Word: centralized
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Dates: during 1940-1949
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...weather scientists to control the climate of whole countries, or even continents. "But," says Dr. C. Guy Suits, General Electric's director of research, "until the legal problems are clarified, there will be great difficulty in carrying out large-scale experimentation." Dr. Suits's suggested remedy: a central organization patterned along the lines of the Atomic Energy Commission. With rainmaking control on a national scale, he thinks, a drought-stricken part of the country could be given real rain relief...
...Steps. Next day, Eccles had a second thought. He announced that FRB would inch up the rediscount rate from 1% to 1¼% "in the not too distant future." Then Allan Sproul, president of the Federal Reserve Bank of New York, prodded Eccles. FRB has the power to make Central Reserve banks (those in Chicago and New York) increase their reserves another 6%. Why didn't it do so? As for Eccles' new plan, Sproul gave it the back of his hand. Said he: "It would expose us to grave monetary disorders. ... A program of modest steps...
This time Railroader Robert R. Young, who likes to dish it out, had to take it. In a report last week, Interstate Commerce Commission Examiner Charles Edward Boles thumbed down Young's plea to join the board of New York Central Railroad Co., and, in effect, control it by voting his 6% holding in Central stock...
Examiner Boles, usually a mild-mannered man, looked hard at Young's argument for a close alliance between the Central and his Chesapeake & Ohio Railway Co. In his report he called it a jumble of "opinions, prophecies, speculation and . . . pure fancy." Young's purchase of Central stock with C. & O. funds, he added, was to satisfy "his personal ambition." It showed "a willingness to take great risks with the company's funds"; so far, it had let C. & 0. in for a paper loss of $2,400,000. The stock bought at $18.98 a share...
...Young's charge that Central is banker-controlled, Boles counted only six bankers among the 15 directors on the Central. But he found eight among the 15 C. & O. directors. Young had charged that Central directors represented only 1.5% of the total stock ownership. Boles: "The C. & 0. is controlled by the Alleghany Corp. . . . through an interest which amounts to only 3.34%. . . . [Young's] interest in Alleghany's assets is less than 1%. [His] interest in ... New York Central, when traced down through Alleghany and the C. &O., amounts...