RAILROADS: A Clever Deal

Into the U.S. Senate's buff-and-marble caucus room one day last week marched the New York Central Railroad's pink-and-silver Robert R. Young. Railroader Young was there to answer the questions of a Senate Banking subcommittee investigating the recent rash of proxy battles. The Senate subcommittee, headed by Wall Street Alumnus Herbert H. Lehman, wanted Bob Young to explain just how he had managed to win control of the $2 billion New York Central last year, and especially how he made his big deal whereby Texas Oilmen Clint Murchison and Sid Richardson cast a whopping 800,000 votes in his...