I FEEL GREATLY HONORED to have been asked to speak today. Not only do I feel honored-but pleased that I was asked. I have always liked Philadelphia. My most pleasant memories of when I was a small child were of being brought up from Wilmington to spend the day in this city and to have lunch in Wanamaker's Crystal Tea Room. It is good to be back-but from those days in Wilmington to Philadelphia today has been a long time, on involved and fascinating journey. Much of this journey has been in the land of chemistry. In these travels of mine in the land of chemistry I have picked up a little chemical knowledge and I have had a little experience. It is because of this and because chemistry is the foundation of modern drugs and medicines and the drug industry as a whole that I have any business talking to you here today. My talk is going to be mostly from the point of view of a technical man. That point of view should be considered as supplemental to that of classical financial analysis; it in no sense supersedes financial analysis. It is only another tool for those whose responsibility is to invest funds wisely or those who advise others in the investment of funds. I do want it understood that the opinions and ideas in what I am about to say are my own; they are not necessarily those of my company. My talk will be concerned with two things: