Personnel

Last week the following were news:

P: Elected president of Hudson Motor Car Co. to succeed the late Roy D. Chapin was Vice President, Treasurer & General Manager Abraham Edward Barit, who hastened home from Nassau by chartered plane when his chief died suddenly last month. Born in Jersey City 46 years ago, Motorman Barit has been with Hudson since it was founded in 1909, starting as a stenographer-clerk in the purchasing department. Quiet, modest, able, he has been a power in Hudson affairs for the last few years, is described by his loyal associates as "the kind of man who makes the wheels go around." Hudson's wheels went around so fast last year that it made its first profit ($584,000) since 1930.

P: Under the new Banking Act, the heads of the Federal Reserve Banks are called presidents instead of governors, are elected subject to approval by the Reserve Board in Washington. With the Board's approval, the New York Federal Reserve Bank, which holds about 40% of the total resources of the twelve reserve banks, duly elected President George L. Harrison to succeed himself for a five-year term, turned a platoon of deputy governors into vice presidents. Only surprise was choice of first vice president -- Allan Sproul, like President Harrison a Californian by birth, who is the junior of all the other vice presidents in years. Since the Reserve Board also has a hand in naming first vice presidents, it presumably gave Banker Sproul a boost. Trained in the San Francisco Federal Reserve Bank for ten years, he transferred to New York in 1930, has lately been Mr. Harrison's assistant, handling the bank's daily press conferences and supervising the foreign department on the side.

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