WE'RE young enough to work in informal ways--but don't mistake informal for inefficient. We're efficient, in a permissive atmosphere." This is the formula of the chief executive of one of the fastest-growing U.S. advertising agencies, Julian Koenig, 42, president of Manhattan's four-year-old Papert, Koenig, Lois, Inc. A horse player who claims to make money at it, Koenig chooses his ads, and the people to create them, with much the same educated intuition he uses to pick the ponies: "You look, sniff and close your eyes." His shop is approaching $30 million in annual billing, having just landed the Piel's Beer account and much of the Quaker Oats and U.S. Rubber business--a rare hat trick on Madison Avenue. Koenig still writes some drug and whisky ads himself and checks every word of copy that his agency produces but there are "no review committees and no big think sessions." At home in Westchester County, slight and balding Koenig reads "everything from Jean Genet to Edgar Rice Burroughs," and is an amateur astronomer.

LEANING back with his alligator pumps up on his bare desk, President Terrell Croft Drinkwater, 55, of Western Air Lines conveys the impression that his job is soft and his approach rustic. Not so. Drinkwater is a shrewd airman who has lifted his line from a $945,000 loss in 1947, when he took it over, to earnings of $7,278,000 tor the first nine months of 1963. While he introduced such imaginative sales devices as the champagne flight and the napkin with a button hole, Drinkwater is fundamentally an efficiency expert. "We're great disciples of Mr. Parkinson," pipes Drinkwater, boasting that there are only three levels of supervision from his own job down to the mechanic servicing a plane outside his window. Though Western's routes span from Calgary to Mexico City, the entire executive crew, only 28 people, is under one roof at the Los Angeles airport. The boss expects every employee to be "an amateur cost accountant." Drinkwater works up to 15 hours on some days but manages to knock off for three afternoons of golf a week.

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