THE SENIOR MEN'S CLUB OF NEW CANAAN
Minutes of the Regular Meeting of March 21, 2003
President Bob Witt opened the business meeting at 10:00 on a soft and misty spring morning, with 119 members present. Membership is 525, with 12 waiting. Guest Phil Martyr was introduced and welcomed.
Membership Concerns and Announcements: Dick dePatie reports that Jim Bridgman is back with us, as is George Valchar. Bill Gillerlain's memorial service will be Apri1 5th at St. Aloysius. Dave Means has had a back operation in Stamford Hospital. Bill Nissen announced a Yale Glee Club concert April llth at 8:00 at St. Mark's. And Charlie Morris made a first announcement of the SMC annual luncheon, members only, May 2nd, $35 without French cuisine or French wines.
Activities: Bowling attendance doubled in a single week. In stentorian tones, Gordon Nelson announced bridge as usual. 4F's will dine next week at Eric & Michael's. Paddle is using three courts Mondays, Wednesdays, and Thursdays. And Trailblazers will walk the old Housatonic Railroad track bed on Wednesday the 26th.
Couth: Lee Hindenach expressed concern about slow signups and slow payments for trips. Clancy Fauntlerory said we had 25 for the April 24th visit to the state capitol; we need 50. As inducement he has added a tour of the Wadsworth Atheneum. Signups for the Boston trip May 8th and 9th need to be complete by April 4th. And further to the Essex/Old Lyme expedition of June 11th, there will be a tour of the Griswold Museum in the morning, followed by lunch at the non pareil Bee and Thistle, with a tour of the CT River Museum afterward.
Resident Humorist: John Berg opened with a few one-liners on "signs of the times", then regaled us with the story of a lothario who made an offer he later wished had been refused.
Speaker: VP Bob Shafter introduced his longtime friend and our New Canaan neighbor John J. Burns, Jr. John traced his early years of education at Boston College and Harvard, and Navy service in the Korean war period. He then joined Goldman Sachs in 1956 and NY Securities six year later, becoming a partner of the latter. From this position, at age 36 in 1968, he was hired by Mr. Kirby of Allegany Corp., joining as VP-finance and rising to his present position as president/ CEO in 1992. Allegany Corp. is an investment company specializing in transportation and insurance holdings, and Mr. Burns reviewed a few of the many purchases, mergers, and sales in which he has been involved. He emphasized the need to accept reasonable long term goals, noting out that the advance of the Dow from 470 in 1956 to 8200 now worked out to about 61/2 percent annually, exclusive of dividends. Those who promise more should be viewed askance.
John then compared the major executive concerns of 3 years ago with those of today. Then it was high energy costs, Y2K problems, personnel shortages and the strengthening dollar. Now it is an obsession with accurate accounting, health costs rising unsustainably, pension underfunding and lack of pricing power. He quoted Churchill in commenting that progress is moving on to a new set of problems, and he expressed optimism that we would indeed solve today's concerns and discover a new set for the future. Examining Mr. Burns's record, it is apparent that he has been an exemplary problem solver over a long tenure as a successful investor.
Peter Schurman -Assistant Secretary