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otlatch McCoy
Field Studies Series

POTLATCH FIELD STUDY: F I N A N C E

T H E R E ' S MORE TO FINANCE THAN COLUMNS

OF NUMBERS; IT IS AN INDUSTRY RICH WITH

<1
(iQflw
ICONOGRAPHIC IMAGES, QUIRKY %

TRADITIONS AND DRAMATIC MOMENTS. THIS POTLATCH FlELD

STUDY FOCUSES ON THE ART

LORE AND VISUAL VERNACULAR OF

FINANCE. IN THE PROCESS, IT IS ALSO INTENDED TO FAMILIARIZE

YOU WITH THE FIVE DISTINCT

" W - '

FINISHES OF POTLATCH McCOY AND

HOW WELL THEY HANDLE EVERY VISUAL MEDIUM,

FROM PHOTOGRAPHY TO FINE-LINE GRAPHICS.

ANOTHER STOCK TIP A * ^ ^

FROM POTLATCH.

T H E DISTINCTIVE ENGRAVED BORDERS ON PAPER MONEY. THE ORNATE TYPOGRAPHY ON STOCK CERTIFICATES. THE TOWERING GRANITE PILLARS AT THE ENTRANCES OF FINANCIAL INSTITUTIONS.THE FRENETIC ACTIVITY ON THE TRADING FLOOR OF THE STOCK EXCHANGE. ARTIFACTS, ARCHITECTURE, TOOLS, TYPOGRAPHY AND CELEBRATED TYCOONS FORM THE VISUAL VERNACULAR FOR THE WORLD OF FINANCE. THESE ICONIC IMAGES DO MORE THAN JUST IDENTIFY THE NATURE OF THE BUSINESS, THEY COMMUNICATE ITS OPERATING STYLE, LEVEL OF ENERGY, AND EVEN THE V A L U E S - E . G . , STRENGTH, SECURITY, S T A B I L I T Y - I T MOST ADMIRES. HERE, WE TAKE A LOOK AT FINANCIAL EXCHANGES AND THE MANY WAYS THEY HAVE BEEN INTERPRETED BY CONTEMPORARY PHOTOGRAPHERS AND ILLUSTRATORS.

THE

MARKET

IMAGES FROM THE W O R L D OF F I N A N C E

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One of the hallmarks of financial imagery is engraving, which was used on stock certificates to enhance a company's image and deter counterfeiting. Today old certificates featuring engraved art have become highly collectible.

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.NY STYLE, OR TO RISK THEIR GOODS OVERSEAS, FOR THE CHILDREN TO LEARN A TRADE, FOR PEASANTS TO SOW AND TO WORK SO HARD ON THE SOIL, FOR THE SKIPPER TO SAIL ON THE TERRIBLE AND DANGEROUS SEAS, FOR THE SOLDIER TO RISK HIS LIFE FOR SO LITTLE GAIN, IF ONE CAN MAKE PROFITS OF THIS SORT?" SO WROTE A DUTCH SPECULATOR DURING THE TULIP FRENZY O F 1637. IT GOES TO SHOW THAT "IRRATIONAL EXUBERANCE" ISN'T NEW TO THE DOT-COM

CRAZE. IT POPS UP EVERY GENERATION OR SO, OFTEN TRIGGERED BY SOMETHING SO REVOLUTIONARY THAT THE MASSES GET SWEPT UP IN FINANCIAL SPECULATION. THE ONLY THING NEW ABOUT BOOMS AND BUSTS IS THE INNOVATION THAT MAKES THEM HAPPEN.

One of the strangest manias in history occurred in Holland between 1634-37, when Dutch speculators began buying futures and options in the newly introduced tulip, coveted by the wealthy as the ultimate symbol of power and prestige. At its peak, a single tulip bulb of the rarest variety cost as much as 20 small townhouses. Prices escalated 5,900%. Seeing a chance for quick riches, the middle classes mortgaged property and wagered everything to invest in futures contracts for breeder bulbs yet to be harvested from the ground. Then on February 3, 1637, word got out that buyers were refusing to pay the wildly inflated asking prices and the market collapsed literally overnight. Speculators defaulted and a long recession ensued.

