State of Business: Squeezing the Great Bull

When Chairman Morehead Patterson rapped the annual meeting of American Machine & Foundry Co. to order in Manhattan last week, one of the first things stockholders wanted to know was why the company's stock had fallen from $63 to $32 in the past year. "God knows," said Morehead Patterson candidly. "We were the same corporation . . . What bothers me is that we have 30.000 more share holders now than before it happened, and I'm sorry for every one of them.'' Patterson's failure to predict any rise in AMF shares in the near future was coldly realistic: together...

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