Personnel

Last week the following were news:

Thomas Wesley Martin resigned as president of Morgan-sponsored Commonwealth & Southern Corp., big utility holding company (assets: $1,155,760,000), to return to C. & S.'s operating subsidiary, Alabama Power Co., of which he has been president since 1920. Known as both an operating and financial man, Board Chairman Bernard C. Cobb will take over President Martin's office.

Lloyd C. Stearman, 33, plane designer, founder and onetime president of United Aircraft & Transport's subsidiary, Stearman Aircraft Co., was made president of reorganized Lockheed Aircraft Corp. Formerly a unit of defunct Detroit Aircraft, Lockheed was purchased at a receiver's sale last month by Walter T. Varney, pioneering West coast airline operator.

Under the pension plan introduced last year by Myron Charles Taylor, chairman of U. S. Steel Corp.'s finance committee, David G. Kerr, longtime vice president in charge of coal, limestone and ore, retired in favor of Edwin E. Ellis, president of Steel's research subsidiary, Universal Exploration Co. Last fortnight Eugene Jackson Buffington, president, since the resignation of the late Plunger John Warne Gates in 1899, of Illinois Steel Co. (biggest U. S. Steel subsidiary in the Chicago district), stepped aside for his vice president, George Gowen Thorp. Observers marked their retirement as milestones in Chairman Taylor's determined policy to put fresh metal in Steel's key jobs.

Khe-ling Yui is a partner of Swan, Culbertson & Fritz, which last week applied for membership in the New York Stock Exchange. If the application is accepted, the Stock Exchange will admit its first Chinese member-firm partner. Though Swan, Culbertson & Fritz will have its Manhattan office with Hayden, Stone & Co., the main office will be in Shanghai where the firm and Partner Khe-ling Yui have done business for a long time.

The New York Stock Exchange slashed its 1,300 salaries 10% but established a minimum of $15 per week for single employes, $30 for married. Last September the 2,600 officers & employes received a first cut of 10%.

Park Alexander Rowley, 49, resigned as president of Manhattan Co., holding unit for Bank of Manhattan Trust Co., New York Title & Mortgage Co. and County Trust Co. of White Plains, N. Y. Banker Rowley entered his profession at the age of 15, when he became an employe of Bank of Nova Scotia. No reason for the resignation was given except that Banker Rowley would take a long rest. He was succeeded by John Stewart Baker, 38, chairman of Manhattan Co. as his father was before him.

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