Corporations: Double or Nothing

The long-smoldering feud between Texas' Murchison brothers and the management of one of the nation's biggest holding companies flamed last week. To the 23,000 stockholders of Alleghany Corp., which controls both the New York Central Railroad and Investors Diversified Services (the biggest U.S. mutual fund group), went 17-page proxy solicitations from Clint Murchison Jr. and his brother John, in an open bid for control of Alleghany. The Murchisons charged that Alleghany Chairman Allan P. Kirby has let Alleghany's investment policy stagnate (except for an unsuccessful stock-buying race with the Chesapeake & Ohio Railway to gain control of the Baltimore...

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