RAILROADS: New Battle for Young

Railroad Tycoon Robert R. Young, in the midst of a fight for control of the New York Central, last week got something close to a toe hold on control of another road, the $797 million Missouri Pacific Railroad. The Mopac went bankrupt in 1933, and four times the Interstate Commerce Commission has drawn up reorganization plans for it. Young, whose Alleghany Corp. owns 49% (396,000 shares) of Mopac's common stock, has helped to have the plans overturned every time, either before the ICC or in court. The reason: while the plans called for bailing out the system's bondholders (and the...

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