Word: setting
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Dates: during 1960-1960
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Mutual Vacuum. Standard-Vacuum was set up chiefly as a marketing company in 1933 when Socony was overloaded with facilities for selling oil but short on reserves, and Jersey Standard had plenty of oil but not enough outlets. Over the years Stanvac developed oil production of its own, now has well capacity of 84,000 bbl. a day and refinery capacity of 293,000 bbl. a day. Last week's decree does not affect production and refining facilities, which may still be jointly owned, but only Stanvac's marketing operations. These will be divided between the parent companies...
Shortage Insurance. In its separate consent decree, Gulf agreed to set aside 100,000 bbl. of oil per day for ten years from its production in Kuwait for sale to independent oil companies. Gulf has always sold to independents, and the Government's requirement is really only an insurance policy for the independents should an oil shortage arise...
Pennsylvania has set up the strongest program to aid local communities in their battle for survival. With about a fourth of all U.S. depressed areas within its borders, the state five years ago launched an industrial development program. Its heart was a $20 million revolving fund authorized to make loans to nonprofit development agencies for the construction of new plants in distressed areas. Result: the plan has attracted 389 plants (including Radio Corp. of America, Fruehauf Trailer and Chrysler Corp.) providing 106,000 factory jobs, encouraged the expansion of 700 existing firms, put to work 391 idle plants...
...city level, Scranton has come up with one of the most imaginative programs. Hit by a cut in mining workers from 17.910 in 1940 to about 2,200 this year, Scranton set out to attract new employers by offering to build them a modern factory to meet their specifications. The city paid for all construction, charged the company only rent. The plan was first financed by the sale of municipal bonds, but the public has chipped in willingly with outright donations to keep the fund going. About 30 community-financed plants have been built at a cost of nearly...
...moved away from depressed areas largely because area workers cling to high wage rates out of line with other regions. But as their savings melt away, workers have lowered their sights. The loss of the Ackermann plant so upset Wheeling workers that a jobless steelworker, Thomas Elliott, set up a "save-a-plant" movement, signed up more than 700 unemployed workers who are willing to take much lower wages...