TULIPOHANIA

21

In the early days of the British railway system, anyone could apply to start a railway. Local leaders formed provisional railway companies and raised money by selling shares in pubs and town squares. All it took was a fraction up front, with the rest to be "called" later. Without a national railway plan, redundant proposed routes covered about eight times more tracks than Britain needed. By 1845, some 1,200 new railroad issues hit the market, and the collective debt related to railway schemes exceeded the national income. As construction got under way and companies "called" for the remaining capital, speculators tried to sell off shares, but found no takers. The avalanche of bankruptcies led to the financial crisis of 1847.

T R A I N WRECK

22

In the early 18th century, the South Sea Company in London offered to assume the British national debt in return for interest and sole trading rights to Latin America. Over an 18-month period, company shares rose 1,000%, as speculators envisioned colonists, rich with New World gold and silver, clamoring for English merchandise. Tradesmen rushed to invest, ignoring the fact that Spain already had a trading monopoly in Spanish America and that the South Sea Company had never returned a profit. The bubble burst in August 1720, when shares hit 1000 and insiders cashed out. By December, the price had collapsed to 121. Both shareholders and creditors who underwrote the boom suffered the consequences.
23

S O U T H SEA BUBBLE

R A S H OF

29

The Twenties were a period of peace and prosperity in America, with industrial production soaring. In this optimistic climate, stock speculating became a fad. The unregulated securities market let people buy shares from brokers on credit for as little as 10% of the shares' face value. As long as the market rose, both investor and broker profited. But as stock prices drifted downward in the fall of 1929, lenders began to call in their margin loans. On October 24, the sell-off began as panicked investors tried to minimize their losses. The chain reaction crashed the market on October 29 - Black Tuesday. The Dow Jones Industrial Average, which rose from 100 in 1924 to 400 in 1929, fell 89% to 41 in 1932. The Great Crash of '29 was followed by the Great Depression.

The conviction that e-commerce was the future and that the Old Economy was dead set off the latest speculative stampede. Consider some numbers: In 1998, Amazon.com shares rose 996%, climbing 150% more in January 1999. On its first day of trading in 1998, theglobe.com ran up 600%; in February 2002, its shares stood at 5 cents. Funded to the tune of millions of dollars, often based on little more than a vague untested business concept, many dot-com IPOs crashed for lack of real revenue when the angel funding stopped. In 2001 alone, some 540 Internet startups went under, double the number that folded the previous year.

MELTDOWN

25

COUNTRY'S CURRENCY

IS USUALLY THE ONLY "NATIONAL SYMBOL" THAT

CITIZENS

CARRY AROUND WITH THEM, SO IT IS USED TO COMMUNICATE NATIONAL PRIDE. SOME COUNTRIES FEATURE THEIR JET PLANES, TRAINS AND ARCHITECTURE. OTHERS DEPICT

GEOGRAPHIC LANDMARKS AND NATURAL WEALTH, FROM MINERAL RESOURCES AND FARMLAND TO WILDLIFE AND TROPICAL FISH. STILL OTHERS SHOWCASE THEIR ANCIENT CULTURAL ARTIFACTS. A N D , OF COURSE, KINGS AND QUEENS, POLITICAL FIGURES AND HEROES

ARE ALWAYS POPULAR SUBJECTS. NO MATTER THE VISUAL THEME, CURRENCY DESIGN, BY NECESSITY, INKS, IS INTRICATE AND COMPLEX TO DETER COUNTERFEITERS. METALLIC THREADS, MICROPRINTING, COLOR-SHIFTING AND OTHER

WATERMARKS,

HOLOGRAMS

DEVICES ARE ANOTHER LEVEL OF DESIGN, SOMETIMES INVISIBLE TO THE NAKED EYE.

H O N E Y TALKS
THE GRAPHIC SYMBOLOGY IN CURRENCIES

A traditional symbol of America, Lady Liberty adorns this newly minted silver dollar. Ironically, to obtain this commemorative coin, you may pay up to 12 times face value.

