The New York
Times, September 18, 1932.
Downes, Olin. "The League of Composers." The New York Times.
November 6, 1932, sec. 9, p. 6.
Downes, Olin. "The Avant-Garde." The New York Times.
November 20, 1936, sec. 12, p. 7.
Downes, Olin. "Composers on War." The New York Times.
October 10, 1943, sec. 2, p. 7.
Downes, Olin. "Changes in Composers League." The New York
Times. May 16, 1948, sec. 2, p. 7.


144
Palmer, Robert
Concerto for Small Orchestra
- (chamber orchestra work) -
1941 commissioned for radio
CBS Orchestra
Phillips, Burrill
Scherzo for Orchestra 1945
City Symphony, Stowkowski
Piston, Walter
Prelude and Fugue for
Orchestra 1936 Cleveland
Symphony, Rodzinski
Quintet for Flute and String
Quartet 1942
Fugue on a Victory Tune -
1943/44
Band Piece 1950
Porter, Quincy
String Quartet No. 5 1935
Gordon String Quartet
"The Moving Tide" (symphonic
work) 1943/44
Riegger, Wallingford
Sontina for Violin and Piano -
1948 E. B. Marks
commission Museum of Modern
Art
Rogers, Bernard
"The Plains" (chamber
orchestra work) 1941 radio
commission CBS Orchestra
"Invasion" (symphonic work)
- 1943/44
"Samson" (radio opera) -
1945 text by Norman Corwin
Soliloguy for Flute and
Strings 1922 (chamber
orchestra work)
Saminsky, Lazare
"Pueblo" for Orchestra 1937
National Symphony, Kindler
Rye Septet 1942



PAGE 1

&/$,5( 5(,6 $'92&$7( )25 &217(0325$5< 086,& %\ 3(11< 7+20$6 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$

PAGE 2

&RS\ULJKW E\ 3HQQ\ 7KRPDV

PAGE 3

7$%/( 2) &217(176 3DJH $%675$&7 9 &+$37(56 ,1752'8&7,21 3XUSRVH RI WKH 6WXG\ 1HHG RI WKH 6WXG\ 5HVHDUFK 3URFHGXUH 1RWHV ,, 5(9,(: 2) 7+( /,7(5$785( 6XPPDU\ 1RWHV ,,, ($5/< /,)( $1' :25. 7+( 3(23/(n6 086,& /($*8( $1' 7+( ,17(51$7,21$/ &20326(5n6 *8,/' (DUO\ /LIH DQG :RUN 7KH 3HRSOHnV 0XVLF /HDJXH 7KH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG 6XPPDU\ 1RWHV ,9 7+( /($*8( 2) &20326(56 6XPPDU\ 1RWHV 9 :25. ,1 27+(5 25*$1,=$7,216 ,9 3526( :25.6 6XPPDU\ 1RWHV LLL

PAGE 4

9,, &21&/86,216 $1' 5(&200(1'$7,216 &RQFOXVLRQV 5HFRPPHQGDWLRQV 1RWHV $33(1',&(6 $ %,%/,2*5$3+< 2) :25.6 %< &/$,5( 5(,6 % &200,66,21(' :25.6 2) 7+( /($*8( 2) &20326(56 & /($*8( 2) &20326(56 5$',2 %52$'&$676 25&+(675$6 $1' 27+(5 25*$1,=$7,216 :+,&+ &223(5$7(' :,7+ 7+( /($*8( 2) &20326(56 ( $:$5'6 5(&(,9(' %< &/$,5( 5(,6 5()(5(1&(6 %,2*5$3+,&$/ 6.(7&+ LY

PAGE 5

$EVWUDFW RI 'LVVHUWDWLRQ 3UHVHQWHG WR WKH *UDGXDWH 6FKRRO RI WKH 8QLYHUVLW\ RI )ORULGD LQ 3DUWLDO )XOILOOPHQW RI WKH 5HTXLUHPHQWV IRU WKH 'HJUHH RI 'RFWRU RI 3KLORVRSK\ &/$,5( 5(,6 $'92&$7( )25 &217(0325$5< 086,& %\ 3HQQ\ 7KRPDV 'HFHPEHU &KDLUPDQ 'U 'DYLG = .XVKQHU 0DMRU 'HSDUWPHQW ,QVWUXFWLRQ DQG &XUULFXOXP ,Q DQ HIIRUW WR DVVLVW FRQWHPSRUDU\ FRPSRVHUV &ODLUH 5DSKDHO 5HLV f KHOSHG WR IRXQG WKH /HDJXH RI &RPSRVHUV LQ DQG VHUYHG DV LWV H[HFXWLYH FKDLU IRU WZHQW\ILYH \HDUV 8QGHU KHU GLUHFWLRQ WKH /HDJXH EHFDPH RQH RI WKH PRVW LQIOXHQWLDO DGYRFDF\ JURXSV RI WKH ILUVW KDOI RI WKH WZHQWLHWK FHQWXU\ IRU LQFUHDVLQJ DZDUHQHVV DQG DSSUHFLDWLRQ RI FRQWHPSRUDU\ PXVLF DQG FRPSRVHUV 1RW RQO\ GLG WKH /HDJXH VSRQVRU FRQFHUWV RI FRQWHPSRUDU\ ZRUNV EXW LW DOVR REWDLQHG FRPPLVVLRQV IRU RXWVWDQGLQJ \RXQJ FRPSRVHUV 'XULQJ 0UV 5HLVnV WHQXUH DV FKDLU WKH ZRUNV RI FRQWHPSRUDU\ FRPSRVHUV ZHUH SHUIRUPHG 6KH DOVR ZURWH QXPHURXV DUWLFOHV DQG ERRNV DERXW FRPSRVHUV DQG WKHLU ZRUNV 'HVSLWH WKHVH DQG RWKHU DFKLHYHPHQWV OLWWOH KDV EHHQ ZULWWHQ DERXW 5HLV 7KLV VWXG\ H[DPLQHV 5HLVnV OLIH DQG ZRUN +HU FKLOGKRRG HGXFDWLRQ DQG H[SHULHQFHV ZKLFK OHG KHU WR WKH Y

PAGE 6

DGYRFDF\ RI FRQWHPSRUDU\ PXVLF DUH GLVFXVVHG +HU LQIOXHQFH RQ WKH SKLORVRSK\ DQG DFWLYLWLHV RI WKH /HDJXH RI &RPSRVHUV KHU LPSDFW RQ WKH SHUIRUPDQFH RI FRQWHPSRUDU\ PXVLF DQG WKH VLJQLILFDQFH RI KHU ZULWLQJV DUH FRQVLGHUHG 'DWD KDYH EHHQ JDWKHUHG IURP D YDULHW\ RI VRXUFHV 0RVW LPSRUWDQW ZHUH 5HLVnV ERRNV DUWLFOHV VSHHFKHV SHUVRQDO SDSHUV DQG OHWWHUV IURP FRPSRVHUV $OVR LPSRUWDQW ZDV D WUDQVFULSW RI D VHULHV RI LQWHUYLHZV ZLWK 5HLV FRQGXFWHG E\ 9LYLDQ 3HUOLV GLUHFWRU RI WKH 2UDO +LVWRU\ $PHULFDQ 0XVLF 3URMHFW DW
PAGE 7

&+$37(5 ,1752'8&7,21 3XUSRVH RI WKH 6WXG\ 7KH SXUSRVH RI WKLV VWXG\ LV WR H[DPLQH WKH ZRUN RI &ODLUH 5DSKDHO 5HLV f RQ EHKDOI RI WZHQWLHWK FHQWXU\ FRPSRVHUV DQG WKHLU PXVLF $W D WLPH ZKHQ WKH PXVLF RI WZHQWLHWKFHQWXU\ FRPSRVHUV ZDV UDUHO\ SHUIRUPHG LQ WKH 8QLWHG 6WDWHV &ODLUH 5HLV ZDV D OHDGHU LQ EULQJLQJ WKLV PXVLF WR WKH DWWHQWLRQ RI WKH SXEOLF 7KURXJK KHU OHFWXUHV DQG ZULWLQJV VKH ZDV VXFFHVVIXO LQ HGXFDWLQJ WKH SXEOLF DERXW OLYLQJ FRPSRVHUV DQG DSSUHFLDWLQJ WKHLU PXVLF 0UV 5HLVnV DFWLYLWLHV DV FKDLU RI WKH 3HRSOHnV 0XVLF /HDJXH H[HFXWLYH VHFUHWDU\ RI WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG DQG DV D IRXQGHU DQG H[HFXWLYH FKDLU RI WKH /HDJXH RI &RPSRVHUV HQDEOHG KHU WR RUJDQL]H FRQFHUWV RI WZHQWLHWK FHQWXU\ PXVLF DQG HYHQLQJV KRQRULQJ WKH FRPSRVHUV 6KH ZDV DEOH WR DFTXLUH FRPPLVVLRQV IRU FRPSRVHUV VR WKDW WKH\ FRXOG FRQWLQXH LQ WKHLU FDUHHUV DV FRPSRVHUV DQG UDGLR DLU WLPH VR WKDW WKHLU PXVLF FRXOG EH KHDUG E\ D ZLGHU DXGLHQFH ,Q YLHZ RI KHU DFFRPSOLVKPHQWV LQ WKH DGYRFDF\ RI WZHQWLHWK FHQWXU\ PXVLF DQG FRPSRVHUV WKLV VWXG\ LV LQWHQGHG

PAGE 8

7R GHWHUPLQH WKH LQIOXHQFH RI &ODLUH 5HLV RQ WKH SKLORVRSK\ DQG DFWLYLWLHV RI WKH /HDJXH RI &RPSRVHUV 7R GHWHUPLQH WKH LPSDFW RI &ODLUH 5HLV RQ WKH SHUIRUPDQFH DQG SURGXFWLRQ RI FRQWHPSRUDU\ PXVLF 7R GHWHUPLQH WKH VLJQLILFDQFH RI &ODLUH 5HLVn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nV SURVH ZRUNV 1HHG IRU WKH 6WXG\ 2QH RI WKH PDQLIHVWDWLRQV RI QLQHWHHQWKFHQWXU\ URPDQWLFLVP WKDW FDUULHG RYHU LQWR WKH WZHQWLHWK FHQWXU\ ZDV WKH DGXODWLRQ RI YLUWXRVL ERWK SHUIRUPHUV DQG FRQGXFWRUV

PAGE 9

7KH UHVXOW RI WKLV DGXODWLRQ ZDV WKDW WKH IRFXV RI FRQFHUWV ZDV RQ WKH SHUIRUPHU RU FRQGXFWRU UDWKHU WKDQ RQ WKH FRPSRVHU RU HYHQ WKH PXVLF LWVHOI 7KLV ZDV D SUREOHP WKDW &ODLU 5HLV UHFRJQL]HG HDUO\ LQ KHU FDUHHU ,Q VKH ZURWH 7RGD\ PXVLF LV JHQHUDOO\ KHDUG XQGHU FRQGLWLRQV ZKLFK KDYH DOPRVW REOLWHUDWHG WKH FRPSRVHU DV WKH UDLVRQ GnHWUH RI D SURJUDP 7KH LQWHUSUHWHU LV WKH REMHFW RI DWWHQWLRQ WKH PDJQHW IRU WKH DXGLHQFH DQG WKH ZRUNV KH SUHVHQWHG DUH FKRVHQ EHFDXVH KH FDQ EHVW VKRZ KLV DUW LQ WKLV VROL &RQFHUW XSRQ FRQFHUW RI WKH PRVW IDPLOLDU VHOHFWLRQV LV WKUXVW XSRQ WKH SXEOLF DQG LV DWWHQGHG IRU WKH VDNH RI KHDULQJ D SULPDGRQQD DQG RI GLVFXVVLQJ HYHU\ DQJOH RI WKH LQWHUSUHWHUf§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nV WHQXUH DV FKDLU WKH ZRUNV RI FRQWHPSRUDU\ FRPSRVHUV ZHUH SHUIRUPHG 3ULRU WR KHU ZRUN ZLWK WKH /HDJXH RI &RPSRVHUV 0UV 5HLV KHOSHG WR RUJDQL]H IUHH FRQFHUWV IRU (XURSHDQ LPPLJUDQWV DW &RRSHU 8QLRQ LQ 1HZ
PAGE 10

3HRSOHnV 0XVLF /HDJXH 6KH DOVR ZRUNHG WR DGDSW 0RQWHVVRUL WHDFKLQJ PHWKRGV WR PXVLF DQG KHOSHG WR HVWDEOLVK WKH :DOGHQ 6FKRRO LQ 1HZ
PAGE 11

LQVWLWXWLRQ WKDW KDV IRXJKW WKH EDWWOH IRU WKH FRPSRVHU IRU WKUHH GHFDGHV 0RGHUQ PXVLF ZRXOG EH D WRWDOO\ GLIIHUHQW SLFWXUH WRGD\ LI LW ZHUH QRW IRU WKH /HDJXH 2WKHU FRPSRVHUV DQG PXVLFLDQV KDYH H[SUHVVHG VLPLODU VHQWLPHQWV DERXW &ODLUH 5HLV DQG WKH /HDJXH RI &RPSRVHUV ,Q OHWWHUV WR &ODLUH 5HLV 2OJD 6DPDURII f ZURWH ,W LV QR H[DJJHUDWLRQ WR VD\ WKH KLVWRU\ RI PXVLF LQ $PHULFD ZRXOG KDYH EHHQ YHU\ GLIIHUHQW ZLWKRXW WKH WLUHOHVV DQG XQVHOILVK GHYRWLRQ RI WKH /HDJXH RI &RPSRVHUV WRZDUG FRQWHPSRUDU\ FUHDWLYH PXVLF 6XFK ZRUN UHTXLUHV ERWK YLVLRQ DQG FRXUDJH /HRQDUG %HUQVWHLQ f ZURWH XWWHUO\ QHJOHFWHG WR VD\ WKH YHU\ WKLQJ VKRXOG KDYH ZLVKHG WR VD\ QDPHO\ WR UHFDOO IRU D PRPHQW WKH ZRQGHUV \RX >&ODLUH 5HLV@ KDYH GRQH IRU PXVLF DQG PXVLFLDQV LQ RXU FRPPXQLW\ :LOOLDP 6FKXPDQ f ZURWH FDQ RQO\ VD\ WKDW WKRVH RI XV ZKR KDG \RXU VXSSRUW GXULQJ RXU IRUPDWLYH \HDUV ZHUH IRUWXQDWH LQGHHG 7KH HQWLUH VFHQH RI FRQWHPSRUDU\ PXVLF GXULQJ WKH KH\GD\ RI WKH /HDJXH RI &RPSRVHUV ZDV RQH RI H[FLWHPHQW RI GLVFRYHU\ RI EHOLHI DQG RIWHQ GLVEHOLHIf EXW QHYHU RI DSDWK\ RU RI FULWLFLVP WKDQN \RX IRU FDULQJ DERXW DOO RI XV *HRUJH $QWKHLO f ZURWH KDYH QR KHVLWDWLRQ LQ VD\LQJ WKDW WKH ZRUN RI WKH /HDJXH RI &RPSRVHUV WKHVH ODVW HLJKW \HDUV LV RI WKH YHU\ KLJKHVW LPSRUWDQFH WR WKH \RXQJ FUHDWLYH DUWLVW LQ $PHULFD HDVLO\ WDNLQJ SUHFHGHQFH LQ P\ RSLQLRQ DERYH DOO VLPLODU RUJDQL]DWLRQV

PAGE 12

+RZDUG +DQVRQ f ZURWH ZRXOG OLNH WR DGG P\ ZRUG RI FRPPHQGDWLRQ IRU WKH LPSRUWDQW ZRUN ZKLFK WKH /HDJXH RI &RPSRVHUV KDV GRQH IRU WKH GHYHORSPHQW RI &UHDWLYH 0XVLF LQ WKH 8QLWHG 6WDWHV DQG WR H[SUHVV P\ HDUQHVW KRSH WKDW LWV LPSRUWDQW ZRUN PD\ QRW EH SHUPLWWHG WR EH GLVFRQWLQXHG LQ WKHVH FULWLFDO WLPHV 'HVSLWH VXFK ZRUGV RI UHFRJQLWLRQ E\ WKHVH DQG PDQ\ RWKHU PXVLFLDQV 0UV 5HLV KDG EHHQ LJQRUHG LQ WKH PDMRU OLWHUDWXUH FRYHULQJ WZHQWLHWKFHQWXU\ PXVLF 7KHUH ZDV RQO\ D VKRUW ZRUGVf ELRJUDSK\ RI KHU LQ WKH 1HZ *URYH 'LFWLRQDU\ RI $PHULFDQ 0XVLF 0DFPLOODQ f 6XFK ZRUNV DV 0XVLF LQ WKH WK &HQWXU\ E\ :LOOLDP : $XVWLQ 1RUWRQ f ,QWURGXFWLRQ WR &RQWHPSRUDU\ 0XVLF QG HGLWLRQ E\ -RVHSK 0DFKOLV 1RUWRQ f DQG 7ZHQWLHWK&HQWXU\ 0XVLF $Q ,QWURGXFWLRQ QG HGLWLRQ E\ (ULF 6DO]PDQ 3UHQWLFH+DOO f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

PAGE 13

5HVHDUFK 3URFHGXUH 0DWHULDOV IRU WKLV UHVHDUFK ZHUH JDWKHUHG IURP QHZVSDSHU DQG MRXUQDO DUWLFOHV ERRNV DQG WZR VLJQLILFDQW UHVRXUFHV DQ RUDO KLVWRU\ LQWHUYLHZ RI &ODLUH 5HLV FRQGXFWHG E\ 9LYLDQ 3HUOLV GLUHFWRU RI WKH 2UDO +LVWRU\ $PHULFDQ 0XVLF SURJUDP DW
PAGE 14

1RWHV + :LOH\ +LWFKFRFN 0XVLF LQ WKH 8QLWHG 6WDWHV $ +LVWRULFDO ,QWURGXFWLRQ UG HG (QJOHZRRG &OLIIV 1HZ -HUVH\ 3UHQWLFH+DOO f S &ODLUH 5 5HLV &RQWHPSRUDU\ 0XVLF DQG nWKH 0DQ RQ WKH 6WUHHWn $HROLDQ 5HYLHZ 0DUFK f 'RUOH 6RULD &RSODQG 36 0XVLFDO $PHULFD 'HFHPEHU f 1HZ 0XVLF /RQJ )RXJKW 8SKLOO %DWWOH 7KH +DUWIRUG &RXUDQW -DQXDU\ /HDJXH RI &RPSRVHUV /HWWHUV 2OJD 6DPDURII -XQH 1HZ
PAGE 15

&+$37(5 ,, 5(9,(: 2) 7+( /,7(5$785( /LWHUDWXUH UHODWHG WR WKH VXEMHFW XQGHU VWXG\ FDPH IURP D YDULHW\ RI VRXUFHV 7KH PRVW LPSRUWDQW ZHUH ZRUNV FUHDWHG E\ &ODLUH 5HLV LQFOXGLQJ ERRNV DUWLFOHV VSHHFKHV OHWWHUV WR HGLWRUV DQG D VHULHV RI LQWHUYLHZV FDUULHG RXW ZLWK KHU IURP IRU WKH 2UDO +LVWRU\ $PHULFDQ 0XVLF SURMHFW DW
PAGE 16

LQIRUPDWLRQ DERXW KHU WHQXUH DV FKDLU RI WKH /HDJXH RI &RPSRVHUV 7KHUH ZHUH PDQ\ VWRULHV DQG DQHFGRWHV DERXW FRPSRVHUV FRQFHUWV WKH ZRUN VKH GLG DV FKDLU DQG RWKHU H[SHULHQFHV ,Q RWKHU WDSHV VKH WROG RI KHU ZRUN ZLWK WKH 1HZ
PAGE 17

7KH &ODLUH 5HLV &ROOHFWLRQ ZDV RUJDQL]HG LQWR ILYH ER[HV %R[ FRQWDLQHG FOLSSLQJV D VDPSOH RI D TXHVWLRQQDLUH VHQW WR FRPSRVHUV E\ &ODLUH 5HLV LQ OHWWHUV IURP XQLGHQWLILHG FRPSRVHUV DUWLFOHV DERXW $DURQ &RSODQG QRWHV DERXW 1HZ
PAGE 18

$UWXU 5RG]LQVNL &DUORV 6DO]HGR $UQROG 6FKRHQEHUJ 5RJHU 6HVVLRQV /HRSROG 6WRNRZVNL ,JRU 6WUDYLQVN\ *HRUJH 6]HOO *HUPDLQH 7DLOOHIHUUH 9LUJLO 7KRPVRQ (UQHVW 7RFK %UXQR :DOWHU .XUO :HLOO DQG (JRQ :HOOHV] 6RPH RI WKHVH OHWWHUV FRQWDLQHG LQIRUPDWLRQ DERXW WKH VHQGHU SHUVRQDO RSLQLRQV GRXEWV DERXW WKHLU PXVLF TXHVWLRQV DERXW WKH /HDJXH LQIRUPDWLRQ IRU RU FRPSODLQWV DERXW WKH SHUIRUPDQFHV RI WKHLU PXVLF RU RXWUDJH RYHU D UHYLHZ 0DQ\ KRZHYHU ZHUH PHUHO\ WKDQN \RXnV RU DFFHSWDQFHV IRU D SDUW\ GLQQHU RU UHFHSWLRQ KRVWHG E\ &ODLUH 5HLV RU DQ DQVZHU WR D TXHVWLRQ SRVHG E\ 0UV 5HLV 6RPH ZHUH RQO\ RQH RU WZR OLQHV ORQJ D \HV WR \RXU NLQG LQYLWDWLRQ RU \HV ZLOO FRPSRVH D SLHFH IRU 7KH /HDJXH RI &RPSRVHUn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‘ DQG &ULWLFV UHSULQWHG f DQG $PHULFDQ &RPSRVHUV 7RGD\ f ZKLFK ZDV UHYLVHG HQODUJHG DQG SXEOLVKHG LQ

PAGE 19

DV &RPSRVHUV LQ $PHULFD %LRJUDSKLFDO 6NHWFKHV UHSULQWHG f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
PAGE 20

RQH RU WZR FDQ ZLQ WKH DZDUG 1RW RQO\ LV WKLV XQVDWLVIDFWRU\ WR WKRVH ZKR IDLO WR ZLQ EXW LW PD\ HYHQ SURYH D ERRPHUDQJ WR WKH ZLQQHU IRU WRR RIWHQ WKH SXEOLF H[SHFWV VR PXFK RI WKH SUL]Hn ZLQQLQJ FRPSRVLWLRQ WKDW WKH UHVXOW LV GLVDSSRLQWLQJ $ FRPPLVVLRQHG ZRUN EHVSHDNV FRQILGHQFH LQ WKH FKRVHQ LQGLYLGXDO DQG KH GRHV KLV EHVW WR PHHW WKLV IDLWK ,W DOVR EULQJV WKH QHZ FRPSRVLWLRQV EHIRUH WKH SXEOLF ZLWK WKH EDFNLQJ DQG FRQILGHQFH RI D UHFRJQL]HG RUJDQL]DWLRQ &RPSRVHUV ZHUH OLVWHG DOSKDEHWLFDOO\ (DFK OLVWLQJ SURYLGHG D EULHI ELRJUDSK\ LQFOXGLQJ ZKHQ DQG ZKHUH WKDW FRPSRVHUn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f DQG 6SHQG
PAGE 21

ZHUH LQFOXGHG 7KH FRPSRVHUV ZHUH OLVWHG DOSKDEHWLFDOO\ ZLWK WKHLU ZRUNV OLVWHG E\ JHQUH LQ FDWHJRULHV VXFK DV RUFKHVWUDO ZRUNV FKDPEHU RUFKHVWUD FKRUDO ZRUNV FKDPEHU PXVLF DQG VWDJH ZRUNV $ORQJ ZLWK WKH WLWOH RI HDFK SLHFH WKH GXUDWLRQ SXEOLVKHU DQG GDWH RI SXEOLFDWLRQ ZDV OLVWHG $OVR LQFOXGHG ZDV D UHFRUG RI SHUIRUPDQFHV DQG D VKRUW ELRJUDSK\ VRPHWLPHV DV VKRUW DV WZR OLQHVf 0UV 5HLV ZDV DSSRLQWHG E\ 3UHVLGHQW )UDQNOLQ 5RRVHYHOW WR WKH &RPPLWWHH IRU WKH 8VH RI /HLVXUH 7LPH 7KH UHVXOW ZDV WKH SXEOLFDWLRQ 6SHQG
PAGE 22

WKDW SHULRG ZKLOH WKH DYHUDJH SHUVRQ ZDV ZLWKRXW HVWKHWLF VWDQGDUGV ZKLFK EHORQJ WR WKH SDVW DQG KH KDV QRW EHHQ HGXFDWHG WR DFFHSW GHILQLWH ODZV EDVHG XSRQ WUDGLWLRQ 6KH DOVR IHOW WKDW WKH FRPSRVHU KDG EHHQ OHIW RXW RI WKH FRQFHUW 0XVLF LV JHQHUDOO\ KHDUG XQGHU FRQGLWLRQV ZKLFK KDYH DOPRVW REOLWHUDWHG WKH FRPSRVHUV DV WKH UDLVRQ Gn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
PAGE 23

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n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
PAGE 24

GHYHORSHG DPRQJ WKHP WKH QHFHVVLW\ WR EULQJ WKH HQWLUH UDQJH RI PRGHUQ WHQGHQFLHV EHIRUH WKH SXEOLF 6KH FRQWLQXHG ZLWK WKH /HDJXHnV DFFRPSOLVKPHQWV VXFK DV D FRQFHUW GHYRWHG WR WKH \RXQJHU JHQHUDWLRQ RI FRPSRVHUV HDUO\ LQ 7KLV W\SH RI FRQFHUW EHFDPH DQ LPSRUWDQW SDUW RI WKH /HDJXHnV DFWLYLWLHV 2WKHU DFWLYLWLHV LQFOXGHG LQWHUHVW LQ WKH PXVLF RI RWKHU FRXQWULHV ZLWK FRQFHUWV GHYRWHG WR WKH FRPSRVHUV RI WKRVH FRXQWULHV HYHQLQJV RI WULEXWH WR FRPSRVHUV DQG D SURMHFW WR EULQJ SHUIRUPLQJ DUWLVWV DQG FRPSRVHUV WRJHWKHU WR GLVFXVV WKHLU FRPPRQ LQWHUHVWV DQG SUREOHPV 7KH SXEOLFDWLRQ RI 0RGHUQ 0XVLF WKH HQFRXUDJHPHQW RI FRPPLVVLRQV DQG HIIRUWV WR HQFRXUDJH QHZ VWDJH ZRUNV SURJUDPV GHGLFDWHG WR QHZ HOHFWULF LQVWUXPHQWV ILOP PXVLF DQG FRPPLVVLRQLQJ PXVLF IRU WKH ZDU HIIRUW ZHUH DOO SURMHFWV RI WKH /HDJXH RI &RPSRVHUV 0UV 5HLVnV LQWHUHVW LQ VWDJH ZRUNV UHVXOWHG LQ WKUHH DUWLFOHV DERXW RSHUD 6FUHHQLQJ IRU 2SHUD ZDV SXEOLVKHG LQ $SULO LQ &HQWHU $ 0DJD]LQH RI 0XVLF DQG 'UDPD ,W FRQWDLQHG LQIRUPDWLRQ DERXW WKH FXUUHQW VWDWH RI FRQWHPSRUDU\ RSHUD DQG RIIHUHG VXJJHVWLRQV IRU VXSSRUWLQJ DQG SURPRWLQJ LW ,Q WKH 6SULQJ RI $ 1HZ &KDSWHU LQ $PHULFDQ 2SHUD 5HSHUWRU\ ZDV SXEOLVKHG LQ 3OD\ELOO WKH SURJUDP QRWHV IRU WKH 1HZ
PAGE 25

2SHUD LQ WKH 0DNLQJ IURP +HUH DW +XQWHU D SXEOLFDWLRQ RI WKH +XQWHU &ROOHJH 2SHUD $VVRFLDWLRQ ZDV DERXW WKH EHQHILWV RI WKH +XQWHU &ROOHJH RSHUD ZRUNVKRSV IRU WDOHQWHG \RXQJ VLQJHUV 3UHYLRXVO\ 8QSXEOLVKHG &RPSRVHUVn /HWWHUV ZDV SXEOLVKHG LQ WKH -DQXDU\ LVVXH RI 0XVLFDO $PHULFD :LWK RSHQLQJ FRPPHQWV E\ &ODLUH 5HLV DQG (YHUHWW +HOP WKHVH ZHUH OHWWHUV ZULWWHQ WR 0UV 5HLV DV FKDLU RI WKH /HDJXH RI &RPSRVHUV RULJLQDOV RI ZKLFK FDQ EH IRXQG LQ WKH /HDJXH RI &RPSRVHUV /HWWHUV PHQWLRQHG SUHYLRXVO\f 0UV 5HLV DGGHG LQWURGXFWRU\ FRPPHQWV WR HDFK OHWWHU 7KH DUWLFOH LQFOXGHG OHWWHUV RI &RSODQG %DUWN 0LOKDXG 6FKXPDQ 5LHJJHU 3URNRILHII %ORFK 6FKRHQEHUJ 0RRUH :HEHUQ 0DOLSLHUR *UXHQEHUJ %OLW]VWHLQ DQG GH )DOOD $OVR LQFOXGHG DUH FRSLHV RI DXWRJUDSKHG SLFWXUHV RI &RSODQG 0LOKDXG 3URNRILHII 6FKRHQEHUJ 0DOLSLHUR DQG GH )DOOD DQG :DQGD /DQGRZVND WRJHWKHU 7KH WZHQW\ILIWK DQQLYHUVDU\ RI 1HZ
PAGE 26

