Word: centralized
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Dates: during 1940-1949
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...gregarious, Hadden preferred the company of ragamuffins to that of stuffed shirts, liked to give and go to parties, once wound one up by setting out with an air rifle for a rat hunt in a friend's apartment. While editor of TIME he still played baseball in Central Park, or got up at 6 a.m. to play catch with his apartment janitor. But he had sublimated his ambition to be a baseball star into a desire to make $1,000,000 before he was 30. He also hoped one day to own the New York Yankees...
Open Field. If Young still wanted to exercise control of the New York Central -and he still talked as if he did-he had "the perfect vehicle," said Gamble. But it would take a financial maneuver complicated enough to give many Wall Streeters a headache...
Though Young's Chesapeake & Ohio railroad has owned 6% of Central stock for two years-in effect, a slim working control-the Interstate Commerce Commission has refused to let him exercise control, or sit on the Central's board, because it is illegal for the same man to control two competing railroads. Young might get around this by transferring C. & O.'s holdings in the Central to Alleghany Corp., putting Alleghany's C. & 0. voting power in trust to an outsider, and resigning his board chairmanship of the C. & O. Thus, unless the ICC found some...
...other fields and greener pastures. Since early 1948, Alleghany had sold more than $17 million of its railroad holdings, because Young was bearish on their earnings' future. Among the sales: Alleghany's entire common-stock interest in Seaboard Air Line Railroad and most of its holdings in Central of Georgia and Florida East Coast Railway Co. (all roads where Young could not get control). Alleghany also plans to sell its holdings of 225,000 shares of Rock Island common stock, and get out of that road...
...Brave (Screen Plays; United Artists), as a Broadway play by Arthur Laurents, described the crack-up of a Jewish G.I. who was a victim of race prejudice. The movie version, produced by the same small studio that made Champion (TIME, April 11), daringly substitutes a Negro in the central role. Home of the Brave is thus the first of Hollywood's new series of Negro problem films to cross the finish line...