One month after its first birthday, pow erful Aviation Corp., $40,000,000 holding company, last week acquired a new president. Lean, sharp-witted Graham Bethune Grosvenor stepped down to vice-chairman of the directorate while gaunt, eye-glassed, solemn-looking but humorous Frederic Gallup Coburn stepped up from the directorate and assumed the No. 1 title. Avco published no reasons for the change but well-informed observers knew the following:

Pulling together 43 manufacturing and transport companies and a large investment concern into a cohesive, economical whole to the satisfaction of all concerned — bankers, stockholders, experts,...

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