RWKHU DUWLFOHV 0UV 5HLV JDYH D ILUVWKDQG DFFRXQW RI HYHQWV DQG SHRSOH WULDOV DQG WULEXWDWLRQV DQG VXFFHVVHV &ODLUH 5HLV ZDV QRW VK\ DERXW ZULWLQJ OHWWHUV WR HGLWRUV XVXDOO\ GHIHQGLQJ WKH /HDJXH RI &RPSRVHUV IURP FULWLFLVP 7KH 0DUFK 0XVLFDO &RXULHU FRQWDLQHG D OHWWHU IURP KHU GHIHQGLQJ WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOGnV SURGXFWLRQ RI 6FKRHQEHUJnV 3LHUURW /XQDLUH 7KLV SURGXFWLRQ ZDV FULWLFL]HG LQ WKH )HEUXDU\ LVVXH DQG 0UV 5HLV ZDV TXLFN WR SRLQW RXW WKH FULWLFnV IDOODFLHV $JDLQ LQ DQG 0UV 5HLV ZURWH WR 7KH 1HZ
PAGE 27

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
PAGE 28

RSHUDV 6KH ZDV ZULWWHQ DERXW LQ 7KH 1HZ 0H[LFDQ LQ DQ DUWLFOH WKDW UHFRXQWHG KHU ZRUN DV D IRXQGHU DQG VHFUHWDU\ RI WKH ERDUG RI WKH 1HZ
PAGE 29

FRQILUP WKH VWRU\ &ODLUH 5HLV WROG RI KHU ILUVW PHHWLQJ ZLWK WKH FRQGXFWRU 6WRNRZVNL ,Q 9DUHVH $ /RRNLQJ *ODVV 'LDU\ /RXLVH 9DUVH WROG D GLIIHUHQW VWRU\ DERXW WKH VSOLW EHWZHHQ WKH PHPEHUV RI WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG 0UV 9DUVHnV YHUVLRQ LV PRUH DFULPRQLRXV WKDQ WKH RQH 0UV 5HLV UHFRXQWHG LQ KHU ERRN ,W VKRXOG EH QRWHG WKDW VHYHUDO RWKHU DXWKRUV LQFOXGLQJ 'DQLHO 2OLYHU XVHG WKH 9DUHVH YHUVLRQ RI WKH ,&* VSOLW UDWKHU WKDQ ZKDW 0UV 5HLV ZURWH &ODLUH 5HLV ZDV PHQWLRQHG LQ 0LOKDXGnV PHPRLUV 1RWHV :LWKRXW 0XVLF DV ZHOO DV )UHGHULFN 0DUWHQVnV ELRJUDSK\ RI /HR 2UQVWHLQ DQG WKH ELRJUDSK\ RI 3DXO 5RVHQIHOG E\ -HURPH 0HOOTXLVW DQG /XFLH :LHVH $ OHWWHU WR KHU ZDV SULQWHG LQ 6HOHFWHG /HWWHUV RI 9LUJLO 7KRPVRQ DQG VKH ZDV PHQWLRQHG VHYHUDO WLPHV LQ 0LQQD /HGHUPDQn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

PAGE 30

VWXG\ DOO WKH PRUH QHFHVVDU\ WR FRQWULEXWH WR WKH FXUULFXOXP RI FROOHJHOHYHO PXVLF KLVWRU\ DQG OLWHUDWXUH FODVVHV ZKHUH WKLV LQIRUPDWLRQ ZRXOG DGG PXFK QHHGHG LQVLJKW LQWR WKH GHYHORSPHQW RI WZHQWLHWKFHQWXU\ PXVLF 1RWHV &ODLUH 5 5HLV &RPSRVHUV LQ $PHULFD %LRJUDSKLFDO 6NHWFKHV RI /LYLQJ &RPSRVHUV ZLWK D 5HFRUG RI WKHLU :RUNV 1HZ
PAGE 31

&+$37(5 ,,, ($5/< /,)( $1' :25. 7+( 3(23/(n6 086,& /($*8( $1' 7+( ,17(51$7,21$/ &20326(5n6 *8,/' (DUO\ /LIH DQG :RUN 7KH LQIOXHQFH RI IDPLO\ DQG ZRUN RQ &ODLUH 5HLV KDG D VLJQLILFDQW LPSDFW RQ KHU ODWHU ZRUN 7KH SKLORVRSKLHV DQG VNLOOV ZLWK ZKLFK VKH RUJDQL]HG DQG OHG WKH /HDJXH RI &RPSRVHUV ZHUH DOO EDVHG RQ H[SHULHQFHV JDLQHG HDUOLHU &ODLUH 5DSKDHO 5HLV ZDV ERUQ $XJXVW LQ %URZQVYLOOH 7H[DV ZKHUH KHU IDWKHU *DEULHO 0 5DSKDHO ZDV SUHVLGHQW RI WKH )LUVW 1DWLRQDO %DQN +H ZDV IURP 1HZ
PAGE 32

ZRUOG DV P\ PRWKHU KDG DQG DOVR P\ IDWKHU KDG FRPH IURP 1HZ
PAGE 33

ZKHUH WKH FKLOGUHQ FRXOG UHFHLYH D EHWWHU HGXFDWLRQ $IWHU KLV VXGGHQ GHDWK 0UV 5DSKDHO IROORZHG KHU KXVEDQGnV SODQV DQG LQ 6HSWHPEHU PRYHG ZLWK KHU WKUHH FKLOGUHQ WR 1HZ
PAGE 34

VKH VDLG 7KH JHQHUDO SKLOKDUPRQLF FRQFHUWV ZHUH SUREDEO\ WKH VDPH DV LQ DQ\ RWKHU FLW\ WRGD\ 0D\EH VRPH PRGHUQ EXW QR FRQWHPSRUDU\ FRPSRVHU H[FHSW %XVRQL f 8SRQ KHU UHWXUQ WR 1HZ
PAGE 35

6KH SOD\HG LQ UHFLWDOV JLYHQ E\ 7DSSHUnV VWXGHQWV DQG LQ WKH 1HZ
PAGE 36

ZDV DOVR LQWURGXFHG WR FRQWHPSRUDU\ PXVLF WKURXJK KHU IULHQGVKLS ZLWK WKH FRPSRVHU /HR 2UQVWHLQ f 2UQVWHLQ VWXGLHG DW WKH ,QVWLWXWH RI 0XVLFDO $UW DQG ZDV D VWXGHQW RI 0UV 7DSSHU KH RIWHQ SOD\HG VRPH RI KLV RZQ FRPSRVLWLRQV DW KLV WHDFKHUnV 6DWXUGD\ DIWHUQRRQ FODVVHV 7ZR JURXSV ZLWK ZKLFK &ODLUH 5HLV EHFDPH LQYROYHG DW WKLV WLPH ZHUH WR JLYH KHU WKH H[SHULHQFH QHFHVVDU\ IRU ODWHU RUJDQL]LQJ WKH /HDJXH RI &RPSRVHUV 7KHVH JURXSV ZHUH WKH :DOGHQ 6FKRRO DQG WKH 3HRSOHnV 0XVLF /HDJXH 5HLVnV LQWHUHVW LQ WHDFKLQJ PXVLF WR FKLOGUHQ ZDV NLQGOHG E\ KHU DVVRFLDWLRQ ZLWK 0DUJDUHW 1DXPEXUJ f D IULHQG ZKR KDG EHHQ LQ ,WDO\ VWXG\LQJ ZLWK 'U 0DULD 0RQWHVVRUL f 5HLV IHOW WKDW WKH 0RQWHVVRUL SULQFLSOHV ZRXOG ZRUN ZHOO LQ WHDFKLQJ PXVLF 6KH PHW 1DXPEXUJ LQ (XURSH LQ WKH VXPPHU RI WR LQYHVWLJDWH QHZ PHWKRGV RI WHDFKLQJ PXVLF DQG GDQFLQJ LQFOXGLQJ 0RQWHVVRUL DQG WKH HXU\WKPLF FODVVHV RI ‹PLOH -DTXHV'DOFUR]H f 6KH DOVR DWWHQGHG VRPH RI WKH
PAGE 37

FODVVHV YLVLWHG DQG ODWHU LQVLVWHG WKDW 5HLV DQG 1DXPEXUJ EHJLQ D VLPLODU FODVV LQ D SXEOLF VFKRRO $IWHU VRPH UHG WDSH LQ JHWWLQJ WKHLU WHDFKLQJ OLFHQVHV WKH\ EHJDQ D FODVV LQ WKH VSULQJ RI DW WKH SXEOLF VFKRRO RQ QG 6WUHHW 8QIRUWXQDWHO\ WKH SURPLVHG SLDQR DQG RWKHU PDWHULDOV QHYHU DUULYHG VR 5HLV DQG 1DXPEXUJ GHFLGHG WR HVWDEOLVK D SULYDWH VFKRRO 7KH\ RSHQHG WKH &KLOGUHQnV 6FKRRO LQ WKH IDOO RI 7KH VFKRROnV QDPH ZDV ODWHU FKDQJHG WR WKH :DOGHQ 6FKRRO 5HLV JDYH VHYHUDO OHFWXUHV EHWZHHQ -XO\ DQG 2FWREHU RI DERXW WKH 'DOFUR]H PRYHPHQW 7KHVH ZHUH JLYHQ WR WKH )HGHUDWLRQ IRU &KLOG 6WXG\ LQ 1HZ
PAGE 38

FRQWLQXHG KHU ZRUN ZLWK 0RQWHVVRUL SULQFLSOHV E\ JLYLQJ VPDOO PXVLF FODVVHV IRU KHU FKLOGUHQ DV ZHOO DV WKRVH RI D IHZ RI WKH QHLJKERUV 7KH 3HRSOHnV 0XVLF /HDJXH 7KH LGHD IRU WKH 3HRSOHnV 0XVLF /HDJXH FDPH IURP 5HLVnV FRQFHUWV ZLWK 0D[ 5RVHQ DW &RRSHU 8QLRQ 6KH VDZ WKH DXGLHQFH DW &RRSHU 8QLRQ DQG IHOW WKHUH ZDV D QHHG IRU VXFK DQ XQGHUWDNLQJ /DWHU VKH VDLG 7KDW UHDOO\ VWLUUHG PH WKDW UHPHPEHU YHU\ YLYLGO\ KDYH QRW VHHQ WKDW NLQG RI DQ DXGLHQFH
PAGE 39

HQMR\PHQW DQ LQWHJUDO SDUW RI WKH OLYHV RI WKH SHRSOH 7R RIIHU RSSRUWXQLW\ IRU \RXQJ DUWLVWV ZKR DUH UHFRPPHQGHG E\ PXVLFLDQV RI XQTXHVWLRQHG VWDQGLQJ WR DSSHDU EHIRUH DXGLHQFHV 7R RSHQ WKH DXGLWRULXPV LQ WKH SXEOLF VFKRRO EXLOGLQJV WR WKH SHRSOH DW ODUJH IRU PXVLFDO SXUSRVHV 7R RUJDQL]H RUFKHVWUDV DQG RWKHU PXVLFDO RUJDQL]DWLRQV LQ WKH YDULRXV QHLJKERUKRRGV ZKHUH WKH FRQFHUWV DUH JLYHQ :LWK WKH KHOS RI WKH WUXVWHHV RI WKH 3HRSOHnV ,QVWLWXWH 5HLV ZDV DEOH WR JHW WKH VFKRRO ERDUG WR DOORZ WKH 3HRSOHn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nV 0XVLF /HDJXH UHFHLYHG D JLIW RI IURP -RKQ : )URWKLQJKDP SKLODQWKURSLVW DQG PXVLF SDWURQ ODWHU SUHVLGHQW RI WKH

PAGE 40

/HDJXHnV %RDUG RI 7UXVWHHVf ZKR KDG DWWHQGHG D FRQFHUW DQG KDG EHHQ LPSUHVVHG E\ ZKDW KH KDG VHHQ 7KH\ UHFHLYHG WKLV JLIW IRU HDFK RI WKH UHPDLQLQJ \HDUV WKH 3HRSOHnV 0XVLF /HDJXH ZDV LQ H[LVWHQFH f 7KH FRQFHUWV ZHUH D VXFFHVV DQG RIWHQ WKH DXGLWRULXPV ZHUH VR IXOO WKDW D FRQFHUW KDG WR EH UHSHDWHG 2WKHU URRPV LQ WKH EXLOGLQJV ZHUH RSHQHG IRU WKH RYHUIORZ FURZG DQG ZKHQ WKH DUWLVWV ZHUH ILQLVKHG LQ RQH URRP WKH\ ZRXOG PRYH WR DQRWKHU DQG UHSHDW WKHLU SURJUDP /DWHU 5HLV ZDV WR VWDWH GRQn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nV 0XVLF /HDJXH IRUPHG WKH 3HRSOHnV &KRUXV ZKLFK ZDV GLUHFWHG E\ (UQHVW %ORFK f 7KLV SURMHFW ZDV RQH ZLWK ZKLFK &ODLUH 5HLV SURSRVHG WR DGGUHVV WZR QHHGV 7KH ILUVW ZDV WR RIIHU WKH RSSRUWXQLW\ WR WKH SHRSOH WR VLQJ LQ D FRPPXQLW\ FKRUXV 5HLV EHJDQ WR RUJDQL]H WKH FKRUXV DQG IO\HUV ZHUH SULQWHG DQG DGGUHVVHG WR PXVLF ORYHUV 5HTXLUHPHQWV ZHUH D YRLFH

PAGE 41

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nV &KRUXV ZDV WR VWXG\ DQG HQMR\ WKH FKRUDO PXVLF RI WKH ILIWHHQWK DQG VL[WHHQWK FHQWXULHV EXW QRW QHFHVVDULO\ WR SUHSDUH RU SHUIRUP D FRQFHUW 0XVLFDO $PHULFD FDOOHG WKH FKRUXV RQH RI WKH /HDJXHnV ILQHVW SODQV 3DXO 5RVHQIHOG ZURWH ,W VHHPHG ZHOOQLJK LPSRVVLEOH WKDW VXFK UDUH DQG VXEWOH PXVLF FRXOG EH WDXJKW WR D FKRUXV RI DPDWHXUV LQ VD\ DV ZRUNDGD\ D SODFH DV WKH DXGLWRULXP RI WKH 0DQKDWWDQ 7UDGH 6FKRRO 3DOHVWULQD DQG 7ZHQW\VHFRQG 6WUHHW ZHUH PXWXDOO\ H[FOXVLYH RQH ZDV VXUH $QG \HW WR WKRVH RI XV ZKR DVVLVWHG DW WKRVH ILUVW PHHWLQJV ZKHQ WKH FKRUXV RI WKH 3HRSOHnV 0XVLF /HDJXH ZDV EHLQJ ERUQ D IHZ ZHHNV DJR LW ZDV HYLGHQW WKDW ZKDWHYHU PLJKW KDPSHU WKH SURJUHVV RI WKH PRYHPHQW LW ZDV QRW WKH IDFW WKDW WKHUH ZDV XQUHODWHGQHVV EHWZHHQ PXVLF DQG DXGLHQFH )RU QRQH H[LVWHG $OWKRXJK WKH 3HRSOHnV &KRUXV RQO\ ODVWHG RQH VHDVRQ 6HSWHPEHU WR 0D\f LW ZDV FRQVLGHUHG D VXFFHVV )RU WKH FRQFHUW WR FHOHEUDWH WKH WHQWK DQQLYHUVDU\ RI WKH 3HRSOHnV 0XVLF /HDJXH KHOG )HEUXDU\ f 5HLV

PAGE 42

VXJJHVWHG WKDW WKH SURJUDP EH PDGH XS RI FRPSRVHUV SHUIRUPLQJ WKHLU RZQ ZRUNV 7KH FRPSRVHUV LQYROYHG ZHUH 5HEHFFD &ODUNH f /RXLV *UXHQEHUJ f )UHGHULFN -DFREL f $ :DOWHU .UDPHU f /D]DUH 6DPLQVN\ f DQG 'HHPV 7D\ORU f ,W ZDV XQXVXDO DW WKDW WLPH IRU FRPSRVHUV WR DSSHDU SHUIRUPLQJ WKHLU RZQ PXVLF DV ZDV QRWHG LQ 0XVLFDO $PHULFD 2QH RI WKH ILUVW DFWLRQV RI WKH 3HRSOHnV 0XVLF /HDJXH DV DQ LQGHSHQGHQW ERG\ KDV EHHQ WR WXUQ LWV DWWHQWLRQ WR WKH \RXQJ FRPSRVHU ,W LV VRPHWKLQJ RI DQ DQRPDO\ LQ WKH PXVLFDO ZRUOG WKDW PXFK PXVLF PD\ EH SUHVHQWHG ZKLOH WKH FRPSRVHU RI LW LV QHJOHFWHG +HQFH WKH /HDJXH KDG KDG WKH LQVSLUDWLRQ RI SUHVHQWLQJ LQ FRQFHUW D PRVW XQXVXDO V\PSRVLXP RI ZULWHUV ZKR DUH WR LQWHUSUHW WKHLU RZQ FRPSRVLWLRQV 7KH SLHFHV SHUIRUPHG LQFOXGHG WZR PRYHPHQWV RI 5HEHFFD &ODUNHnV 6RQDWD IRU YLROD DQG SLDQR 3RO\FKURPHV IRU SLDQR E\ /RXLV *UXHQEHUJ WKUHH 3UHOXGHV E\ )UHGHULFN -DFREL DQG VRQJV E\ :DOWHU .UDPHU 'HHPV 7D\ORU DQG /D]DUH 6DPLQVN\ 7KH SURJUDP ZDV UHFHLYHG ZLWK HQRUPRXV HQWKXVLDVP E\ WKH DXGLHQFH DV ZHOO DV E\ WKH FULWLFV 2QH FULWLF ZURWH 2I VLQJXODU LQWHUHVW ZDV WKH FRPSRVHUV FRQFHUW JLYHQ RQ )HEUXDU\ DW &RRSHU 8QLRQ XQGHU WKH DXVSLFHV RI WKH 3HRSOHn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

PAGE 43

1RW ORQJ DIWHU WKLV FRQFHUW &ODLUH 5HLV LGHQWLILHG ZKDW VKH IHOW KDG EHFRPH D VHULRXV SUREOHP LQ WKH 3HRSOHnV 0XVLF /HDJXH 6KH KDG QRWLFHG WKDW PDQ\ SHRSOH LQ WKH DXGLHQFHV RI WKH FRQFHUWV ZHUH OHDYLQJ LQ WKH PLGGOH RI WKH FRQFHUWV 6KH ZRQGHUHG LI IUHH FRQFHUWV ZHUH QHFHVVDU\ IRU WKH QHZO\ DUULYHG SHRSOH DQ\PRUH :KDW VKH GLVFRYHUHG ZDV WKDW WKHVH SHRSOH ZHUH OHDYLQJ WKH FRQFHUWV DQG JRLQJ WR WKH PRYLHV 6LQFH WKH FRQFHUWV ZHUH IUHH DQG LW FRVW PRQH\ WR JHW LQWR D PRYLH LW ZDV VXJJHVWHG WKDW WKH 3HRSOHnV 0XVLF /HDJXH EHJLQ FKDUJLQJ D VPDOO DGPLVVLRQ WR WKHLU FRQFHUWV $IWHU VRPH GLVFXVVLRQ ZLWK 'U (XJHQH 1REOH SUHVLGHQW RI WKH -XLOOLDUG )RXQGDWLRQ IRU 0XVLF DQG VRPH VHULRXV WKRXJKW 5HLV GHFLGHG LW ZDV WLPH WR VWRS VLQFH WKH DXGLHQFHV ZHUH GZLQGOLQJ 7KH 3HRSOHnV 0XVLF /HDJXH ZDV GLVVROYHG LQ )HEUXDU\ ,Q UHYLHZLQJ WKH UHFHQW FRQFHUW RI OLYLQJ FRPSRVHUV ZRUNV 5HLV IHOW WKDW LW ZDV QRZ WLPH IRU PRUH RI WKRVH W\SHV RI SURJUDPV IHOW FRPSHOOHG WR ILQG QHZ DQG EHWWHU ZD\V WR KHOS ZLWK WKH GHYHORSPHQW RI FRQWHPSRUDU\ PXVLF 6RPHWKLQJ WROG PH WKDW QRZ P\ DFWLYLWLHV RI WKH ODVW WHQ \HDUV KDG VHUYHG WKH SXUSRVH EXW KDG UHDFKHG WKHLU ORJLFDO HQG :LWK WKLV LQ PLQG WXUQHG WR WKH QHZ LQWHUHVW KDG WDNHQ LQ KHOSLQJ OLYLQJ FRPSRVHUV 7KH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG 7KH &RPSRVHUnV &RQFHUW RI WKH 3HRSOHnV 0XVLF /HDJXH EURXJKW &ODLUH 5HLV WR WKH DWWHQWLRQ RI WKH FRPSRVHU (GJDUG

PAGE 44

9DUVH f ,Q 9DUVH IRUPHG WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG ,&*f LQ 1HZ
PAGE 45

WKH WKHDWHU ZDV XQXVHG RQ 6XQGD\V ZKHQ WKH *XLOG KHOG WKHLU FRQFHUWV %RDUG PHHWLQJV RI WKH *XLOG ZHUH XVXDOO\ KHOG LQ 5HLVnV KRPH 6KH UHFDOOHG WKDW WKH PHHWLQJV ZHUH XVXDOO\ XQRUJDQL]HG DV RIWHQ ZLYHV RI WKH ERDUG PHPEHUV DQG RWKHU PXVLFLDQV ZRXOG DWWHQG WKH PHHWLQJV $W WKRVH PHHWLQJV ZH KDG QR UXOHV 9DUHVH ZRXOG WDON 6DO]HGR ZRXOG WDON PD\EH GLG D OLWWOH 7KHQ LQ ZRXOG FRPH VRPH PXVLFLDQV ZKR ZDQWHG WR NQRZ ZKDW ZDV JRLQJ RQ DQG WKH\ ZHUH ZHOFRPHG E\ 9DUVH DQG QHYHU ZDV VXUH ZKR EHORQJHG DQG ZKR GLGQnW )RU WKH VHFRQG FRQFHUW RI WKH VHDVRQ WKH *XLOG GHFLGHG WR SHUIRUP $UQROG 6FKRHQEHUJnV f 3LHUURW /XQDLUH ZKLFK KDG EHHQ FUHDWLQJ D VHQVDWLRQ DW DOO RI LWV SHUIRUPDQFHV LQ (XURSH /RXLV *UXHQEHUJ ZDV FKRVHQ WR FRQGXFW ZLWK *UHWD 7RUSDGLH DV VRORLVW DQG D VPDOO HQVHPEOH RI ILYH PXVLFLDQV )LIWHHQ UHKHDUVDOV ZHUH DJUHHG XSRQ WR EH KHOG DW 5HLVn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

PAGE 46

VFKHGXOHG 6LQFH WKH .ODZ 7KHDWHU ZDV FRPSOHWHO\ VROG RXW 5HLV NQHZ WKDW WKH SHUIRUPDQFH ZRXOG KDYH WR JR RQ 6KH WROG *UXHQEHUJ /RXLV ZH KDYH WZR GD\V OHIW EHIRUH WKH VFKHGXOHG SHUIRUPDQFH RI 3LHUURW /XQDLUH :H FDQ DGG WZR PRUH UHKHDUVDOV %XW WKHQ DIWHU WZHQW\WZR UHKHDUVDOV WKH ZRUN ZLOO VLPSO\ KDYH WR EH JLYHQ DFFRUGLQJ WR RXU DJUHHPHQW ZLWK WKH SXEOLFn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f GLG WKH\ KDYH DQ DGHTXDWH ZRPDQ VSHDNHU GLG WKH\ XQGHUVWDQG WKH VW\OH RI WKH ZRUN" ,I WKH\ FRXOG VDWLVI\ KLP RQ WKHVH DQG RWKHU SRLQWV KH ZRXOG JLYH KLV SHUPLVVLRQ $IWHU D QXPEHU RI OHWWHUV

PAGE 47

DQG H[SODQDWLRQV 6FKRHQEHUJ JDYH KLV SHUPLVVLRQ IRU WKH SHUIRUPDQFH 2WKHU FRQWURYHUVLHV VWHPPHG IURP WKH UHDFWLRQ RI WKH SUHVV 7KH\ DYRLGHG DWWDFNLQJ 6FKRHQEHUJ RXWULJKW EXW JDYH YHU\ OLWWOH SUDLVH LQ WKHLU UHYLHZV XVLQJ VXFK WHUPV DV nD SDLQVWDNLQJ SHUIRUPDQFHn $Q HGLWRULDO LQ WKH 0XVLFDO &RXULHU ZDV YHU\ FULWLFDO RI WKH SHUIRUPDQFH 6FKRHQEHUJ ILUVW SURWHVWHG WKH SHUIRUPDQFH RI KLV 3LHUURW /XQDLUH E\ WKH 1HZ
PAGE 48

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n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f§DQG WKH\ UHDOO\ ZHUH ERDUG PHPEHUV EHFDXVH WKH\ KDG DWWHQGHG UHJXODUO\ *UXHQEHUJ KDG EHHQ HQRUPRXVO\ LQWHUHVWHG DQG KH IHOW UHVSRQVLEOH IRU KDYLQJ EURXJKW 9DUVH WR VHH PH DQG SHUVXDGH PH WR WDNH RYHU WKH VRFLHW\ 6DPLQVN\ ZDV WUDYHOLQJ D JUHDW GHDO GXULQJ WKRVH \HDUV LQ WKH VXPPHU DQG NQHZ PDQ\ PXVLFLDQV LQ (XURSH DQG EURXJKW LGHDV EDFN RI QHZ ZRUNV DQG $OPD 0RUJHQWKDX :HUWKHLP

PAGE 49

ZDV JLYLQJ PRQH\ JHQHURXVO\ WR SD\ WKH EDFN GHEWV DQG WR KHOS HVWDEOLVK WKLV RUJDQL]DWLRQ %XW GLG QRW NQRZ WKDW WKHLU FRPSODLQWV ZHUH JHWWLQJ FORVH WR D SRLQW RI FULVLV ZDV VSDUHG WKDW XQWLO WKH WKUHH RI WKHP LQ D WHPSHU MXVW EURNH XS WKH PHHWLQJ DQG VDLG n:H DUH UHVLJQLQJn 9DUHVH ZDV VWDUWOHG GRQnW WKLQN D GLFWDWRU DOZD\V NQRZV ZKDW D GLFWDWRUnV RIIHQVHV DUH RQ RWKHUV 5HLV GLG QRW NQRZ WKDW WKHUH ZDV VR PXFK GLVVDWLVIDFWLRQ 6KH VDLG WKLQN WKH\ IHOW WKDW ZDV GRLQJ D SUHWW\ JRRG MRE LQ EULQJLQJ ELJ DXGLHQFHV DQG JHWWLQJ HQRXJK PRQH\ WR SD\ JRRG LQVWUXPHQWDOLVWV DQG WKH\ GLGQnW ZDQW PH WR ZRUU\ DERXW 9DUVHnV EHKDYLRU +H VRRQ UHDOO\ EHFDPH DQ LPSRVVLEOH NLQG RI DQ HQHP\ WR WKH /HDJXH DQG WR PH +H VWUXJJOHG WR NHHS KLV VRFLHW\ JRLQJ DQG KH IHOW WKDW ZKHQ WKH /HDJXH ZDV IRUPHGf§ZKLFK ZDV D VXJJHVWLRQ PDGH WR PH E\ WKH WKUHH GLVVLGHQWV ZKR KDG ZDONHG RXW ZKHQ WKH\ KHDUG WKDW ZDVQnW JRLQJ WR VWD\ ZLWK KLP IRU D FRPSOHWHO\ GLIIHUHQW UHDVRQf§EHFDXVH KH ZRXOGQnW UHSHDW ZRUNVf§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f§QR FRPSRVHU RQ WKH ERDUG ZRXOG KDYH KLV ZRUN SHUIRUPHG VR ZH ZRXOGQnW VWDUW RII DV WKH RWKHU VRFLHW\ KDG ZLWK PRUH RU OHVV RI D FOLJXH IHHOLQJ LQ LW 7KH VSOLW ZDV DFULPRQLRXV ,Q KHU ELRJUDSK\ RI 9DUVH /RXLVH 9DUVH ODWHU ZURWH DERXW WKLV HSLVRGH 6KH DGPLWWHG WKDW 9DUVH ZDV D GHVSRW GLUHFWRU RI WKH ,&* EXW KHU FRQGHPQDWLRQ RI 5HLV ZDV QRQHWKHOHVV FRPSOHWH +HU GHVFULSWLRQ RI 5HLVnV HQWU\ LQWR WKH ,&* ZDV WKLV

