Record copy Speech file 12/2/64 MEMBERS OF THE ELFUN SOCIETY: Let me say at the outset that I am pleased indeed to be with you and delighted to be a director of General Electric. I already have reason to know that election as a director of General Electric adds to one's stature i as a businessman throughout the country, for it is considered a special mark of distinction, like being drafted No. 1 in the National Football League. However, there is no proof that this viewpoint is shared by the members of the Elfun Society, and I rather wondered whether Harry Gough was subtly trying to convey a message to me when he furnished me with the prospectus of the Elfun Trusts. In reading this, I noted two things: first, the Trusts have performed very well indeed; second, in investing over $100, 000, 000 in over 100 corporate issues they have assiduously avoided buying the securities of any company headed by any one of General Electric's outside directors. Gentlemen, with this much money to invest, this isn't easy to do! For whatever comfort it may bring you, let me re reassure you that I have never before been privileged to work with a finer group of men than those on the General Electric Board. Attendance is remarkably high and in the five meetings that I have attended I have been impressed by the skill of your management and the rare degree of loyalty, dedication, and wisdom of your directors. I feel a little out of my league but in very good company indeed. With your efforts and theirs, I am confident that General Electric will continue in the forefront of industrial enterprises everywhere.