THE chairman of Sheraton Corp., which operates more hotels and motels (87) than any other chain, is a sometime composer of "popular tunes" (Just for You, Come with Me), who is "afraid that I haven't rivaled Irving Berlin." Ernest Henderson, 66, is better at the sort of tune he sang last week when he announced that Boston-based Sheraton expects to be in the black this year after suffering the first loss in its 26-year history in fiscal 1963. Gentle and somewhat shy in appearance, Henderson is actually a nail-hard and penny-conscious executive who goes about flipping off lights and mercilessly fires longtime employees to save money. He uses the stock market as a bellwether for the chain he helped found, spending and expanding when it rises and retrenching when it falls. A knowledgeable antique collector, a frenetic photographer and an amateur radio buff, he has brought frowns to some Beacon Hill brows by installing a shiny antenna atop his home on Boston's venerable Louisburg Square.

FEW corporations match the international scope of the Kaiser industrial empire, whose 60 companies in 27 countries embrace automaking in Argentina, cement work in India and hydroelectric power in Ghana. There is something new almost every week, and last week Kaiser Aluminum announced that it will build a new aluminum plant in Japan. The man who keeps all systems in a go condition at Kaiser is balding, inexhaustible Edgar Kaiser, 55, who moved in behind Henry J. nine years ago and transformed his father's patchwork empire into a soundly based giant. Edgar also inherited Henry J.'s restlessness. He prowls a white-carpeted office in Oakland, Calif., dialing the world over five telephones on his desk. But he prefers to jet around the globe (200,000 miles last year) inspecting his interests and finding new ways to put Kaiser capital to work. About the only place he relaxes is at his summer home on Puget Sound. Even while Edgar fishes, cruises or detonates fireworks, a plane is always kept ready. "If something comes up," says Kaiser, "I'll be there."

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