RAILROADS: Wheel of a Deal

When Texans Clint Murchison and Sid Richardson bought 800,000 shares of New York Central Railroad stock last March, it did not look as if they would hang on to it very long. The deal gave them the right to sell half of it back to Robert R. Young's Alleghany Corp. and to Young's crony and financial angel, Allan Kirby, at the same price they had paid: $25 a share. Last week they did sell a big chunk of the stock. Richardson sold 200,000 shares to Kirby, thus repaying the $5,000,000 that Kirby had lent him to buy the stock. Another...

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