PAGE 50

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f DFFRXQW RI WKH ,&* LQ KHU ERRN 7KH .ODZV ZHUH IULHQGV RI KHUV 6KH DOVR DGGHG RWKHU IULHQGV WR EH WKH H[HFXWLYH ERDUG 0UV $OPD :HUWKHLP ZKR ZDV D GDXJKWHU DQG VLVWHU RI WKH 0RUJDQWKDXV DQG 6WHSKHQ %RXUJHRLV D SLFWXUH GHDOHU 6KH ZDV LQGHIDWLJDEOH 6KH WRRN RYHU 7KH PXVLFDO JXLGDQFH RI WKH *XLOG ZDV WR EH OHIW H[FOXVLYHO\ WR 9DUHVH DQG 6DO]HGR 6KH ZDV D WUHDVXUHf§RU VR ZH WKRXJKW :KHQ WKH 9DUVHV OHIW IRU %HUOLQ LQ -XO\ RI /RXLVH 9DUHVH FODLPHG WKDW 9DUHVH FDXWLRQHG 6DO]HGR WR ZDWFK RXW IRU WKH IRUHLJQ HOHPHQW LQ WKH *XLOG DQG WKDW KH DOUHDG\ VHQVHG LQ 5HLV D WHQGHQF\ WRZDUG WHQWDFXODU SUROLIHUDWLRQ $ERXW WKHLU KRPHFRPLQJ VKH ZURWH $V VRRQ DV ZH UHWXUQHG WR 1HZ
PAGE 51

RUJDQL]DWLRQ ZKLFK UXOHG RXW UHSHWLWLRQV 7KH SXUSRVH RI WKH UXOH KDG EHHQ WR SURYLGH WKH EURDGHVW SRVVLEOH YLHZ RI FRQWHPSRUDU\ PXVLF DQG WR JLYH D KHDULQJ WR DV PDQ\ TXDOLILHG FRPSRVHUV DV SRVVLEOH ,W ZDV PXFK WRR HDUO\ LQ WKH OLIH RI WKH *XLOG WR FRQVLGHU FKDQJLQJ WKLV UXOH 0DQ\ ZRUNV RI PDQ\ FRPSRVHUV 9DUHVH LQVLVWHG VWLOO UHPDLQHG WR EH KHDUG 9DUHVHnV RSSRVLWLRQ OHG WR D KHDWHG TXDUUHO EHWZHHQ KLP DQG *UXHQEHUJ 7R 9DUHVH WKLV TXHVWLRQ LQYROYLQJ WKH YHU\ UDLVRQ GnWUH RI WKH *XLOG ZDV QRW RQH WR EH DUJXHG FRROO\ LQ SDUOLDPHQWDU\ VW\OH 0UV 5HLV ZDV D VWLFNOHU IRU SDUOLDPHQWDU\ SURFHGXUHf 9DUVH IHOW WRR GHHSO\ ,W VHHPHG WR KLP WKDW WKH VDPH HOHPHQWV WKDW KDG GLVUXSWHG KLV RUFKHVWUD PLJKW RQFH PRUH GHIHDW KLV SXUSRVH +H ZDV DW WKLV SRLQW QRW DUJXLQJ KH ZDV FKDUJLQJ +H ZDQWHG D ILJKWf§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

PAGE 52

FKDLU RI WKH 3HRSOHnV 0XVLF /HDJXH IRU \HDUV NQRZOHGJH WKDW VKH SXW WR XVH RUJDQL]LQJ FRQFHUWV IRU WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG DQG WKH /HDJXH RI &RPSRVHUV +HU WHQXUH DV H[HFXWLYH VHFUHWDU\ RI WKH ,&* LQIOXHQFHG KHU LQ WKH IRUPLQJ RI WKH /HDJXH RI &RPSRVHUV DQG HVWDEOLVKLQJ LWV SKLORVRSK\ DQG SUDFWLFHV 0UV 5HLV UHDOL]HG WKH YDOXH RI WKHVH H[SHULHQFHV ZKHQ VKH VDLG WKLQN SHUKDSV KDG D PRUH LPDJLQDWLYH PLQG DQG HQMR\HG SLRQHHULQJ LQ FHUWDLQ UHDOPV WKDW IHOW VKRXOG EH GRQH OLNH WKH 3HRSOHnV 0XVLF /HDJXH IRU IUHH PXVLF IRU WKH PDVVHV 7KHQ WKH /HDJXH RI &RPSRVHUV DQG RQH WKLQJ WRRN PH RQ WR WKH RWKHU 7KHUH ZDV D GHILQLWH OLQN 1RWHV &ODLUH 5 5HLV 8QSXEOLVKHG WUDQVFULSW RI D UHFRUGHG LQWHUYLHZ ZLWK 9LYLDQ 3HUOLV -DQXDU\ -DQXDU\ 2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 53

&ODLUH 5 5HLV 8QSXEOLVKHG WUDQVFULSW RI D UHFRUGHG LQWHUYLHZ ZLWK 9LYLDQ 3HUOLV -DQXDU\ -DQXDU\ 2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 54

&ODLUH 5 5HLV 8QSXEOLVKHG WUDQVFULSW RI D UHFRUGHG LQWHUYLHZ ZLWK 9LYLDQ 3HUOLV -DQXDU\ -DQXDU\ 2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 55

&ODLUH 5 5HLV 8QSXEOLVKHG WUDQVFULSW RI D UHFRUGHG LQWHUYLHZ ZLWK 9LYLDQ 3HUOLV -DQXDU\ -DQXDU\ 2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 56

2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 57

&+$37(5 ,9 7+( /($*8( 2) &20326(56 ,Q IRXQGLQJ WKH /HDJXH RI &RPSRVHUV &ODLUH 5HLV EHOLHYHG WKDW VKH ZDV FUHDWLQJ DQ RUJDQL]DWLRQ IRU WKH FRPSRVHU D WUXH FRPSRVHUnV JXLOG 6KH XVHG WKH H[SHULHQFHV JDLQHG IURP WKH 3HRSOHnV 0XVLF /HDJXH DQG WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG WR RUJDQL]H DQG UXQ WKH /HDJXH RI &RPSRVHUV IRU WZHQW\ILYH \HDUV 7KHVH SUHYLRXV H[SHULHQFHV DOVR KHOSHG KHU WR FUHDWH D SKLORVRSK\ DQG SXUSRVH IRU WKH /HDJXH RI &RPSRVHUV PDNLQJ LW NQRZQ WKDW WKH UDLVRQ GnHWUH IRU HVWDEOLVKLQJ WKH QHZ JURXS ZDV WKH FRPSRVHU 7KH /HDJXH RI &RPSRVHUV ZDV LQFRUSRUDWHG LQ $SULO 7KH FKDUWHU PHPEHUV RI WKH /HDJXH RI &RPSRVHUVnV ([HFXWLYH %RDUG ZHUH $UWKXU %OLVV 6WHIDQ %RXUJHRLV /RXLV *UXHQEHUJ 0LQQD /HGHUPDQ /HR 2UQVWHLQ /D]DUH 6DPLQVN\ $OPD 0RUJHQWKDX :LHQHU (PHUVRQ :KLWKRUQH 'U 7 + $PHV WUHDVXUHU DQG &ODLUH 5HLV DV H[HFXWLYH FKDLU 7KH VWDWHG SKLORVRSK\ RI WKH /HDJXH ZDV WR HQFRXUDJH WKH GHYHORSPHQW RI HYHU\ QDWLRQDOLW\ DQG HYHU\ WUHQG LQ FRQWHPSRUDU\ PXVLFnn ,Q WKDW ILUVW \HDU WKH /HDJXHnV DLPV ZHUH WR HQFRXUDJH DQG VXSSRUW WKH SURGXFWLRQ RI QHZ DQG VLJQLILFDQW ZRUNV WR SURPRWH OLYLQJ FRPSRVHUV DQG JLYH VSHFLDO VXSSRUW WR \RXQJ XQNQRZQ FRPSRVHUV 'XH WR 5HLVnV H[SHULHQFHV

PAGE 58

ZLWK 9DUHVH LQ WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG VKH DOVR DGGHG WKDW ZKLOH ILUVW SHUIRUPDQFHV ZHUH WR EH D IHDWXUH RI WKH /HDJXH FRQFHUWV PRGHUQ ZRUNV WKDW WKH ERDUG FRQVLGHUHG RI VXIILFLHQW LPSRUWDQFH WR KDYH D UHKHDULQJ ZRXOG EH LQFOXGHG 7KH $SULO HGLWLRQ RI 7KH 1HZ
PAGE 59

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nV SOD\URRP DW WKH WRS RI 5HLVnV KRXVH 7KHUH WKH /HDJXH VHFUHWDU\ XVHG WKH ROG SLQJSRQJ WDEOH WR VSUHDG RXW SURJUDPV DQG FLUFXODUV RUGHUHG IRU /HDJXH SURJUDPV %RDUG PHHWLQJV ZHUH XVXDOO\ KHOG DW OXQFKWLPH LQ DFFRUGDQFH ZLWK 5HLVnV DJUHHPHQW ZLWK KHU KXVEDQG DERXW HYHQLQJV EHLQJ UHVHUYHG IRU WKHLU IDPLO\f 7KH ERDUG PHHWLQJV ZHUH KHOG HYHU\ZKHUH :KHQ DQ\ERG\ WKRXJKW WKH\ NQHZ RI D QHZ FKHDS UHVWDXUDQW ZKHUH WKH IRRG ZDV JRRG ZHnG PHHW IRU D OXQFK PHHWLQJ DQG VRPHWLPHV ZH ZRQGHUHG LI ZH ZHUHQnW EHLQJ D OLWWOH XQZLVH ZKHQ ZHnG KDYH H[FLWHPHQW DQG SHUKDSV WRR ORXG DQ RSLQLRQ DQG WKH SHRSOH DW WKH WDEOH QH[W WR XV JRW YHU\ LQWHUHVWHG $QG WKHQ RFFDVLRQDOO\ ZHnG EH DW WKH %HHWKRYHQ &OXE DQG RFFDVLRQDOO\ LQ VRPHERG\nV KRPH IUDQNO\ GLG QRW ZDQW PHHWLQJV DW P\ KRXVH KDG ORWV RI SDUWLHV ZLWK /HDJXH PHPEHUV RU YLVLWLQJ FRPSRVHUV EXW IHOW GLGQnW ZDQW WKH UHVSRQVLELOLW\ RI IHHOLQJ WKDW LQ P\ KRXVH VRPH PLJKW IHHO KDG XQGXH SRZHU JLYHQ WR PH ZKLFK GLGQnW KDYH

PAGE 60

7KH ILUVW FRQFHUW RI WKH /HDJXH RI &RPSRVHUV ZDV KHOG 1RYHPEHU 7KH ZRUNV SHUIRUPHG RQ WKLV FRQFHUW ZHUH (UQHVW %ORFKnV 3LDQR 4XLQWHW $UWKXU %OLVVnV f 6RQJV ZLWK &KDPEHU 2UFKHVWUD ,JRU 6WUDYLQVN\nV f 7KUHH 3LHFHV IRU &ODULQHW DQG $OEHUW 5RXVVHOnV f 'LYHUWLVVHPHQW IRU 3LDQR DQG :RRGZLQGV $OWKRXJK RQH RI WKH ILUVW UXOHV GHFLGHG E\ WKH /HDJXHn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n:H GHFLGHG WR UHSHDW +YRHUSULVP DQG DQ\RQH ZKR GRHVQnW ZDQW WR KHDU LW PD\ JR KRPH :HnOO KDYH ILYH PLQXWHV IRU WKLVn $QG WKHUH ZDV DQ H[RGXV RI SHRSOH EXW WKHUH ZHUH SHRSOH ZKR VWD\HG DQG WKRXJKW WKDW ZDV YHU\ EDG PDQQHUV DQG EDG IRUP DQG GLGQnW WKLQN LW VKRXOG KDSSHQ 6R VXJJHVWHG D UXOHf§QR PRUH UHSHDWV QR HQFRUHV :H ZRXOG VHWWOH RXU SURJUDPV DFFRUGLQJ WR WKH WLPH ZH ZDQWHG WR KROG RQH $QG $UWKXU %OLVV XQGHUVWRRG WKLV EXW WR P\ VXUSULVH ZLWK WKH JUHDW DSSODXVH KH UHFHLYHGf§DQG KH ZDV D YHU\ JRRGORRNLQJ ILJXUH RQ WKH VWDJH DQG FRQGXFWHG YHU\ ZHOOf§WKH DSSODXVH ZDV PRUH WKDQ KH FRXOG EHDU ZLWKRXW D UHSHDW DQG EHIRUH NQHZ LW KH KDG WDSSHG KLV EDWRQ IRU VLOHQFH DQG KH ZDV UHSHDWLQJ WKH ZRUN $QG DW WKH HQG VDLG WR KLP

PAGE 61

n$UWKXU JXHVV \RX IRUJRW WKH UXOH ZH PDGHf§QR UHSHDWV QR HQFRUHVn +H VDLG n2K FRXOGQnW KHOS LW WKH\ ZDQWHG WR KHDU LW DJDLQn %XW ZH PDGH D UXOH DW WKH QH[W PHHWLQJ WKDW QR PDWWHU KRZ ZHOO UHFHLYHG D ZRUN ZDV WKHUH ZRXOG EH QR PRUH HQFRUHV 7KH LGHD WR FRPPLVVLRQ ZRUNV FDPH HDUO\ LQ WKH OLIH RI WKH /HDJXH RI &RPSRVHUV ,W ZDV ILUVW VXJJHVWHG WR &ODLUH 5HLV E\ WKH FRQGXFWRU 6HUJH .RXVVHYLW]N\ f 0UV 5HLV PHW ZLWK .RXVVHYLW]N\ LQ WKH VSULQJ RI WR GLVFXVV WKH SRVVLELOLW\ RI KLV FRQGXFWLQJ D /HDJXH FRQFHUW LQ WKH IDOO .RXVVHYLW]N\ VXJJHVWHG WR 0UV 5HLV WKDW VKH FRQWDFW $DURQ &RSODQG f ZKR KDG EHHQ VWXG\LQJ LQ 3DULV EXW KDG UHFHQWO\ UHWXUQHG WR WKH 8QLWHG 6WDWHV DQG FRPPLVVLRQ D ZRUN IRU .RXVVHYLW]N\ WR FRQGXFW 7KLV ZDV GRQH DQG &RSODQGnV 0XVLF IRU WKH 7KHDWHU f ZDV WKH /HDJXH RI &RPSRVHUn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f§DV LQ WKH WLPH RI 0R]DUW DQG +D\GQ 7KURXJK 5HLVnV HIIRUWV LW EHFDPH WKH SROLF\ RI WKH /HDJXH RI &RPSRVHUV WR FRPPLVVLRQ +RZHYHU GXH WR WKH OLPLWHG ILQDQFLDO VFRSH RI WKH /HDJXH LQ LWV HDUO\ \HDUV

PAGE 62

OLWWOH RU QR PRQHWDU\ UHZDUG FRXOG EH RIIHUHG IRU D FRPPLVVLRQf§RQO\ WKH SUHVWLJH RI UHFHLYLQJ D /HDJXH RI &RPSRVHUV FRPPLVVLRQ 7KH XVXDO SROLF\ ZDV WKDW ZKLOH WKH /HDJXH JXDUDQWHHG D SHUIRUPDQFH RI WKH ZRUN D FRPSRVHU RZQHG KLV ZRUN DQG ZDV DEOH WR SXEOLVK DQG VHOO LW DV KH ZLVKHG $OO KH KDG WR GR ZDV KDYH SULQWHG RQ WKH PXVLF n&RPPLVVLRQHG E\ WKH /HDJXH RI &RPSRVHUVn :KLOH WKH SUHVWLJH RI D FRPPLVVLRQ UDLVHG PRUDOH DQG EURXJKW D FRPSRVHUnV QDPH EHIRUH WKH DWWHQWLRQ RI WKH SXEOLF ZLWK OLWWOH RU QR PRQHWDU\ UHZDUG LW GLG OLWWOH WR KHOS D FRPSRVHU HDUQ D OLYLQJ &RQFHUQHG DERXW WKLV SUREOHP 5HLV UHDOL]HG WKH QHHG WR FUXVDGH IRU FRPPLVVLRQV QRW RQO\ IURP WKH /HDJXH EXW IURP RWKHU JURXSV DV ZHOO DQG IRU WKH /HDJXH LWVHOI WR HVWDEOLVK D VSHFLILF IXQG IRU FRPPLVVLRQV $ FKDQFH WR FUXVDGH FDPH ZKLOH DWWHQGLQJ D PHHWLQJ RI WKH 0XVLF &RPPLWWHH RI 7RZQ +DOO RI ZKLFK 5HLV ZDV D PHPEHUf 'XULQJ D GLVFXVVLRQ RI WKH $UWLVWnV $ZDUGV 5HLV VXJJHVWHG WKDW WKH\ QRW RQO\ EH DZDUGHG WR SHUIRUPLQJ DUWLVWV EXW DOVR WR FRPSRVHUV $IWHU D GLVFXVVLRQ LW ZDV GHFLGHG WR RIIHU D FRPPLVVLRQ WR :LOOLDP 6FKXPDQ f DQG KLV 6WULQJ 4XDUWHW 1R ZDV SUHPLHUHG LQ 7RZQ +DOO WKH QH[W IDOO 'XH WR WKH VXFFHVV RI WKH /HDJXH RI &RPSRVHUV FRQFHUWV ZLWK PDQ\ IDPRXV FRQGXFWRUV DQG DUWLVWV YROXQWHHULQJ WKHLU VHUYLFHV WKH /HDJXH ZDV DEOH WR HQOLVW WKH DLG RI D QXPEHU RI SDWURQV DQG SDWURQHVVHV WR VSRQVRU D VHULHV RI JDOD

PAGE 63

FRQFHUWV DW WKH 0HWURSROLWDQ 2SHUD +RXVH 7KH SXUSRVH RI WKHVH FRQFHUWV ZDV WR UDLVH PRQH\ WR HVWDEOLVK D &RPSRVHUnV )XQG ZLWK ZKLFK WKH /HDJXH FRXOG RIIHU FRPPLVVLRQV ZLWK D PRQHWDU\ DZDUG 5HLV ZDV GLVDSSRLQWHG WR GLVFRYHU WKDW ZKLOH WKH\ ZHUH ZLOOLQJ WR SD\ SHU WLFNHW QRQH RI WKHVH SDWURQV ZHUH ZLOOLQJ WR FRQWULEXWH WR D &RPSRVHUnV )XQG 7KH /HDJXH RI &RPSRVHUV ZDV DEOH WR EHJLQ D IXQG IRU FRPPLVVLRQV EXW QRW DW WKH OHYHO 5HLV ZRXOG KDYH SUHIHUUHG %\ WKH VHDVRQ 5HLV KDG GHYHORSHG WKH &RPPLVVLRQ 3ODQ IRU WKH /HDJXH RI &RPSRVHUV 7KH &RPPLVVLRQ 3ODQ ZDV VROHO\ IRU WKH EHQHILW RI WKH $PHULFDQ FRPSRVHUV 2XU VRFLHW\ LV LQWHUQDWLRQDO LQ VFRSH LW LV WUXH 1HYHUWKHOHVV ZKHQ LW FRPHV WR D FDVH RI ILQDQFLDO KHOS ZH EHOLHYH LQ KHOSLQJ RXU RZQ ILUVW ,W ZDV WR JLYH GLUHFW DLG WR FRPSRVHUV LQ QHHG RI ILQDQFLDO DVVLVWDQFH WR ILQG SRVLWLRQV LQ ZKLFK WKH\ FRXOG EH VHOIVXSSRUWLQJ ZKLOH FRQWLQXLQJ WKHLU FUHDWLYH DFWLYLWLHV DQG LQ RWKHU ZD\V WR IRVWHU WKHLU HIIRUWV 7KH &RPPLVVLRQ 3ODQ DOVR SURYLGHG SHUIRUPDQFHV RI WKH ZRUNV E\ RWKHU RUJDQL]DWLRQV RI WKLV FRXQWU\ DQG (XURSH &ODLUH 5HLV QHYHU IDOWHUHG LQ KHU HIIRUWV WR ILQG IXQGV IRU FRPPLVVLRQV :KHQ DSSURDFKLQJ WKH WK DQQLYHUVDU\ RI WKH /HDJXH RI &RPSRVHUV 5HLV DVNHG ,UYLQJ %HUOLQ DQG 5LFKDUG 5RGJHUV WR FRPPLVVLRQ D FRPSRVHU WR ZULWH D ZRUN IRU WKH /HDJXHnV DQQLYHUVDU\ 2WKHUV WR FRPPLVVLRQ ZRUNV IRU WKH WK DQQLYHUVDU\ ZHUH %RRVH\ DQG +DZNHV %URDGFDVW

PAGE 64

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

PAGE 65

7KH ILUVW VWDJHG ZRUN SURGXFHG E\ WKH /HDJXH RI &RPSRVHUV ZDV LQ WKHLU VHFRQG VHDVRQ f %RDUG PHPEHU /D]DUH 6DPLQVN\ f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nV f PDULRQHWWH RSHUD (O 5HWDEOR GH 0DHVH 3HGUR LQ 3DULV 7KH RSHUD ZDV D VXFFHVV DQG KDG UHSHDW SHUIRUPDQFHV DFURVV (XURSH $IWHU UHDGLQJ WKH UHYLHZV WKH /HDJXH GHFLGHG WR SUHVHQW D FRQFHUW YHUVLRQ GXULQJ WKH QH[W VHDVRQ f 5HLV FDEOHG WKH SXEOLVKHU LQ /RQGRQ IRU WKH ULJKW RI SHUIRUPDQFH IRU WKH /HDJXH RI &RPSRVHUV ,W DOVR KDSSHQHG WKDW :DQGD /DQGRZVND f ZKR KDG SHUIRUPHG WKH ZRUN LQ 3DULV ZDV LQ 1HZ
PAGE 66

KHDUG DERXW WKH /HDJXHnV SODQV IRU SHUIRUPLQJ (O 5HWDEOR VKH RIIHUHG WR KHOS DQG VXJJHVWHG WKDW WKH /HDJXH VWDJH WKH RSHUD DQG QRW MXVW SURGXFH D FRQFHUW YHUVLRQ 7KLV ODXQFKHG ZKDW &ODLUH 5HLV KDV DOZD\V FDOOHG WKH /HDJXHnV ILUVW VWDJH ZRUN EHFDXVH LW ZDV RQ D SURIHVVLRQDO EDVLV 5REHUW (GPXQG -RQHV f GHVLJQHG WKH SXSSHWV 5HPR %IDQR EXLOW WKHP DQG :LOOHP 0HQJHOEHUJ f FRQGXFWHG /DQGRZVND KDG RULJLQDOO\ DVNHG /HRSROG 6WRNRZVNL f WR FRQGXFW EXW ZKHQ 5HLV ZHQW WR GLVFXVV LW ZLWK KLP KH WULHG WR FRQYLQFH KHU WR VLJQ RYHU WKH ULJKWV RI SHUIRUPDQFH WR KLP VR KH FRXOG FRQGXFW LW IRU 9DUHVH DQG WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG %HFDXVH WKH /HDJXH RI &RPSRVHUV DQG WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG ZHUH WKH WZR PRVW DFWLYH VRFLHWLHV RI FRQWHPSRUDU\ PXVLF DW WKDW WLPH WKHUH ZDV D JUHDW ULYDOU\ EHWZHHQ WKHP 5HLV UHIXVHG WKH UHTXHVW DQG DIWHU D QXPEHU RI GLIILFXOWLHV LQFOXGLQJ ILQGLQJ UHKHDUVDO VSDFH (O 5HWDEOH GH 0DHVH 3HGUR ZDV SUHPLHUHG LQ 7RZQ +DOO RQ 'HFHPEHU 7KH /HDJXHnV SURGXFWLRQ RI GH )DOODnV RSHUD ZDV FDOOHG D ODQGPDUN LQ VWDJH SURGXFWLRQ DQG RQH RI WKH PRVW LPSRUWDQW H[SHULPHQWV LQ WKH WKHDWHU RI WKLV FRXQWU\ 'XH WR WKH VXFFHVV RI WKLV SHUIRUPDQFH WKH /HDJXH GHFLGHG WR UHSHDW (O 5HWDEOR 7KH VHFRQG SHUIRUPDQFH ZDV JLYHQ DW WKH -ROVRQ 7KHDWHU ZLWK 3LHUUH 0RQWHDX[ f FRQGXFWLQJ DQG RQ WKH VDPH SURJUDP D SHUIRUPDQFH RI 6WUDYLQVN\nV f /n+LVWRLUH GX 6ROGDW ZDV JLYHQ 7KHVH

PAGE 67

SHUIRUPDQFHV ZHUH XQGHUZULWWHQ E\ IXQGV UDLVHG E\ DQ H[LVWLQJ /HDJXH DX[LOLDU\ FRPPLWWHH $IWHU WKH SHUIRUPDQFHV 5HLV ZDV DEOH WR UHWXUQ RQH KXQGUHG SHUFHQW RI WKH XQGHUZULWLQJ DQG WR VHQG WZLFH WKH DPRXQW RI SD\PHQW WR GH )DOOD WKDW ZDV DVNHG IRU E\ KLV SXEOLVKHU 7KH QH[W VWDJH SURGXFWLRQ f RI WKH /HDJXH ZDV 6WUDYLQVN\nV /HV 1RFHV ZLWK 6WRNRZVNL FRQGXFWLQJ +H ZDV QRZ SUHSDUHG WR ZRUN ZLWK WKH /HDJXH 6WRNRZVNL DVNHG WKDW WKH SHUIRUPDQFH EH KHOG LQ WKH 0HWURSROLWDQ 2SHUD +RXVH /XFNLO\ LW KDSSHQHG WKDW WKH FKDLU RI WKH /HDJXHnV DX[LOLDU\ FRPPLWWHH ZDV WKH ZLIH RI WKH FKDLUPDQ RI WKH ERDUG RI WKH 0HWURSROLWDQ 2SHUD 7KH /HDJXH ZDV DEOH WR UHQW WKH WKHDWHU DW PLQLPXP SULFH DQG KDYH WKH SULYLOHJH RI H[WUD KRXVH UHKHDUVDOV 6LQFH /HV 1RFHV ZRXOG QRW ILOO DQ HQWLUH HYHQLQJ WKH /HDJXH GHFLGHG WR FRQWUDVW LW ZLWK D SHUIRUPDQFH RI &ODXGLR 0RQWHYHUGLnV f ,, &RPEDWWLPHQWH GL 7DQFUHGL H GL &ORULQGD $OWKRXJK WKH LQWHQWLRQ RI WKH /HDJXH ZDV WR SURPRWH FRQWHPSRUDU\ PXVLF WKH\ GLG RQ RFFDVLRQ SURYLGH SHUIRUPDQFHV RI ROGHU PXVLF ,Q WKH VHDVRQ D SHUIRUPDQFH ZDV JLYHQ RI WKH PXVLF RI VL[WHHQWK DQG VHYHQWHHQWKFHQWXU\ nUDGLFDOn FRPSRVHUV FRQWUDVWHG ZLWK WKH PXVLF RI WZHQWLHWKFHQWXU\ nUDGLFDOVn 7KH /HDJXH EHOLHYHG LW ZDV QRW PRGLI\LQJ LWV SROLFLHV EXW VWUHQJWKHQLQJ DQG EURDGHQLQJ WKHP >EHFDXVH@ WKDW ROG PXVLF >ZDV@ DV OLWWOH NQRZQ WR WKH SUHVHQW JHQHUDWLRQ DV WKH QHZ 2I WKH 6WUDYLQVN\0RQWHYHUGL

PAGE 68

FRQFHUW 5HLV ZURWH WKLV VHYHQWHHQWK FHQWXU\ RSHUD IROORZHG E\ D FRQWHPSRUDU\ FRPSRVLWLRQ DIIRUGHG D KDSS\ FRQWUDVW GUDPDWLFDOO\ DQG PXVLFDOO\ DQG DGGHG JUHDW GLVWLQFWLRQ WR WKH HYHQLQJ 7KH IROORZLQJ VHDVRQ f 6WRNRZVNL DJDLQ ZDQWHG WR FRQGXFW D SURJUDP ZLWK WKH /HDJXH 7KH SURJUDP ZDV WR EH 6WUDYLQVN\nV /H 6DFUH GX 3ULQWHPRV DQG 6FKRHQEHUJnV f 'LH *OWLFNOLFKH +DQG 6WRNRZVNL H[SHFWHG WR XVH WKH HQWLUH 3KLODGHOSKLD 2UFKHVWUD RI ZKLFK KH ZDV GLUHFWRUf &ODLUH 5HLV KDG WR REWDLQ SHUPLVVLRQ WR XVH WKH RUFKHVWUD IURP WKH ERDUG RI GLUHFWRUV RI WKH 3KLODGHOSKLD 2UFKHVWUD $VVRFLDWLRQ VKH WKHQ SODQQHG WKUHH SHUIRUPDQFHV LQ 3KLODGHOSKLD DQG WZR LQ 1HZ
PAGE 69

