Word: centralized
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Dates: during 1940-1949
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Unfortunately Feathers?a night-lighted study of bums in Central Park?was as superior to Harrity's other work as it had been to the other fellows'. About all Harrity's other work could boast was that it brought Producer Dowling's wife, Ray Dooley, out of retirement and let her toss in, for oldtimers' sake, her famous Follies routine of a squalling infant. At week's end Hope was a thing of the past...
Rail Juggler Robert R. Young, whose fond, bright dream was to control the New York Central, got a rude awakening last week. In a ruling as abrupt as the jangling of a fire bell, the Interstate Commerce Commission flatly refused to let Young and Chesapeake & Ohio President Robert J. Bowman 1) sit on Central's board, or 2) vote C. & O.'s 400,000 shares in Central which would give Young working control...
...reviewing the reams of testimony on Young's year-old plea, ICC found all sorts of reasons for saying no. For one thing, any closer alliance between the C. & O. and Central would lessen the "extensive competition" between them, would thus violate the antitrust and interstate commerce laws. For another, "the applicants have not shown that either public or private interests will not be adversely affected." ICC reckoned that half a dozen other railroads-and therefore the public -would have been harmed. Example: Frank D. Beale, president of the Virginian Railway Co., wailed that a C. & O.-Central link...
...Central, as Young charged, banker-controlled? ICC cited the findings of its examiner (TIME, Dec. 22) that C. & O. had more bankers among its directors (8 out of 15) than Central...
Would Young be able to "revolutionize" travel on the Central and "put it back on its feet" as he promised? ICC thought that whatever improvements he made in Central would not make up for the harm to other roads. Furthermore, Young's stock holdings were too small to guarantee that he could make the improvements he promised. Said ICC: C. & O. is controlled by Alleghany Corp. through an interest of only 3.34%, and Alleghany is controlled by Young through an interest of less than 1%. Young's interest in Central, "when traced down through Alleghany...