COMMUNICATIONS: Insurgent Flatto
The most serious stockholders' revolt in the history of 88-year-old Western Union Telegraph Co. was staged last fortnight by Stockholder Arthur C. Flatto, who popped up at the annual meeting (at which President Roy Barton White announced a 1938 loss of $1,637,000). Mr. Flatto declared he had proxies representing 250,000 shares and did not like the present management. After a stormy session (TIME, April 24), the meeting adjourned while the proxies were counted. Last week President White announced that the management slate received 531,812 votes, the Flatto opposition 181,190.
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