KDG RUJDQL]HG RQH RI KHU IDPRXV WHD SDUWLHV ZKHUH VKH JDWKHUHG DOO WKH SHRSOH LQYROYHG WR GLVFXVV WKH FRPLQJ SURGXFWLRQ DQG EXLOG HQWKXVLDVP %HIRUH WKH PHHWLQJ KDG EHHQ KHOG KDG UHFHLYHG D OHWWHU IURP 5RHULFK VD\LQJ n2I FRXUVH PXVW EH SDLG IRU WKLV ZRUNn DQG LW ZDV UDWKHU D ODUJH VXP DQG GLGQnW NQRZ KRZ WR KDQGOH WKLV VR GHFLGHG WKDW ,nG MXVW ZDLW nWLOO KH VDZ WKH HQWKXVLDVP RI DOO WKH RWKHUV DQG KDG WKH ULJKW LQVWLQFW DQG HYHU\RQH RI WKHP VDLG nYLFHFKDLU RI WKH /HDJXHnV $X[LOLDU\ &RPPLWWHH@ ZDV LQVLVWLQJ IRU LQVWDQFH WKDW HYHU\ ELOO PXVW EH VKRZQ WR KHU EHFDXVH VKH ZRXOGQnW KDYH DQ\ XQLRQ FKDUJLQJ XV DV PXFK DV WKH\ FKDUJHG IRU D UHJXODU SHUIRUPDQFH 7KHVH ZHUH EHQHILWV :HOO WKDW GD\ DW WKH WHD SDUW\ WKH HQWKXVLDVP JUHZ DQG EHIRUH 5RHULFK OHIW P\ KRPH KH FDPH XS WR PH DQG KH VDLG n, ZDQW WR FKDQJH P\ PLQG ZDQW WR JLYH P\ VHUYLFHVn 7KLV ZDV WKH VSLULW WKDW UHDOO\ FDUULHG XV IRUZDUG 7KH IROORZLQJ VHDVRQ 6WRNRZVNL RQFH PRUH FRQGXFWHG VWDJH ZRUNV IRU WKH /HDJXH 7KH SURJUDP DJDLQ SHUIRUPHG LQ ERWK 3KLODGHOSKLD DQG 1HZ
PAGE 70

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f KDG FUHDWHG D SURGXFWLRQ RI 6KRVWDNRYLFKnV RSHUD /DG\ 0DFEHWK RI 0]HQVN ZLWK WKH &OHYHODQG RUFKHVWUD RI ZKLFK KH ZDV GLUHFWRUf 5RG]LQVNL VHQW WKH RUFKHVWUD PDQDJHU WR &ODLUH 5HLV WR FRQYLQFH KHU WR KDYH WKH /HDJXH VSRQVRU D SHUIRUPDQFH RI WKH RSHUD LQ 1HZ
PAGE 71

6WDWLRQ E\ 9LUJLO 7KRPVRQ f $OWKRXJK WKHVH ZRUNV KDYH VLQFH KDG IUHTXHQW SHUIRUPDQFHV WKH RSHQLQJ ZHHN ZDV RQH RI WKH /HDJXHV RQO\ IDLOXUHV GXH WR HUURUV LQ SODQQLQJ UDWKHU WKDQ LQ WKH SHUIRUPDQFHV 7KH RSHQLQJ ZHHN RI WKH $PHULFDQ /\ULF 7KHDWHU FRLQFLGHG ZLWK WKH RSHQLQJ RI WKH 1HZ
PAGE 72

%DFRQnV f $ 7UHH RQ WKH 3ODLQV 7KH RSHUD SUHPLHUHG DW WKH 6SDUWDQEXUJ )HVWLYDO DW &RQYHUVH &ROOHJH DQG ZDV UHSHDWHG DW WKH %UDQGRQ 0DWWKHZV 7KHDWHU DW &ROXPELD 8QLYHUVLW\ &ROXPELD DOVR SHUIRUPHG %HQMDPLQ %ULWWHQnV f RSHUD 3DXO %XQYDQ $OWKRXJK WKH &RPSRVHUnV 7KHDWHU 3URMHFW KDG D JRRG EHJLQQLQJ ZLWK PXFK VXSSRUW IURP WKH QHFHVVDU\ HGXFDWLRQDO HVWDEOLVKPHQWV LW ZDV LQWHUUXSWHG E\ :RUOG :DU ,, $ VLPLODU SURMHFW ZDV EHJXQ E\ WKH &ROXPELD 8QLYHUVLW\ 'HSDUWPHQW RI 0XVLF ZLWK 'RXJODV 0RRUH DV FKDLUf DIWHU WKH ZDU EXW WKH /HDJXH RI &RPSRVHUV GLG QRW EHFRPH LQYROYHG ,Q 1RYHPEHU RI WKH /HDJXH EHJDQ D VHULHV RI \RXQJ FRPSRVHUV FRQFHUWV D SUHFHGHQW WKDW ZDV REVHUYHG IRU PDQ\ \HDUV 7KH ILUVW DQQRXQFHPHQW RI WKLV VHULHV VWDWHG WKH \RXQJHU JHQHUDWLRQ LQ PXVLF ZLOO SUHVHQW WZR SURJUDPV GHYRWHG WR nWKH PXVLFDO \RXQJVWHUVn RI $PHULFD (QJODQG DQG WKH &RQWLQHQW 7KHVH SURJUDPV ZHUH XVXDOO\ JLYHQ LQ D URRP LQ WKH 1HZ
PAGE 73

$OH[DQGHU /DQJ 6WHLQHUW f DQG $DURQ &RSODQG 7KLV ZDV &RSODQGnV ILUVW SUHVHQWDWLRQ RI KLV PXVLF WKH 3DVVDFDDOLD DQG 7KH &DW DQG WKH 0RXVH IRU SLDQRf VLQFH KLV UHWXUQ IURP 3DULV +H ODWHU ZURWH RI WKLV H[SHULHQFH ,W ZDV P\ ILUVW SXEOLF SUHVHQWDWLRQ LQ 1HZ
PAGE 74

$OEHUWR :LOOLDPV f $OEHUWR *LQDVWHUD f DQG 3HGUR 6DQ -X£Q f 'XH WR LWV FRQWLQXRXV LQWHUHVW LQ WKH PXVLF RI /DWLQ $PHULFD WKH /HDJXH RI &RPSRVHUV ZDV FKRVHQ E\ 1HOVRQ 5RFNHIHOOHU WKHQ &RRUGLQDWRU RI &XOWXUDO 5HODWLRQV WR VSRQVRU D TXLQWHW RI FRPSRVHU LQVWUXPHQWDOLVWV WR WRXU /DWLQ $PHULFD WKXV JLYLQJ WKH /HDJXH DQ RSSRUWXQLW\ WR RIIHU FRQWHPSRUDU\ PXVLF RXWVLGH RI 1HZ
PAGE 75

/HDJXH ZKHQ LW VKRZHG WKH ILOP 2GQD ZLWK PXVLF E\ 6KRVWDNRYLFK LQ 7KH ILUVW FRQFHUW GHGLFDWHG VROHO\ WR ILOP PXVLF ZDV LQ DQG FRQVLVWHG RI H[FHUSWV IURP GRFXPHQWDULHV 7KHVH LQFOXGHG 5RRWV RI WKH (DUWK‘ PXVLF E\ 3DXO %RZOHV f 9DOLHY 7RZQ PXVLF E\ 0DUF %OLW]VWHLQ f 3RZHU DQG WKH /DQG PXVLF E\ 'RXJODV 0RRUH 2QH 7HQWK RI D 1DWLRQ PXVLF E\ 5R\ +DUULV f 7KH 5LYHU PXVLF E\ 9LUJLO 7KRPVRQ DQG 7KH &LW\ PXVLF E\ $DURQ &RSODQG (DFK RI WKH FRPSRVHUV DGGHG FRPPHQWDU\ RQ WKHLU VFRUHV 6LQFH WKH HYHQLQJ ZDV D VXFFHVV WKH /HDJXH RIIHUHG D VHFRQG HYHQLQJ RI ILOP PXVLF LQ )HEUXDU\ 7KLV FRQFHUW FRQVLVWHG RI H[FHUSWV IURP +ROO\ZRRG IHDWXUH ILOPV 7KHVH LQFOXGHG 2QFH LQ D %OXH 0RRQ PXVLF E\ *HRUJH $QWKHLO 2I 0LFH DQG 0HQ PXVLF E\ $DURQ &RSODQG 6R (QGV 2XU 1LJKW PXVLF E\ /RXLV *UXHQEHUJ &LWL]HQ .DQH PXVLF E\ %HUQDUG +HUUPDQQ f 7KH *HQHUDO 'LHG DW 'DZQ PXVLF E\ :HUQHU -DQVVHQ f DQG (UQVW 7RFK f DQG -XDUH] PXVLF E\ (ULFK .RUQJROG f 7KH /HDJXH GLVWULEXWHG D JXHVWLRQQDLUH WR WKH SDWURQV DW WKLV VHFRQG FRQFHUW DQG GLVFRYHUHG WKDW RI WKH SHRSOH LQ WKH DXGLHQFH RQO\ FRXOG ILOO LQ WKH WLWOHV RI WKUHH ILOP VFRUHV E\ FRPSRVHUV ZKRP WKH\ NQHZ E\ QDPH EXW SUHIHUUHG RULJLQDO PXVLF LQ ILOPV UDWKHU WKDQ DUUDQJHPHQWV RI WKH nFODVVLFVn 5HLV ODWHU ZURWH >, ZDV@ DPD]HG DW D WRWDO LJQRUDQFH DERXW PXVLF IRU ILOP ZKLFK FDPH WR OLJKW

PAGE 76

$V WKH PRVW LPSRUWDQW JURXS LQ WKH DYDQWJDUGH RI FRQWHPSRUDU\ PXVLF WKH /HDJXH RI &RPSRVHUV IHOW WKH QHHG WR RFFDVLRQDOO\ SUHVHQW FRQFHUWV RI H[SHULPHQWDO PXVLF ZLWK QHZO\ LQYHQWHG LQVWUXPHQWV 7KH ILUVW RI WKHVH KHOG LQ 7RZQ +DOO LQ SUHVHQWHG WKH 0H[LFDQ LQYHQWRU DQG FRPSRVHU -XOLDQ &DULOOR f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f DQG WKH QHZ HOHFWULF +DPPRQG RUJDQ 7KH SURJUDP LQFOXGHG WKH LQYHQWRU %HQMDPLQ 0HLVVQHUnV HOHFWULF SLDQR HOHFWULF YLROLQ DQG YDULRXV RWKHU RI KLV HOHFWULF LQVWUXPHQWV 7KH HYHQLQJ DOVR FRQWDLQHG D VKRUW OHFWXUH DERXW HOHFWULF LQVWUXPHQWV DQG D VHSDUDWH GHPRQVWUDWLRQ RI HDFK ,Q D SURJUDP RI SHUFXVVLRQ PXVLF IRU D PXOWLWXGH RI PRUH RU OHVV IDQWDVWLF LQVWUXPHQWV ZDV FRQGXFWHG IRU

PAGE 77

WKH /HDJXH E\ -RKQ &DJH f 7KH FRPSRVHUV UHSUHVHQWHG LQFOXGHG &DJH /RX +DUULVRQ f +HQU\ &RZHOO f -RV $UGYDO f DQG $PDGHR 5ROG£Q f $QRWKHU FRPSRVHULQYHQWRU JLYHQ KLV ILUVW SXEOLF SHUIRUPDQFH LQ 1HZ
PAGE 78

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nFOHDULQJ KRXVHn IRU UHTXHVWV IRU PXVLF IURP VHUYLFH PHQ 7KH\ UHFHLYHG OHWWHUV UHTXHVWLQJ FRSLHV RI WKH /HDJXHn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

PAGE 79

FRPSRVHUV LQYROYHG VR WKH\ ZRXOG NQRZ WKHLU ZRUNV ZHUH EHLQJ SHUIRUPHG 7KH /HDJXH DOVR RIIHUHG WKLUW\ RU PRUH LI QHHGHGf IUHH WLFNHWV WR HDFK /HDJXH FRQFHUW WR WKH 1HZ
PAGE 80

DQG ZHUH VR SRSXODU WKDW WKH DXGLHQFH RIWHQ UHDFKHG D VL]H RI HLJKW WR WHQ WKRXVDQG SHRSOH ,Q DQRWKHU VHUYLFH WR WKH ZDU HIIRUW WKH /HDJXH GHFLGHG WR FRPPLVVLRQ D VHULHV RI VKRUW ZRUNV QRW WR H[FHHG ILYH PLQXWHVf IURP FRPSRVHUV ERUQ RU UHVLGHQW LQ $PHULFD (DFK ZRUN ZDV WR EH FRPSRVHG RQ D ZDUDVVRFLDWHG WKHPH WR EH FKRVHQ E\ WKH FRPSRVHU 5HLV DVNHG $UWXU 5RG]LQVNL FRQGXFWRU RI WKH 1HZ
PAGE 81

HQWHUWDLQPHQW SURJUDPV 7KH FRPSRVHUV FRPPLVVLRQHG DQG WKHLU ZRUNV IROORZ 1LFRODL %HUH]RZN\ f 6ROGLHUV RQ WKH 7RZQ -RKQ $OGHQ &DUSHQWHU f 7KH $Q[LRXV %XJOHU +HQU\ &RZHOO f $PHULFDQ 3LSHUV GHGLFDWHG WR WKH $() 1RUPDQ 'HOOR -RLR f 7R D /RQH 6HQWU\ +RZDUG +DQVRQ f )DQWDV\ IRU 6WULQJ 2UFKHVWUD 5R\ +DUULV f 0DUFK LQ 7LPH RI :DU %HUQDUG +HUUPDQQ f )RU WKH )DOOHQ DQ HOHJ\f &KDUOHV ,YHV f :DU 6RQJ 0DUFK 7KH\ $UH 7KHUHf :HUQHU -RVWHQ f %HIRUH WKH %DWWOH %RKXVODY 0DUWLQ f 0HPRULDO WR /LGLFH 'DULXV 0LOKDXG f ,QWURGXFWLRQ HW 0DUFKH )QHEUH 'RXJODV 0RRUH f 'HVWUR\HU 6RQJ GHGLFDWHG WR WKH 86 1DY\ :DOWHU 3LVWRQ f )XJXH RQ D 9LFWRU\ 7XQH 4XLQF\ 3RUWHU f 7KH 0RYLQJ 7LGH %HUQDUG 5RJHUV f ,QYDVLRQ 5RJHU 6HVVLRQV f 'LUJH :LOOLDP *UDQW 6WLOO f ,Q 0HPRULDP 7KH &RORUHG 6ROGLHUV :KR 'LHG IRU 'HPRFUDF\

PAGE 82

7KH EURDGFDVWV RI ZDUWLPH PXVLF ZHUH QRW WKH ILUVW LQ ZKLFK WKH /HDJXH RI &RPSRVHUV KDG EHHQ LQYROYHG ,Q WKH /HDJXH EHJDQ D VHULHV RI EURDGFDVWV RYHU WKH 1%& UDGLR IHDWXULQJ D KDOIKRXU RI FRQWHPSRUDU\ PXVLF 7KH SURJUDP LQFOXGHG WKUHH WR IRXU PLQXWHV RI GLVFXVVLRQ RI WKH PXVLF SHUIRUPHG DQG WKLV GXW\ ZDV GLYLGHG EHWZHHQ WKH PHPEHUV RI WKH /HDJXHnV ([HFXWLYH %RDUG 5HLV ODWHU UHPDUNHG UHPHPEHU IHHOLQJ ZDV YHU\ JODG LI WKH\ ZDQWHG PH WR WDON EHFDXVH ZDVQnW JRLQJ LQWR WKH GHSWKV RI QHZ PXVLFDOLW\ ZDV WU\LQJ WR H[SODLQ ZKDW WKH SXUSRVH ZDV DQG VRPHWKLQJ DERXW WKH FRPSRVHU KLPVHOI %XW WKH\ VHHPHG YHU\ JODG LI ZRXOG WDNH WKH EXUGHQ RI VRPH RI WKLV :H ZRXOG LQWURGXFH WKH DUWLVW WKH FRPSRVHUf§WKH DUWLVW SHUKDSV VD\LQJ D OLWWOH DERXW WKH FRPSRVHU DQG VRPHWLPHV WKH FRPSRVHU ZRXOG ZDQW WR VD\ VRPHWKLQJ DERXW KLV ZRUN DQG WKDW DOVR ZDV YHU\ DJUHHDEOH WR DOO RI XV $IWHU D VHDVRQ WKH /HDJXH PRYHG LWV SURJUDPV WR &%6 UDGLR &%6 FRPPLVVLRQHG WKURXJK WKH /HDJXH RI &RPSRVHUV D VHULHV RI ZRUNV WR EH SHUIRUPHG RQ WKHVH EURDGFDVWV 7KHVH FRPPLVVLRQV LQFOXGHG VXFK ZRUNV DV &RQFHUWLQR IRU 2ERH &ODULQHW DQG 6WULQJ 4XDUWHW E\ 0DULRQ %DXHU f 6XLWH IRU 6HYHQ %UDVV ,QVWUXPHQWV E\ 1LFRODL %HUH]RZVN\ f 0XVLF IRU %UDVV %\ $OYLQ (WOHU f :RUOGV )DLU )DQIDUH E\ (GZLQ *HUVFKHIVNL f &RQFHUWR IRU 6PDOO 2UFKHVWUD E\ 5REHUW 3DOPHU f 7KH 3ODLQV E\ %HUQDUG 5RJHUV f 6XLWH IRU 2ERH DQG 6RORPRQ DQG %DONLV DQ RSHUD FRPSRVHG VSHFLILFDOO\ IRU UDGLR E\ 5DQGDOO 7KRPSVRQ f

PAGE 83

)RU WKH /HDJXHnV WZHQWLHWK DQQLYHUVDU\ :4;5 WKH 1HZ
PAGE 84

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f§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

PAGE 85

WLPHV KH OLVWHQHG IURP WKH DXGLHQFH $W WKH UHFHSWLRQ FRPSRVHUV ZRXOG XVXDOO\ VSHDN IRU D VKRUW WLPH DERXW WKHLU ZRUNV DQG VRPH ZRXOG SHUIRUP RU GHPRQVWUDWH VRPH DVSHFW RI KLV PXVLF :H KDG PDQ\ GLIIHUHQW UHVXOWV ZRXOG VD\ IURP WKRVH HYHQLQJV DQG LQ HYHU\ VHQVH 5HLV UHFDOOHG PHDQ E\ WKDW WKH DUWLVW LQ TXHVWLRQ UHVSRQGHG DFFRUGLQJ WR KLV WHPSHUDPHQW 7KH\ ZHUH DOZD\V FRQVLGHUHG KLJKO\ VXFFHVVIXO 5HLV UHPHPEHUHG %HQMDPLQ %ULWWHQ f 3DXO +LQGHPLWK f DQG %OD %DUWN DV YHU\ VK\ ZKLOH 'DULXV 0LOKDXG DQG 6HUJH\ 3URNRILHII ZHUH YHU\ DIIDEOH DQG FKDWW\ %HVLGH WKH VHYHQ SUHYLRXVO\ PHQWLRQHG FRPSRVHUV RWKHUV ZKR UHFHLYHG HYHQLQJV RI WULEXWH LQFOXGHG $UQROG 6FKRHQEHUJ ,JRU 6WUDYLQVN\ (UQVW .UHQHN f .XUW :HLOO f &DUORV &KDYH] )ORUHQW 6FKPLWW f $OEHUW 5RXVVHO *HRUJHV (QHVFR f -XDQ -RV &DVWUR f &DPDUJR 0R]DUW *XDUQLHUL *HRUJH (EHUW 0LJQRQH f +HLWRU 9LOOD/RERV f =ROW£Q .RG£O\ f )UDQFLV 3RXOHQF f DQG *RWWIULHG YRQ (LQHP f 7ZR HYHQLQJV RI WULEXWH ZHUH JLYHQ WR QRQFRPSRVHUV DV ZHOO 1DGLD %RXODQJHU f ZDV KRQRUHG LQ DQG VKH JDYH D WDON RQ 7KH 5HODWLRQ RI 2OG 0XVLF WR 0RGHUQ 0XVLF 6HUJH .RXVVHYLW]N\ ZDV KRQRUHG E\ WKH /HDJXH RQ WKH ILIWK DQQLYHUVDU\ RI WKH .RXVVHYLW]N\ 0XVLF )RXQGDWLRQ ZKLFK KH KDG FUHDWHG DV D PHDQV WR FRPPLVVLRQ FRPSRVHUV

PAGE 86

'XULQJ WKH ILUVW \HDU RI LWV H[LVWHQFH WKH %RDUG RI WKH /HDJXH RI &RPSRVHUV GHFLGHG WR SXEOLVK D /HDJXH EXOOHWLQ RU UHYLHZ ,Q )HEUXDU\ WKH /HDJXH RI &RPSRVHUV 5HYLHZ ZDV SXEOLVKHG ZLWK 0LQQD /HGHUPDQ f DV HGLWRU 7KH IROORZLQJ \HDU WKH QDPH ZDV FKDQJHG WR 0RGHUQ 0XVLF DQG WKLV MRXUQDO EHFDPH DQ LPSRUWDQW VRXUFH RI LQIRUPDWLRQ DERXW FRQWHPSRUDU\ PXVLF DQG FRPSRVHUV 0LQQD /HGHUPDQ UHPDLQHG WKH HGLWRU RI 0RGHUQ 0XVLF WKURXJKRXW LWV H[LVWHQFH ([FHSW IRU DVVLVWDQFH LQ UDLVLQJ IXQGV &ODLUH 5HLV GLG QRW LQYROYH KHUVHOI LQ WKH /HDJXHnV MRXUQDO QRU GLG VKH FRQWULEXWH DUWLFOHV WR LW %RWK 5HLV DQG /HGHUPDQ IHOW WKDW WKH /HDJXH DQG WKH MRXUQDO VKRXOG EH DV LQGHSHQGHQW RI HDFK RWKHU DV SRVVLEOH 'XULQJ LWV OLIHWLPH WKH /HDJXH VWUXJJOHG WR PHHW WKH EXGJHW IRU 0RGHUQ 0XVLF DQG ILQDOO\ LQ ZKHQ FRVWV EHFDPH WRR KLJK LW ZDV IRUFHG WR VWRS SXEOLFDWLRQ ,Q &ODLUH 5HLVnV KXVEDQG $UWKXU GLHG XQH[SHFWHGO\ LW ZDV DW WKLV WLPH WKDW 5HLV GHFLGHG WR UHVLJQ DV H[HFXWLYH FKDLU RI WKH /HDJXH RI &RPSRVHUV :KLOH WKH GHDWK RI KHU KXVEDQG VHHPHG WR EH WKH FDWDO\VW IRU KHU GHFLVLRQ WKHUH ZHUH LQGLFDWLRQV WKDW WKLQJV KDG QRW EHHQ JRLQJ ZHOO ZLWK WKH /HDJXH 5HLV ZURWH RI KHU GHFLVLRQ WR UHVLJQ WR $DURQ &RSODQG ,Q KLV UHSO\ WR KHU GDWHG 0DUFK KH ZURWH LW ZDV@ WRR QHJDWLYH

PAGE 87

D QRWH WR FRQFOXGH RQ ZKDW GHVWUXFWLYH XQGHUFXUUHQWV DQG GLVFRXUDJLQJ UXPRUV DUH \RX UHIHUULQJ WR" &RSODQG ODWHU ZURWH RI WKLV HSLVRGH LQ KLV DXWRELRJUDSK\ 7KH ORVV RI 0RGHUQ 0XVLF ZDV D VHULRXV EORZ WR WKH /HDJXHnV SUHVWLJH DQG E\ WKH ERDUG ZDV ULIH ZLWK LQWHUQDO IULFWLRQ DQG SHUVRQDO GLIIHUHQFHV 'XULQJ WKH ZDU &ODLUH KDG GRQH KHU EHVW WR NHHS WKH /HDJXH DOLYH EXW WKH IUHVKQHVV RI VSLULW DQG HQWKXVLDVP WKDW KDG FKDUDFWHUL]HG WKH RUJDQL]DWLRQnV HDUO\ \HDUV KDG IDGHG $W RQH WLPH HYHQ VXJJHVWHG WR &ODLUH WKDW ZH FKDQJH WKH /HDJXHnV QDPH WR JLYH LW D QHZ VWDUW EXW WKDW LGHD ZDV YRWHG GRZQ E\ WKH ERDUG &ODLUH KDG EHHQ WKH VWUHQJWK RI WKH /HDJXH RI &RPSRVHUV VLQFH LWV LQFHSWLRQ LQ $IWHU KHU KXVEDQGnV VXGGHQ GHDWK LQ VKH IHOW WKH QHHG WR UHVLJQ DQG VKH ZURWH WKLV WR PH LQ FRQILGHQFH ZLWK WKH KRSH WKDW ZH PLJKW ILQG VRPH QHZ GLUHFWLRQ EHIRUH KHU UHVLJQDWLRQ EHFDPH NQRZQ ZRQGHUHG KRZ WKH /HDJXH FRXOG H[LVW ZLWKRXW &ODLUH :H FRPSRVHUV RZHG KHU DQ HQRUPRXV GHEW RI JUDWLWXGH 2Q D SHUVRQDO QRWH &ODLUH DQG $UWKXU 5HLVn IULHQGVKLS KDG PHDQW D JUHDW GHDO WR PH ZDV DZD\ ZKHQ $UWKXU GLHG EXW ZKHQ UHWXUQHG ZDV GHWHUPLQHG WR GR DV PXFK DV FRXOG WR KHOS &ODLUH GXULQJ WKH GLIILFXOW SHULRG IROORZLQJ $UWKXUnV GHDWK :KHQ &ODLUHnV UHVLJQDWLRQ EHFDPH RIILFLDO f DFFHSWHG WKH SRVLWLRQ RI GLUHFWRU RI WKH /HDJXH RI &RPSRVHUV ZLWK WKH LGHD RI VXSHUYLVLQJ D UHVWUXFWXULQJ RI WKH RUJDQL]DWLRQ KHOG WKH SRVLWLRQ XQWLO f ,W ZDV LPSRUWDQW WR DFW TXLFNO\ VR DV QRW WR ORVH RXU PHPEHUVKLS DQG SDVW VXSSRUW $ QRWLFH ZHQW RXW DQQRXQFLQJ WKH FKDQJHV DQG WKH HYHQWV SODQQHG IRU WKH VHDVRQ WKH /HDJXHnV WZHQW\ILIWK DQQLYHUVDU\ 5HLV VHHPHG WR KDYH IROORZHG &RSODQGnV DGYLFH +HU RIILFLDO OHWWHU RI UHVLJQDWLRQ GDWHG 0D\ DQG VXEPLWWHG WR WKH /HDJXHnV $QQXDO 5HSRUW UHDG LQ SDUW 7KHUH KDV EHHQ D FHUWDLQ FRQWLQXLW\ WKURXJKRXW WKHVH \HDUV LQ WKH ILUVW DLP IRU ZKLFK WKH /HDJXH ZDV IRXQGHG ZKLFK VWDWHG WKDW WKH RUJDQL]DWLRQ ZRXOG HQFRXUDJH DQG JLYH VXSSRUW WR WKH SURGXFWLRQ

PAGE 88

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nV OHDGHUVKLS WKH /HDJXH RI &RPSRVHUV TXLFNO\ EHFDPH D IRUFH LQ WKH PXVLFDO ZRUOG %HFDXVH RI KHU LQIOXHQFH WKH /HDJXH RI &RPSRVHUV ZDV PRUH IOH[LEOH WKDQ VRPH RI WKH RWKHU RUJDQL]DWLRQV IRU FRQWHPSRUDU\ PXVLF DQG ZDV DEOH WR DGDSW WKHLU SURJUDPV WR ZKDW ZDV QHHGHG WR KHOS WKH FRPSRVHU DQG WR DWWUDFW DXGLHQFHV WR WKHLU FRQFHUWV 2QH RI WKH PRVW LPSRUWDQW DFFRPSOLVKPHQWV RI WKH /HDJXH XQGHU 5HLVnV GLUHFWLRQ ZDV JHWWLQJ FRPPLVVLRQV IRU FRPSRVHUV 5HLV ZDV DEOH WR FRQYLQFH LQGLYLGXDOV DQG JURXSV WR RIIHU FRPPLVVLRQV LQ WKH QDPH RI WKH /HDJXH RI &RPSRVHUV DQG VKH VSUHDG WKH LGHD RI FRPPLVVLRQV UDWKHU WKDQ FRPSHWLWLRQV WR RWKHU JURXSV DV ZHOO 7KH /HDJXH JDYH $PHULFDQ RU ZRUOG SUHPLHUHV RI PDQ\ LPSRUWDQW FRQWHPSRUDU\

