Business: Medalist

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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 first recipient: Lewis Herold Brown, handsome (see cut) young (45) president of big Johns-Manville Corp. (building materials, etc.). Until the presentation ceremony two weeks hence, the Institute will not reveal its bill of particulars in favor of Mr. Brown. It hardly needs to then.

Made head of a feast-or-famine business in 1929, Lewis Brown pulled it through the century's worst depression intact (only deficit: $2,829,000 in 1932). The New Deal's Monopoly Committee regarded J.M. under him as an example of enlightened management in Big Business; he was summoned to Washington at the beginning of Depression II to give his views to Franklin Roosevelt. Neatest trick of all, Johns-Manville has C. I. O., A. F. of L. and independent unions scattered through its plants, firmly opposes closed shop, is at present on good terms with all its labor.