Business: Stairs v. Elevator

In a modern holding company pyramid, as in a modern apartment house, when the elevators break down there are always the stairs. Last week it looked as though Financier Robert Young had made use of the backstairs of the oldtime Van Sweringen holding company pyramid.

Basement of this railroad empire is Chesapeake & Ohio, which made $34,500,000 in 1937. From the penthouse Robert Young has held control of this prize possession through ownership of 46% of the common stock of Alleghany Corp., top holding company of all. In between Alleghany and C. & O. is another holding company, Chesapeake Corp., which...

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