Business & Finance: Hupp

Last September Hupp Motor Car Corp.'s biggest stockholder, Promoter Archie Moulton Andrews, backed a proxy campaign to oust the entire management of Hupp, particularly Directors Charles Hayden and Moritz Rosenthal who are potent in Hupp affairs. The proxy appeal to stockholders said: "It is sufficient ... to point out one record which shows that the president of your company, during two years, drew $250,000 of salary while the company reported losses in excess of $8,000,000. . . . Large stockholders . . . feel that it is about time that the management of the corporation is brought to the realization that it is a trustee for the stockholders and that the corporation is not the private property of a small official clique."

The Hupp president who took "$250,000 of salary" was DuBois Young. Last week he parted with his job. But that did not mean Promoter Andrews had triumphed. Mr. Young was succeeded as president by Charles D. Hastings, venerable chairman of the board who has been with Hupp since it was founded in 1908. His selection only preserved the status quo. Moreover the three stockholder representatives of the board (which also contains three Hupp distributors and three factory representatives, among them Mr. Hastings) still include Messrs. Hayden and Rosenthal, leaving Promoter Andrews, the third, in the minority. Last week Mr. Andrews dismissed President Young's departure as a mere gesture: "They threw him to the wolves."