26

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THE

G R E E N B A C K : THERE IS MEANING IN MONEY BEYOND WHAT IT CAN BUY. EVERY

DETAIL FROM THE FIBER CONTENT OF THE PAPER TO THE FINENESS OF THE ENGRAVING TECHNIQUES HAS A PURPOSE. EVEN THE GREEN INK USED ON THE BACK WAS CHOSEN BY THE U.S. GOLD TREASURY IN 1862 INK-FAST TO DISTINGUISH THE NATION'S FIRST PAPER MONEY FROM AND AMAZINGLY DURABLE, U.S. BILLS HAVE BEEN

CERTIFICATES.

TESTED TO ENSURE THEY CAN SURVIVE REPEATED HANDLING, CRUMPLED STORAGE IN POCKETS AND ACCIDENTAL CLEANING IN WASHING MACHINES. ALTHOUGH THE

GREENBACK'S DESIGN ISN'T AS CONTEMPORARY AS OTHER CURRENCIES, ITS LONG AND ILLUSTRIOUS HISTORY HAS MADE IT THE MOST RECOGNIZABLE CURRENCY IN THE WORLD - SO MUCH SO THAT WHEN THE U . S . TREASURY UNDERTOOK A REDESIGN IN THE LATE 1990S, IT COULD NOT WALK AWAY FROM THE "BRAND" EQUITY OF THE ORIGINAL AND

OPTED TO STICK WITH THE DISTINCTIVE GREEN AND THE FAMILIAR HISTORIC FACES.

George Washington

Abraham Lincoln

Alexander Hamilton

Andrew Jackson $20

Ulysses S. Grant $50

Benjamin Franklin

$1

$5

$10

$100

Portraits The portraits appearing on paper money were adopted in 1929, the year the notes were reduced in size. Politics and popular opinion undoubtedly played a role in the choice of subjects, especially when considering the faces on discontinued notes-William McKinley, $500; Grover Cleveland, $1000; James Madison, $5000; Salmon Chase, $10,000, and Woodrow Wilson, $100,000.

28

Department of the Treasury Stamp The U.S. Treasury Department is responsible for American currency and oversees the work of the Bureau of Engraving and Printing.

Common Currency The $1 bill represents 45% of all the U.S. banknotes in circulation; 95% of all notes printed each year are to replace notes already in circulation.

Counterfeit Deterrents In the 1990s, the U.S. Treasury began the redesign of American currency partly in response to evidence that terrorist groups were funding operations with sophisticated counterfeit greenbacks. The new money design incorporates difficult to reproduce devices such as microprinting, inscribed security threads, watermarks, color-shifting inks and numerous secret techniques.

2 9600S

- Serial Number Serial numbers are in the upper right and lower left part of a bill. No two notes of the same series and denomination have the same serial number.

:INCTOH,D*C.

Note Position Letter The bold letter indicates the position of the note on the printing plate and also appears in the upper-left-hand area.

Plate Serial Number The numbers to the right of the letter identify the plate from which the particular note was printed.

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Bureau of Engraving Bills printed by the U.S. Bureau of Engraving and Printing in Fort Worth have the small letter "FW" in"the lower right-hand corner, to the
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ycretart/ofthe Trettsuyy,

immediate left of the plate serial number. Federal Reserve notes are also printed in Washington, D.C.

Secretary's Signature Currency is also signed by the Secretary of the Treasury at the time the bill was issued.

Average Life The average life of paper money before wearing out is 22 months for a $1 banknote; two years for a $5 note; three years for a $10 note; four years for a $20 note, and nine years for $50 and $100 notes.

Ink Supply The Fort Worth and Washington, D.C. money printing plants, which have a combined total of 24 currency presses, use approximately 18 tons of ink daily.

Annuit Coeptis Meaning "God has favored our undertaking," this Latin phase was adopted as a motto by the nation's Founding Fathers.

Green Back The origin of the name "greenback" comes from the fact that only the back side is printed in green. The portrait side is printed with black ink.

The All-Seeing Eye Also known as the Eye of Providence, this symbol indicates the supremacy of the spiritual over the material.

Pyramid of Progress Adopted in 1782, the Pyramid of Progress reflects the Founding Fathers' belief that Egypt was the cradle of civilization. The unfinished pyramid symbolizes America's determination to keep growing, building and searching for truth. The 13 layers of the pyramid represent the original 13 states, with individual blocks representing local self-government.

Use of Great Seal The Treasury Department proposed the use of the Great Seal on the back of $1 bills in 1935, with the eagle to the left and the pyramid to the right. President Franklin Roosevelt switched the order and added "The Great Seal of the United States." Novus Ordo Seclorum The Latin term for "A new order has begun" encircles the pyramid base, which is inscribed with the Roman numerals for "1776," the year of America's independence. Great Seal Designers The First Continental Congress asked Benjamin Franklin to head a committee to design the Great Seal. It took four years to produce a seal and another two years to get it approved.

Green Inks In 1929, green ink was chosen for the color of money because it tended to be resistant to chemical and physical changes, psychologically identified with the strong and stable credit of the government-and because there happened to be a ready supply of green ink at the time.

t In God We Trust This inscription first appeared on paper currency issued after 1957.

Size When the Federal Reserve redesigned paper money in 1929, it changed the size of the notes from 7.42 inches x 3.125 inches to 6.14 inches x 2.61 inches.

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Number One The number one, as a numeral or word, appears 16 times on the dollar bill, front and back.

Typography Extreme thick and thin type and threedimensional cast shadows are so linked to the greenback that it has become a vernacular symbol for American money.

Three-Step Printing Paper money requires three passes through the press. The black front is printed first from engraved plates. Then the green is printed on the back. Finally, the green serial number and Treasury seal are added to the front.

Legal Statement This statement appears on currency to tell recipients that it is money created by the U.S. government and, by law, must be accepted as the payment of debt. A check issued by a bank, on the other hand, is not actually legal tender.

Federal Reserve System Formed in 1913 to serve as the nation's central bank to regulate the flow of money and credit, the Federal Reserve accounts for 99% of the greenbacks in circulation today.

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Laurel Leaves A symbol of glory and triumph, laurel leaves frame the portrait of Washington and the borders of the dollar.

Engraving Process Over 65 separate and distinct steps are used in the engraving process. The portrait consists of a pattern of fine lines, dots and dashes that vary in size and shape.

Series Marking The series marks the year in which the design of a bill was first used. Small design changes are indicated by a letter after the year. The series year is not necessarily the year the bill was printed.

 Symbolic 13 The Great Seal repeatedly features patterns of 13-denoting the original 13 states - i n the number of stars, the arrows, the leaves on the olive branch, the stripes on the shield, and even the number of letters in "E Pluribus Unum" and "Annuit Coeptis".

Reproduction Law Federal regulations state that the reproduction of any U.S. currency must be at least 11/2 times larger than actual size or no bigger than 3A the actual size.

Intaglio Engraving An intaglio engraving process is used to make the fine-line patterns on currency. Rotary presses subject each sheet to 20 tons of pressure to ensure that the finely recessed lines of the plate pick up ink.

E Pluribus Unum The motto "E Pluribus Unum" emblazoned on the scroll in the bald eagle's beak means "Out of many, one," signifying the union of 13 states.

Cloth Money So-called paper money is actually a 25% linen, 75% cotton blend, with red and blue minute synthetic fibers running through it.

Secret Formula The Bureau of Engraving and Printing uses proprietary inks, mixed according to a secret formula. As a security precaution, it also uses a separate engraver for the portrait, lettering, script, cartouches and other features. War or Peace The national bird clenches an olive branch in one claw and a bundle of arrows in the other, indicating the nation looks toward peace but is willing to fight for its beliefs. Spending Spree If you had 10 billion $1 notes, and you spent one every second of every day, it would take 317 years before you would go broke.

Since 1862 To finance the Civil War, in 1862 the U.S. Treasury issued greenbacks (paper money not backed by precious metals) in $5, $10 and $20 denominations. In 1929, the greenback design was standardized, and still looks pretty much the same today.

Denomination The denomination of each bill is displayed in all four corners on both sides and spelled out as well to make sure no one misinterprets the bill's worth. Notice that the $ sign appears nowhere on the bill.

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First Employees In 1862 the forerunner of the Bureau of Engraving and Printing employed just six people who worked in a single room in the basement of the Treasury Building. They separated and sealed by hand $1 and $2 U.S. notes which had been printed by private banknote companies.

