Business: Babe Out

"We're just babes in the woods," remarked Robert Ralph Young seven months ago when he and two other inconspicuous capitalists suddenly loomed as financial giants by buying control of Alleghany Corp., holding company for the $3,000,000,000 Van Sweringen rail and real-estate empire (TIME, May 3 et seq.). Since then a bitter autumn has swept bleakly through the financial forest. Last week it became known that the Babes in the Woods had also felt the chill wind. With no cocktails and canapes for the press such as accompanied the original Alleghany sale, it was...

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