Word: bement
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Dates: during 1950-1959
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...REED BEMENT, Leverett, freshman crew, house football, soccer, squash...
...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...
...winning boat was composed of Henry Jordan (stroke); Stu Hussey (7); Geoff Locke (6); Ed McCagg (5); Charlie Atkinson (4); Joe Hajek (3); Harry Fitzgibbons (2); Dan Morgan (bow); and Reed Bement (coxswain). The time for the winners...
...Ladder. Next on Silberstein's list in 1953 was Industrial Brownhoist Corp., a Michigan industrial-machinery maker which had more than $1,000,000 in cash reserves. The following year, Silberstein used Penn-Texas capital to buy up 51% of the stock in Connecticut's Niles-Bement-Pond, a machine-tool mak er with plenty of cash in the till. After a bitter proxy fight, Silberstein won control, made the company a Penn-Texas subsidiary. Last week he changed the name of the company to Pratt & Whit ney Co., the name of a company it had once absorbed...
...Corp. With that as a base, he diversified into gas and oil, went on to take over companies making cables, power shovels, and cranes (Industrial Brownhoist Corp.). With cash from his growing empire (now called Penn-Texas Corp.), he recently bought 80,000 shares of machine tool maker Niles-Bement-Pond, whose stock was selling a few points below the $25 per-share value of its working capital. Silberstein eventually got 51% control and forcibly installed himself as president...