Seal of Federal Reserve Bank U.S. money is distributed for circulation by the 12 Federal Reserve Banks. These institutions act as "banks for the banks." Currently, the letter on the seal matches the district number of that bank. The district number is located in the four corners of the bill.
NUMBER

CITY BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND ATLANTA CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAN FRANCISCO

LETTER

1 2 3 4 5 6 7 8 9 10 11 12

A B C D E F G H 1 J K L

Currency issued before 1996 shows the Federal Reserve Bank seal on each bill. A general seal representing the Federal Reserve Bank, instead of individual banks, appears on new money designs. "Liar's Poker" The dollar bill is used for impromptu games of poker in which all participants take bills from their pockets and play by luck using the serial number.

)
Official Signature All currency is signed by the person who is the Treasurer of the United States at the time of issue. Since the holder of this office changes regularly, so does the name on the bill.

EUROPEAN CURRENCY GERMANY,

CURRENCY: OF THE GREECE, 12

THE

APPROACH

FOR

DESIGNING

THE

EURO, FINLAND,

THE

NEW

MEMBER

NATIONS (AUSTRIA, LUXEMBOURG,

BELGIUM, THE

FRANCE, PORTUGAL

IRELAND,

ITALY,

NETHERLANDS,

AND SPAIN) OF THE EUROPEAN UNION, WAS COMPLETELY OPPOSITE TO THAT OF ANY NATIONAL BANKNOTE. AS THE CURRENCY FOR A SINGLE EUROPEAN MARKET, THE

EURO'S DESIGN HAD TO BE TRULY MULTICULTURAL AND NOT IDENTIFIABLE WITH ANY ONE NATION WHICH RULED OUT THE USUAL NATIONAL HEROES AND LANDMARKS.

THE EURO'S DESIGNER, ROBERT KALINA OF AUSTRIA, SELECTED A THEME OF BRIDGES, OPEN DOORS AND WINDOWS TO SIGNIFY THE EU'S SPIRIT OF OPENNESS AND

COOPERATION, AND DREW THE IMAGES TO REFLECT EUROPE'S ARCHITECTURAL STYLES THROUGH THE AGES, CAREFUL TO AVOID MODELING THE ARCHITECTURAL DETAILS AFTER ANY KNOWN STRUCTURE.

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Euro Design The seven denominations of Euro currency are each different in color and size. The front side features windows and doors, symbolizing openness and a view to the future, and the back shows bridges and maps as a metaphor for communications and connection. Each note displays the EU flag and the word "euro" in Latin and Greek letters.

www

29

C H A R T S ARE UBIQUITOUS TO THE FIELD OF FINANCE. THEY TAKE AN ENORMOUS QUANTITY OF DENSE STATISTICAL DATA AND DI T GRAPHICALLY IN A WAY THAT THE READER

CAN VISUALIZE THE NUMBERS AND WHAT THEY MEAN. THE SPATIAL RELATIONSHIP BETWEEN PLOT POINTS COMMUNICATE AN UNDERSTANDING OF QUANTITATIVE

CHANGES FROM PERIOD TO PERIOD. OFTEN NO FURTHER ANALYSIS OR EXPLANATION IS NECESSARY; THE READER CAN SEE WHAT WOULDN'T BE AS APPARENT IN A TABLE OF NUMBERS. FOR THE DESIGNER, CHARTS SERVE MULTIPLE PURPOSES. WHEN DESIGNED WITH IMAGINATION, THEY CAN CONVEY THE NATURE OF THE COMPANY'S BUSINESS IN A PROVOCATIVE AND ENGAGING MANNER AND SERVE AS THE CENTRAL VISUAL ELEMENT ON A PAGE

CHARTS & GRAPHS

INTERPRETING NUMBERS

Some financial institutions fall back on tried-and-true bar graphs to present numbers, concerned that pictographs may trivialize the information. But objects identified with the business are often more compelling to view. Notice that the slanted "floor" optically increases the height differential between the smallest and largest amounts.

