Business & Finance: Deterding on Oil

Pennsylvania's President William Wallace Atterbury, General Electric's Owen D. Young and many another U. S. tycoon felt something like a slap in the face last week when one of Europe's biggest industrialists quietly dubbed railway electrification obsolete. Arriving in Manhattan for a week's visit, Managing Director Sir Henri W. A. Deterding of Royal Dutch-Shell said: "Electrification, except in a suburban way, is a thing of the past. Diesel power is far cheaper than electricity. With electricity, if the power plant breaks down, nothing moves, but...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!