No coin nor oath required. For personal study only.
At the end of the dinner, attended by a distinguished gathering of industrialists, bankers, and men prominent in civic affairs, Mr. Staples outlined briefly the policy of The Franklin Institute in awarding its medals and enumerated some of the outstanding scientists who had been honored in the past. He then pointed out that the Vermilye Medal covered a field hitherto unrecognized by such awards--that of industrial management.
As presiding officer" he then introduced the donor of the medal, Mr. William Moorhead Vermilye, Vice-President of the National City Bank of New York. Mr. Vermilye stated that he had been led to establish the award by his own intimate knowledge of the fundamental importance of management in human affairs; and by his belief that the essentials of business are embraced in the three M's--Materials, Men, Management; that of these the greatest is Management. He stated further he (:hose The Franklin Institute to make the award because Benjamin Franklin was one of the first of the great Americans to be thoroughly managementconscious, and also because the Institute has been ever ready to acknowledge the achievement of men in the field of applied science, and that the recognition of business management as an applied science is a most important, if a somewhat novel, concept. He voiced his enthusiastic approval of the choice * For an account of the founding of the medal see page 385 (September issue). 77I
๐ SIMILAR VOLUMES
Founded in 1937 by the late William N/I. Vermilye, the award of the Vermilye
This evening, it happens that the Edward G. Budd Lecture will be given by the recipient of the Vermilye Medal. So, in order to expedite matters, I am going to present to you
and a great friend of the The Franklin Institute. He was a descendant of Johannes Vermilye, an early Manhattan settler. It was his idea to endow a medal for industry to be awarded no more frequently than biennually by The Franklin Institute, this medal to require the same
being an extremely busy and active man, it has taken us this time to get our net around him. "The Franklin Institute, as you know, holds regular meetings at which we bring to you, Members of the Institute and friends, the great scientists and engineers of the age who present to us their accomplishm
Prior to the meeting, a reception honoring MT. McCabe was held in Franklin Hall Lobby, followed by a dinner in Franklin Hall for members and guests of the Institute-a distinguished group of industrialists and civic leaders.