PAGE 89

VWDJH ZRUNV HDUO\ LQ LWV FDUHHU 7KH /HDJXH DOVR JDYH SHUIRUPDQFHV RI RSHUDV E\ $PHULFDQ FRPSRVHUV DQG FRQYLQFHG RWKHU JURXSV VXFK DV WKH 1HZ
PAGE 90

LWV UHJXODU VHDVRQ RI FRQFHUWV LQ DGGLWLRQ WR WKH IUHH FRQFHUWV LW VSRQVRUHG LQ 1HZ
PAGE 91

ZRUOGZLGH UHDGHUVKLS $V H[HFXWLYH FKDLU &ODLUH 5HLV UHFHLYHG FRUUHVSRQGHQFH IURP PDQ\ FRPSRVHUV JURXSV 7KHUH ZHUH FRPSRVHUnV JURXSV LQ 3RODQG 3DOHVWLQH 6RXWK $IULFD ,WDO\ DQG -DSDQ ZKR ZURWH WR KHU WR DVN DERXW IRUPLQJ WKHLU RZQ /HDJXH DQG UHJXHVWLQJ FRSLHV RI WKH /HDJXH RI &RPSRVHUV E\ODZV DQG FRQVWLWXWLRQ DQG LQJXLULQJ DERXW PXVLF H[FKDQJH SURJUDPV 5HLV PHW LQ 3DULV ZLWK WKH H[HFXWLYH FRPPLWWHH RI WKH 7ULWRQ 6RFLHW\ LQ WKH HDUO\ Vf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nV 0XVLF /HDJXH WKH ,QWHUQDWLRQDO &RPSRVHUnV *XLOG DQG WKH /HDJXH RI &RPSRVHUV VKH NQHZ PDQ\ FRPSRVHUV FRQGXFWRUV SHUIRUPHUV FKRUHRJUDSKHUV DQG DUWLVWV 7KURXJK KHU IDPLO\ FRQQHFWLRQV VKH ZDV DFJXDLQWHG ZLWK PDQ\ SDWURQV RI WKH DUWV WR ZKRP VKH FRXOG WXUQ IRU ILQDQFLDO KHOS IRU WKH /HDJXH %HFDXVH RI KHU SHUVRQDO FRQWDFWV ZLWK D YDULHW\ RI JURXSV VKH ZDV DEOH WR DFJXLUH WKH DUWLVWV QHHGHG IRU HDFK /HDJXH SURGXFWLRQ WKH WKHDWHU LQ ZKLFK WKH

PAGE 92

SHUIRUPDQFH ZRXOG WDNH SODFH DQG WKH ILQDQFLDO EDFNLQJ DQG SDWURQ VXSSRUW WR VHH WKH SURMHFW UHDFK IUXLWLRQ 7KURXJK 5HLVn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n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

PAGE 93

$V H[HFXWLYH FKDLU RI WKH /HDJXH RI &RPSRVHUV &ODLUH 5HLV ZDV DQ HIIHFWLYH DGPLQLVWUDWRU LW LV DIWHU DOO WKURXJK KHU HIIRUWV WKDW WKH /HDJXH ZDV DEOH WR DFFRPSOLVK DV PXFK DV LW GLG RQ EHKDOI RI WKH FRQWHPSRUDU\ FRPSRVHU %HIRUH KHU UHWLUHPHQW DV H[HFXWLYH FKDLU GXULQJ WKH /HDJXHnV WK DQQLYHUVDU\ \HDU VKH JDWKHUHG WKH IROORZLQJ VWDWLVWLFV SXUVXDQW WR WKH /HDJXHnV DFFRPSOLVKPHQWV GXULQJ KHU DGPLQLVWUDWLRQ &RQFHUW ZRUNV SHUIRUPHG 6WDJH SURGXFWLRQV &RPSRVHUV SUHVHQWHG $PHULFDQ FRPSRVHUV SUHVHQWHG /HDJXH RI &RPSRVHUV FRPPLVVLRQV 0RGHUQ 0XVLF MRXUQDOV 6HULHV RI UHFRUGLQJV (YHQLQJV RI 7ULEXWH :RUNV EURDGFDVW E\ WKH /HDJXH &RPSRVHUnV 1HZV 5HFRUG 0RGHUQ 0XVLF ,QGH[ DQG RWKHU SXEOLFDWLRQV $W WKH DQQRXQFHPHQW RI KHU UHWLUHPHQW 2OLQ 'RZQHV PXVLF FULWLF RI 7KH 1HZ WKH /HDJXHnV@ PRVW DFWLYH DQG SURGXFWLYH PLQGV 2QH GRHV QRW WKLQN RI WKH /HDJXH LQ LWV ZKROH FKDUDFWHU DQG RI WKH DUWLVWLF LQLWLDWLYH ZKLFK KDV PDGH LW VXFK D YLWDO DJHQF\ IRU PXVLFDO SURJUHVV ZLWKRXW KHU FORVH WR WKH KHOP $DURQ &RSODQG DOVR ZURWH DERXW 5HLV VWDWLQJ

PAGE 94

&ODLUH 5HLV SURYHG WR EH WKH ULJKW ZRPDQ LQ WKH ULJKW SODFH +HU HQHUJ\ GHYRWLRQ WR WKH FRPSRVHUVnV FDXVH KHU VWLFNWRLWQHVV WKURXJK DOO VRUWV RI PXVLFDO ZHDWKHU ZHUH ZKDW WKH QHZ PRYHPHQW QHHGHG 6KH VRRQ OHDUQHG KRZ WR JDWKHU IRUFHV WRJHWKHU WR HQHUJL]H WKHP DQG WR VHH WKLQJV WKURXJK 7KH VXFFHVV DQG DFFRPSOLVKPHQWV RI WKH /HDJXH RI &RPSRVHUV GXULQJ LWV ILUVW WZHQW\ILYH \HDUV PXVW EH DWWULEXWHG WR D ODUJH GHJUHH WR WKH WLUHOHVV HIIRUWV RI &ODLUH 5HLV 1RWHV 1HZ
PAGE 95

2OLQ 'RZQHV 7KH $YDQW*DUGH 7KH 1HZ
PAGE 96

&ODLUH 5 5HLV &RPSRVHUV &RQGXFWRUV DQG &ULWLFV 'HWURLW 0LFKLJDQ 'HWURLW 5HSULQWV LQ 0XVLF f S &ODLUH 5 5HLV DQG 0DULRQ %DXHU 7ZHQW\)LYH
PAGE 97

2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 98

&+$37(5 9 :25. ,1 27+(5 25*$1,=$7,216 :KLOH KHU PDLQ FRPPLWPHQW ZDV WR WKH /HDJXH RI &RPSRVHUV &ODLUH 5HLV DOVR ZRUNHG ZLWK YDULRXV RWKHU RUJDQL]DWLRQV LQ 1HZ
PAGE 99

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nV WK VHDVRQ $PRQJ WKH FRPPLVVLRQHG ZRUNV ZHUH $DURQ &RSODQGnV RSHUD 7KH 7HQGHU /DQG 0DGHPRLVHOOH E\ 5REHUW 5XVVHOO %HQQHWW DQG ZRUNV E\ (OOLRWW &DUWHU DQG :LOOLDP

PAGE 100

)ODQHJDQ 'RQRUV RI WKH IXQGV IRU WKHVH FRPPLVVLRQV LQFOXGHG WKH (OL]DEHWK 6SUDJXH &RROLGJH )RXQGDWLRQ /DGR ,QF DQG (GZLQ )UDQNR *ROGPDQ ,Q 5HLV EHJDQ D SURMHFW WR FRQYLQFH SHUIRUPHUV WR SURJUDP DW OHDVW RQH FRQWHPSRUDU\ ZRUN RQ HDFK RI WKHLU SURJUDPV )RU WKLV SURMHFW WKH /HDJXH DSSURDFKHG WKH PXVLF IDFXOWLHV RI FROOHJHV DQG XQLYHUVLWLHV WR DVN WKHP WR VXSSRUW WKH SURMHFW 5HLV DQG RWKHU PHPEHUV RI WKH /HDJXH PDGH SHUVRQDO YLVLWV WR VRPH RI WKH SULQFLSDO FRQFHUW PDQDJHUV LQ 1HZ
PAGE 101

WKURZQ RQ D VLWXDWLRQ ZKLFK LV ILOOHG ZLWK LPPHGLDWH DQG LPSRUWDQW SUREOHPV ,Q WKH /HDJXH RI &RPSRVHUV PHUJHG ZLWK WKH ,QWHUQDWLRQDO 6RFLHW\ IRU &RQWHPSRUDU\ 0XVLF ,6&0f DQG &ODLUH 5HLV ZDV QDPHG DQ KRQRUDU\ FKDLU :LWK WKH PHUJLQJ RI WKHVH WZR JURXSV 5HLV ERZHG RXW DV DQ DFWLYH PHPEHU 7KHUH ZHUH RWKHU RUJDQL]DWLRQV ZLWK ZKLFK VKH KDG EHFRPH LQYROYHG DQG WKH FRPSRVHUV ZDQWHG WR PDNH WKHLU JURXS PRUH H[FOXVLYH 5HLV ODWHU VDLG ,Q ZKHQ ZH GHFLGHG WR PHUJH WKHQ 6HVVLRQV DQG &RSODQG DQG P\VHOI ZHUH WKH WKUHH ZKR ZHUH FKRVHQ WR EH KRQRUDU\ FKDLUPHQ IRU WKH /HDJXH ,6&0 5HFHQWO\ WKH\nYH NQRFNHG PH RII LW ZKLFK LV DOO ULJKW ZLWK PH LI WKH\ SUHIHU LW WKDW ZD\ MXVW WR KDYH FRPSRVHUV KDYH QR REMHFWLRQV &ODLUH 5HLV SDUWLFLSDWHG LQ QXPHURXV RUJDQL]DWLRQV DQG SURMHFWV RXWVLGH RI WKH /HDJXH RI &RPSRVHUV 6KH ZDV D PHPEHU RI WKH 7RZQ +DOO 0XVLF &RPPLWWHH WKURXJKRXW LWV GXUDWLRQ 6KH ZDV DOVR D PHPEHU RI WKH :3$ $GYLVRU\ %RDUG IRU 1HZ
PAGE 102

'XULQJ :RUOG :DU ,, EHVLGHV RUJDQL]LQJ FRQFHUWV IRU WKH /HDJXH RI &RPSRVHUV 5HLV RUJDQL]HG D FRPPLWWHH WR FROOHFW ROG SLDQRV ZKLFK ZHUH GRQDWHG IRU WKHLU PHWDO $IWHU KHU FRPPLWWHH KDG FROOHFWHG DQG GHOLYHUHG SLDQRV VKH UHFHLYHG D OHWWHU GDWHG 2FWREHU IURP 5 ( )LVKHU $VVRFLDWH ([HFXWLYH 'LUHFWRU IRU WKH 1HZ
PAGE 103

DSSHDUHG WRJHWKHU WKDW NQRZ RI ZLWK VXFK SHRSOH RI GLVWLQFWLRQ DQG ZLWK VXFK DQ RSSRUWXQLW\ WR UHDOO\ VD\ ZKDW WKH\ WKLQN DERXW WKH RWKHU RQHnV SURIHVVLRQ 7KH VL[ PHHWLQJV LQFOXGHG WKH IROORZLQJ SHRSOH 'UDPD -RKQ +RXVHPDQ $UWLVW'LUHFWRU -RKQ &KDSPDQ 'UDPD &ULWLF 'DLO\ 1HZVf 0XVLF 0DUF %OLW]VWHLQ 3LDQLVW&RPSRVHU +RZDUG 7DXEPDQ 0XVLF &ULWLF 7KH 1HZ
PAGE 104

LWV %RDUG RI 'LUHFWRUV 6KH ZDV D PHPEHU RI WKH :RPHQn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f ZDV HOHFWHG FKDLU RI WKH ERDUG DQG &ODLUH 5HLV ZDV HOHFWHG VHFUHWDU\ 7KH ERDUG EHJDQ E\ UDLVLQJ IXQGV WR UHPRGHO WKH 0HFFD 7HPSOH UHFHQWO\ DFTXLUHG E\ WKH FLW\ DQG WKH ILUVW FRQFHUW ZDV JLYHQ RQ 'HFHPEHU 7KH DUWLVWLF JURXSV ZKLFK EHJDQ LQ WKH &LW\ &HQWHU LQFOXGHG WKH 1HZ
PAGE 105

FRQWLQXHG WKH ZRUN VKH KDG EHJXQ ZLWK WKH 3HRSOHnV 0XVLF /HDJXH LQ EULQJLQJ DIIRUGDEOH PXVLF WR WKH SHRSOH 6KH VDLG :H WRR DUH FRQVLGHUHG XQLTXH LQ ZKDW ZHnYH GRQH LQ RSHUD LQ EDOOHW LQ PDQ\ RI WKH GHYHORSPHQWV ZKLFK ZH PD\ KDYH KDG WR VWRS EXW PD\ GR DJDLQ VRPHGD\ DQG DOZD\V ZLWK WKH LGHD WKDW ZH DUH UHDOO\ D SHRSOHnV WKHDWHU ,Q KHU ZRUN ZLWK &LW\ &HQWHU 5HLV ZDV DOVR D VXSSRUWHU RI WKH 1HZ
PAGE 106

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

PAGE 107

KH SUHVHQWHG 5HLV ZLWK 1HZ
PAGE 108

SDUW RI WKH PDQ\ DQG YDULRXV SURJUDPV SUHVHQWHG WR WKH &OXE RQ HYHU\ DVSHFW RI WKH DUWV 6KH VXJJHVWHG WKDW FRQWHPSRUDU\ PXVLF EH SHUIRUPHG E\ JURXSV DW WKH &LW\ &HQWHU PDGH UHFRPPHQGDWLRQV IRU FRPPLVVLRQV DQG VXSSRUWHG D SURMHFW WR SHUIRUP RSHUDV E\ $PHULFDQ FRPSRVHUV DW WKH 1HZ
PAGE 109

1HZ
PAGE 110

&+$37(5 9, 3526( :25.6 ,Q KHU HIIRUWV WR PDNH WKH SXEOLF PRUH DZDUH RI FRQWHPSRUDU\ FRPSRVHUV DQG WKHLU PXVLF &ODLUH 5HLV ZURWH QXPHURXV OHWWHUV WR HGLWRUV DUWLFOHV LQ QHZVSDSHUV DQG MRXUQDOV DQG IRXU ERRNV 7KH OHWWHUV ZHUH XVXDOO\ LQ GHIHQVH RI D SURJUDP SHUIRUPHG E\ WKH /HDJXH RI &RPSRVHUV RU DQ\ RWKHU JURXS ZLWK ZKLFK 5HLV ZDV ZRUNLQJf WKH DUWLFOHV ZHUH DERXW FRQWHPSRUDU\ FRPSRVHUV RU VRPH DVSHFW RI FRQWHPSRUDU\ PXVLF VXFK DV QHZO\ LQYHQWHG LQVWUXPHQWV FRPPLVVLRQV IRU FRPSRVHUV RU RWKHU ZD\V RI KHOSLQJ FRPSRVHUV 6KH ZDV LQYLWHG WR ZULWH DQ DUWLFOH FKURQLFOLQJ WKH IRUPDWLRQ RI WKH 1HZ
PAGE 111

,QWHUQDWLRQDO &RPSRVHUnV *XLOG SHUIRUPDQFH RI 6FKRHQEHUJnV 3LHUURW /XQDLUH $OWKRXJK VKH DEO\ UHIXWHG DOO RI WKH FULWLFV FRPSODLQWV LW ZDV REYLRXV E\ KLV UHSO\ WR KHU OHWWHU WKDW LW ZDV QRW WKH SHUIRUPDQFH KH GLVOLNHG EXW WKH PXVLF LWVHOI ZKLFK KH FDOOHG DQ HFFHQWULF QRYHOW\ ,Q 5HLV ZURWH WR WKH HGLWRU RI 7KH 1HZ
PAGE 112

2Q WKH WZHQWLHWK DQQLYHUVDU\ RI WKH /HDJXH RI &RPSRVHUV 5HLV UHFRXQWHG WKH SDVW DFFRPSOLVKPHQWV RI WKH /HDJXH DQG SRLQWHG WR LPSRUWDQW ZRUN IRU WKH IXWXUH ,Q WKLV 1HZ
PAGE 113

IURP WKH ZDU :KLOH 5HLV ZDV JODG WKDW KHU DUWLFOH DSSHDUHG LQ WKH SDSHU VKH IHOW WKDW LW GLGQnW KDYH WKH SRZHU WKH ORQJHU DUWLFOH KDG 5HLV EHJDQ KHU FRQWULEXWLRQV WR MRXUQDOV LQ ZLWK DQ DUWLFOH WLWOHG &RQWHPSRUDU\ 0XVLF DQG nWKH 0DQ RQ WKH 6WUHHWn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nWKH PDQ LQ WKH VWUHHWn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

PAGE 114

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nV -RXUQDO SXEOLVKHG D UHSRUW E\ &ODLUH 5HLV FDOOHG $ 0DUNHG *OREDO ,QWHUHVW DERXW ZRUOGZLGH LQWHUHVW LQ FRQWHPSRUDU\ PXVLF GXULQJ :RUOG :DU ,, 6KH UHSRUWHG RQ WKH UHTXHVWV UHFHLYHG E\ WKH /HDJXH RI &RPSRVHUV IURP VROGLHUV IRU FRSLHV RI 0RGHUQ 0XVLF DQG WR UHWDLQ WKHLU PHPEHUVKLSV LQ WKH /HDJXH DQG IURP WKH 5R\DO

PAGE 115

$LU )RUFH 5$)f LQ &DLUR IRU VFRUHV RI FRQWHPSRUDU\ $PHULFDQ PXVLF IRU D SURJUDP WR EH SHUIRUPHG WKHUH 5HLV DOVR UHSRUWHG RQ WKH /HDJXHnV VHULHV RI ZDUWLPH FRQFHUWV LQ WKH SDUWV DQG WKH FRPPLVVLRQV RI ZDUWLPH PXVLF DV ZHOO DV UHTXHVWV IURP RWKHU JURXSV WR VWDUW WKHLU RZQ nEUDQFKn RI WKH /HDJXH RI &RPSRVHUV 5HLV FRQFOXGHG 7KHVH VLJQV RI LQWHUHVW DQG DFWLYLW\ LQ FRQWHPSRUDU\ PXVLF GXULQJ ZDUWLPH DUH SURRI RI WKH IDFW WKDW WKH SURJUHVVLYH YDOXHV LQ RXU FXOWXUH DUH EHLQJ NHSW DOLYH GXULQJ RQH RI WKH PRVW SUHFDULRXV HSRFKV RI DOO WLPHV $QG LW LV RI WKH XWPRVW LPSRUWDQFH GXULQJ WKLV SHULRG RI ZDU DQG GHVWUXFWLRQ WR FRQWLQXH WR HQFRXUDJH WKH FUHDWLYH DUWV *RYHUQPHQW 6XSSRUW RI WKH $UWV DSSHDUHG LQ 0XVLF 3XEOLVKHUnV -RXUQDO LQ 7KLV ZDV WKH DUWLFOH WKDW ZDV HGLWHG IRU VSDFH DQG UHSULQWHG LQ 7KH 1HZ
PAGE 116

%XOOHWLQ RI WKDW VDPH \HDU 5HLV IHOW YHU\ VWURQJO\ DERXW WKH DWWLWXGHV RI PXVLF FULWLFV 6KH VWDWHG WKLQN WKH SUHVV KDYH DOZD\V KDG WKH SUREOHP RI DFFHSWLQJ TXLFNO\ ZULWLQJ TXLFNO\f§WKH VDPH QLJKW RIWHQf§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

PAGE 117

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nV RSLQLRQV EXW VKH GLG EHOLHYH WKDW WKH\ QHHGHG WR EH PRUH IDLU LQ SUHVHQWLQJ PDWHULDO DQG VSDFH IRU QHZV UHOHDVHV DQG OHVV SUHMXGLFHG LQ UHYLHZLQJ PXVLF 7KH WK DQQLYHUVDU\ RI WKH /HDJXH RI &RPSRVHUV RFFXUUHG LQ &ODLUH 5HLV WHDPHG ZLWK 0DULRQ %DXHU WR ZULWH WKH VWRU\ RI WKH /HDJXHnV ILUVW WZHQW\ILYH \HDUV IRU 7KH 0XVLFDO 4XDUWHUO\ 7KH\ FKURQLFOHG WKH DFKLHYHPHQWV RI WKH /HDJXH RI &RPSRVHUV IURP LWV EHJLQQLQJ ,QFOXGHG ZHUH WKH \RXQJ FRPSRVHUVnV FRQFHUWV /DWLQ $PHULFDQ DQG &DQDGLDQ FRQFHUWV DQG HYHQLQJV RI WULEXWH IRU FRPSRVHUV 7KH\ UHFDOOHG WKH VWDJH ZRUNV ZDUWLPH FRQFHUWV &RPPLVVLRQ 3ODQ ILOP PXVLF UDGLR EURDGFDVWV DQG WKH OLIH RI 0RGHUQ 0XVLF 7KH /HDJXHnV DFWLYLWLHV IRU WKH DQQLYHUVDU\ \HDU ZHUH GLVFXVVHG IROORZHG E\ VXJJHVWLRQV IRU WKH IXWXUH

PAGE 118

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n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

PAGE 119

WKH PDQDJHUV WKH XQLYHUVLWLHV DQG FROOHJHV WKH PXVLF FOXEV DQG PDQ\ RWKHU FRQFHUWJLYLQJ RUJDQL]DWLRQV EHOLHYH WKDW ZH ZLOO HVWDEOLVK RQFH DQG IRU DOO D UHDO GHVLUH IRU RQH RU PRUH FRQWHPSRUDU\ ZRUNV RQ HYHU\ FRQFHUW SURJUDP 5HLV KHOSHG WR GHYHORS D SURMHFW IRU &LW\ &HQWHU ZKLFK VKH GHVFULEHG LQ KHU DUWLFOH 6FUHHQLQJ IRU 2SHUD 7KLV SURMHFW FDOOHG IRU DQ DQQXDO VFUHHQLQJ RI QHZ RSHUDV 7KHVH QHZ RSHUDV ZRXOG EH SUHSDUHG E\ SURIHVVLRQDO VLQJHUV DQG RUFKHVWUDV DQG WKHQ EH JLYHQ D nUHDGLQJn LQ IURQW RI D FRPPLWWHH RI FRQGXFWRUV FRPSRVHUV GUDPDWLVWV DQG EDOOHW GLUHFWRUV )ROORZLQJ WKLV UHDGLQJ D FRQIHUHQFH ZRXOG EH KHOG WR FKRRVH WKRVH RSHUDV WR EH SHUIRUPHG DQG WKRVH WKDW QHHGHG PRUH ZRUN 5HLV KRSHG WKLV SODQ ZRXOG HQFRXUDJH PRUH JURXSV WR SHUIRUP FRQWHPSRUDU\ RSHUDV DQG NHHS WKHP LQ WKH UHSHUWRLUH ,Q WKH )RUG )RXQGDWLRQ JDYH D JUDQW WR WKH 1HZ
PAGE 120

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

PAGE 121

KDG LW QRW EHHQ IRU D G\QDPLF IHUYHQWO\ GHYRWHG ZRPDQ QDPHG &ODLUH 5HLV 2SHUD LQ WKH 0DNLQJ ZDV ZULWWHQ IRU +HUH DW +XQWHU D SXEOLFDWLRQ RI WKH +XQWHU &ROOHJH 2SHUD $VVRFLDWLRQ RI ZKLFK &ODLUH 5HLV ZDV HOHFWHG SUHVLGHQW LQ ,Q WKLV DUWLFOH 5HLV GLVFXVVHG WKH +XQWHU &ROOHJH 2SHUD :RUNVKRS 6KH GHVFULEHG WKH SXUSRVH RI WKH ZRUNVKRS WKH VWXGHQWV DQG WKH RSHUDV VWXGLHG 6KH DOVR WROG KRZ WKH 2SHUD $VVRFLDWLRQ VSRQVRUHG WKH RSHUD SURGXFWLRQV DQG UDLVHG PRQH\ IRU VFKRODUVKLSV )RU WKH WZHQW\ILIWK DQQLYHUVDU\ RI &LW\ &HQWHU LQ WKH HGLWRU RI 2RHUD 1HZV DVNHG 5HLV WR ZULWH DQ DUWLFOH DERXW WKH EHJLQQLQJV RI &LW\ &HQWHU 5HLV WROG RI WKH ILUVW PHHWLQJ LQ 0D\RU /D*XDUGLDnV RIILFH LQ DQG KRZ WKH FRQFHUWV EHJDQ LQ WKH ROG 0HFFD 7HPSOH 7KH PDQ\ SHRSOH LQYROYHG ZLWK &LW\ &HQWHU RYHU WKH \HDUV ZHUH GHVFULEHG DV ZHOO DV WKH PDQ\ SURMHFWV SURGXFHG WKHUH 5HLV GLVFXVVHG WKH ILQDQFLDO SUREOHPV WKDW RFFXUUHG DQG LQGLFDWHG KRZ WKH\ ZHUH DGGUHVVHG 6KH HQGHG ZLWK WKH RSHQLQJ RI WKH QHZ WKHDWHUV DW /LQFROQ &HQWHU DQG D UHPDLQGHU RI WKH DHVWKHWLF DQG VRFLDO SKLORVRSK\ WR ZKLFK WKH &LW\ &HQWHU LV D OLYLQJ WULEXWHf§D SHRSOHnV WKHDWHU 7KH ILUVW RI &ODLUH 5HLVnV IRXU ERRNV ZDV D FDWDORJ RI $PHULFDQ FRPSRVHUV SXEOLVKHG E\ WKH ,QWHUQDWLRQDO 6RFLHW\ IRU &RQWHPSRUDU\ 0XVLF EHJDQ LQ D PRGHVW ZD\ 5HLV

PAGE 122

VDLG IHHOLQJ WKDW D FDWDORJ RI $PHULFDQ FRPSRVHUV ZRUNV ZLWK SUDFWLFDOO\ QR ELRJUDSK\ ZRXOG HVWDEOLVK D FHUWDLQ QXPEHU ZKR ZHUH EHFRPLQJ NQRZQ RU VKRXOG EH EHWWHU NQRZQ 7KH ILUVW HGLWLRQ RI $PHULFDQ &RPSRVHUV ZDV SXEOLVKHG LQ EXW 5HLV IHOW LW GLG QRW FRQWDLQ HQRXJK LQIRUPDWLRQ DQG EHJDQ WR ZRUN RQ D VHFRQG HGLWLRQ ZKLFK ZDV SXEOLVKHG LQ (DFK HGLWLRQ OLVWHG D UHFRUG RI FRPSRVHUV DQG ZRUNV ZULWWHQ EHWZHHQ DQG IRU WKH VHFRQG HGLWLRQf 7KH FRPSRVHUV ZHUH OLVWHG DOSKDEHWLFDOO\ DQG WKHLU ZRUNV JLYHQ E\ JHQUH 7KH WLWOH GXUDWLRQ SXEOLVKHU DQG GDWH ZDV JLYHQ IRU HDFK ZRUN $OVR OLVWHG ZDV D UHFRUG RI SHUIRUPDQFHV WKH WLWOH RI WKH ZRUNV SHUIRUPHG DQG WKH QDPHV RI WKH DUWLVWV )LQDOO\ WKHUH ZDV D YHU\ VKRUW ELRJUDSK\ RI HDFK FRPSRVHU DGGHG WR WKH VHFRQG HGLWLRQf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f WR SUHVHQW WKLV PDWHULDO ZLWK OHVV HPSKDVLV RQ WKH FRPSOHWH KLVWRULFDO VXUYH\ WKDQ LQ WKH RULJLQDO ZRUN ZKLFK KDV FRPH RXW RI WKLV FRXQWU\ LQ WKH ODVW WZHQW\ \HDUV

PAGE 123

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f§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nV QDPH ELUWKSODFH ELUWKGDWH DQG DGGUHVV :RUNV ZHUH WR EH OLVWHG E\ JHQUH JHQUHV LQFOXGHG ZHUH RUFKHVWUD FKDPEHU RUFKHVWUD FKRUDO ZRUNV FKDPEHU PXVLF VWDJH ZRUNV DQG ILOP PXVLFf 8QGHU JHQUH WKH FRPSRVHU ZDV WR OLVW WKH WLWOH SXEOLVKHU LI

