Madam Director

To shareholders of the Alleghany Corp. holding company last week went proxy statements nominating Anita O'Keeffe Young,* sixtyish widow of Railroad Tycoon Robert R. Young, tp the Alleghany board. Mrs. Young, who is sure to be elected, has a heavy personal stake in the holding company once run by her husband. Counting Alleghany securities she owned before his death and what she inherited, her investment in the company is now worth around $9,000,000, second only to the $11 million interest of Alleghany Chairman and President Allan Kirby. Mrs. Young was long a silent partner in her husband's business affairs. At one time, during the 30's, she was a partner in his brokerage firm of Young, Kolbe & Co. She should, said an associate, add considerable financial know-how to Alleghany's board since "she had a good teacher."

* Sister of Artist Georgia O'Keeffe, sister-in-law of Georgia's late famed husband, Photographer Alfred Stieglitz.

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