Personnel

Last week the following were news: C. Succeeding E. Burd Grubb, who lately moved over to the Big Board as a partner in Coggeshall & Hicks, Fred C Moffatt, senior member of Moffatt & Spear, was elected president of the New York Curb Exchange, No. 2 U. S. securities market. Son of a minor Erie R. R. official who died when his son was 15, President Moffatt got his start as a Postal Telegraph messenger boy in Scranton, Pa. He bought his Curb seat in 1923, two years after that boisterous outdoor market sought the dignity and protection of a roof.

Young, wiry Mr. Grubb, who is the nephew of Yachtsman Thomas Octave Murdoch Sopwith, is being boomed for president of the New York Stock Exchange. At a big testimonial banquet for the most popular Curb president in years, Richard Whitney, noting such reports about his possible successor, generously declared: "I sincerely hope that is right and E. Burd Grubb will be a president of the New York Stock Exchange--and soon."

P:. Worcester-born, a graduate of Holy Cross College and Harvard Law, Frank Dowd Comerford of Boston is called biggest and brightest of New England's younger utilities tycoons. President of New England Power Association, which controls a string of 50 gas and electric companies, he was designated spokesman for the industry when Governor Curley launched his drive against Massachusetts utility rates few weeks ago. Last week Utilitarian Comerford took over another big job when he was elected president of independent Edison Electric Illuminating Co. of Boston, New England's largest single operating electric utility. He will remain with New England Power Association as chairman of the board, will be succeeded as president by Carl S. Herrmann, treasurer of the Association since it was founded.

P:. Adopted at 18 months by a wealthy couple who educated him as a lawyer, Leon Fraser had never worked in a bank that received or paid out cash when, in 1933, he was elected president of Bank for international Settlements. But his lack of experience was no handicap. B. I. S. handles almost no cash, keeps in its vault as a solemn joke nothing but a 25-c- California gold piece and a counterfeit Spanish sovereign. Banker Fraser was an expert in international finance, had helped organize B. I. S., built up its profitable business in League of Nations loans and transfers among Europe's central banks. All his B. I. S. associates sincerely deplored his announcement last month that he would resign. Last week it was learned that Banker Fraser had been invited to become vice president of rich, conservative First National Bank of New York, whose President Jackson Eli Reynolds likewise became a bank executive without previous banking experience.

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