Word: railroader
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Dates: during 1950-1959
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Robert R. Young and the New York Central's President William White both went courting last week. Objects of their affections: more than 40,000 small stockholders in the Central, whose votes on May 26 will decide control of the second largest (in total revenues) U.S. railroad system...
...affairs ... is basically due to the fact that its present board together owned, according to last year's proxy statement, only 13,750 shares of stock, or less than ½ of 1%." Said White, in his letter: "What is involved ... is the attempt of a promoter and pseudo railroad man, Robert R. Young, to seize control of the company . . . As a railroad executive. Mr. Young has been found to be lavish in his ideas and the expenditure of money . . . The choice which you have to make is between the promoter type of management and the experienced professional type...
...Have & to Vote. The proxy statements showed that the Central management has been loading up on the railroad's stock. The Central's directors now hold not 13,750 but 106,622 shares (out of 6,447,410 outstanding), chiefly because Director Harold S. Vanderbilt has increased his holdings from 10,000 shares to 60,000. The Young slate claimed ownership of 1,089,880 shares, or about 17%. But the big end of the Young group's holdings is the 800,000 shares listed for Texas Oilmen Clint W. Murchison and Sid W. Richardson, which...
...RAILROAD freight loadings in the first quarter dropped 11.7% behind the 1953 level, far more than the predicted 1.4% decline. Railroaders now expect second-quarter business to fall 7.6% behind last year...
...mysteries surrounding the fight for the New York Central Railroad is: Who owns the 800,000 shares of Central stock supposedly sold by the Chesapeake & Ohio railroad to Robert R. Young's Texas friends, Clint Murchison and Sid Richardson? The Texans say that they bought the stock for $20 million, but New York Central President William White charges that they are not the real owners, says they put up no money of their own. As a result, the Central this week refused to transfer the stock until it got the "proper papers...