CO C D O

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$61.7

Net Income Five-Year Comparison

(in millions)

31

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Five-Year Comparison of Net Income

(dollars in millions)

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$43.2

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The vertical silhouettes of trees offer a natural shape for creating a bar graph for this timber company. To reinforce the idea of growth, an added touch was to depict the smallest amount as a seedling, with increases suggested in the maturity of the tree.
32

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Far Eastern Tea Imports

symbol for this business.

$ 77.6

$ 43.2

$ 13.6

F I V E - Y E A R

C O M P A R I S O N

OF

N E T

I N C O M E

Using people as a measure of business growth is an apt image for an executive recruitment firm. Notice that the people are all approximately the same height; the shadows they cast serve as the bar graph.

x
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5"

Five-Year Comparison of Net Income

(dollars in millions)

2002

2000

1998

35

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1998

5-YEAR NET INCOME C O M P A R I S O N

1999

2000

2001

2002

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D O L L A R S IN M I L L I O N S

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The reality of photography helps to lend credibility. Startup companies that may not have actual products out strive to convince investors that they are dealing with concrete projects-in which case,

photographs work better than abstract conceptual images.

36

Net Income Five-Year Comparison

THE POTLATCH PROMISE

POTLATCH PAPERS ARE 1 0 0 % GUARANTEED. IF, FOR ANY REASON, YOU ARE NOT SATISFIED

WITH HOW OUR PRODUCT PERFORMS ON PRESS, WE WILL REPLACE IT.

Page 2 0 Booms & Busts McCoy Velvet 100 lb. Text. Four-color process, double-hit match silver and overall satin varnish. Illustration by Takayo Muroga. Page 2 1 Tulipomania McCoy Silk 100 lb. Text. Four-color process, match silver and spot satin varnish. Illustration from Eyewire, Inc.

Page 27 Face of Money McCoy Gloss 100 lb. Text. Four-color process and overall gloss varnish. Illustration by Karen Montgomery. Page 2 8 Greenback McCoy Gloss 100 lb. Text. Four-color process, dull match cream and red. Fold-out

Page 3 4 Plumbline McCoy Silk 100 lb. Text. Four-color process, black solid with three-color underscreen and overall satin varnish. Photograph from Eyewire, Inc. Page 3 5 People McCoy Velvet 100 lb. Text. Four-color process, match gray and spot satin varnish. Illustration by Maria Wenzel Page 3 6 Test Tubes McCoy Velvet 100 lb. Text. Four-color process, match silver and spot satin varnish.

Printing on Soft Finishes Soft-finished papers have their own set of production needs. The very surface and finish qualities that make them attractiveincluding their good opacity, bulk, and readable/writable non-glare surface-also make marking a concern. Using inks formulated with hardeners, Teflon or scuff resistors will reduce the problem. Applying dull or gloss varnish over inked areas helps prevent inks from rubbing off onto facing pages. Varnishes and metallic inks may lose some reflective qualities.

Page 2 2 Train Wreck McCoy Silk 100 lb. Text. Four-color process, match silver and spot satin varnish. Illustration by Maria Wenzel.

Dollar Bill McCoy Uncoated 100 lb. Text. Four-color process, match cream, red and overall matte varnish. Printed on a UV press. Page 2 9

Potlatch Papers Potlatch produces a wide selection of coated and uncoated printing papers for high-visibility projects such as annual reports, catalogs,

Photograph by Barry Robinson. Page 3 7 Topographic Map McCoy Matte 100 lb. Text. Four-color process and

Page 23 South Sea Bubble McCoy Silk 100 lb. Text. Four-color process, match silver and dot-for-dot spot satin varnish. Illustration from Crabtree & Evelyn Cookbook, Crabtree & Evelyn, Ltd., 1989. Page 24 The Crash of '29 McCoy Silk 100 lb. Text. Four-color process, match silver and dot-for-dot spot satin varnish. Illustration by Tim Lewis. Page 25 Dot-Com Meltdown McCoy Silk 100 lb. Text. Four-color process, match silver, match gray and spot satin varnish. Illustration by Mirco llic.

