PHILADELPHIA REFLECTIONS
The musings of a Philadelphia Physician who has served the community for nearly six decades

Related Topics

Right Angle Club 2008
A report, to the year 2008 shareholders of the Right Angle Club of Philadelphia, by the outgoing president, Neale Bringhurst... www.philadelphia-reflections.com/topic/120.htm

Customs, Culture and Traditions
Abundant seafood made it easy to settle here. Agriculture takes longer.

Food and Drink in Philadelphia
A flowing abundance of food sources made Philadelphia the capital of food and drink, right from earliest times.

Academia in the Philadelphia Region
Higher education is a source of pride, progress, and aggravation.

Personal Finance
The rules of financial health are simple, but remarkably hard to follow. Be frugal in order to save, use your savings to buy the whole market not parts of it, if this system ain't broke, don't fix it. And don't underestimate your longevity.

Nobel Prizes
Some Philadelphians won Nobel Prizes for work done here, or elsewhere. Some prize winners would deny they are Philadelphians, but their work was nevertheless done here.

Science
Science

Subcultures
A few reflections about the subcultures in and around Philadelphia.

America's Historic Square Mile (pre-1800)
Society Hill: Philadelphia's authentic colonial area, from the Delaware River west to 8th Street the limit of settlement in 1776, but for a while the center of America. The richest, most famous men in America lived within a few blocks of each other. Things happened here.

Benjamin Franklin
A collection of Benjamin Franklin tidbits that relate Philadelphia's revolutionary prelate to his moving around the city, the colonies, and the world.

Investing, Philadelphia Style
Land ownership once was the only practical form of savings, until banking matured in the mid-19th century. Philadelphia took an early lead in what is now called investment and still defines a certain style of it.

Dislocations: Financial and Fundamental
The crash of 2007 was more than a bank panic. It was a collision of several revolutions which were all ripples from the same splash.

Philosophy Means Science in Philadelphia

American Philsophical Society Seal

In the age of the Enlightenment, science was called natural philosophy; that accounts for the present custom of awarding PhD. degrees in chemistry and botany. The sort of thing which interested Ralph Waldo Emerson was called moral philosophy, and you will have to visit some other place than the A.P.S. if that is what interests you. Roy E. Goodman is presently the Curator of Printed Material (some would say he was chief librarian) at the American Philosophical Society, founded in 1743 by Benjamin Franklin who was clearly the most eminent scientist of his day, having discovered and explained the nature of electricity.

{Roy E. Goodman}
Roy E. Goodman

Roy Goodman is descended from cowboys and rodeo stars, but in spite of that he gave an entertaining talk recently at the Right Angle Club about this society devoted to useful knowledge, this oldest publishing house and scholarly society in America, once the home of the U.S. Patent Office, and scientific library and museum. They have many rare items in their collection, but the unifying theme is not rarity, but curiosity. You might say some of the items reflect the whimsy of Franklin, but it would be more fair to say it is an enduring monument to Franklin's universal curiosity about all things.

http://www.philadelphia-reflections.com/images/Nobel_medal.jpg
Nobel Prize Medal

There are about 900 members of APS, about 800 of them Americans, about 100 of them winners of a Nobel Prize. Let's just make a little list of a very few notables in the past and present membership. Start with the first four Presidents of the United States, add Alexander Hamilton and Lafayette, David Rittenhouse and Francis Hopkinson and you get the idea that Founding Fathers got in early. Robert Fulton, Lewis and Clark, Alexander Humboldt, John Marshall were early members, and more recent ones were Madame Curie, Ruth Patrick, Margaret Mead, and Louis Pasteur. The idea of the Society seems to have come from John Bartram, who suggested it to Franklin because he knew Franklin got things done. In later years, Jonathan Rhoads for years loomed over the organization as its president, no doubt making it willingly jump through his hoop.

{R.A.F. Penrose Jr.}
R.A.F. Penrose Jr.

There is so much to say about APS it might be better to end on a curious note rather than be comprehensive. A member of the rich patrician Penrose family which included the famous political boss Senator Boies Penrose, was R.A.F. Penrose, Jr, a geologist who developed huge copper mines in Utah. He obviously exploited the commodity asset class during his life, but sold all mining stock in the nineteen twenties and bought government bonds before the 1929 stock crash. When Penrose died in 1931 in the depths of the depression, he left $4 million each to the APS and the American Geological Society, with the specification that it only be invested in common stock. For those who are untutored in investing matters, let it be said that the temper of the times was that no one but a fool would buy common stock in 1931. In retrospect, it can now be seen that if someone had the courage to buy any common stock at all at the time, he would have later become immensely rich. Penrose of course did not live to gloat over his achievement, but suffice it to say the APS now owns four large buildings near Independence Hall, and does not seem to be hard up for funds. Since 2009 looks likely to resemble 1931 in its financial climate, there may be useful knowledge, there.

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