High Finance: New Man at Allegheny

It was a black week for the wheelers and dealers of Texas. Nineteen months ago, promising the stockholders a better deal, Dallas-based John Murchison and his brother Clint Jr. won control of huge Alleghany Corp., the Manhattan holding company that controls the New York Central and Investors Diversified Services of Minneapolis, the nation's largest ($4 billion in assets) mutual fund complex. Last week, as abruptly as he had appeared on the scene, John Murchison resigned as president of Alleghany. In as his replacement went Bertin C. Gamble, 64, a Minneapolis merchant who has...