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Frank Houston's elevation to the presidency was a well-deserved promotion. Born on a Tennessee plantation 50 years ago, educated at Tennessee's Vanderbilt University, son of a longtime (1904-20) Tennessee Congressman, he got his business start as secretary to the Tennessee Bankers Association. Later when he was with First National Bank of St. Louis, he struck up a friendship with Percy Johnston, who was then a Kentucky bank examiner. And after Mr. Johnston was astride "Old Bullion," he persuaded the St. Louis banker to move to Manhattan. There in 15 years the potent Southern team of Johnston & Houston lifted Chemical from 136th to 14th place in the roster of U. S. banking resources. Says President Houston, a fair golfer: "You can't be a good golfer and a good banker at the same time."