In 1935 that epitome of capitalism, Marshall Field & Co., was hard-pressed enough to give a New Deal idea a try. Having lost $13,200,000 in the four previous years, the worried directors hired an ex-professor named James O. McKinsey to diagnose the case. Business Analyst McKinsey so impressed the directors that they soon made him chairman and absolute dictator of company policy (TIME, Oct. 21, 1935, et seq.).
Indefatigable Chairman McKinsey, who had never before held a corporate job, was nothing if not drastic. He lopped off the losing wholesale business entirely, along with 1,600 employes. He reorganized the management...
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