CORPORATIONS: Executive Suite

A grey-haired woman walked into an office in Galveston, Texas' American national Insurance Co. building one day last week, sat down at a desk and began signing her name to a stack of documents. Mrs. Mary Moody Northen, 62, was formally taking over as head of the $400 million empire left by her father, W. L. Moody Jr., who died at 89 as one of the ten richest men in the U.S. (TIME, Aug. 2).

Under his will his daughter was named president or board chairman of some 50 corporations that he controlled. Ownership...

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