RAILROADS: When Friends Fall Out

Not even his feud with the "damn bankers" caused Railroader Bob Young more trouble than his fight with a onetime associate named Randolph Phillips. Last week the Young-Phillips battle reached such a pitch that Young cried out in exasperation: "It's criminal. There ought to be a way to make Phillips pay for all the trouble." Grinned Phillips: "We stopped Young."

Young was indeed stopped, at least temporarily, in the use of the most powerful financial weapon at his command, the Alleghany Corp., a railroad holding company. By purchasing Alleghany in 1937, Young was...

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