When Alleghany Corp.'s Robert R. Young won control of the venerable New York Central last spring, he found a corporate rat's nest of affiliates and subsidiaries that had been thrown together over the years. In an application to the Interstate Commerce Commission released last week, Young made his first move to tidy up the nest by merging a couple of the Central's subsidiaries. His plan, said Young, was part of a general program "to simplify the internal structure of the Central system by mergers, consolidations, leases and/or other acquisitions of properties."
Young picked a fine test case from among the...
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