Business: Medalist

For 115 years the Franklin Institute of Philadelphia (founder: Benjamin Franklin) has gone solidly about its business of promoting science and industry. To many a famed scientist, engineer, inventor have gone its awards for work that advanced their professions. Like other kudos-conferring bodies, the Institute has never tried to bestow kudos-where-kudos-is-due among ordinary businessmen. This week the Institute stepped out, announced that from now on it would recognize the science of industrial management.

Its new award: the Vermilye Medal, named for Donor William Moorhead Vermilye, vice president of Manhattan's National City Bank. The...

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