Room at the Top

At Columbia University Joseph Peter Grace and David Stewart Iglehart were inseparable friends. When they graduated in 1894, both went to work for Grace's father, William R. Grace, founder of W. R. Grace & Co. They climbed to the top of the company together. Last week, after 51 years, both retired--Joseph Grace, 73, as board chairman, Stewart Iglehart, 72, from the presidency.

In as president went Yaleman Joseph P. Grace Jr., who started working in the family business as a $30-a-week clerk in 1936. He had been acting president for eight months.

Other new faces in new jobs:

Sam H. Husbands, 55, director of RFC and wartime head of Defense Plant Corp., became executive vice president of Transamerica Corp., which owns the largest single stock interest in the nation's No. i & No. 3 banks (California's Bank of America and Manhattan's National City Bank). Transamerica has no president, so Sam Husbands will serve as its operating head. He will be responsible only to Board Chairman A. P. Giannini, who also runs Bank of America.

William Julius Hobbs, 42, was elected president of the Coca-Cola Co., after ten years as an RFC lawyer, only four years with Coca-Cola. Bill Hobbs left RFC's Atlanta office to reorganize Coca-Cola's musty legal department, caught the eye of Coca-Cola's Robert Winship Woodruff. From then on, Bill Hobbs fizzed up to a vice-presidency, moved to New York to head the Coca-Cola Export Co. As president, Bill Hobbs will be second only to Bob Woodruff, who was acting president, and will continue as board chairman.

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