Show MARQUIS CHILDS CHILD'S t I New Rail Tycoon Sets Hot Cli eli In Battle for Finance Lead WASHINGTON WASHINGTON Just Just beyond the current of the news a struggle struggle struggle gle Is going on that has baa far more meaning for the future than most moat of the tho tepid headlines of the moment hi In Wall street In Palm Beach in a senate committee committee committee com com- room room th the struggle Is la beIng being being be be- ing waged and stakes may be equivalent to control over the American economy The hero or the villain of the piece piece piece-It it depends on how you look at it it-Is it is Robert RobertR R. R Young financier and operator Tough scrappy with an almost cynical disregard for the conventional rules rule of ot the game Young has challenged the power of tho the banking Insurance banking community In New York He began 1 by Y acquiring control of the almost bankrupt Alleghany Alleghany Alleghany Alle- Alle corporation corpo putting up a relatively small sum of his his' own money Out of the Alleghany basket he ho got three railroads one of them the highly profitable profitable profit profit- able Chesapeake and Ohio I Seeks Another Young Is bidding for another railroad with Alleghany That is la the tho Missouri PacifIc Pacific Pacific Pa Pa- still under trusteeship but with a handsome chunk of wartime wartime wartime war war- time profits in the bank Young is supporting the stockholders of Missouri Pacific as against the bondholders which angers the insurance banking-insurance interests holding the bonds Not satisfied with this Young is now said tobe to tobe tobe be after control of a glittering plated gold-plated railroad the tho New NewYork NewYork NewYork York Central By nagging advertisements and appeals to the public he has forced the roads to do things they didn't want to do at all such as providing through sleep sleep- ing-car ing service from one coast to the other He has introduced all all' sorts of Innovations In his own lines His challenge is primarily to the Association of American Railroads which is the high priesthood of railroading What regulars in good standing in the association say about Young the interloper would blister the page Recuperating from om an ill illness illness ill ill- ness in Palm Beach Young directs di directs directs di- di his lieutenants in New NewYork NewYork NewYork York and Washington with tho the skill of a bold general Washington Key Hey Washington is the key The decision in the final analysis is likely to be political The Senate Senate Senate Sen Sen- ate interstate commerce committee committee committee com com- is holding hearings on a abill abill bill which would allow the railroads railroads railroads rail rail- roads to get together to fix rates without violating the antitrust laws That is the so called Bulwinkle Bulwinkle Bul- Bul winkle bill Opponents of the bill say it would set act up a monopoly OVI ov not Just the tho railroads alone but all transportation It wo would gi j the tho Association of Am Amerl America Railroads power to discipline bed bad boys like Robert Young They fW to would havo conform not mer merely mere mere- ly 11 on rate rata agreements but o all matters of service and su BUB ply Those who favor the bill bID another view They say lay that g a aj agreements would have hava to hi be t approved by the interstate c com merce meree commission in the public PUbU interest And they add that U it f railroads entering a Sue such u c Ii h ap f n agreement sought to presSUre an outsider then the antitrust laws would apply At the bottom of the depress d rea son lion in n 1933 the w western tern real nJ roads rands entered into an agree ment meat covering rates sneed freight deliveries the ufe Use of ah at conditioning and so on Somewhat Some Some- what later a group of executives and bankers met h m fi New Now York to set up a agreement covering the whole country Bring Suit iThe i- i The antitrust division of tin the Department of ot Justice b h tug s brought a civil suit against thi uie men men who made tho the western westen agre agreement ment That suit will wig to argued in federal court at Un Lin com coin Neb in April That is i It will be argued unless the But Bui w winkle bill is passed since that tha bill would make such agreement legal Still another figure i. i is engage In this battle Last Lost year form forme Gov Ellis Arnall of Georgi Georg brought a suit Bult directly to th the U. U S. S supreme court the railroads wi with th conspiring t fix rates that discriminate against the development of hi state That suit may help t explain why the fight last lan ye against Arnall's candidate t f fo governor governo was so bitter and reports persist of ot large sums sunn o money sent in from outside th state |