Alleghany history

The ALLEGHANY CORP., an investment holding company chartered in 1929 and headquartered in Cleveland, was originally financed through its holding of the Van Sweringen brothers' stock in 5 eastern railroads.

1930: Alleghany acquires Missouri Pacific Railroad.

By 1936, both Van Sweringen brothers had died and the company found new leadership in Robert Young and Allan Kirby, who purchased the company.

Wheeler-dealer Robert R. Young bought the stock from Ball in 1937.

By 1940, Alleghany was profitable once more and Robert looked for new ways to grow.

He seized an opportunity to expand the company’s railroad holdings with a bid for the New York Central in 1946.

In 1949, the company purchased controlling interest in Investors Diversified Services, Inc. (IDS), the world's largest mutual fund group.

Young finally managed to wrest control of the New York Central away from its bank-dominated board of directors in a hotly contested proxy battle in 1954.

Burns was the first CEO at Alleghany from outside the Kirby family since 1957.

The Kirby Reign Begins in 1958

In 1959, Kirby faced his first challenge for control of Alleghany.

In 1961, he lost control of Alleghany to the Murchison brothers, Clint Jr. and John, the sons of Young's former ally.

Like his associates the Murchisons, Gamble was also unable to work with Kirby, and in 1963 controlling interest in Alleghany was sold back to Kirby and his allies.

In 1965, Fred Kirby II, Allan's son, was elected chairman of the IDS executive committee.

The company sold most of its shares of the New York Central in 1966, marking the end of its railroad-controlling era.

In 1967, Alleghany won another legal battle, preventing a reorganization plan from taking place at Missouri Pacific that would have severely diluted Alleghany's holdings in that company.

1968: Alleghany buys Jones Motor Co.