Robert Young controls Alleghany Corp., top holding company in the former Van Sweringen railroad empire. William Potter is board chairman of Guaranty Trust Co., which holds, as collateral on bonds now in technical default, Alleghany's 71% interest in Chesapeake Corp., middle link in the chain between Alleghany and rich Chesapeake & Ohio Ry. Financiers Young and Potter have been on the mat for months to see which shall dominate C. & O. (TIME, April 25).
Fortnight ago, after a prolonged proxy battle in which neither side got a clear-cut quorum, the two generals made a deal: C. & O.'s board was increased...
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