Body by Fisher

One day last week a representative of Detroit's famed Fisher brothers made the rounds of Detroit news rooms. In each one he left new photos of the brothers. To Detroit newsmen, well aware for 36 years of the Fishers' distaste for publicity, this act was almost a news item in itself. But the real news broke the next day--from Alfred P. Sloan, General Motors' board chairman. He announced "with great regret" that the Fisher brothers were retiring from "active service" with G.M. after 25 years as top executives. *The announcement came as a clear surprise to the auto industry.

Four were leaving: Lawrence P., 55, G.M. vice president and director; William A., 57, G.M. consulting executive; Alfred J., 51, aircraft director of the Fisher Body division; and Edward F., 53, vice president, director of G.M. and general manager of the Fisher Body division. (Lawrence and Edward will continue as G.M. directors.)

One Business--Or 20. The Fishers next broke another lifetime rule. In their paneled, deep-carpeted offices on the 27th floor of their golden-towered Fisher Building, they held their first press conference. Shoulder to shoulder the four brothers let some 30 reporters question them. The reporters learned little. The brothers vaguely explained that they had been planning to leave G.M. for the last seven years, had finally decided to do so six weeks ago. The parting had been completely friendly.

Why had they left? They wanted to go into business for themselves again--naturally, the auto business. But whether it would be making bodies, accessories or even complete cars they would not say. Larry added: "I don't know whether it will be one business or 20. We deal in big things--and what we do will be big. We think in big terms."

Edward then gave what seemed to them a complete answer. Said he: "We started together and we want to finish together."

When the Fisher brothers start anew they will not lack cash. Theirs is one of the biggest U.S. fortunes--estimated at $250,000,000, at the lowest.

150 v. 2,000,000. The brothers have always been happier in a shop than at desks. For three generations the Fishers had been American carriage makers. The brothers started their immense fortune on the painstaking craftsmanship learned in their father's blacksmith shop in Norwalk, Ohio. First to leave was the late Fred J., followed by Charles.

They started the Fisher Body Co. in Detroit in 1908. Fred was convinced that the lusty young auto industry would never grow into long pants until it gave up its wide-open touring cars for all-weather sedans. The Fishers concentrated on the mass production of sedan bodies, which were then hand-built and expensive. Their first big order was for 150 sedan bodies. (In 1941, G.M.'s Fisher Body division turned out more than 2,000,000 bodies.)

The Fishers soon earned a reputation for craftsmanship at low prices. They added a reputation as good men to work for. They paid high wages, spent more time with the men in the shop than at their executive desks. (Alfred often shot craps at noon hour under a sign sternly warning that the management forbade gambling on the premises.)

By 1919 Fisher Body was one of the biggest body companies in the industry. G.M. gladly spent $32,000,000 for a 60% interest. In 1926 G.M. traded 664,720 shares of G.M. stock (approximate market value then: $100,000,000) for the remaining 40%, and the Fishers went on G.M.'s payroll. By that time "Body by Fisher" was a household phrase, and the trademark showing a Napoleonic coach (see cut) was as familiar as a penny.

The brothers formed Fisher & Co. to handle their millions. In 1934 Charles left his vice-presidency at G.M. to run this company. In the same year Fred, at 56, left his vice-presidency of G.M., saying: "I'd always said I'd make my millions before 55, then quit."

But the other Fishers stayed on. Howard, the youngest, never worked for G.M. but managed the Fisher real estate. He died in 1942, a year after Fred.

Out of Print. Once a national magazine wanted to do a story about the brothers. After long debate they agreed, if they could see the story before publication. When it was written the Fishers gathered, had it read to them. They shook their heads at the fulsome praise until finally Charles burst out: "There isn't anybody who is that good." To keep the story from print they bought it themselves.

One of the few times they welcomed photographers was in 1936, on their late mother's 79th birthday (see cut). Usually they visited her on a carefully arranged schedule, a different brother every night in the week, so that she would never have a lonely evening.

Competition for G.M.? What difference the loss of the Fisher brains will make to G.M. is problematical. G.M. policy is to build a stable of tough-minded, hard-driving men ready to step into older shoes as need arises. Thus G.M. quickly filled Edward's shoes as general manager of the Fisher division (tanks, guns, plane parts, etc.) with Vice President Thomas P. Archer, 59, who started in a G.M. machine shop 25 years ago. Nor did G.M. seem concerned by another possibility: if the Fishers plunge into the auto industry in a big way, they will almost certainly run smack up against G.M.

* The Fishers are generally regarded as G.M.'s second-biggest stockholders. The Duponts hold the biggest block (22.6%)

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