Angel's Return

The big odd-lot brokerage house of deCoppet & Doremus is famed for other things than quick and accurate execution of customers' orders. Some of its partners' cultural adventures are as well-known as their business deals. Last week dapper Rowland Stebbins, Broadway's most successful stage "angel" for several seasons, announced he would put a stake back in Wall Street, become a special partner in deCoppet & Doremus,* his old firm. When he retired in 1929 to produce plays, Rowland Stebbins had been with the firm 23 years, twelve as a general partner. Before that he was an engineer until his cousin, the late Edward J. deCop-pet, offered him a job in his brokerage house. Love of music had made the cousins close friends. Mr. deCoppet in 1903 had organized the Flonzaley Quartet; Mr. Stebbins' grandfather, onetime president of the Stock Exchange, had been board chairman of the old Academy of Music. With this tradition and plenty of money made in Wall Street, Broker Stebbins invaded Broadway under the name of Laurence Rivers, a character from his favorite book, Malet's The Gateless Barrier. His first two productions. Merry Andrew and Maggie, The Magnificent, were both failures, though not expensive ones. Then came a fortunate meeting. A mutual friend introduced Producer Stebbins and Marc Connelly, onetime newspaper man and co-author with George S. Kaufman of several successful plays (Beggar on Horseback, Dulcy, Merton of the Movies). Writer Connelly was trying to sell a play he had written around some Negro stories by Roark Bradford. Producer Stebbins read it, liked it, bought it and produced it forthwith under the name The Green Pastures. Directed by the author, the play opened in February 1930, played 640 performances in Manhattan, grossed $1,203,000, was awarded the Pulitzer Prize for 1929 (TIME, May 19, 1930). With 64 speaking parts, a cast of 78 and elaborate mechanical effects, it was an expensive production but its success enriched everyone connected with it. What Producer Stebbins made out of it is unknown but, based on 10% royalties, Author Connelly and Roark Bradford should share some $120,000 from the Manhattan run alone. The play is now in Chicago with the original cast, will be seen in Milwaukee and San Francisco before disbanding.

In his unpretentious Broadway office Producer Stebbins, meticulously neat and smartly dressed, enjoys recalling his famed success. His grey eyes sparkled and his urbanity was undisturbed last week when he admitted that Laurence Rivers, Inc. had just closed a new play on the road, would have no further production plans until he found another worthy manuscript. Producer Stebbins will not return to being Broker Stebbins. His special partnership in deCoppet & Doremus is largely a matter of capital invested there. His main interest will still be Broadway, his hobby music.

Meanwhile other changes in deCoppet & Doremus were announced, left the cultural balance about even. Retiring to write a book was Frank E. Lapham Jr., a general partner since 1927, who started as a clerk many years before. Admitted to general partnership was Warren Bynner Nash, treasurer of the Stock Exchange, collector of rare etchings.

*Another widely advertised Broadway "angel" of recent years was Edgar B. Davis, stout rubber & oil tycoon who spent over $750,000 in 1927 on The Ladder, a play about reincarnation. Last week a run on Plymouth County Trust Co. of Brockton, Mass, was stopped when Angel Davis, who used to live in Brockton, telephoned from Luling, Tex., promised depositors would not lose a dollar.

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