Business: Erratum

In reporting the petition in bankruptcy of New Era Motors, Inc., TIME gave an erroneous account of the early years of Arch M. Andrews, head of New Era and director in many another famed company. Brought up in a strict Chicago family, Mr. Andrews began work at 19 in the brokerage business and soon owned a company dealing in bank stocks and unlisted securities. Since then, he has financed (in some cases single-handed): a seal-top for milk bottles (Standard Cap & Seal); the Dictograph; the acousticon; Budd all-steel automobile bodies; Trans-Lux ticker. In all of these he remains the largest stockholder....

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