Document evaNgYJgJQjy5B0VY7GQj5eX4

Brake Shoe Foundation Aids Education The Foundation was established in 1951 :o enable the company tc do a better job 01 fulfilhng its obligation-; u< a corporate citizen in its. plant comnt.inr.ies During d61. ~D per cent ot the donations made by the Founda tion went to -.import chantuhlc organizations, hospitals and other worthy jctiMtie- in the eomnurities 'inrounding our plants. Approximately 3D per cent 01 the budget was used for aid to educa tion Currently, the Foundation is sponsoring four-year scholarships for seten college students and one-year fellowship grants for two graduate students. Beginning in ls>62. a our-year college scholarship will be awarded each year to a son or daughter of a company employee. Established in the name ol \\ illiam B. Given. Jr., the scholarship is in recognition of his fifty years of company service. In addition, the Foundation conducts a matching gifts plan. Under the plan, gifts up to a maximum of SI.000 per year by an employee of Brake Shoe to accredited colleges or secondary schools are matched by the Brake Shoe Foundation. Since its inception, this plan has become quite popular among our employees. During 1961. gifts were made to 85 schools. Management and Board of Directors Changes Three directors of the company retired during 1961. They were Edward L. Ryerson. former chairman o: Inland Steel Company; Stephen S. Con way. a vice president of the company and president of Railroad Products Division: and William C. Denison, a vice president of the company and founder of Denison Engineering Company. Harry R Davison, vice chairman of Morgan Guaranty Trust Company and a director, died on July 2. 1961. Mr. Davison had been a director since 1936 except for the years 1942-1945 when he was on active duty with the United States Navy During his long term cf service. Mr. Davison con tributed greatly to the activities of the board of directors and to the success of the company. Tilden Cummings, president and a director of Continental Illinois Na tional Bank and Trust Company, was elected to the board in July. Alfred S. Foote, vice president of Morgan Guaranty Trust Company, was elected to the board in November. Thomas W. Russell. Jr., who is a vice president and was treasurer of American Brake Shoe, was elected president and a director of Dominion Brake Shoe Company, Ltd., in December. He was also named to American Brake Shoe's Management Committee. Victor L. Persbacker, who hac been comptroller, was elected vice presi dent and comptroller of American Brake Shoe in July, and was elected vice president and treasurer in December, succeeding Mr. Russell. He has been designated Brake Shoe's chief financial officer, and is a member of the company's Management Committee. Rush M. Forquer, Jr., assistant comptroller, was elected comptroller, succeeding Mr. Persbacker. Raymond A. Frick, executive vice president of Railroad Products Di vision. was elected president of the division in July, succeeding Stephen S. Conway, w'ho retired. Mr. Frick was also elected a vice president of Brake Shoe and named to the Management Committee. Alfred H. Munkenbeck, Jr., general manager of Brakeshoe Interna tional, was elected president and chief executive officer of the Swiss com pany, succeeding William C. Denison,