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Minutes of the annual meeting January 19, 1955
THE FRANKLIN INSTITUTE M I N U T E S OF T H E ANNUAL M E E T I N G January 19, 1955
T h e A n n u a l M e e t i n g of T h e F r a n k l i n I n s t i t u t e was held on W e d n e s d a y , J a n u a r y 19, 1955, in t h e L e c t u r e Hall. S. W y m a n Rolph, President, called t h e m e e t i n g to order at 8:15 P.M. A p p r o x i m a t e l y 250 m e m b e r s a n d g u e s t s were in a t t e n d a n c e . T h e P r e s i d e n t s t a t e d t h a t t h e M i n u t e s of t h e N o v e m b e r S t a t e d M e e t i n g were p r i n t e d in t h e N o v e m b e r JOURNAL a n d a s k e d if t h e r e were a n y corrections, a d d i t i o n s or changes. N o n e being offered, t h e y were a p p r o v e d as s u b m i t t e d . M i n u t e s of t h e D e c e m b e r S t a t e d M e e t i n g will be p r i n t e d in t h e J a n u a r y JOURNAL a n d will be s u b m i t t e d for a p p r o v a l at t h e n e x t S t a t e d Meeting. T h e P r e s i d e n t t h e n c a l l e d for t h e report of t h e Tellers a p p o i n t e d in accordance w i t h t h e B y - L a w s to c o u n t t h e v o t e s for t h e eight M a n a g e r s to be elected. J o s e p h S. H e p b u r n , Chairm a n , reported t h a t a total of 988 ballots were cast, of which 959 were legal a n d 29 defective, a n d t h a t t h e n o m i n e e s received v o t e s as follows: H e n r y B. B r y a n s . . . . . . . . . . . . . . F r a n c i s J. C h e s t e r m a n . . . . . . . . . J a m e s Creese . . . . . . . . . . . . . . . . . Rupen Eksergian ..............
954 953 955 949
W. H. Fulweiler . . . . . . . . . . . . G a y l o r d P. Harnwell . . . . . . . . . . Harold LeDuc ................ E m e r y W. L o o m i s . . . . . . . . . . . . .
. .
949 954 949 950
T h e P r e s i d e n t declared t h a t t h e a b o v e m e m b e r s were t h e r e b y elected M a n a g e r s of t h e Instit u t e for a t e r m of t h r e e years. H e t h a n k e d J o s e p h S. H e p b u r n , H o w a r d Stoertz, a n d W a l t e r P e r t u c h (who served for George S. C r a m p t o n , w h o was ill) for their services. T h e P r e s i d e n t a n n o u n c e d t h a t t h e A n n u a l R e p o r t of t h e Board of M a n a g e r s will be pres e n t e d a t a m e e t i n g in t h e s p r i n g a f t e r receipt of t h e A u d i t o r ' s report. T h e S e c r e t a r y reported t h a t elections to m e m b e r s h i p , recorded since N o v e m b e r 30th, resulted in a n e t gain in t h e following classes of m e m b e r s h i p : Associate . . . . . . . . . . . . . . . . . . . . . . . . . . . Student .........................................
. . . . . . . . . . . . .
4
2
a n d a total m e m b e r s h i p , including i n d i v i d u a l s with L i b r a r y privileges u n d e r C o m p a n y m e m bership, of 6,828 as of D e c e m b e r 31, 1954. T h e S e c r e t a r y read t h e following report of t h e T r u s t e e s of t h e Elliott Cresson F u n d : ELLIOTT CRESSON MEDAL FUND
Report of the Trustees to The Franklin Institute January 19, 1955 The deed of gift under which Elliott Cresson, in 1848, gave $1,000.00 to two trustees, the income of which was to furnish medals to be awarded by The Franklin Institute, provided that the trustees should present to the Annual Meeting of the Institute, in January. a report showing the principal of the fund and its income and expenses during the preceding year. of the Fund (representing the original $1000 plus transfers "thereto from Unexpended Income and profit from disposition of investments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Principol
Invested as follows : $4000 U. S. Treasury 2~.~°~obonds due 6/15/1962~7 at book vahte . . . . . . . . . . . . . Cash in Western Savings Fund Society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,304.73 $4,118.47 186.26 $4.304.73
I50
Feb., 1955.]
