Personnel

Last week the following were news:

Charles Francis Adams, President Hoover's retiring Secretary of the Navy, joined the advisory board of Massachusetts Investors Trust as of Jan. i. Mr. Adams has not announced other plans for re-entering private business, but he is an old hand at investment management. Reputed the wealthiest of the famed Adams family, he resigned directorships in some 35 corporations, including A. T. & T., John Hancock Mutual Life Insurance, Boston's Old Colony Trust, upon entering the Cabinet. He is still a trustee of Boston Personal Property Trust, oldest investment trust in the U. S. (founded 1893). As Harvard's treasurer for 30 years, he watched the University's endowment funds grow from $10,000,000 to more than $100,000,000.

Home of the cod & the bean, of Cabots & Lowells, Boston is also the home of the "open-end" management trust, a trust which continually sells its shares to the public but which also stands ready at all times to repurchase them at slightly below liquidating value. During the last three years boom-time trusts have often sold as much as 50% of their liquidating value. As a member of Massachusetts Investors' advisory board, Mr. Adams will be able to boast that not only was his the first "open-end" trust but also that in the last few years it has grown more rapidly than any other large trust of that type. Other Boston investment trusts will eye Massachusetts Investors' catch with envy; they all pride themselves on First Family connections.*

Schuyler Merritt, longtime Republican Congressman from Connecticut's 4th District, resigned as boardchairman of Yale & Towne Manufacturing Co. (locks). He was succeeded by President Walter C. Allen. Vice President & Treasurer William Gibson Carey Jr., 36, stepped up to the presidency. A onetime district manager for Container Corp. of America, smart young Lockman Carey is son-in-law of John Henry Towne, son of the founder.

Edwin Gruhl, president of North American Co., was elected president of North American Light 6 Power Co., succeeding the late Clement Studebaker Jr. North American Light & Power used to be controlled jointly by North American, Insull and Studebaker interests, but since the Insull blowup, North American has increased its holdings to about 48% of the common stock.

-Charles Francis Adams used to be president of the Forty Associates, a group of old Boston families with extensive realty holdings in the business district. Because State Street had fun referring to "AH Baba Adams and his 40 thieves," the membership was enlarged, the name changed.

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