Baldwin Directorate

One bearish day last week when securities on the stock market were being heavily sold, Baldwin Locomotive stock worked its way higher, closing with a net gain for the session of over nine points. This reflected marketwise the fact that the Fisher brothers of Detroit, onetime owners of Fisher Body Corp. lately incorporated into General Motors Corp., had waged successful battle for representation on the board of directors of Baldwin Locomotive Works, of whose common stock they own 120,000 shares, a controlling interest. Samuel Vauclain, President, opposed to the Fisher brothers, was prevailed upon to allow them two places on the board. The importance of their victory was. diminished by President Vauclain's success in enlarging the Board from 12 to 15 members,* thus reducing the proportionate value of the two seats that will be filled by Fred J. Fisher and his colleague Clarence R. Bitting, engineer.

* Officially the increase in the board must await confirmation of the stockholders who meet Nov. 10. Till then Messrs. Fisher and Bitten will sit in an advisory capacity on the board, Mr. Bitten on the finance committee also.