European Currency McCoy Gloss 100 lb. Text. Four-color process, dull match cream and red. Page 3 0 Charts & Graphs McCoy Gloss 100 lb. Text. Four-color process, black solid with three-color underscreen, match gray and overall matte varnish. Page 3 1 Dollar Stacks McCoy Velvet 100 lb. Text. Four-color process and spot tinted satin varnish. Illustration by Maria Wenzel. Page 3 2 Trees McCoy Velvet 100 lb. Text. Four-color process and spot satin varnish. Illustration by Will Nelson. Page 3 3 Teapot McCoy Silk 100 lb. Text. Four-color process, match purple with underscreen of process cyan and magenta and overall satin varnish. Photograph by Barry Robinson. Page 3 8 Potlatch Promise McCoy Matte 100 lb. Text. Black and match red duotone, match gray, spot matte varnish and spot conventional gloss varnish. Printed on a UV press. Engraving scanned from a Wittaker Corporation stock certificate. Back Cover McCoy Uncoated 120 lb. Cover. Four-color process and overall aqueous coating. Printed on a UV press. Photograph of financial data by Jorg Greuel and engraving scanned from a New York, Chicago and St. Louis Railroad Company stock certificate.

direct mail pieces, posters and corporate image brochures. Potlatch coated sheets are available in an array of finishes including Gloss, Velvet, Silk and Matte, and come in weights ranging from 130 lb. Cover to 60 lb. Text. In addition to manufacturing papers most suited for contemporary design, Potlatch supports the industry through the sponsorship of design and printing trade events, the Potlatch Annual Report Show, the Context Show, @ Issue: the Journal of Business and Design, and numerous educationbased programs. The Context 1 Brochure, available May 2002, includes research results from a Roper ASW survey on designing collateral materials for the financial industry. See www.potlatchpaper.com to obtain your own complimentary copy. 2002 Potlatch Corporation

overall matte varnish. Printed on a UV press. Illustration by Maria Wenzel.

Page 26 Money Talks McCoy Silk 100 lb. Text. Four-color process, match

gray and spot satin varnish. Photograph by Barry Robinson.

Production Notes Design Pentagram Text Delphine Hirasuna Separations All images are scanned at 175-line screen. Printing Eight-unit 40" Heidelberg press, eight-unit 40" Heidelberg UV press with interdeck drying and ten-unit 40" Heidelberg UV press with interdeck drying. Images printed on the UV presses use UV inks and UV varnishes unless otherwise specified. All images are varnished in-line.

Front Cover Potlatch McCoy Uncoated 120 lb. Cover. Four-color process and overall aqueous coating. Printed on a UV press. Photograph of New York Stock Exchange by Harald Sund.

Page 7 Chicago Board of Trade McCoy Silk 100 lb. Text. Four-color process and overall satin varnish. Photograph by Ken Hedrich. Page 8

Page 13 Currency Symbols McCoy Matte 100 lb. Text. Black solid with three-color underscreen and spot matte varnish. Match special gloss UV metallic silver and gold with spot conventional gloss varnish. Note: To achieve higher gloss, sizing was applied under symbols. Printed on a UV press. Illustration by Maria Wenzel. Page 14 Wall Street Sign

Cover Gatefold McCoy Uncoated 120 lb. Cover. Double hit black solid with threecolor underscreen, match gray, match dark green, light green and overall aqueous coating. All colors knock out of background. Printed on a UV press. Page 1 McCoy Matte 100 lb. Text. Four-color process, match gray and spot matte varnish. Printed on a UV press. Page 2 The Market McCoy Matte 100 lb. Text. Black and match blue duotone, match gray, spot matte varnish and spot conventional gloss varnish. Printed on a UV press. Engraving scanned from a Wittaker Corporation stock certificate. Page 3 Stock Certificates McCoy Gloss 100 lb. Text. Four-color process and overall gloss varnish. Photograph by Terry Heffernan. Pages 4 - 5 New York Stock Exchange McCoy Gloss 100 lb. Text. Four-color process and overall gloss varnish. Photograph by Charles O'Rear. Page 6 Manhattan Subway Map McCoy Gloss 100 lb. Text. Four-color process, match red touchplate and overall gloss varnish. Photograph by Terry Heffernan.

