BANKING: Joining the Enemy

Railroader Robert R. Young, who likes to inveigh against the "goddam bankers," this week became one himself. Through three of his corporations, Young bought a controlling interest in the Marine Midland Corp., whose 14 banks and 113 branches, spread all over New York State, serve more than 500,000 depositors. He has been buying up stock for the past 18 months and last week owned 508,100 shares of common worth about $5,600,000, or 9½% of the bank's total common stock, and 11,220 shares of preferred (current price: about $56). Young says he intends to make no changes in the bank, plans to play the rare role—for him—of a silent partner. Says he: "We bought the stock as an investment. It is cheap any way you look at it. The banks are well regulated and well run."