Word: swope
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...thought of dictatorship. "I was elected just to do my best," said he, ". . . to keep the industry going smoothly down the middle of the road." Nevertheless observers guessed that, within the limits of the anti-trust laws, the Petroleum Institute under Amos Leonidas Beaty might become more like a "Swope Plan" trade association whose resolutions will be followed and followed...
...were unmistakable signs of recovery in his business, added that "foreign trade is going to be the great balance wheel of our country." (Steel operations for the country as a whole increased last week to 29% of capacity, against 28%, the week before.) Banker Meyer was skeptical of the Swope plan for U. S. trade associations (TIME, Sept. 28), joined Messrs. Wiggin and Farrell in cold shouldering the La Follette-sponsored National Economic Council. "The voice of warning," said he, "is the most inarticulate voice in America...
Deputy Rev. John Howard Melish of Brooklyn who helped write the report pointed out that many of its recommendations were quoted from or based on statements of Gerard Swope, Owen D. Young and Supreme Court Justice Louis Dembitz Brandeis. Nevertheless, upon Deputy Wickersham's complaint the House of Deputies deleted the House of Bishops' recommendation ("representing the mind of the Church"), said merely that the report was "given careful consideration...
Significance. There was also a political significance to the Swope speech last week. His good friend and superior is Owen D. Young, also a Democratic presidential possibility. Board Chairman Young was highly enthusiastic about the plan, immediately associated himself with it. Were the plan sufficiently publicized, Chairman Young might make himself popular with Labor. He knows that the possibility of his candidacy is overshadowed in the public mind with the awesome shades of colossally Big Business. But he did not sound like a very confirmed capitalist last week when he said: "We can retain in this country unorganized, individual planning...
While the story Mr. Flynn tells is true he offers no alluring remedies. He does, however, make a few improving suggestions. Among these: that corporations should adopt uniform accounting methods (a suggestion made last week by Gerard Swope-see p. 16); that lists of stockholders should be made public; that directors should be drafted from genuine investors in the company, not tycoons who may have other interests at heart or who pay no attention to the position. He would have no holding companies, would have no company own stock in another except in rare cases. As for general Cumshavian tendencies...