PAGE 124

SXEOLVKHGf DQG LI WKH PXVLF ZDV IRU KLUH RU IRU VDOH WKH \HDU FRPSOHWHG GXUDWLRQ DQG VROR LQVWUXPHQWV LI DQ\f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

PAGE 125

FKDLU RI WKH (GLWRULDO %RDUG IRU WKH ERRN 6SHQG
PAGE 126

$IWHU FROOHFWLQJ WKH PDWHULDOV QHHGHG IRU $PHULFDQ &RPSRVHUV DQG &RPSRVHUV LQ $PHULFD &ODLUH 5HLV GLVFRYHUHG VKH KDG HQRXJK LQIRUPDWLRQ WR FUHDWH DQRWKHU ERRN WKLV RQH DERXW WKH /HDJXH RI &RPSRVHUV 6KH VDLG %\ WKDW WLPH IHOW KDG JDWKHUHG VR PXFK PDWHULDO ZKLFK ZDV ERWK OLJKW DQG VHULRXVf§D FHUWDLQ DPRXQW RI WKH SKLORVRSK\ RI WKH RUJDQL]DWLRQ DQG RI P\VHOI D FHUWDLQ DPRXQW RI DQHFGRWHV ZKLFK VKRZHG WKH SHUVRQDOLW\ RI WKH FRPSRVHUV DQG WKH ERRN FDPH RXW ZLWK D IHHOLQJ WKDW ZDV VXPPLQJ XS VRPH RI WKH H[SHULHQFHV RI WKH /HDJXH RI &RPSRVHUV DQG RI WKDW HUD LQ PXVLF LQ 1HZ
PAGE 127

$ERXW &RPSRVHUV &RQGXFWRUV DQG &ULWLFV $DURQ &RSODQG ZURWH $Q\RQH ZKR UHDGV &ODLUH 5HLVnV ERRN ZLOO JHW DQ LQWLPDWH DQG SHUVRQDOL]HG YLHZ RI UHFHQW PXVLFDO KLVWRU\ EDVHG RQ KHU PRUH WKDQ WKLUW\ \HDUV RI H[SHULHQFH DV D nPDNHUn DQG nGRHUn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
PAGE 128

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

PAGE 129

DFWLYLWLHV DQG SHRSOH LQYROYHG LQ 1HZ
PAGE 130

1RWHV &ODLUH 5 5HLV 3LHUURW $JDLQ 0XVLFDO &RXULHU 0DUFK f &ODLUH 5 5HLV 7KH /HDJXH RI &RPSRVHUV 7KH 1HZ
PAGE 131

&ODLUH 5 5HLV 7KH $WWLWXGH RI WKH 3UHVV 7RZDUG $PHULFDQ &RPSRVHUV DQG +RZ ,W &DQ %H &KDQJHG IRU WKH %HWWHU 1DWLRQDO 0XVLF &RXQFLO %XOOHWLQ 0D\ f &ODLUH 5 5HLV 7KH $WWLWXGH RI WKH 3UHVV 7RZDUG $PHULFDQ &RPSRVHUV DQG +RZ ,W &DQ %H &KDQJHG IRU WKH %HWWHU 1DWLRQDO 0XVLF &RXQFLO %XOOHWLQ 0D\ f &ODLUH 5 5HLV 'HPDQG DQG 6XSSO\ RI 3HUIRUPDQFHV RI &RQWHPSRUDU\ 0XVLF 1DWLRQDO 0XVLF &RXQFLO %XOOHWLQ 0D\ f &ODLUH 5 5HLV 'HPDQG DQG 6XSSO\ RI 3HUIRUPDQFHV RI &RQWHPSRUDU\ 0XVLF 1DWLRQDO 0XVLF &RXQFLO %XOOHWLQ 0D\ f &ODLUH 5 5HLV $ 1HZ &KDSWHU LQ $PHULFDQ 2SHUD 5HSHUWRU\ 3OD\ELOO 6SULQJ f &ODLUH 5 5HLV $ 1HZ &KDSWHU LQ $PHULFDQ 2SHUD 5HSHUWRU\ 3OD\ELOO 6SULQJ f &ODLUH 5 5HLV 8QSXEOLVKHG WUDQVFULSW RI D UHFRUGHG LQWHUYLHZ ZLWK 9LYLDQ 3HUOLV -DQXDU\ -DQXDU\ 2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 132

&ODLUH 5 5HLV 8QSXEOLVKHG WUDQVFULSW RI D UHFRUGHG LQWHUYLHZ ZLWK 9LYLDQ 3HUOLV -DQXDU\ -DQXDU\ 2UDO +LVWRU\ $PHULFDQ 0XVLF 6FKRRO RI 0XVLF
PAGE 133

&+$37(5 9,, &21&/86,216 $1' 5(&200(1'$7,216 &RQFOXVLRQV &ODLUH 5HLV ZDV DQ XQHTXDOHG FKDPSLRQ LQ WKH FDXVH RI SURPRWLQJ FRQWHPSRUDU\ FRPSRVHUV DQG WKHLU PXVLF 7KURXJK KHU ZRUN ZLWK WKH 3HRSOHnV 0XVLF /HDJXH WKH ,QWHUQDWLRQDO &RPSRVHUVnV *XLOG DQG WKH /HDJXH RI &RPSRVHUV VKH PDGH D VXEVWDQWLDO LPSDFW RQ WKH SHUIRUPDQFH RI FRQWHPSRUDU\ PXVLF DQG RQ WKH FDUHHUV RI PDQ\ WZHQWLHWKFHQWXU\ FRPSRVHUV +HU ZULWLQJV KHOSHG WR HGXFDWH WKH SXEOLF DERXW WZHQWLHWK FHQWXU\ FRPSRVHUV DQG WKHLU PXVLF ,Q WKH PDQ\ RUJDQL]DWLRQV ZLWK ZKLFK VKH RIILFLDWHG 5HLV DOZD\V EURXJKW WR WKH IRUH WKH FDXVH RI WKH FRPSRVHU 3DUW RI WKH VXFFHVV RI &ODLUH 5HLVnV ZRUN LV GXH WR KHU XQLTXH SRVLWLRQ :KLOH VKH ZDV D WUDLQHG PXVLFLDQ VKH ZDV QRW D FRPSRVHU DQG FKRVH QRW WR EH D SHUIRUPHU 6KH ZDV UDLVHG LQ D ZHDOWK\ IDPLO\ KHU KXVEDQG ZDV D VXFFHVVIXO EXVLQHVVPDQ %HFDXVH RI WKLV 5HLV KDG PDQ\ FRQWDFWV LQ WKH EXVLQHVV DQG VRFLDO ZRUOG XSRQ ZKRP VKH FRXOG FDOO /RXLVH 9DUHVH PD\ KDYH FDOOHG 5HLVnV FLUFOH PDQ\ DQG PRQH\HG EXW WKH\ ZHUH LPSRUWDQW WR 5HLVnV ZRUN ,W ZDV WKURXJK WKHVH FRQWDFWV WKDW 5HLV ZDV DEOH WR UHQW WKHDWHUV DW ORZHU UDWHV LQFOXGLQJ WKH 0HWURSROLWDQ 2SHUD +RXVH DQG WR JDLQ

PAGE 134

ILQDQFLDO VXSSRUW IRU PDQ\ SURMHFWV DQG SHUIRUPDQFHV %HFDXVH RI KHU SRVLWLRQ VKH ZDV DEOH WR SHUVXDGH PDQ\ IDPRXV FRQGXFWRUV SHUIRUPHUV DQG GHVLJQHUV WR YROXQWHHU WKHLU VHUYLFHV WR /HDJXH SHUIRUPDQFHV DQG WR FRQYLQFH RUFKHVWUDV SXEOLVKHUV DQG RWKHUV WR FRPPLVVLRQ ZRUNV IURP FRPSRVHUV 5HLV ZDV DOVR XQLTXH LQ KHU EHOLHI LQ YROXQWHHULVP 7KURXJK KHU PRWKHUnV LQIOXHQFH 5HLV FKRVH WR YROXQWHHU UDWKHU WKDQ WR EH SDLG IRU KHU ZRUN 6KH VDLG 0DQ\ RI XV LQ WKRVH GD\V ZHUH GHGLFDWHG WR DQ DUW IRUP KDG DOZD\V EHHQ LQWHUHVWHG LQ ZRUNLQJ VHULRXVO\ LQ ZKDWHYHU ZDV LQWHUHVWHG LQ IURP HDUO\ \HDUV EXW QRW QHFHVVDULO\ EHFDXVH WKHUH ZDV SD\ RU WKHUH ZDVQnW SD\ :KHQ ZDV LQ WKH 0RQWHVVRUL 6FKRRO ZDV SDLG :KHQ ZHQW LQWR WKH SXEOLF VFKRROV IRU DQ H[SHULPHQW WKH\ ZDQWHG LQ 0RQWHVVRUL ZDV SDLG %XW WKDW ZDVQnW WKH LVVXH ZLWK PHf§WKH LVVXH ZDV WKH LQWHUHVW (YHQ WKRXJK 5HLV VSHQW PDQ\ KRXUV ZRUNLQJ IRU WKH /HDJXH RI &RPSRVHUV DQG RWKHU JURXSV VKH ZDV DEOH WR PDQDJH D VWDEOH IDPLO\ OLIH DV ZHOO 6KH DQG KHU KXVEDQG ERWK DJUHHG WR NHHS WKHLU HYHQLQJV IRU WKHPVHOYHV DQG WKHLU WZR FKLOGUHQ 6KH VWDWHG 2XU KRPH WKHQ GHYHORSHG D TXLHW KRXU EHWZHHQ VL[ DQG VHYHQ SP 6RPHWLPHV WKHUH ZHUH IDPLO\ UHYLHZV RI WKH GD\nV DFWLYLWLHV VRPHWLPHV D VLOHQW KRXU XQWLO WKH VHYHQ RnFORFN GLQQHU EHOO UDQJ $W GLQQHU WKH IRXU RI XV RU ZLWK D IHZ IDPLO\ IULHQGVf GLVFXVVHG DUWLVWLF DQG FLYLF OLIH LQ WKH FLW\ +HU IDPLO\ DOVR WRRN YDFDWLRQV WRJHWKHU ,Q RXU HDUO\ VXPPHUV ZH GHYHORSHG D YDULHW\ RI VSRUWV WRJHWKHUf§VZLPPLQJ ULGLQJ WHQQLV /DWHU ZH VSHQW SDUW RI HDFK YDFDWLRQ LQ

PAGE 135

(XURSH 7RJHWKHU ZH HQMR\HG WKH JUHDW JDOOHULHV DQG FDVWOHV LQ (XURSH )UDQFH %HOJLXP HWF $IWHU KHU KXVEDQGnV VXGGHQ GHDWK 5HLV UHWLUHG DV FKDLU RI WKH /HDJXH RI &RPSRVHUV EXW LQ GRLQJ VR DFWXDOO\ EURDGHQHG KHU DFWLYLWLHV WR LQFOXGH ZRUN ZLWK QXPHURXV RWKHU JURXSV ,Q HDFK RI WKHP VKH FRQWLQXHG KHU SURPRWLRQ RI OLYLQJ FRPSRVHUV &ODLUH 5HLV H[HUWHG DQ LPSRUWDQW LQIOXHQFH RQ WKH SKLORVRSK\ DQG DFWLYLWLHV RI WKH /HDJXH RI &RPSRVHUV $V D IRXQGLQJ PHPEHU VKH EURXJKW ZLWK KHU H[SHULHQFHV DQG LGHDV JDLQHG IURP KHU ZRUN ZLWK WKH 3HRSOHnV 0XVLF /HDJXH DQG WKH ,QWHUQDWLRQDO &RPSRVHUVnV *XLOG ,W ZDV KHU LGHD WR UHSHDW ZRUNV UDWKHU WKDQ FRQFHQWUDWH RQ SUHPLHUHV ,W ZDV DOVR KHU LGHD QRW WR SHUIRUP WKH ZRUNV RI ERDUG PHPEHUV GXULQJ WKHLU ILUVW \HDU DV D ERDUG PHPEHU DQG WR KDYH DOO SURJUDPV GHSHQG RQ WKH XQDQLPRXV GHFLVLRQ RI WKH ERDUG VR WKDW QR RQH SHUVRQ ZDV LQ FRQWURO ,W ZDV EHFDXVH RI 5HLVn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

PAGE 136

KDV EHHQ HVVHQWLDOO\ 1HZ
PAGE 137

DSSUHFLDWHf§D ERUQ OHDGHU ,W ZDV LQ WKLV UROH WKDW LW VHHPV WR PH VKH ZDV PRVW FRPIRUWDEOH DQG LQ ZKLFK ZH IRXQG KHU DFWLYLWLHV LQGLVSHQVDEOH :KHQ VKH XQGHUWRRN WR GLUHFW D SURMHFW UDWKHU WKDQ WR DGYLVH DQG FRXQVHOf ZH FRXOG IHHO WKH XWPRVW FRQILGHQFH WKDW LW ZRXOG EH FDUULHG RXW DV SODQQHG ,Q WKLV UROH VKH ZDV DEOH WR IUHH RWKHUV WR PDNH FRQWULEXWLRQV WR WKH IXOOHVW H[WHQW RI WKHLU SHUKDSV YHU\ GLIIHUHQW FDSDELOLWLHV 7KH REMHFWLYH ZRXOG EH DFKLHYHG DQG HYHU\RQH ZRXOG LQ WKH HQG EHQHILW 7KURXJK KHU ZRUN ZLWK YDULRXV JURXSV &ODLUH 5HLV PDGH DQ LPSDFW RQ WKH SHUIRUPDQFH DQG SURGXFWLRQ RI FRQWHPSRUDU\ PXVLF 6KH RUJDQL]HG KHU ILUVW FRPSRVHUnV FRQFHUW ZKLOH VHUYLQJ DV FKDLU RI WKH 3HRSOHnV 0XVLF /HDJXH 6KH ODWHU SURPRWHG FRQWHPSRUDU\ FRPSRVHUV DQG WKHLU PXVLF WKURXJK KHU ZRUN LQ WKH ,QWHUQDWLRQDO &RPSRVHUn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nV $ZDUGV 6KH VXFFHHGHG LQ DFFRPSOLVKLQJ WKLV JRDO ,Q KHU FDSDFLW\ DV FKDLU RI WKH $UWV &RPPLWWHH RI WKH :RPHQnV &LW\ &OXE VKH EURXJKW FRPSRVHUV WR VSHDN DQG SHUIRUP EHIRUH PHHWLQJV $V D IRXQGHU DQG VHFUHWDU\ RI 1HZ
PAGE 138

FRPSRVLWLRQV E\ FRQWHPSRUDU\ FRPSRVHUV /DWH LQ KHU OLIH 5HLV ZRUNHG ZLWK WKH 1HZ
PAGE 139

ILUVW KDOI RI WKH WZHQWLHWK FHQWXU\ &ODLUH 5HLV HGXFDWHG WKH UHDGHU DERXW WKLV H[FLWLQJ WLPH LQ $PHULFDQ PXVLF DQG JDYH D PRUH LQWLPDWH YLHZ RI FRQWHPSRUDU\ FRPSRVHUV WKDQ WKH IHZ PXVLF KLVWRU\ ERRNV RQ WKDW VXEMHFW 5HLVn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n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

PAGE 140

EH DYDLODEOH WR VFKRODUV VR WKDW WKH PXVLF PLJKW EH VWXGLHG DQDO\]HG DQG VRPH FRQFOXVLRQV PDGH DV WR WKH ZRUWK RI WKHVH ZRUNV 7KH WKLUG UHFRPPHQGDWLRQ IRU IXUWKHU VWXG\ LV WR WUDFH WKH SDWKV WDNHQ E\ FRPSRVHUV LQFOXGHG LQ &RPSRVHUV LQ $PHULFD :KHQ FRPSLOLQJ WKH LQIRUPDWLRQ IRU WKLV ERRN &ODLUH 5HLV GLG QRW PDNH DQ\ MXGJHPHQWV RQ WKH PXVLF LWVHOI +HU SULPDU\ FRQFHUQ ZDV WKDW WKH FRPSRVHUV ZHUH DFWLYH 0DQ\ \HDUV KDYH HODSVHG VLQFH WKLV ERRN ZDV UHSULQWHG DQG UHYLVHG D VWXG\ PLJKW LQFOXGH WKH IROORZLQJ 'LG DQ\ RI WKHVH FRPSRVHUV EHFRPH DQ LPSRUWDQW IRUFH LQ FRQWHPSRUDU\ $PHULFDQ 0XVLF" :KDW KDYH WKH\ FRPSRVHG VLQFH WKLV ERRN ZDV SULQWHG" 'LG DQ\ FRPSRVH D PDMRU FRQWHPSRUDU\ ZRUN" :KLFK RI WKHVH FRPSRVHUV LV FRQVLGHUHG WRGD\ D nPLQRUn FRPSRVHU" +RZ PDQ\ PDGH WKHLU OLYLQJ DV FRPSRVHUV DQG KRZ PDQ\ ZHUH IRUFHG WR ILQG RWKHU PHDQV RI VXSSRUW VXFK DV WHDFKLQJ" 'LG DQ\ JLYH XS FRPSRVLQJ" $ ILQDO UHFRPPHQGDWLRQ LV WKDW WKH ZRUN RI &ODLUH 5HLV LQ VXSSRUW RI WKH FRQWHPSRUDU\ FRPSRVHU DQG KLV PXVLF VKRXOG EH LQFOXGHG LQ WKH FXUULFXOXP RI FROOHJHOHYHO FRXUVHV LQ WZHQWLHWKFHQWXU\ PXVLF DQG $PHULFDQ PXVLF %HFDXVH 5HLV PDGH DQ LPSRUWDQW FRQWULEXWLRQ WR FRQWHPSRUDU\ PXVLF DQG LWV FRPSRVHUV LW LV UHDVRQDEOH WR H[SHFW WKDW DQ\ VWXG\ RI WKH

PAGE 141

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n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

PAGE 142

1RWHV /RXLVH 9£UHVH 9DUHVH $ /RRNLQJ*ODVV 'LDU\ 9ROXPH 1HZ
PAGE 143

$33(1',; $ %,%/,2*5$3+< 2) :25.6 %< &/$,5( 5(,6 %DXHU 0DULRQ DQG &ODLUH 5 5HLV 7ZHQW\)LYH
PAGE 144

5HLV &ODLUH 5 *RYHUQPHQW 6XSSRUW RI WKH $UWV 0XVLF 3XEOLVKHU -RXUQDO 9ROXPH 0D\-XQH f 5HLV &ODLUH 5 f &RPSRVHUV LQ $PHULFD %LRJUDSKLFDO 6NHWFKHV RI &RQWHPSRUDU\ &RPSRVHUV ZLWK D 5HFRUG RI 7KHLU :RUNV QG (GLWLRQ 1HZ
PAGE 145

$33(1',; % &200,66,21(' :25.6 2) 7+( /($*8( 2) &20326(56 $FKURQ -RVHSK 6SULQJ 4XDUWHW 3UR $UWH 4XDUWHW LQ (XURSH $QWKHL *HRUJH &KDPEHU &RQFHUWR IRU (LJKW ,QVWUXPHQWV %DFRQ (UQVW 7KH /DPS RQ WKH 3ODLQV RSHUDf &ROXPELD 8QLYHUVLW\ %DUEHU 6DPXHO 3LDQR 6RQDWD %HUOLQ DQG 5RJHUV &RPPLVVLRQ %DUWN %OD 9LOODJH 6FHQHV YRFDO TXDUWHW DQG FKDPEHU RUFKHVWUDf f§ %RVWRQ 6\PSKRQ\ (QVHPEOH .RXVVHYLWVN\ %DXHU 0DULRQ &RQFHUWLQR IRU 2ERH &ODULQHW DQG 6WULQJ 4XDUWHW UDGLR FRPPLVVLRQ &%6 %HQQHWW 5REHUW 5XVVHOO +ROO\ZRRG V\PSKRQLF ZRUNf %HUH]RZVN\ 1LFRODL f§ 1%& RUFKHVWUD )UDQN %ODFN 0DGHPRLVHOOH V\PSKRQLF ZRUNf f§ *ROGPDQ %DQG FRPPLVVLRQ 6WULQJ 4XDUWHW 1R 6WUDGLYDULXV 4XDUWHW 6XLWH IRU 6HYHQ %UDVV ,QVWUXPHQWV f§ UDGLR FRPPLVVLRQ &%6 6ROGLHUV RQ WKH 7RZQ PDUFK IRU RUFKHVWUDf

PAGE 146

3DVVDFDJOLD IRU 7KHUHPLQ DQG 2UFKHVWUD RU 3LDQR 0UV :DOWHU /XFLHf 5RVHQ FRPPLVVLRQ %HUJHU $UWKXU 'XR IRU &HOOR DQG 3LDQR /DGR FRPPLVVLRQ %HUJVPD :LOOLDP 7KH )RUWXQDWH ,VODQGV VWULQJ RUFKHVWUDf &DUO )LVFKHU ,QF FRPPLVVLRQ :25 6\OYDQ /HYLQ %OLW]VWHLQ 0DUF 7KH +DUSLHV RQHDFW RSHUDf f§ 1HZ
PAGE 147

%LUWKGD\ 3LHFH IRU 7ZR 3LDQRV 7KH 7HQGHU /DQG RSHUDf &RZHOO +HQU\ $PHULFDQ 3LSHUV V\PSKRQLF ZRUNf 2UFKHVWUD DQG 9RLFHV 5RJHUV DQG +DPPHUVWHLQ FRPPLVVLRQ 'DOODSLFFROD /XLJL 7DUWLQDQD 'LYHUWLPHQWR IRU 9LROLQ DQG 2UFKHVWUDf .RXVVHYLWVN\ )RXQGDWLRQ FRPPLVVLRQ 'HOOR -RLR 1RUPDQ 7R D /RQH 6HQWU\ 'LDPRQG 'DYLG 4XLQWHW LQ % 0LQRU IRU )OXWH 6WULQJ 7ULR DQG 3LDQR f§ %DUUHUH (QVHPEOH (WOHU $OYLQ 0XVLF IRU %UDVV UDGLR FRPPLVVLRQ &%6 )LQH ,UYLQJ :RUN WR EH FRPSOHWHG IRU 5RJHUV+DPPHUVWHLQ FRPPLVVLRQ )RVV /XFDV 6RQJ RI 6RQJV V\PSKRQLF ZRUNf f§ %RVWRQ 6\PSKRQ\ 2UFKHVWUD *HUVFKHIVNL (GZLQ :RUOGnV )DLU )DQIDLU UDGLR FRPPLVVLRQ &%6 *ROGPDQ 5LFKDUG )UDQNR 6RQDWD IRU 9LROLQ DQG 3LDQR f§ 1DWLRQDO )HGHUDWLRQ RI 0XVLF &OXEV FRPPLVVLRQ *UDLQJHU 3HUF\ 7KH 3RZHU RI 5RPH DQG WKH &KULVWLDQ +HDUW IRU %DQG f§ (GZLQ )UDQNR *ROGPDQ FRPPLVVLRQ *UXHQEHUJ /RXLV )LYH 9DULDWLRQV RQ D 3RSXODU 7KHPH IRU 6WULQJ 4XDUWHW

PAGE 148

6HUHQDGH WR D %HDXWHRXV /DG\ V\PSKRQLF ZRUNf &KLFDJR 6\PSKRQ\ +DUULV 5R\ 6RQJ RI 2FFXSDWLRQV SDUW PL[HG FKRLU D FDSHOODf :HVWPLQVWHU &KRLU 7KUHH 3LHFHV IRU 3LDQR 0DUFK ,Q 7LPH RI :DU V\PSKRQLF ZRUNf +HUPDQQ %HUQDUG )RU 7KH )DOOHQ DQ HOHJ\ ,YHV &KDUOHV ( :DU 6RQJ 0DUFK 7KH\ $UH 7KHUH -DFREL )UHGHULFN 7KUHH ([FHUSWV IRU 9RLFHV DQG 7ZR 3LDQRV -ROLYHW $QGU +RSL 6QDNH 'DQFH IRU 7ZR 3LDQRV -RVWHQ :HUQHU %HIRUH WKH %DWWOH .LUFKQHU /HRQ 6\PSKRQLD LQ 3DUWV V\PSKRQLF ZRUNf 5RJHUV DQG +DPPHUVWHLQ FRPPLVVLRQ 1HZ
PAGE 149

0F3KHH &ROLQ 7H[W IRU WKH 5HYHODWLRQ RI 6DLQW -RKQ IRU 0HQnV &KRUXV WZR SLDQRV WKUHH WUXPSHWV DQG W\PSDQL 3ULQFHWRQ *OHH &OXE 0DUWLQ %RKXVODY 0DGULJDO 6RQDWD IRU IOXWH YLROLQ DQG SLDQR 0HPRULDO WR /LGLFH V\PSKRQLF ZRUNf 0HQQLQ 3HWHU )DQWDVLD IRU 6WULQJ 2UFKHVWUD f§ +DUJDLO 0XVLF 3UHVV FRPPLVVLRQ f§ 0XWXDO 1HWZRUN 1HZ
PAGE 150

3DOPHU 5REHUW &RQFHUWR IRU 6PDOO 2UFKHVWUD FKDPEHU RUFKHVWUD ZRUNf FRPPLVVLRQHG IRU UDGLR &%6 2UFKHVWUD 3KLOOLSV %XUULOO 6FKHU]R IRU 2UFKHVWUD &LW\ 6\PSKRQ\ 6WRZNRZVNL 3LVWRQ :DOWHU 3UHOXGH DQG )XJXH IRU 2UFKHVWUD f§ &OHYHODQG 6\PSKRQ\ 5RG]LQVNL 4XLQWHW IRU )OXWH DQG 6WULQJ 4XDUWHW )XJXH RQ D 9LFWRU\ 7XQH %DQG 3LHFH 3RUWHU 4XLQF\ 6WULQJ 4XDUWHW 1R *RUGRQ 6WULQJ 4XDUWHW 7KH 0RYLQJ 7LGH V\PSKRQLF ZRUNf 5LHJJHU :DOOLQJIRUG 6RQWLQD IRU 9LROLQ DQG 3LDQR f§ ( % 0DUNV FRPPLVVLRQ 0XVHXP RI 0RGHUQ $UW 5RJHUV %HUQDUG 7KH 3ODLQV FKDPEHU RUFKHVWUD ZRUNf UDGLR FRPPLVVLRQ f§ &%6 2UFKHVWUD ,QYDVLRQ V\PSKRQLF ZRUNf 6DPVRQ UDGLR RSHUDf WH[W E\ 1RUPDQ &RUZLQ 6ROLORJX\ IRU )OXWH DQG 6WULQJV FKDPEHU RUFKHVWUD ZRUNf 6DPLQVN\ /D]DUH 3XHEOR IRU 2UFKHVWUD 1DWLRQDO 6\PSKRQ\ .LQGOHU 5\H 6HSWHW

PAGE 151

6FKXPDQ :LOOLDP 4XDUWHW 1R LQ FRRSHUDWLRQ ZLWK WKH 7RZQ +DOO $ZDUG &ROOLGJH 4XDUWHW 6HVVLRQV 5RJHU 'LUJH V\PSKRQLF ZRUNf 6\PSKRQ\ 1R 6KDSHUR +DUROG 3LDQR 6RQDWD %RRVH\ DQG +DZNHV FRPPLVVLRQ 6KHSKHUG $UWKXU 6WULQJ 4XDUWHW 0DQKDWWDQ 6WULQJ 4XDUWHW 3UDHOXGLXP 6DOXXWRULXP 6WLOO :LOOLDP *UDQW .DLQWXFN SRHP IRU SLDQR DQG RUFKHVWUDf &LQFLQQDWL 6\PSKRQ\ *RRVHQV ,Q 0HPRULDP 7KH &RORUHG 6ROGLHUV :KR 'LHG IRU 'HPRFUDF\ V\PSKRQLF ZRUNf 6PLW /HR 6\PSKRQ\ 1R .RXVVHYLWVN\ )RXQGDWLRQ FRPPLVVLRQ 7FKHUHSQLQ $OH[DQGHU 6XLWH IRU 9LROLQ DQG &HOOR 7KRPSVRQ 5DQGDOO $PHULFDQD PL[HG YRLFHV DQG SLDQRf f§ 'HVVRII &KRLUV 7RZQ +DOO 7KH 3HDFHDEOH .LQJGRP PL[HG YRLFHV D FDSHOODf +DUYDUG *OHH &OXE 6XLWH IRU 2ERH &ODULQHW DQG 9LROD f§ &%6 UDGLR FRPPLVVLRQ 6RORPRQ DQG %DONLV RSHUD ZULWWHQ IRU UDGLRf &%6 7KRPVRQ 9LUJLO 0DVV IRU :RPHQnV 9RLFHV $GHVGH &KRUXV 7RZQ +DOO

