RAILROADS: Bob Young Moves In

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Despite his big stock ownership, Robert R. Young was not yet running the New York Central. But last week he accepted an invitation to ride in the locomotive cab. The invitation had come without much prodding.

A fortnight ago Central's President Gustav Metzman called Young to ask if he could come and see Young at his winter home in Palm Beach. Neither Metzman nor Central's Chairman Harold S. Vanderbilt had to be told that Young's Chesapeake & Ohio Railway Co. had become by far the largest single owner of Central's stock. C. & O.'s holdings, which were reported at 315,000 shares, were now up to 400,000, about 7% of all shares outstanding. Vanderbilt and Metzman went to Palm Beach.

After the conference, Gus Metzman announced that, in line with Central's "policy to recognize the propriety of representation on the part of such large holdings,"

Young, C. & O.'s chairman, and Robert J. Bowman, C. & O. president, had been invited to become directors of Central.

A Pleasure. Bob Young accepted, though two directorships would not give him all the voice he wanted in Central. Eventually, he hoped to get enough seats for full control, merge Central with his C. & O. Before Young could even have his two directorships, ICC would have to approve.

Once on Central's board, Young could begin his missionary work to reduce Central's huge debt, step up modernization. But he could not hope to get quick control of Central unless 1) Central's present directors submitted, 2) ICC added its blessing. Last week Central's directors were seriously thinking of making Young board chairman right off the bat.