Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-07
MEN AND MONEY
BY NJ. S. Rukeyser.
Copyright. 1920

1 DJ w. y. NuHcySo
| tCopyright. 1927
One.mau concerns are passing as
/ the country grows in complexlty, Out
| there are still institutions which re-
feet primarily the talents and mag
| ination of a single personality.
Where a founder has built Wen, ms
| enterprise usually continues to thrive
and develop after he has passed from
| the scene.
| Wall Street is less subject to the
leadership of individuals than was
| the case in the past Banking groups
| have supplanted single personalities
| as moving forces. No one man TO-
| dav occupies as dominant a position
| as the late j. Pierpont Morgan niied:
| OF the old triumvirate, consisting OF
Morgan, the late James Stdlman ana
| George F. Baker, S7-year-old cha1r
| man of the First National Bank OF
| New York, only Mr.. Baker survivor
| the postwar period
| Mr.. Baker has, perhaps, a closer
hold on the Wall Street community
| than any other personality OF the
| present day. The stock market nuc-
| tuated last week on news concerning
| his illness at his wintering place at
Jekyl Island. Ga.
Dillon Pivotal Figure.
In the major investment banking
firms. Clarence Dillon of Dillon, Read
& Co. alone is a pivotal figure. In
the other two leading firms-the
house of Morgan & Kuhn, Loeb Il Co.,
there are groups of partners, VINO are
fully capable of carrying on, ire
spectiye of the survival Of any one
of their associates.
Where the dominant figures in a
business enterprise are bachelors,
there is, of course, even greater I'M
certainty as to who shall fill their
shoes than in instances where the
head of a business is training his
eldest son as his heir and successor.
Among the outstanding new business
leaders of the country the most con-
spicuous bachelors are perhaps the
Van Sweringen Brothers of Cleveland
and Henry L. Doherty Of New York.
Orris p. Van Sweringen, the eldest of
the two brothers. Is Al and Mantis j.
is two years younger. Though In prime
of life they have already made provi-
sion to put their extensive railroad
holdings in trust to assure the execu-
| ton Of their ambitious merger pro-
gram. even if one or both should fail
| to survive the time for the consumma-
ton of their plans.
Henry L. Doherty Is owner of the
banking and public utility manage
ment company which bears his name,
and is president and controlling stock
holder Of the Cities Service Co., hold
| ing company for $50 oil and public
utility companies. Cities Service and
Doherty have been SO closely linked
in the public mind that they seem
inSeparable.
Building Up Properties.
Mr.. Doherty has pursued a policy
of taking over rundown operating
companies at low prices, and through
good management building them up
and making them prosperous. He Is
essentially an engineer self taught
engineer, who learned his profession
while working in gas and electric
plants. AS a boy he sold newspapers.
and the other outstanding bachelors
the Van Sweringens-alsoh had a route
along which they delivered news
papers as boys.
Mr.. Doherty's interests have become
so far-reaching that there is naturally
public curiosity as to provisions for
the future Only Sc years old. Mr..
Doherty, whose main hobby is work,
has not thought of retirement. He
used to share the burden of major
business uGClSlOilS Will lIlc ldLc Idith
w. Frueauff, his only partner, who
died nearly five years ago. No one
has wholly replaced Mr.. Frueauff, who
had a genius for organizing. He made
a fine teammate for Mr.. Doherty and
was useful in translating Mr..
Doherty's dreams into actual function
ing organizations.
william A Jones came into Mr..
Frueauff's Office from the field about
three years before the latter died.
He made good understudy and he
now is considered second in command
in the Doherty organization. His rise
has been rapid.
Jones' Rise Rapid.
Before coming to New York Mr..
Jones served in the subsidiary oper-
ating companies. He began as book
keeper in public utility plant in
Joplin, Mo.
Mr.. Jones, who is barely 81 years
of age, is 6 feet inches in height=-a
towering figure. with blue eyes and
muddy blonde hair. He is married
and has three young children.
Mr.. Jones occupies the role Of chair
| man of the executive committee and
| is at the helm when Mr.. Doherty is
out of the city.
| Thus far Mr.. Jones Is little known
except to his business associates. He
has, however, been taking an increas-
ingly important part in the general
activities Of the public utility indus
| try.