THE
151
FRANKLIN INSTITUTE
I n c o m e o f the F u n d f o r 1954
Interest on bonds (less amortization) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on bank balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
126.29 3.,56 $ 129.85
Expenses
Insurance of medal dies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.88
Unexpended Income for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unexpended Income at J a n u a r y 1, 1954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
122.97 2,145.49
$2.268.46 I nvested as follows : $2000 U. S. T r e a s u r y 2 ~ % bonds due 6 / 1 5 / 1 9 6 2 - 6 7 at book v a lu e . . . . . . . . . . . . . Cash in F i d e l i t y - P h i l a d e l p h i a T r u s t C o m p a n y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,059.54 208.92 $2,268.46
/ s / Henry B. Allen HENRY B. ALLEN"
Is~ John Frazer JOHN FRAZER
Trustees
The President introduced Dr. L, K. Sillcox who is Honorary Vice-Chairman of the Board of The New York Air Brake Company, and recipient of gold medals from the Institution of Locomotive Engineers of London and from the American Society of Mechanical Engineers. Dr. Sillcox's interesting talk--"Fuels of the Future"--was followed by a lively question and answer period. The lecture will be published in the March issue of the JOURNAL. The meeting adjourned at 9:20 with a rising vote of thanks to Dr. Sillcox. HENRY B. ALLEN Secretary
MEMBERSHIP ACTIVE M E M B E R S ELECTED BY T H E B O A R D OF M A N A G E R S January 19, 1955 ACTIVE NON-RESIDENT LIFE
Walton Clark, III ACTIVE FAMILY
E. Stanley Bowers, Jr. Francis J. Cubberley
Otto T. Mallery
Carrell J. Stover Philip S. Vincent
ACTIVE
Howard Muir Ambler J. Neill Armstrong John L. Asher F. Bruce Baldwin, Jr. Charles P. Barth Francis J. Borowsky Grant H. Brewin A. M. Callanan Watson T. Chesterman
Harriet Corbett A. Reynolds Crane Max Frager Loren F. Jones Edward F. Kerns Benjamin Larzelere Theodore Levenson Thomas H. MacCauley
Thomas F. McLaughlin, Jr. Kathryn Coleman Persing George S. Saulnier J. Paul Sticht R. W. Struse Frederick Ullberg, Jr. Preston Dudley Wagar C. H. Whittum Robert E. Young
NON-RESIDENT
Paul A. Mulcey NECROLOGY
Maxwell Alpern '36 Raymond Foss Bacon '15
Thomas Curran '46 Leonard Gutekunst '43
Irene B. Halstead '36 J. Edward Patterson '36
T h e A n n u a l M e e t i n g of T h e F r a n k l i n I n s t i t u t e was held on W e d n e s d a y , J a n u a r y 19, 1955, in t h e L e c t u r e Hall. S. W y m a n Rolph, President, called t h e m e e t i n g to order at 8:15 P.M. A p p r o x i m a t e l y 250 m e m b e r s a n d g u e s t s were in a t t e n d a n c e . T h e P r e s i d e n t s t a t e d t h a t t h e M i n u t e s of t h e N o v e m b e r S t a t e d M e e t i n g were p r i n t e d in t h e N o v e m b e r JOURNAL a n d a s k e d if t h e r e were a n y corrections, a d d i t i o n s or changes. N o n e being offered, t h e y were a p p r o v e d as s u b m i t t e d . M i n u t e s of t h e D e c e m b e r S t a t e d M e e t i n g will be p r i n t e d in t h e J a n u a r y JOURNAL a n d will be s u b m i t t e d for a p p r o v a l at t h e n e x t S t a t e d Meeting. T h e P r e s i d e n t t h e n c a l l e d for t h e report of t h e Tellers a p p o i n t e d in accordance w i t h t h e B y - L a w s to c o u n t t h e v o t e s for t h e eight M a n a g e r s to be elected. J o s e p h S. H e p b u r n , Chairm a n , reported t h a t a total of 988 ballots were cast, of which 959 were legal a n d 29 defective, a n d t h a t t h e n o m i n e e s received v o t e s as follows: H e n r y B. B r y a n s . . . . . . . . . . . . . . F r a n c i s J. C h e s t e r m a n . . . . . . . . . J a m e s Creese . . . . . . . . . . . . . . . . . Rupen Eksergian ..............
954 953 955 949
W. H. Fulweiler . . . . . . . . . . . . G a y l o r d P. Harnwell . . . . . . . . . . Harold LeDuc ................ E m e r y W. L o o m i s . . . . . . . . . . . . .
. .
949 954 949 950
T h e P r e s i d e n t declared t h a t t h e a b o v e m e m b e r s were t h e r e b y elected M a n a g e r s of t h e Instit u t e for a t e r m of t h r e e years. H e t h a n k e d J o s e p h S. H e p b u r n , H o w a r d Stoertz, a n d W a l t e r P e r t u c h (who served for George S. C r a m p t o n , w h o was ill) for their services. T h e P r e s i d e n t a n n o u n c e d t h a t t h e A n n u a l R e p o r t of t h e Board of M a n a g e r s will be pres e n t e d a t a m e e t i n g in t h e s p r i n g a f t e r receipt of t h e A u d i t o r ' s report. T h e S e c r e t a r y reported t h a t elections to m e m b e r s h i p , recorded since N o v e m b e r 30th, resulted in a n e t gain in t h e following classes of m e m b e r s h i p : Associate . . . . . . . . . . . . . . . . . . . . . . . . . . . Student .........................................
. . . . . . . . . . . . .
4
2
a n d a total m e m b e r s h i p , including i n d i v i d u a l s with L i b r a r y privileges u n d e r C o m p a n y m e m bership, of 6,828 as of D e c e m b e r 31, 1954. T h e S e c r e t a r y read t h e following report of t h e T r u s t e e s of t h e Elliott Cresson F u n d : ELLIOTT CRESSON MEDAL FUND
Report of the Trustees to The Franklin Institute January 19, 1955 The deed of gift under which Elliott Cresson, in 1848, gave $1,000.00 to two trustees, the income of which was to furnish medals to be awarded by The Franklin Institute, provided that the trustees should present to the Annual Meeting of the Institute, in January. a report showing the principal of the fund and its income and expenses during the preceding year. of the Fund (representing the original $1000 plus transfers "thereto from Unexpended Income and profit from disposition of investments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Principol
Invested as follows : $4000 U. S. Treasury 2~.~°~obonds due 6/15/1962~7 at book vahte . . . . . . . . . . . . . Cash in Western Savings Fund Society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,304.73 $4,118.47 186.26 $4.304.73
I50
Feb., 1955.]
THE
151
FRANKLIN INSTITUTE
I n c o m e o f the F u n d f o r 1954
Interest on bonds (less amortization) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on bank balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
126.29 3.,56 $ 129.85
Expenses
Insurance of medal dies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.88
Unexpended Income for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unexpended Income at J a n u a r y 1, 1954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
122.97 2,145.49
$2.268.46 I nvested as follows : $2000 U. S. T r e a s u r y 2 ~ % bonds due 6 / 1 5 / 1 9 6 2 - 6 7 at book v a lu e . . . . . . . . . . . . . Cash in F i d e l i t y - P h i l a d e l p h i a T r u s t C o m p a n y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,059.54 208.92 $2,268.46
/ s / Henry B. Allen HENRY B. ALLEN"
Is~ John Frazer JOHN FRAZER
Trustees
The President introduced Dr. L, K. Sillcox who is Honorary Vice-Chairman of the Board of The New York Air Brake Company, and recipient of gold medals from the Institution of Locomotive Engineers of London and from the American Society of Mechanical Engineers. Dr. Sillcox's interesting talk--"Fuels of the Future"--was followed by a lively question and answer period. The lecture will be published in the March issue of the JOURNAL. The meeting adjourned at 9:20 with a rising vote of thanks to Dr. Sillcox. HENRY B. ALLEN Secretary
MEMBERSHIP ACTIVE M E M B E R S ELECTED BY T H E B O A R D OF M A N A G E R S January 19, 1955 ACTIVE NON-RESIDENT LIFE
Walton Clark, III ACTIVE FAMILY
E. Stanley Bowers, Jr. Francis J. Cubberley
Otto T. Mallery
Carrell J. Stover Philip S. Vincent
ACTIVE
Howard Muir Ambler J. Neill Armstrong John L. Asher F. Bruce Baldwin, Jr. Charles P. Barth Francis J. Borowsky Grant H. Brewin A. M. Callanan Watson T. Chesterman
Harriet Corbett A. Reynolds Crane Max Frager Loren F. Jones Edward F. Kerns Benjamin Larzelere Theodore Levenson Thomas H. MacCauley
Thomas F. McLaughlin, Jr. Kathryn Coleman Persing George S. Saulnier J. Paul Sticht R. W. Struse Frederick Ullberg, Jr. Preston Dudley Wagar C. H. Whittum Robert E. Young
NON-RESIDENT
Paul A. Mulcey NECROLOGY
Maxwell Alpern '36 Raymond Foss Bacon '15
Thomas Curran '46 Leonard Gutekunst '43
Irene B. Halstead '36 J. Edward Patterson '36