Word: escrowed
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Despite this seeming deadlock, Pittsburgh is optimistic. Union negotiators, headed by Abel, Vice President Joseph Molony and Secretary-Treasurer Walter Burke, feel considerable pressure from their own rank and file to settle peaceably. Under an interim agreement, management has been putting in escrow 11.50 an hour for every steelworker since May 1, and once the contract is signed, each worker will collect about $80-enough to buy a portable TV set or put a down payment on a used car. Abel himself is eager to make a statesmanlike impression in his first real test since wresting the presidency from Dave...
...steel companies and the Steelworkers Union agreed to a four-month extension of contracts only after Federal Mediator William E. Simkin threatened that he might specify the terms himself-and a few discreet calls were made from the White House. The cost to the companies, which will build an escrow fund to be used as part of the final settlement: 11½? per hour effective this week, or a 2.6% raise, considerably lower than the industry had feared it would have to pay. Lyndon Johnson immediately telephoned his congratulations to the negotiators, taking care to include I. W. Abel, whose...
...beyond which the Government takes the lease and royalty profits. But it neglected to designate a base point for the measurement (low-tide mark, land mass, mud flats?), and jurisdictional claims are being contested on 20% of the Louisiana tracts. Until the point is determined, contested royalties go into escrow. But the question of ownership scarcely bothers the oil companies, which have settled down for a long haul. To eliminate barge hauling, they have already laid a whole network of pipes on the Gulf floor to carry oil and natural gas to onshore refineries...
Five years ago, Parsons College in Fairfield, Iowa was a classic example of the fading U.S. church-related college. Founded in 1875, Presbyterian Parsons was so broke that its entire endowment was in escrow. While other U.S. colleges fended off armies of applicants, Parsons, with a total enrollment of 212, could not even attract stragglers through newspaper ads. One jump ahead of the sheriff, it was barely two jumps from losing accreditation...
...mean millions of dollars annually. For Louisiana, it means the possible loss of more than $300 million in past bonuses and royalties from the disputed lands, which last year yielded 29 million bbl. of oil and 174 billion cu. ft. of natural gas. The money is now held in escrow, and Louisiana will seek redress from Congress. It has a few arguing points: if its boundaries extend three miles from the coast, no one has decided where the jagged coastline begins, or who is to reap the revenues from oil produced off the shores of its islands more than three...