BANKING: Joining the Enemy

Railroader Robert R. Young, who likes to inveigh against the "goddam bankers," this week became one himself. Through three of his corporations, Young bought a controlling interest in the Marine Midland Corp., whose 14 banks and 113 branches, spread all over New York State, serve more than 500,000 depositors. He has been buying up stock for the past 18 months and last week owned 508,100 shares of common worth about $5,600,000, or 9½% of the bank's total common stock, and 11,220 shares of preferred (current price: about $56). Young says he intends to make no changes in the bank,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!