Personnel

Last week the following were news:

Louis Graveraet Kaufman, 59, resigned as chairman of the executive committee of Manhattan's Manufacturers Trust Co. (with which his Chatham Phenix National Bank & Trust Co. was merged in February). While president of the Michigan Bankers' Association he discovered that national banks might branch with the Comptroller of the Currency's permission. He kept mum, went to New York to purchase the old Phenix Bank. After merging the Chatham Bank, he acquired several others which he operated as branches. Bets as high as $5,000 were made that he would be stopped. Permission was granted by the Comptroller, a written opinion obtained from the Attorney General, and Banker Kaufman was credited with originating national branch banking.

Edgar Kobak, vice president & general sales manager of McGraw-Hill Publishing Co., was elected president of the Advertising Federation of America at its 28th annual convention, in Manhattan, succeeding Gilbert Tennent Hodges, member of the executive board of the New York Sun, who was made board chairman, a position vacant for the past two years.

Joseph Richard Kraus, vice-chairman of Cleveland's Union Trust Co. (total resources: $290,000,000), was elected board chairman, succeeding Joseph Randolph Nutt, treasurer of the Republican National Committee.

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