Word: shortly
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Dates: during 1940-1949
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...Channel Heights project in San Pedro, Calif. Says he: "I have . . . always felt that it was the job of ours and the next following generation to make true the promise of the [industrial] revolution . . . the promise of a general exodus from our metropolitan slums, from rural hovels and, in short, from the pre-industrial standards of living and housing. . . . Whatever we design today . . . has its true contemporary significance only if it does not aim at uniqueness but an applicability for [mass] production...
Every Wall Streeter thought he knew the answer. The answer was personal; a shrewd, scrappy little man named Robert Ralph Young, board chairman of the Alleghany Corp. In the short space of a few years, Bob Young had become the most-talked-about railroadman in the U.S. Consequently, people took stock-quite literally-in what he intended to do. He had already put together a railroad kingdom out of the roads which Alleghany Corp. controlled: the Chesapeake & Ohio, the Nickel Plate, the Pere Marquette and its stock interests (in ten other roads). Now he was after an empire...
Young was a runt of a boy with a large head and orange-colored hair. Inevitably, he was called "Punk" (short for "punkin-head"). Because of his initials, one prophetic friend called him "Railroad." As a boy, Young learned how to ride horses, handle guns and use his wits to compensate for his lack of bulk...
...Young sold short himself and made his first million. Soon he bought a seat * Sister of famed Painter Georgia O'Keeffe. on the Exchange, set up a brokerage shop with an old friend from G.M., Frank F. Kolbe. Young, Kolbe & Co. nourished on the Depression. The firm specialized in the fine art of grabbing up securities that looked worthless, then stepping in to run the properties involved. By 1937, Bob Young had added another $4 million or $5 million to his bankroll, and considered retiring...
...Kirby came through with $3,000,000. The obliging Mr. Kirby, now president of Alleghany Corp., has been the financial angel in many of Young's deals ever since. It is actually Kirby's holdings, some 550,000 shares of Alleghany, which give Young his control. In short, Kirby has supplied the cash, Young the plan to use it. Partner Kolbe, now president of Chicago's United Electric Coal Cos., has long since sold...