CORPORATIONS: Uncle Charles Defects

To Financier Leopold D. Silberstein, Fairbanks, Morse & Co. looked like a fine prospect for the type of proxy fight that won him Niles-Bement-Pond (TIME, July 25). One of the top makers of diesel locomotives, generators and pumps, Fairbanks, Morse earned $2,478,198 in 1954 on sales of $108 million. But after Silberstein started moving in three weeks ago. Wall Streeters predicted that he would have a tough time overcoming the 30% stock control of the Morse family and management.

Last week the Morse family split wide open. Director Charles H. Morse Sr., 82, agreed to sell his 42,220 shares of...

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