Business & Finance: Personnel: Dec. 11, 1933

Last week the following were news:

In December 1927 Myron C. Taylor was elected chairman of U. S. Steel's Finance Committee and promptly started a "fiveyear plan." First he retired $340,000,000 of Steel's funded debt, a display of foresight that may have saved Steel a receivership during Depression. Next he set out to rationalize Steel's production, closing poorly located plants, modernizing outdated equipment. Later he began providing Steel with an efficient personnel, inaugurated a retirement plan that enabled him to promote able younger executives. Last week, his financial and personnel plans completed, he resigned as chairman of Steel's Finance Committee (remaining, however, as Steel's board chairman and chief executive). New Finance Committee Chairman is William J. Filbert, a man who has spent his life mysteriously toiling over figures, taking no one into his confidence, but achieving legendary success. Of the comptroller of Steel since 1902, director since 1920, finance committeeman since 1922, the late Judge Gary once said: "I have known Filbert—I mean Mr. Filbert—for 35 years as intimately as anybody could know such a man, and I have never been able to find out what that J.* of the middle initial stands for."

Matthew Chauncey Brush, bushy-browed Wall Street trader and elephantophile, resigned as president and became chairman of American International Corp., his famed investment trust. Harry A. Arthur, first vice president, was promoted to the presidency. Recently ill, Trader Brush planned a prolonged vacation to recover his health.