The Canadian Fairbanks-Morse Company were based in Toronto. I believe that they primarily manufactured chassis for other companies to install in their cabinets and re-brand, eg. Eatons. Unfortunately the Radio College of Canada does not list Fairbanks-Morse chassis. Could you send closer photos of the Model/Serial Number tags and any other means of identification, eg. the dial? – I have contacts that may be able to identify.
As for why the radio does not work – could be many things, but most likely the capacitors need changing due to age-related failure (this is normal), possibly a tube or two has failed, resistor(s) have drifted out-of-tolerance/failed, or, worst-case, a transformer failure (not that common). Excluding the transformer, the cost of parts is generally quite small – probably around $30, including a couple of common tube types.
I would strongly recommend not trying the set again without some safety-checks being undertaken by someone that knows what they are doing electrically, and replacing the capacitors. Depending on your level of comfort in tackling such work, it is not that difficult (and can be fun!), Parts are readily obtainable (eg. resistors and capacitors from Justradios), as is information on how to go about repairing tube electronics (Google is your best friend – but there are also some great resources on this website if you become a CVRS member – see under ‘How To Articles’).