Freight Car Man

When Elias Mayer, 52, of Chicago announced recently that he was going to retire from business, he gave as his reason his desire to die with his slippers on--not his shoes. In good health, he retired primarily to have some fun. But he also may have had in mind the realization that his business, General American Tank Car Corp., is a youngman affair. Certainly the Board of Directors were of such a mind, for last week they chose as Mr. Mayer's successor in the presidency, Lester North Selig, slight, boyish-looking, 37.

President Selig went to law school in Brooklyn, where he was born and raised. But as soon as he was given his degree he decided that law was not for him. At the invitation of Max Epstein, founder (with five tank cars) and at that time president of G. A. T. C., he went to Chicago, started to work riveting under-frames of tank cars. After factory experience, he was transferred through the departments -- purchasing, operation, ac counting -- to learn the business thoroughly. In 1920 he was made assistant to Mr. Epstein, who, upon the ascendancy of Mr. Mayer to the presidency three years ago, became board chairman and has since spent most of his time with philanthropies and art (TIME, Nov. 4, 1929).

G. A. T. C. is the Pullman Company of the freight transportation business. Al though only the fourth largest manufacturer of freight cars,* it is the largest owner and operator of freight cars -- 40,000 of them, which it leases out to various railroads. Of these, 45% are tank cars, the rest are divided principally among stock, glass-lined milk and refrigerator cars. The company through subsidiaries owns ten repair shops far-flung through out the U. S., operates 5,000 freight cars abroad, has the largest storage terminal in the U. S. (at Goodhope, La.--a town built by the company).

Although on the whole freight car loadings have decreased during the Depression, G. A. T. C., with assets close to $100,000,000, earned $4.58 on its common the first six months of 1930, will show (says President Selig) $2.50 more for the third quarter and at least $9 for the year--best year in G. A. T. C. history. Asked to explain this apparent paradox, President. Selig called attention to the fact that most of his business is concerned with transporting foodstuffs. "People continue to eat," says he.

*Three largest are Pullman-Standard, American Car & Foundry, Pressed Steel Corp.

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