Change In Control Of Big U.S. Railway

Press, Volume XC, Issue 27375, 14 June 1954, Page 9

Change In Control Of Big U.S. Railway

(Rec. 7 p.m.) NEW YORK, June 11. A financier, Mr Robert Young, has won control of the 2,650,000.000-dollar New York Central Railroad in his proxy fight with the railway’s management, it was reported tonight. Both the United Press and American Associated Press quoted authoritative sources as disclosing that Mr Young had won control of the railway, the second biggest in the United States, by a margin of 1,070,000 votes. Mr Young was reported to haveWmmediately called a meeting of his new Board of Directors, comprised of 14 men and one woman, to elect a new President and Executive Vice-Presi-dent, with Mr Young, taking over as Chairman of the Board. A formal announcement of the vote counting, which had been under way since May 26, will be made next Monday morning. Some 41,000 owners of more than 6,000,000 shares participated in the voting. The proxy fight climaxed a feud between Mr Young and the Railway’s management, headed by Mr William White as President. It was conducted like a political campaign, with both sides taking newspaper -advertisements to tell the shareholders what was wrong with the other side.