Stock Exchange Board McCoy Silk 100 lb. Text. Four-color process, match fluorescent green touchplate and overall satin varnish. Photograph by Stan Honda. Page 9 J.P. Morgan McCoy Gloss 100 lb. Text. Process black, cyan, magenta and match chrome yellow quadtone and overall gloss varnish. Illustration by John Mattos.

McCoy Matte 100 lb. Text. Black with match gray underscreen, match blue, orange, yellow, gray and overall matte varnish. Printed on a UV press. Illustration by Michael Schwab. Page 15

Pages 1 0 - 1 1 Bird's-Eye View McCoy Gloss 100 lb. Text. Process black, cyan, magenta and match yellow quadtone and overall gloss varnish. Photograph by Marvin E. Newman. Mini-Book Insert Heard On The Floor McCoy Uncoated 80 lb. Text. Double-hit black solids, black and match gray duotones, black and match red type and overall satin varnish. Illustrations by Regan Dunnick. Page 12 Trading Floor McCoy Gloss 100 lb. Text. Four-color process and overall gloss varnish. Photograph by Yellow Dog Productions.

Pacific Coast Stock Exchange McCoy Matte 100 lb. Text. Black, match gray and special gloss UV metallic silver tritone and overall conventional gloss varnish. Printed on a UV press. Photograph by Vano Photography. Page 16 Engraving Detail McCoy Matte 100 lb. Text. Black, match blue, red and yellow quadtone and overall matte varnish. Printed on a UV press. Engraving scanned from an Atchison, Topeka and Santa Fe Railway stock certificate from George H. LaBarre Galleries, Inc. Page 17 Bank Vault McCoy Velvet 100 lb. Text. Four-color process and overall satin varnish. Photograph by Barros & Barros. Pages 1 8 - 1 9 The Dow is Up! McCoy Velvet 100 lb. Text. Four-color process and overall satin varnish. Illustration by Jane Wooster Scott.

Where paper is just the beginning of the partnership

Potlatch Corporation P.O. Box 510 Cloquet, Minnesota 55720

800.447.2133
www.potlatchpaper.com

HEARD ON THE FLOOR " 'NSIDER'S GUIDE TO THE WORDS AND PHRASES OF WALL STREET.

Yo-Yo Stock
A HIGHLY VOLATILE STOCK THAT SWINGS DRAMATICALLY UP AND DOWN IN PRICE LIKE A YO-YO.

Zombies
COMPANIES THAT ARE BANKRUPT AND INSOLVENT, BUT KEEP OPERATING WHILE HOPING FOR A MERGER OR AWAITING CLOSURE.

Santa Claus Rally

BETWEEN CHRISTMAS AND NEW YEAR'S INVESTORS TAKE THEIR PROFITS OR LOSSES, SETTING OFF A SEASONAL RALLY IN THE MARKET.

Misery Index
AN INDEX THAT SUMS UP THE UNEMPLOYMENT AND INFLATION RATE; OFTEN USED AS A POLITICAL RATING OR MEASURE OF CONSUMER CONFIDENCE.

Shark Watcher
IN RISK ARBITRAGE, THESE ARE FIRMS SPECIALIZING IN DETECTING THE FIRST SIGNS THAT A COMPANY IS ABOUT TO BE TAKEN OVER.

Burn Rate
THE AMOUNT OF MONEY A STARTUP SPENDS IN EXCESS OF ITS INCOME. B U R N TOO SLOW A N D YOU'RE LEFT BEHIND; TOO FAST AND YOU'RE OUT OF CASH BEFORE YOU TURN A PROFIT.

Angel
A BENEVOLENT PRIVATE INVESTOR WHO IS WILLING TO PUT "SEED" MONEY INTO A STARTUP BASED ON FAITH IN THE IDEA.

Goldilocks Economy
"NOT TOO COLD, NOT TOO HOT, JUST RIGHT."

^ i T i nrfJttiitaTti'iiatit

Shoot-Out
THE BATTLE BETWEEN TWO VENTURE CAPITALISTS OVER THE RIGHT TO REPRESENT THE SAME HIGHLY ATTRACTIVE STARTUP.

T-Rex Fund
A GARGANTUAN VENTURE CAPITAL FUND, USUALLY WORTH OVER A BILLION DOLLARS.