In his three-year war against an Interstate Commerce Commission plan to reorganize the Missouri Pacific Railroad, Robert R. Young has lost every battle. Last week it looked as if he might yet win the war. Young has objected to the plan because it would give control of the 10,000-mile MoPac to the bondholders, wipe out the common stockholders, including Young. His Alleghany Corp. holds 49% of MoPac stock and, if stockholders got a voice, might control the road. Last spring, when the U.S. Supreme Court refused to review the case, it looked as if Young was finished.

But last week...

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