Evening star., 1936-12-31
Ne,u Faces Join Veteran Pilots
At Wheel of Big Business in 80
BY SMITH REAvIS.

Associated PresS FINANCIAL Wrltet.
NEW YORK, December 31.-An
eventful year Of recovery consolidation
found new faces, as well as many long
familiar, among the pilots Of finance,
business and industry.
A retiring, 64-year-old bachelor law
yer. Herbert Fitzpatrick, suddenly
leaped to command of one-seventh Of
the country's rail transportation when
the mantle of the Van Sweringens-
Mantis j. and Oris P.-fell upon his
shoulders.
He became president of Mid-Amer-
lea Corp, top holding company Of the
sprawling Van Sweringen interests at
the behest of two newcomers to the
railroad game, George A. Ball. IA
year-old Muncie Und) glass manu-
facturer, and George A. Tomhnson,
7l-year-old ship owner, who them
selves had helped to created Mid
America to help the Vans" and for
a new adventure" in business.
Fairless Goes Up in Steel.
The huge steel industry brought
another comparatively obscure figure
into prominence when Benjamin F.
Fairless, former Pigeon Creek (Ohio)
schoolmaster. became top man for one
third of the United States Steel Corps
properties, the Carnegie Illinois
Steel Co.
1t was Fairless who carried on the
protracted negotiations that led to q
new kind of working coitract-and a
10 per cent wage increase-for all of
"steel's employees, followed by a gen.
eral increase throughout the industry.
Morgenthau Makes History.
In the field of finance the familiar
name of partly bald, gentleman farmer
Henry Morgenthau, Secretary of the
Treasury, was on Wall Street lips
when he floated $700 100000 in 2z
per cent, 1917 year bonds at the low
est rate for ordinary long-term f1nan-
cling in the Federal Governments his
tory.
Here are more Of those who figured
Importantly in the years business, in
dustrial and financial news:
James M. Landis-slight. sharp
eyed chairman of the Securities and
Exchange Commission, who developed
far-reaching changes in the market
ing of stocks and bonds and warned
vigorously against another speculative
boom.
Ex-Reporter Heads Bank.
Leon Fraser-a big. Soft-voiced
newspaper reporter turned successfully
college professor, lawyer. international
finansier and banker; named presi-
dent of the First National Bank Of
New York, one of the Nations influen-
tial financial institutions.
Daniel Willard - white-haired and
courtly dean of American railroad
presidents, who fought for and won
cheaper passenger rates for the East
ern lines.
Joseph p. Kennedy-a Massachu-
sets bank president at %, and former
chairman of the Securities and Ex-
change Commission, guided as an ex-
pert consultant the huge R. G. A.
recapitalization and readjustments in
| the paramount pictures organlzatlon.
Stanley Floats Big Series.
Harold Stanley-quiet, middle-aged
president Of Morgan, Stanley & Co.,
who foated the $685., 900 900 bond
series of the American Telephone &
Telegraph Co., the largest corporate
refinancing in many years.
Colby M. Chester. jr-president OF
the National Association of Manufac-
turers, who laid down for his COL
leagues a 12-point program for relief
of unemployment. better treatment Of
the public and cooperation with the
Government.
Floyd B. Odlum-Methodis min
lster's son from the West, who, with a
start of 10000. ran Atlas Corporation
into q $100, ,000,0 900 investing company;
with the firm Of Lehman brothers
dominant figures behind the Radio
Keith -Orpheum reorganization.