PAGE 152

:DJHQDDU %HUQDUG :DUG 5REHUW :HEHUQ $QWRQ YRQ :KLWKRUQH (PHUVRQ 6L[ 3RUWUDLWV IRU +DUSVLFKRUG f§ 5DOSK .LUNSDWULFN %DQG 3LHFH &RQFHUWLQR V\PSKRQLF ZRUNf &RQFHUW 3LHFH IRU 2UFKHVWUD f§ %URDGFDVW 0XVLF ,QF FRPPLVVLRQ 6\PSKRQ\ IRU &KDPEHU 2UFKHVWUD f§ %RVWRQ 6\PSKRQ\ (QVHPEOH .RXVVHYLWVN\ 6DWXUGD\nV &KLOG FKDPEHU RUFKHVWUD ZRUNf f§ 3KLOKDUPRQLF 6\PSKRQ\ (QVHPEOH

PAGE 153

$33(1',; & /($*8( 2) &20326(56 5$',2 %52$'&$676 6HSWHPEHU &%6 :$%&f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f -DQXDU\ :1<& 5LFKDUG *ROGPDQ FRPPHQWDWRU &DUWHU +DUPDQ 6RQJ &\FOH )URP 'XVN WR 'DZQ IRU VRSUDQR DQG VWULQJ TXDUWHW 'DL.HRQJ /HH 6WULQJ 4XDUWHW 1RO -DQXDU\ :2/ :DVKLQJWRQ '&f 5LFKDUG %DOHV FRPPHQWDWRU $DURQ &RSODQG 0XVLF IRU WKH 7KHDWHU f§ 0DU\ +RZH $OOHJUR ,QHYLWDEOH 6WDUV

PAGE 154

)HEUXDU\ :1<& 3DXO GHV 0DUDLV 3LDQR 6RQDWD 2WWR /XHQLQJ (OHJ\ IRU &HOOR DQG 3LDQR %HUQDUG :DJHQDDU 6RQDWLQD IRU &HOOR DQG 3LDQR (YHUHWW +HOP 6RQDWD IRU )OXWH DQG 3LDQR )HEUXDU\ :25 0XWXDO 1HWZRUNf 6\OYDQ /HYLQ FRQGXFWRU :LOOLDP %HUJVPD 7KH )RUWXQDWH ,VODQGV 0DUFK :1<& +HQU\ &RZHOO 6RQDWD IRU 9LROLQ DQG 3LDQR :LOOLDP )ODQQDJDQ 'LYHUWLPHQWR IRU 6WULQJ 4XDUWHW $SULO :1<& $GROSK :HLVV )LYH 6RQJV IRU %DULWRQH 9LROD DQG 3LDQR ,QJROI 'DKO +\PQ DQG 7RFFDWD IRU 3LDQR *HRUJH 7UHPEOD\ 6WULQJ 4XDUWHW 0D\ :1<& -HU]\ )LWHOEHUJ /XNDV )RVV 6RQJ RI 6RQJV

PAGE 155

$33(1',; 25&+(675$6 $1' 27+(5 25*$1,=$7,216 :+,&+ &223(5$7(' :,7+ 7+( /($*8( 2) &20326(56 $GHVL &KRUXV 0DUJDUHWH 'HVVRII FRQGXFWRU 9LUJLO 7KRPVRQ 0DVV IRU :RPHQnV 9RLFHV $PHULFDQ /\ULF 7KHDWHU 3KLOKDUPRQLF (QVHPEOH )ULW] 5HLQHU FRQGXFWRU 'RXJODV 0RRUH 7KH 'HYLO DQG 'DQLHO :HEVWHU %DOWLPRUH 6\PSKRQ\ 2UFKHVWUD 5HJLQDOG 6WHZDUW FRQGXFWRU :DOWHU 3LVWRQ 3UHOXGH DQG )XJXH %HOJLXP 1DWLRQDO 5DGLR %UXVVHOV /XNDV )RVV 6RQJ RI 6RQJV (XURSHDQ SUHPLHUHf %RVWRQ 6\PSKRQ\ (QVHPEOH 6HUJH .RXVVHYLW]N\ FRQGXFWRU $DURQ &RSODQG 0XVLF IRU 7KHDWHU $QWRQ YRQ :HEHUQ 6\PSKRQ\ IRU &KDPEHU 2UFKHVWUD %RVWRQ 6\PSKRQ\ (QVHPEOH ZLWK 9RFDO 4XDUWHW 6HUJH .RXVVHYLWL]N\ FRQGXFWRU %OD %DUWN 9LOODJH 6FHQHV %RVWRQ 6\PSKRQ\ 2UFKHVWUD 6HUJH .RXVVHYLW]N\ FRQGXFWRU /XNDV )RVV 6RQJ RI 6RQJV FRPPLVVLRQHGf %URRNO\Q 0XVHXP 6RFLHW\ $QRQ\PH &KDPEHU 0XVLF &RQFHUW

PAGE 156

&%6 2UFKHVWUD +RZDUG %DUORZ FRQGXFWRU 5REHUW 3DOPHU &RQFHUWR IRU 6PDOO 2UFKHVWUD FRPPLVVLRQHG IRU UDGLRf %HUQDUG 5RJHUV 7KH 3ODLQV IRU VPDOO RUFKHVWUD FRPPLVVLRQHG IRU UDGLRf &%6 (QVHPEOH +RZDUG %DUORZ FRQGXFWRU 0DULRQ %DXHU &RQFHUWLQR IRU 2ERH &ODULQHW DQG 6WULQJ 4XDUWHW FRPPLVVLRQHG IRU UDGLRf &%6 1LFRODL %HUH]RZVN\ 6XLWH IRU 6HYHQ %UDVV ,QVWUXPHQWV $OYLQ (WOHU 0XVLF IRU %UDVV FRPPLVVLRQHG IRU UDGLRf (GZLQ *HUVFKIVNL :RUOGnV )DLU )DQIDUH FRPPLVVLRQHG IRU UDGLRf &%6 2SHUD 5DQGDOO 7KRPSVRQ 6RORPRQ DQG %DONLV FRPPLVVLRQHG IRU UDGLRf &KDPEHU 2UFKHVWUD $DURQ &RSODQG (OHJLHV IRU 9LROLQ DQG 9LROD ZLWK &KDPEHU 2UFKHVWUD FRPPLVVLRQHGf &KLFDJR 6\PSKRQ\ 2UFKHVWUD )UHGHULFN 6WRFN FRQGXFWRU /RXLV *UXHQEHUJ 6HUHQDGH WR D %HDXWHRXV /DG\ FRPPLVVLRQHGf &LQFLQQDWL 6\PSKRQ\ 2UFKHVWUD (XJHQH *RRVVHQV FRQGXFWRU :LOOLDP *UDQW 6WLOO .DLQWXFN SRHP IRU SLDQR DQG RUFKHVWUDf FRPPLVVLRQHGf &LQFLQQDWL 6\PSKRQ\ 2UFKHVWUD 7KRU -RKQVRQ FRQGXFWRU &KDUOHV 1DJLQVNL 6LQIRQLHWWD

PAGE 157

&OHYHODQG 6\PSKRQ\ 2UFKHVWUD $UWXU 5RG]LQVNL FRQGXFWRU :DOWHU 3LVWRQ 3UHOXGH DQG )XJXH IRU 2UFKHVWUD FRPPLVVLRQHGf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
PAGE 158

0LQQHDSROLV 6\PSKRQ\ 2UFKHVWUD (XJHQH 2UPDQG\ FRQGXFWRU $DURQ &RSODQG 6WDWHPHQWV IRU 2UFKHVWUD WZR PRYHPHQWVf FRPPLVVLRQHGf 0LQQHDSROLV 6\PSKRQ\ 2UFKHVWUD $QWDO 'RUDWL FRQGXFWRU 6KLIULQ 6H\PRXU 6\PSKRQ\ 1R FRPPLVVLRQHGf 0XWXDO 6\PSKRQ\ 2UFKHVWUD :25 6\OYDQ /HYLQ FRQGXFWRU :LOOLDP %HUJVPD 7KH )RUWXQDWH ,VODQGV FRPPLVVLRQHGf 1DWLRQDO *DOOHU\ RI $UW 2UFKHVWUD :DVKLQJWRQ '&f 5LFKDUG %DOHV FRQGXFWRU $SULO %HUQDUG :DJHQQDU &RQFHUWLQR FRPPLVVLRQHG LQ f $ FRPSOHWH SURJUDP E\ PHPEHUV RI WKH /HDJXH 1DWLRQDO 2UFKHVWUD $VVRFLDWLRQ /HRQ %DU]LQ FRQGXFWRU $SULO (UQHVW %ORFK 6FKHORPR IRU /HDJXHnV WK DQQLYHUVDU\f 1DWLRQDO 6\PSKRQ\ 2UFKHVWUD +DQV .LQGOHU FRQGXFWRU /D]DUH 6DPLQVN\ 3XHEOR IRU 2UFKHVWUD FRPPLVVLRQHGf 1%& 2UFKHVWUD )UDQN %ODFN FRQGXFWRU 5REHUW 5XVVHOO %HQQHWW +ROO\ZRRG FRPPLVVLRQHGf 1HZ
PAGE 159

1HZ
PAGE 160

9DQFRXYHU 6\PSKRQ\ 2UFKHVWUD -DFTXHV 6LQJHU FRQGXFWRU 0DUFK :DOWHU 3LVWRQ 3UHOXGH DQG )XJXH IRU 2UFKHVWUD :HVWPLQVWHU &KRLU 5R\ +DUULV 6RQJV RI 2FFXSDWLRQV FRPPLVVLRQHGf 2WKHU 6\PSKRQLHV DQG &RQGXFWRUV 7KH 1HZ
PAGE 161

%URDGFDVWLQJ 6WDWLRQV :1%& :&%6 :1<& :25 :0&$ :4;5 :DUWLPH &RQFHUWV LQ &HQWUDO 3DUN DQG 3URVSHFW 3DUN :DU 6HULHV IRU 3KLOKDUPRQLF 6\PSKRQ\ FRPPLVVLRQHG ZRUNVf 1HZ
PAGE 162

$33(1',; ( $:$5'6 5(&(,9(' %< &/$,5( 5(,6 $ZDUG RI 0HULW 1DWLRQDO $VVRFLDWLRQ IRU $PHULFDQ &RPSRVHUV DQG &RQGXFWRUV 1HZ
PAGE 163

5()(5(1&(6 $FWLYLWLHV RI 0XVLFLDQV 7KH 1HZ
PAGE 164

&ODLUH 5DSKDHO 5HLV 'LHV DW /HDGHU LQ 1HZ
PAGE 165

'RZQHV 2OLQ *HWWLQJ 7RJHWKHU 7KH 1HZ
PAGE 166

7KH /HDJXH LQ 5HWURVSHFW 3KLOKDUPRQLF +DOO /LQFROQ &HQWHU IRU WKH 3HUIRUPLQJ $UWV 1HZ
PAGE 167

7KH 1HZ
PAGE 168

5HLV &ODLUH 5 &RQWHPSRUDU\ 0XVLF DQG n7KH 0DQ RQ WKH 6WUHHWn $HROLDQ 5HYLHZ 0DUFK f 5HLV &ODLUH 5 3LHUURW $JDLQ 0XVLFDO &RXULHU 0DUFK f 5HLV &ODLUH 5 f &KDLU RI WKH (GLWRULDO %RDUG 6SHQG
PAGE 169

5HLV &ODLUH 5 'HPDQG DQG 6XSSO\ RI 3HUIRUPDQFHV RI &RQWHPSRUDU\ 0XVLF 1DWLRQDO 0XVLF &RXQFLO %XOOHWLQ 0D\ f 5HLV &ODLUH 5 f &RPSRVHUV &RQGXFWRUV DQG &ULWLFV 1HZ
PAGE 170

6WUDXV 1RHO &DQDGLDQ &RQFHUW 7KH 1HZ
PAGE 171

%,2*5$3+,&$/ 6.(7&+ 3HQQ\ 7KRPDV ZDV ERUQ $XJXVW LQ $WODQWD *HRUJLD 6KH PRYHG ZLWK KHU IDPLO\ WR 2UODQGR )ORULGD LQ DQG DWWHQGHG SXEOLF VFKRRO WKHUH JUDGXDWLQJ IURP :LOOLDP 5 %RRQH +LJK 6FKRRO LQ 6KH DWWHQGHG :HVOH\DQ &ROOHJH LQ 0DFRQ *HRUJLD :KLOH DW :HVOH\DQ 0V 7KRPDV ZDV D PHPEHU RI WKH :HVOH\DQ &ROOHJH *OHH &OXE 5HQDLVVDQFH (QVHPEOH &ROOHJLDWH &KDSWHU RI WKH 0XVLF (GXFDWRUnV 1DWLRQDO &RQIHUHQFH VKH DOVR VHUYHG DV WKH PXVLF HGLWRU RI WKH :HVOH\DQ 0DJD]LQH RI &UHDWLYH $UWV 6KH ZDV LQGXFWHG LQWR 6LJPD $OSKD ,RWD $OSKD 3VL 2PHJD DQG 3L 'HOWD (SVLORQ ,Q 0V 7KRPDV JUDGXDWHG ZLWK D %DFKHORU RI 0XVLF GHJUHH LQ PXVLF HGXFDWLRQ ,Q VKH EHJDQ JUDGXDWH VWXGLHV DW *HRUJLD 6WDWH 8QLYHUVLW\ LQ $WODQWD DQG UHFHLYHG D 0DVWHU RI 0XVLF GHJUHH LQ PXVLF KLVWRU\ DQG OLWHUDWXUH LQ 7KH WLWOH RI KHU PDVWHUnV WKHVLV ZDV $ 6WXG\ RI WKH 6W\OH &KDUDFWHULVWLFV )RXQG LQ 6HOHFWHG (DUO\ :RUNV RI 5RY +DUULV 0V 7KRPDV EHJDQ GRFWRUDO VWXGLHV LQ DW WKH 8QLYHUVLW\ RI )ORULGD ZKHUH VKH VHUYHG DV D JUDGXDWH WHDFKLQJ DVVLVWDQW DQG ZDV DZDUGHG WKH -RKQ 9 'n$OERUD *UDGXDWH 0XVLF 6FKRODUVKLS DQG WKH 3UHVLGHQWnV 5HFRJQLWLRQ $ZDUG 6KH KDV SHUIRUPHG ZLWK WKH 8QLYHUVLW\ RI )ORULGD

PAGE 172

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

PAGE 173

, FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ DQG WKDW LQ P\ RSLQLRQ LW FRQIRUPV WR DFFHSWDEOH VWDQGDUGV RI VFKRODUO\ SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH LQ VFRSH DQG TXDOLW\ DV D GLVVHUWDWLRQ IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ ILW W$ARGf \? O 'DYLG = .Xn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

PAGE 174

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH &ROOHJH RI (GXFDWLRQ DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 'HFHPEHU 'HDQ &ROOHJH RI (GXFDWLRQe f§n 'HDQ *UDGXDWH 6FKRRO


26
world as my mother had; and also my father had
come from New York. For a small town, the quality
of the people who had moved there one or two
generations before mine, represented a very
cultured group.1
Reis's mother, her first music teacher, had an
interesting method of teaching piano lessons. She would
place small papers with selected notes of the musical
alphabet (a,b,c,d,e,f,g) on the piano keys and allowed the
children to pick out tunes with which they were familiar by
using this method.2 Reis followed suit with this method
years later when she began to develop a music system for
Montessori kindergartens.3
Another influence from her mother was the idea of
working within the community. She stated,
I think she carried on the tradition from her
mother, which I feel I have carried on from her,
and that is, an active interest in the people of
her town. My grandmother was known as Madame
Clara for a great deal of work for the poor she
did in Edinburgh for charity. My mother took up
the cause of the poor Mexicans who did beautiful
Mexican handwork, and I can remember vividly
seeing those poor youngsters come to the back
porch to sell her their linens. She would also
get benefits for them and try to improve their
condition. So mother had a sense of partaking of
the needs of the town, the way many of us have
tried to do our share in helping improve New York
City.4
Mr. Raphael died in 1898, the year he planned to
retire. Since there was only one school in Brownsville, and
it was considered to be a mediocre one that afforded the
Raphael children a poor education, Mr. Raphael's retirement
plans centered about moving the family to a larger city


APPENDIX D
ORCHESTRAS AND OTHER ORGANIZATIONS WHICH COOPERATED
WITH THE LEAGUE OF COMPOSERS
Adesi Chorus Margarete Dessoff, conductor
1935
Virgil Thomson Mass for Women's Voices
American Lyric Theater, Philharmonic Ensemble -
Fritz Reiner, conductor
1939
Douglas Moore The Devil and Daniel Webster
Baltimore Symphony Orchestra Reginald Stewart, conductor
1948
Walter Piston Prelude and Fugue
Belgium National Radio, Brussels
Lukas Foss Song of Songs (European premiere)
Boston Symphony Ensemble Serge Koussevitzky, conductor
1925
Aaron Copland Music for Theater
1929
Anton von Webern Symphony for Chamber Orchestra
Boston Symphony Ensemble with Vocal Quartet -
Serge Koussevitizky, conductor
1926
Bla Bartk Village Scenes
Boston Symphony Orchestra Serge Koussevitzky, conductor
1946
Lukas Foss Song of Songs (commissioned)
Brooklyn Museum, Society Anonyme
1926
Chamber Music Concert
149


CLAIRE REIS: ADVOCATE FOR CONTEMPORARY MUSIC
By
PENNY THOMAS
A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
OF THE REQUIREMENTS FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA
1991


60
heard about the League's plans for performing El Retablo,
she offered to help and suggested that the League stage the
opera and not just produce a concert version. This launched
what Claire Reis has always called the League's "first stage
work because it was on a professional basis."12 Robert
Edmund Jones (1887-1954) designed the puppets, Remo Bfano
built them, and Willem Mengelberg (1871-1951) conducted.
Landowska had originally asked Leopold Stokowski (1882-1977)
to conduct, but when Reis went to discuss it with him, he
tried to convince her to sign over the rights of performance
to him so he could conduct it for Varese and the
International Composer's Guild. Because the League of
Composers and the International Composer's Guild were the
two most active societies of contemporary music at that
time, there was a great rivalry between them. Reis refused
the request, and, after a number of difficulties, including
finding rehearsal space, El Retable de Maese Pedro was
premiered in Town Hall on December 29, 1925. The League's
production of de Falla's opera was called "a landmark in
stage production," and "one of the most important
experiments. ... in the theater of this country."13 Due
to the success of this performance, the League decided to
repeat El Retablo. The second performance was given at the
Jolson Theater with Pierre Monteaux (1875-1964) conducting,
and on the same program, a performance of Stravinsky's
(1882-1971) L'Histoire du Soldat was given. These


108
When a new composition is introduced at a concert
it is usually sandwiched in between two standbys,
and the listener has barely time to become aware
of the readjustment to receive this new idea, new
technique, new language. It is almost a wasted
effort to present a single sample of a new school
or a new individual and expect it to be
understood. The ear needs to grow accustomed to
the medium which the composer of today is using.8
She concluded by recommending that we look to the man on the
street for future encouragement of contemporary art.
"Mechanical Developments and Modern Inventions Have
Made Us Adapt Ourselves To New Sensations Reflected In Our
Art" was printed in Musical Leader in 1931, and written in
support of the League of Composer1s concerts introducing
newly invented instruments. Reis discussed new inventions
and instruments and how they help the listener adapt to new
sensations. She wrote, "There is no comparison today with
any past age in the effect of inventions on our sensory
faculties and therefore on art."9 To try to return to the
past, Reis wrote, was less courageous, and whether the
listener liked it or not, "the tide of creative force which
is forward moving is stronger than any of our
prejudices.1,10
The Music Publisher's Journal published a report by
Claire Reis, called "A Marked Global Interest," about
worldwide interest in contemporary music during World War
II. She reported on the requests received by the League of
Composers from soldiers for copies of Modern Music and to
retain their memberships in the League, and from the Royal


84
its regular season of concerts in addition to the free
concerts it sponsored in New York City parks. The League
commissioned composers to compose music on a war-related
theme, and Reis convinced Rodzinski to premiere them. Reis
recognized early the value of the radio, and used that
medium to achieve an even wider audience for contemporary
music. She was able to get broadcasting corporations to
commission works specifically for radio. Evenings of
tribute, organized by Reis, offered the opportunity for
composers to receive encouragement from their peers, as well
as from patrons of the arts.
Although the League of Composers was based primarily in
New York, its influence was felt around the United States
and in various parts of the world. Orchestras in such
cities as Boston, Philadelphia, Baltimore, Chicago,
Cincinnati, Cleveland, Denver, Detroit, Kansas City, Los
Angeles, Minneapolis, and St. Louis all cooperated with the
League, and performed works commissioned by the League.
Orchestras and other groups such as the Koussevitzky Music
Foundation, Alice M. Ditson Fund, Dumbarton Oaks, Lado,
Inc., the National Federation of Music Clubs and the
Elizabeth Sprague Coolidge Foundation followed the League's
example and began offering commissions to composers.
The League remained in contact with musicians around
the world through its own board members who traveled to
foreign countries, and through Modern Music which had a


18
developed, among them the necessity "to bring the entire
range of modern tendencies before the public."6 She
continued with the League's accomplishments, such as a
concert devoted to the younger generation of composers early
in 1924. This type of concert became an important part of
the League's activities. Other activities included interest
in the music of other countries, with concerts devoted to
the composers of those countries, evenings of tribute to
composers, and a project to bring performing artists and
composers together to discuss their common interests and
problems. The publication of Modern Music, the
encouragement of commissions, and efforts to encourage new
stage works, programs dedicated to new electric instruments,
film music, and commissioning music for the war effort were
all projects of the League of Composers.
Mrs. Reis's interest in stage works resulted in three
articles about opera. "Screening for Opera" was published
in April 1956 in Center: A Magazine of Music and Drama. It
contained information about the current state of
contemporary opera and offered suggestions for supporting
and promoting it. In the Spring of 1959, "A New Chapter in
American Opera Repertory" was published in Playbill. the
program notes for the New York City Opera. This article
contained information about eighteen contemporary American
operas which were to receive their premieres at the New York
City Opera in the coming two seasons. The third article,


32
continued her work with Montessori principles by giving
small music classes for her children as well as those of a
few of the neighbors.
The People's Music League
The idea for the People's Music League came from Reis's
concerts with Max Rosen at Cooper Union. She saw the
audience at Cooper Union and felt there was a need for such
an undertaking. Later she said,
That really stirred me, that I remember very
vividly. I have not seen that kind of an
audience. You could tell that they were people
many people newly arrived, their shawls over them,
some in foreign costume, and they just packed the
hall and were excited.1'
Although many young men and women did philanthropic work in
the settlement houses, Reis felt she could put her energy to
better use. Her idea was to supply these people with free
concerts. She was introduced to Dr. Frederick C. Howe,
director of the People's Institute, who agreed with Reis
that more cultural events were needed for the newly arrived
immigrants. The People's Music League (the name given by
Reis) sponsored by the People's Institute, with Reis as its
new chair, was formed in November of 1912. The specified
origin and purposes of the new People's Music League were
1. To stimulate musical knowledge and appreciation
among people of New York who have little
opportunity to hear good music and to make its


161
"The New York Public Library Receives Valuable Collection of
Contemporary Works." Musical Leader 98 (June 1966): 22.
New York Public Library and Museum of the Performing Arts.
Claire Reis Collection. (5 boxes)
New York Public Library and Museum of the Performing Arts.
League of Composers Clippings file.
New York Public Library and Museum of the Performing Arts.
League of Composers Letters file. (7 boxes)
"Not Fair Play." Musical Courier 86 (February 8, 1923): 20.
Oliver, Daniel. (1982). Stokowski: A Counterpoint of View.
New York, NY: Dodd, Mead, and Co.
"On Music Festival Board." The New York Times. February 17,
1934, p. 20.
"Open Air Concerts: Their Civic Value." The New York Times
Magazine June 15, 1919, p. 16.
Opperby, Preben. (1982). Leopold Stokowski. New York, NY:
Hippocrene Books.
Page, Tim, and Vanessa Weeks Page. (1988). Selected Letters
of Virail Thomson. New York, NY: Summit Books.
Parmenter, Ross. "The World of Music." The New York Times.
July 19, 1964, sec. 2, p. 9.
Perlis, Vivian. "The Futurist Music of Leo Ornstein." Notes
31 (June 1975): 734-750.
Perlis, Vivian. "Minna Lederman: The Life and Death of a
Small Magazine (Modern Music)." Journal of the American
Musicological Society 38 (Fall 1985):,643-647.
Perlis, Vivian. "Claire Raphael Reis." New Grove Dictionary
of American Music. Ed. by H. Wiley Hitchcock and
Stanley Sadie. London, England: Macmillan, 1986.
Peyser, Ethel. "A-Musicking in Gotham." Musical Leader 60
(April 23, 1931): 12.
"Plan Music Center at Mecca Temple." The New York Times.
March 6, 1943, p. 15.
Rapoport, Eda. "For Competitions." The New York Times.
January 3, 1943, sec. 8, p. 6.


107
from the war. While Reis was glad that her article appeared
in the paper, she felt that "it didn't have the power the
longer article had."5
Reis began her contributions to journals in 1923 with
an article titled "Contemporary Music and 'the Man on the
Street,'" written for Aeolian Review. Her premise in this
article was that people who had not studied much music and
had not built up prejudices about music could more easily
enjoy contemporary music than those who had studied it. She
got the idea for this article from her husband. Reis said,
I think I had an original idea which appealed to
them, which really was based on my realization of
how much music my husband could enjoy who had
never studied music, and even the difficult music
that we were performing, I found his comments
extremely interesting, and I made the point that
there were many students who had studied Schumann
and Schubert and played well, but had no open mind
about anything new, and that a man like my husband
or 'the man in the street,' as I used the term,
who had no prejudices as many students had because
they were so accustomed to the accepted classical
music were better not as judges, but they were a
better audience for some of the new music.6
In the journal, Reis wrote,
.... the man who has little technical education
and perhaps no comparative values in art, may
accept the work of his contemporaries
philosophically or psychologically just because it
is an integral part of the age to which he
belongs, the life which he is living. He can
sense the significance of a work though he may not
understand it from an intellectual or analytical
viewpoint.7
Reis also made a plea to have musical organizations
perform more contemporary music.


128
financial support for many projects and performances.
Because of her position, she was able to persuade many
famous conductors, performers, and designers to volunteer
their services to League performances, and to convince
orchestras, publishers, and others to commission works from
composers.
Reis was also unique in her belief in volunteerism.
Through her mother's influence, Reis chose to volunteer
rather than to be paid for her work. She said,
Many of us in those days were dedicated to an art
form. ... I had always been interested in
working seriously in whatever I was interested in
from early years, but not necessarily because
there was pay or there wasn't pay. When I was in
the Montessori School I was paid. When I went
into the public schools for an experiment they
wanted in Montessori I was paid. But that wasn't
the issue with methe issue was the interest.2
Even though Reis spent many hours working for the
League of Composers and other groups, she was able to manage
a stable family life as well. She and her husband both
agreed to keep their evenings for themselves and their two
children. She stated,
Our home then developed a quiet hour between six
and seven p.m. Sometimes there were family
reviews of the day's activities, sometimes a
silent hour until the seven o'clock dinner bell
rang. At dinner, the four of us (or with a few
family friends) discussed artistic and civic life
in the city.3
Her family also took vacations together, "In our early
summers we developed a variety of sports togetherswimming,
riding, tennis. Later we spent part of each vacation in


23
confirm the story Claire Reis told of her first meeting with
the conductor Stokowski. In Varese: A Looking Glass Diary.
Louise Varse told a different story about the split between
the members of the International Composer's Guild. Mrs.
Varse's version is more acrimonious than the one Mrs. Reis
recounted in her book. It should be noted that several
other authors, including Daniel Oliver, used the Varese
version of the ICG split rather than what Mrs. Reis wrote.
Claire Reis was mentioned in Milhaud's memoirs, Notes
Without Music, as well as Frederick Martens's biography of
Leo Ornstein, and the biography of Paul Rosenfeld by Jerome
Mellquist and Lucie Wiese. A letter to her was printed in
Selected Letters of Virgil Thomson, and she was mentioned
several times in Minna Lederman's book, Life and Death of a
Small Magazine: Modern Music.
Summary
The review of the related literature suggested that
research on the life and work of Claire Reis was seriously
lacking and that she had been omitted from standard music
sources on the twentieth-century. It was difficult to
understand this neglect, considering her achievements as an
advocate for the contemporary composer and his music, and
her substantial impact on the performance of this music and
the careers of many composers, as well as her efforts to
educate the public about contemporary music. It made this


4
People's Music League. She also worked to adapt Montessori
teaching methods to music and helped to establish the Walden
School in New York. After retiring as chair of the League
of Composers, Mrs. Reis continued in her efforts to support
contemporary composers. She served as the chair of an
international committee that concentrated on the
presentation of works by contemporary composers in America
and Europe. She helped to establish the City Center of
Music and Drama in New York and served as secretary to the
board. Other activities included serving as chair of the
Advisory Committee to the Dimitri Mitropoulos International
Competition for Conductors, member of the Works Progress
Administration (W.P.A.) Advisory Board for the City of New
York, member of the Music Committee for the 1939 World's
Fair, founder and chair of the Arts Committee of the New
York Women's City Club, and member of President Roosevelt's
Committee for the Use of Leisure Time.
Through her work in the League of Composers and other
organizations, Claire Reis made a substantial impact on the
performance and production of contemporary music. Many
young composers achieved substantial international standing
due to her efforts. Others would not have had their works
performed or been able to continue working as composers.
Aaron Copland (1900-1990) called her "the mother of us
all."3 Dr. Isadore Freed of the Hartt School of Music
called the League of Composers, "the greatest single


120
After collecting the materials needed for American
Composers and Composers in America. Claire Reis discovered
she had enough information to create another book, this one
about the League of Composers. She said,
By that time I felt I had gathered so much
material which was both light and seriousa
certain amount of the philosophy of the
organization and of myself, a certain amount of
anecdotes which showed the personality of the
composers. . and the book came out with a
feeling that I was summing up some of the
experiences of the League of Composers and of that
era in music in New York and in other places.33
Composers Conductors. and Critics the resulting book,
told the story of the League of Composers. Reis began with
some biographical information about her upbringing and
education. Her involvement with the People's Music League
and the Walden School was described, as were the events
which led her to join the International Composers's Guild
(ICG). Reis related the breakup of the ICG Board and the
formation of the League of Composers. She then told the
story of her twenty-five years with the League of Composers,
relating anecdotes about composers and conductors, and
problems with programs and sometimes with the people
involved. The activities and accomplishments of the League
were outlined as well as Reis's involvement with each. She
ended with a chapter titled "On the Composers' Horizon" in
which she made suggestions on how people and groups could
and should continue to help living composers.


69
League when it showed the film Odna with music by
Shostakovich in 1933. The first concert dedicated solely to
film music was in 1941, and consisted of excerpts from
documentaries. These included Roots of the Earth music by
Paul Bowles (1910); Valiev Town, music by Marc Blitzstein
(1905-1964); Power and the Land, music by Douglas Moore; One
Tenth of a Nation, music by Roy Harris (1898-1979); The
River. music by Virgil Thomson; and The City, music by Aaron
Copland. Each of the composers added commentary on their
scores. Since the evening was a success, the League offered
a second evening of film music in February 1942. This
concert consisted of excerpts from Hollywood "feature"
films. These included Once in a Blue Moon, music by George
Antheil; Of Mice and Men, music by Aaron Copland; So Ends
Our Night, music by Louis Gruenberg; Citizen Kane, music by
Bernard Herrmann (1911-1975); The General Died at Dawn,
music by Werner Janssen (1899) and Ernst Toch (1887-1964);
and Juarez. music by Erich Korngold (1897-1957). The League
distributed a guestionnaire to the patrons at this second
concert, and discovered that of the 400 people in the
audience, only 120 could fill in the titles of three film
scores by composers whom they knew by name, but 384
preferred original music in films rather than arrangements
of the 'classics.' Reis later wrote, "[I was] amazed at a
total ignorance about music for film which came to
light."23


50
1977. Oral History, American Music. School of Music,
Yale University, p. 65.
44 .
Louise Varse. Varse: A Lookina-Glass
NY: Norton, 1972), p. 165.
Diarv
(New
York
45.
Louise Varese. Varese: A Lookina-Glass
NY: Norton, 1972), p. 177.
Diarv
(New
York
46.
Louise Varese. Varese: A Lookina-Glass
NY: Norton, 1972), p. 177.
Diarv
(New
York
47.
Louise Varese. Varese: A Lookina-Glass
NY: Norton, 1972), p. 182-183.
Diarv
(New
York
48.
Louise Varse. Varese: A Lookina-Glass
NY: Norton, 1972), p. 188-189.
Diarv
(New
York
49. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 18-19.


30
was also introduced to contemporary music through her
friendship with the composer Leo Ornstein (1892). Ornstein
studied at the Institute of Musical Art and was a student of
Mrs. Tapper; he often played some of his own compositions at
his teacher's Saturday afternoon classes.
Two groups with which Claire Reis became involved at
this time were to give her the experience necessary for
later organizing the League of Composers. These groups were
the Walden School and the People's Music League. Reis's
interest in teaching music to children was kindled by her
association with Margaret Naumburg (1890-1983), a friend who
had been in Italy studying with Dr. Maria Montessori (1870-
1952). Reis felt that the Montessori principles would work
well in teaching music. She met Naumburg in Europe in the
summer of 1913 to investigate new methods of teaching music
and dancing, including Montessori and the eurythmic classes
of mile Jaques-Dalcroze (1865-1950). She also attended
some of the Yorke-Trotter pedagogical classes given at the
London Conservatory of Music and later studied eurythmics
with a Swiss teacher in New York. Upon their return to New
York in the fall of 1913, Reis and Naumburg were given a
room in the Henry Street Settlement to begin their classes.
Since these were some of the first Montessori groups to meet
in the United States, numerous educators came to observe the
classes. The director of the New York Public Schools
kindergarten department and the director of the ungraded


136
Notes
1. Louise Vrese, Varese: A Looking-Glass Diary, Volume I:
1881-1928. (New York, NY: Norton, 1972), p. 177.
2. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 77.
3. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 110.
4. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 110.
5. Howard Hanson, "America's Musical Culture," The New
York Times. June 14, 1948, p. 22.
6. Aaron Copland, "Claire Reis (1889-1978)," Musical
Quarterly 64 (July 1978):388.
Claire R. Reis, Composers in America: Biographical
Sketches of Contemporary Composers with a Record of
their Works. (New York, NY: Macmillan, 1947; reprint
ed., New York, NY: DaCapo Press, 1977), Introduction.
7.


CHAPTER III
EARLY LIFE AND WORK, THE PEOPLE'S MUSIC LEAGUE
AND THE INTERNATIONAL COMPOSER'S GUILD
Early Life and Work
The influence of family and work on Claire Reis had a
significant impact on her later work. The philosophies and
skills with which she organized and led the League of
Composers were all based on experiences gained earlier.
Claire Raphael Reis was born August 4, 1888, in
Brownsville, Texas, where her father, Gabriel M. Raphael,
was president of the First National Bank. He was from New
York, educated at Hartford Business School, and moved to
Brownsville to go into the mercantile business; later he
became president of the bank. In addition, he had interest
in silver mines. Her mother, Eugenie Salamon Raphael, was
born in Edinburgh, Scotland, of French parents who had moved
to Scotland for business purposes. Along with her older
brother, Angus, and sister, Alice, Reis attended the only
public school in Brownsville. In describing her school and
town, she said,
Our school, the only school in the town, had half
Mexicans and half Americans, and we played games
like baseball with the Mexican girls as well as
boys, but the rest of our life was chiefly, almost
only, with the American people; in this small town
where people came from many parts of the European
25


46
chair of the People's Music League for 10 years, knowledge
that she put to use organizing concerts for the
International Composer's Guild and the League of Composers.
Her tenure as executive secretary of the ICG influenced her
in the forming of the League of Composers and establishing
its philosophy and practices. Mrs. Reis realized the value
of these experiences when she said,
I think perhaps I had a more imaginative mind and
I enjoyed pioneering in certain realms that I felt
should be done, like the People's Music League for
free music for the masses. Then the League of
Composers, and one thing took me on to the other.
There was a definite link.49
Notes
1. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 2.
2. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 4.
3. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 3.
4. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 5.
5. Claire Raphael Reis, Composers. Conductors, and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974),
p. 17.
6. Claire Raphael Reis, Composers. Conductors. and Critics
(Detroit, Michigan: Detroit Reprints in Music, 1974) ,
p. 18.


150
CBS Orchestra Howard Barlow, conductor
1941
Robert Palmer Concerto for Small Orchestra (commissioned
for radio)
1941
Bernard Rogers The Plains for small orchestra
(commissioned for radio)
CBS Ensemble Howard Barlow, conductor
1940
Marion Bauer Concertino for Oboe, Clarinet and String
Quartet (commissioned for radio)
CBS
1939
Nicolai Berezowsky Suite for Seven Brass Instruments
1939
Alvin Etler Music for Brass (commissioned for radio)
1939
Edwin Gerschfski World's Fair Fanfare (commissioned for
radio)
CBS Opera
1942
Randall Thompson Solomon and Balkis (commissioned for
radio)
Chamber Orchestra
1935
Aaron Copland Elegies for Violin and Viola with Chamber
Orchestra (commissioned)
Chicago Symphony Orchestra Frederick Stock, conductor
1935
Louis Gruenberg Serenade to a Beauteous Lady
(commissioned)
Cincinnati Symphony Orchestra Eugene Goossens, conductor
1943
William Grant Still Kaintuck (poem for piano and
orchestra) (commissioned)
Cincinnati Symphony Orchestra Thor Johnson, conductor
1948
Charles Naginski Sinfonietta


114
Reis believed there was great dramatic variety in the
materials used by the composers, and the libretti were
strong. The impact for American music was important, Reis
wrote, for "the American composer finds a forceful incentive
to create works for the stage. This new era is contributing
a significant chapter to the history of American
culture."19
Everett Helm, editor of Musical America. asked Claire
Reis if he could publish some of the letters she had
received from composers during her tenure as executive chair
of the League of Composers. Of these letters, Reis said,
. ... a letter will express more of the soul or
spirit I might say of the person, than any of the
writing no matter how fine, how great their art is
in writing. There is something so personal and so
true in a letter.20
The letters, chosen by Helm, were from Copland, Bartk,
Milhaud, Schuman, Moore, Webern, Malipiero, Gruenberg, and
Blitzstein. Autographed pictures of Copland, Milhaud,
Prokofieff, Schoenberg, Malipiero, and Landowska and de
Falla together were included. Reis wrote in the
introduction to the letters,
The letters of a creative artist in particular are
invaluable; they may bring to light a new
dimension which reveals the human being with his
soaring ambitions as well as his frailties and
frustrations, often adding a measure towards
everlasting fame.21
In his introduction about Reis, Helm wrote, "It is difficult
to imagine what course music in America might have followed


62
concert, Reis wrote "this seventeenth century opera followed
by a contemporary composition, afforded a happy contrast,
dramatically and musically, and added great distinction to
the evening."16
The following season (1929-1930), Stokowski again
wanted to conduct a program with the League. The program
was to be Stravinsky's Le Sacre du Printemos and
Schoenberg's (1874-1951) Die Gltickliche Hand. Stokowski
expected to use the entire Philadelphia Orchestra (of which
he was director). Claire Reis had to obtain permission to
use the orchestra from the board of directors of the
Philadelphia Orchestra Association; she then planned three
performances in Philadelphia and two in New York at the
Metropolitan Opera House. Reis again managed to gather some
of the greatest artists and performers in New York to work
on these productions. Robert Edmund Jones designed the sets
for Die Glckliche Hand and Rouben Mamoulian (1897) was the
stage director. Nicholas Roerich (1874-1947), who designed
the original sets and costumes for the premiere of Le Sacre
du Printemos in Paris (1913), recreated them for the
League's production. Leonide Massine (1896-1979), who had
helped create the original choreography, was on hand to
recreate the dance, and the solo dancer was Martha Graham
(1894-1991), just beginning her own career. As usual, all
of these artists volunteered their talent and time. One
artist, however, let Reis know he expected to be paid. Reis


11
The Claire Reis Collection was organized into five
boxes. Box 1 contained clippings, a sample of a
questionnaire sent to composers by Claire Reis in 1945,
letters from unidentified composers, articles about Aaron
Copland, notes about New York City Center and the People's
Music League, miscellaneous photographs, and a scrapbook.
Box 2 held letters from, and programs and articles about
Benjamin Britten, Louis Gruenberg, Leo Ornstein, the
People's Music League, and the League of Composers. Box 3
contained miscellaneous material collected for her book,
Composers in America. Boxes 4 and 5 contained miscellaneous
letters from various figures of note.
The League of Composers Letter's file consisted of
seven boxes of letters to the League of Composers, usually
to Claire Reis as Chairman of the Board. These letters were
from composers, conductors, critics, musicians, politicians,
and others involved with or wanting information about the
League of Composers. The list of senders included such
persons as Bla Bartk, Alban Berg, Leonard Bernstein,
Arthur Bliss, Ernest Bloch, Nadia Boulanger, John Cage,
Elliott Carter, Aaron Copland, Manuel de Falla, Arthur
Farwell, Howard Hanson, Roy Harris, Frederick Jacobi, Otto
Klemperer, Zoltn Kodly, Serge Koussevitzky, Mayor Fiorello
La Guardia, Darius Milhaud, Dimitri Mitropoulos, Paul Henry
Lang, Ernest Newman, Eugene Ormandy, Cole Porter, Serge
Prokofieff, Gustave Reese, Henri Prunires, Richard Rogers,


53
This league holds no brief for the left or
the right wing of the so-called radical movement,
nor for the safe middle road. Nor will a
selective emphasis be placed on any one kind of
experiment, whether with instruments, tones, form
or whatsoever. Finally, the league is not
organized with any intent, expressed or tacit, of
promoting the work of the composers on this board.
The five composers who are part of an Executive
Committee of nine members represent the widest
range of modern tendencies. They are Leo
Ornstein, Louis Gruenberg, Lazare Saminski,
Emerson Whithorne and Arthur Bliss, the English
composer who is coming in the Spring for a
prolonged stay in the United States. The
arrangement of programs will depend on the
unanimous decision of the entire executive
board.4
The office of the League of Composers was established
in a former children's playroom at the top of Reis's house.
There, the League secretary used the old ping-pong table to
spread out programs and circulars ordered for League
programs. Board meetings were usually held at lunchtime (in
accordance with Reis's agreement with her husband about
evenings being reserved for their family). The board
meetings were held everywhere.
When anybody thought they knew of a new cheap
restaurant where the food was good we'd meet for a
lunch meeting, and sometimes we wondered if we
weren't being a little unwise when we'd have
excitement and perhaps too loud an opinion, and
the people at the table next to us got very
interested. And then occasionally we'd be at the
Beethoven Club, and occasionally in somebody's
home. I frankly did not want meetings at my
house. I had lots of parties with League members
or visiting composers, but I felt I didn't want
the responsibility of feeling that in my house
some might feel I had undue power given to me
which I didn't have.5


103
7. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box la, folder 3.
8. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 296.
9. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 296.
10. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, pp. 296-297.
11. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 3, folder 11.
12. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 294.
13. "The League in Retrospect," Philharmonic Hall. 1965-
1966. Lincoln Center for the Performing Arts, New
York.
14. New York Public Library and Museum of the Performing
Arts. Claire Reis Collection. Box 1, folder 1.
15. "City Center Benefactors Are Remembered," The New York
Times January 12, 1982, sec. 2, p. 14.
16. Claire R. Reis, Unpublished transcript of a recorded
interview with Vivian Perlis. January 1976-January
1977. Oral History, American Music. School of Music,
Yale University, p. 278.
17. Aaron Copland, "Claire Reis (1889-1978)," Musical
Quarterly 64 (July 1978):386.


16
that period,"3 while the "average person was without
esthetic standards which belong to the past . .and he
has not been educated to accept definite laws based upon
tradition."4 She also felt that the composer had been left
out of the concert. "Music is generally heard under
conditions which have almost obliterated the composers as
the raison d'etre of a program. . the interpreter is the
object of attention."5 Mrs. Reis advocated looking toward
the average man for encouragement in contemporary arts.
"Mechanical Developments and Modern Inventions Have
Made Us Adapt Ourselves to New Sensations Reflected in Our
Art" was printed in the Musical Leader in 1931. In this
article, Mrs. Reis discussed the advances of mechanical
developments on musical instruments and composers. The
League of Composers was sponsoring a concert of music for
newly developed electronic instruments and this article
appeared prior to this concert. In it, she compared the
development of new instruments to the development of
machines in society and their effects on artists of all
kinds. Again, she advocated that the listener approach the
music with an open mind and not to be mired in the past.
In December, 1942, Claire Reis wrote an article for The
New York Times about the twentieth anniversary of the League
of Composers. She described the beginnings of the League
and the accomplishments it achieved over twenty years. She
told of the League's contacts with composers in other


72
Spivacke, chair of the sub-committee on music of the Joint
Army and Navy Committee on Welfare and Recreation and
volunteered the League to send out a questionnaire to all
composers of draft age to discover their background,
training, and special abilities. Dr. Spivacke agreed, and
the League sent out 1500 questionnaires. Reis later
received a letter from Dr. Spivacke stating, "We have made
use of the answers to the questionnaire you sent out and
have found them very helpful."27
As the war continued, Reis realized there was more the
League could do. "It seemed clear that our organization had
a double job: to help the morale of our colleagues still in
civilian life as well as those taken into service and
already in the fighting ranks."28 The League became a
kind of 'clearing house' for requests for music from service
men. They received letters requesting copies of the
League's journal, Modern Music, for information on any radio
broadcasts of contemporary music, and requests for scores of
American contemporary music to be performed by groups around
the world. Reis stated, "We made every effort to meet such
requests, to pursue every means of fitting our activities
into the war effort."29
The League of Composers continued its regular season of
concerts throughout the war, and in these concerts
programmed many works of composers who were in the armed
service. Reis mailed copies of the printed programs to the


36
suggested that the program be made up of composers
performing their own works. The composers involved were
Rebecca Clarke (1886-1979), Louis Gruenberg (1884-1964),
Frederick Jacobi (1891-1952), A. Walter Kramer (1890-1969),
Lazare Saminsky (1882-1959), and Deems Taylor (1885-1966).
It was unusual at that time for composers to appear
performing their own music, as was noted in Musical America:
One of the first actions of the People's Music
League as an independent body has been to turn its
attention to the young composer. It is something
of an anomaly in the musical world that much music
may be presented while the composer of it is
neglected. . Hence the League had had the
inspiration of presenting in concert a most
unusual symposium of writers, who are to interpret
their own compositions.28
The pieces performed included two movements of Rebecca
Clarke's Sonata for viola and piano, Polychromes for piano
by Louis Gruenberg, three Preludes by Frederick Jacobi, and
songs by Walter Kramer, Deems Taylor, and Lazare Saminsky.
The program was received with "enormous enthusiasm"29 by
the audience as well as by the critics. One critic wrote.
Of singular interest was the composers concert
given on February 12, at Cooper Union, under the
auspices of the People's Music League, when a
group of the most gifted younger writers in this
country presented examples of their work. The
program served to answer with dignity the
irreconcilable critics of native composition, and
indicated also the devoted and serious aim which
distinguishes the writing of these musicians. .
. The program successively accomplished its
purpose in revealing the high standard of these
native writings, and in demonstrating the
erudition which accompanies the efforts of each of
these still very young writers. In presenting it,
the League again renewed its valiant efforts to
aid American music.30


59
The first staged work produced by the League of
Composers was in their second season (1924-1925). Board
member Lazare Saminsky (1882-1959) persuaded the board to
let him produce his new one-act opera Gaaliarda of a Merry
Plague. While Claire Reis and the other board members felt
the League was not ready to produce stage works, the fact
that there were so few one-act operas in production in the
United States made this seem like a worthwhile project to
attempt. Saminsky produced and directed the entire
production. He even managed to persuade a League patroness,
Alma Wertheim, to loan her antique Italian furniture for the
production. The performance was without mishap, but Claire
Reis felt strongly about achieving professional standards in
League performances, so the board decided not to attempt any
more stage productions until those standards could be met.
As it happened, that time came the next season. Reis had
heard about the premiere of Manuel de Falla's (1876-1946)
marionette opera, El Retablo de Maese Pedro, in Paris. The
opera was a success and had repeat performances across
Europe. After reading the reviews, the League decided to
present a concert version during the next season (1925-
1926). Reis cabled the publisher in London for the right of
performance for the League of Composers. It also happened
that Wanda Landowska (1879-1959), who had performed the work
in Paris, was in New York and on the advice of mutual
friends in Paris, had contacted Claire Reis. When Landowska


130
has been essentially New York-European oriented for many
years primarily on a Copland-Stravinsky axis with occasional
respectful nods to the Schoenberg group."5 This was in
some respects true, but the League was promoting
performances of music that might not have otherwise been
played, while more conservative music was being performed by
other groups. Hanson's complaint about the League playing
music only by the "Copland-Stravinsky axis" can be disputed
by looking at the wide variety of programs presented over
the years, including compositions by Latin American
composers, Canadian composers, and by many diverse American
composers.
Reis influenced the activities of the League of
Composers with her organizational skills. Even though each
concert was to be organized by a board member, Reis was
usually called in as a 'troubleshooter.' She also helped
organize such projects as the Commission Plan, The
Composer's Fund, The Composer's Theater, the young
composer's concerts, concerts of film music and new
instruments, and radio broadcasts. There were sometimes
complaints by the composers about the performance of their
music, that some measures were cut, or that their music was
not performed. But it was not of Reis they complained, but
to her. It was to Reis that the composers turned whenever
there was a problem. Aaron Copland wrote about Reis,
Above all, Claire Reis was what everyone who
worked with her came to recognize and deeply


76
The broadcasts of wartime music were not the first in which
the League of Composers had been involved. In 1935, the
League began a series of broadcasts over the NBC radio
featuring a half-hour of contemporary music. The program
included three to four minutes of discussion of the music
performed and this duty was divided between the members of
the League's Executive Board. Reis later remarked,
I remember feeling I was very glad if they wanted
me to talk because I wasn't going into the depths
of new musicality. I was trying to explain what
the purpose was and something about the composer
himself. But they seemed very glad if I would
take the burden of some of this. ... We would
introduce the artist, the composerthe artist
perhaps saying a little about the composer, and
sometimes the composer would want to say something
about his work, and that also was very agreeable
to all of us.32
After a season, the League moved its programs to CBS
radio. CBS commissioned, through the League of Composers, a
series of works to be performed on these broadcasts. These
commissions included such works as Concertino for Oboe.
Clarinet and String Quartet by Marion Bauer (1887-1955),
Suite for Seven Brass Instruments by Nicolai Berezowsky
(1900-1953), Music for Brass By Alvin Etler (1913-1973),
Worlds Fair Fanfare by Edwin Gerschefski (1909), Concerto
for Small Orchestra by Robert Palmer (1915), The Plains by
Bernard Rogers (1893-1968), Suite for Oboe, and Solomon and
Balkis. an opera composed specifically for radio, by Randall
Thompson (1899-1984).


CHAPTER VII
CONCLUSIONS AND RECOMMENDATIONS
Conclusions
Claire Reis was an unequaled champion in the cause of
promoting contemporary composers and their music. Through
her work with the People's Music League, the International
Composers's Guild, and the League of Composers, she made a
substantial impact on the performance of contemporary music
and on the careers of many twentieth-century composers. Her
writings helped to educate the public about twentieth-
century composers and their music. In the many
organizations with which she officiated, Reis always brought
to the fore the cause of the composer.
Part of the success of Claire Reis's work is due to her
unique position. While she was a trained musician, she was
not a composer and chose not to be a performer. She was
raised in a wealthy family; her husband was a successful
businessman. Because of this, Reis had many contacts in the
business and social world upon whom she could call. Louise
Varese may have called Reis's circle "many and moneyed,"1
but they were important to Reis's work. It was through
these contacts that Reis was able to rent theaters at lower
rates, including the Metropolitan Opera House, and to gain
127


33
enjoyment an integral part of the lives of the
people.
2. To offer opportunity for young artists who are
recommended by musicians of unquestioned standing
to appear before audiences.
3. To open the auditoriums in the public school
buildings to the people at large for musical
purposes.
4. To organize orchestras and other musical
organizations in the various neighborhoods where
the concerts are given.18
With the help of the trustees of the People's
Institute, Reis was able to get the school board to allow
the People's Music League to use public school auditoriums
at night for some of the concerts, mostly in districts where
the largest number of people were newcomers. Other concerts
were held at Cooper Union. She gathered together a small
committee of musicians to help and soon began the concerts.
The performers, some of whom were members of the committee,
were all young professionals, most of whom were just
beginning their careers. The artists received $5.00 for an
evening performance. The funding for these concerts came
solely from contributions. During the second year of
concerts the People's Music League received a gift of
$5,000.00 from John W. Frothingham (1878-1935,
philanthropist and music patron, later president of the


154
Vancouver Symphony Orchestra Jacques Singer, conductor
March 1948
Walter Piston Prelude and Fugue for Orchestra
Westminster Choir
1934
Roy Harris, Songs of Occupations (commissioned)
Other Symphonies and Conductors
The New York Philharmonic Symphony Leopold Stokowski,
conductor
The San Francisco Symphony Pierre Monteux, conductor
The Minneapolis Symphony Dimitri Mitropoulos, conductor
The Cleveland Orchestra George Szell, conductor
The Rochester Symphony Eric Leinsdorf, conductor
The Fort Wayne Philharmonic Hans Schweiger, conductor
The Indianapolis Symphony Fabian Sevitzky, conductor
The Symphony Orchestra of Mexico Carlos Chavez, conductor
Music Publishers
Associated Music Publishers
Boosey and Hawkes
Carl Fischer, Inc.
E. B. Marks Corporation
Chappell and Company
Leed's Music Corporation
Mercury Music Corportion
Oxford University Press
G. Ricordi and Company
Southern Music Publishers


95
thrown on a situation which is filled with immediate and
important problems."4
In 1954, the League of Composers merged with the
International Society for Contemporary Music (ISCM), and
Claire Reis was named an honorary chair. With the merging
of these two groups, Reis bowed out as an active member.
There were other organizations with which she had become
involved, and the composers wanted to make their group more
exclusive. Reis later said,
In 1954 when we decided to merge, then Sessions
and Copland and myself were the three who were
chosen to be honorary chairmen for the League
ISCM. Recently they've knocked me off it, which
is all right with me if they prefer it that way,
just to have composers. I have no objections.
Claire Reis participated in numerous organizations and
projects outside of the League of Composers. She was a
member of the Town Hall Music Committee throughout its
duration. She was also a member of the WPA Advisory Board
for New York City, and the music committee for the 1939 New
York World's Fair. President Franklin Roosevelt appointed
Reis to the New York Committee on the Use of Leisure Time.
The result of this committee's deliberations was the
publication of Spend Your Time: New York's Resources for the
Use of Leisure Time (1933), for which Reis functioned as
chair of the Editorial Board. In the forward, Reis wrote,
"The purpose of this book is to present in an organized
manner the most salient features of New York as a laboratory
for recreational and cultural activities."6


152
Minneapolis Symphony Orchestra Eugene Ormandy, conductor
1935
Aaron Copland Statements for Orchestra (two movements)
(commissioned)
Minneapolis Symphony Orchestra Antal Dorati, conductor
1948
Shifrin Seymour Symphony No. 3 (commissioned)
Mutual Symphony Orchestra, WOR Sylvan Levin, conductor
1948
William Bergsma The Fortunate Islands (commissioned)
National Gallery of Art Orchestra (Washington, DC) -
Richard Bales, conductor
April 1948
Bernard Wagennar Concertino (commissioned in 1942)
A complete program by members of the League
National Orchestra Association Leon Barzin, conductor
April 1948
Ernest Bloch Schelomo (for League's 25th anniversary)
National Symphony Orchestra Hans Kindler, conductor
1937
Lazare Saminsky Pueblo for Orchestra (commissioned)
NBC Orchestra Frank Black, conductor
1936
Robert Russell Bennett Hollywood (commissioned)
New York City Symphony Leopold Stokowski, conductor
1945
Burrell Phillips Scherzo for Orchestra
New York City Symphony Leonard Bernstein, conductor
November 1947
Marc Blitzstein The Cradle Will Rock (for League's 25th
anniversary)


145
Schuman, William
Quartet No. 3 1939/40
in cooperation with the Town
Hall Award Collidge Quartet
Sessions, Roger
"Dirge" (symphonic work) -
1943/44
Symphony No. 3 1948
Shapero, Harold
Piano Sonata 1948
Boosey and Hawkes commission
Shepherd, Arthur
String Quartet 1936
Manhattan String Quartet
Praeludium Saluutorium 1942
Still, William Grant
"Kaintuck" (poem for piano and
orchestra) 1943
Cincinnati Symphony, Goosens
"In Memoriam: The Colored
Soldiers Who Died for
Democracy" (symphonic work)
- 1943/44
Smit, Leo
Symphony No. 1 1952
Koussevitsky Foundation
commission
Tcherepnin, Alexander
Suite for Violin and Cello -
1933
Thompson, Randall
"Americana" (mixed voices
and piano) 1932 Dessoff
Choirs, Town Hall
"The Peaceable Kingdom" -
(mixed voices a capella) -
1936 Harvard Glee Club
Suite for Oboe, Clarinet and
Viola 1939 CBS radio
commission
"Solomon and Balkis" (opera
written for radio) 1941/44
CBS
Thomson, Virgil
Mass for Women's Voices 1935
Adesde Chorus, Town Hall