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...Libya last week ordered Esso not to export liquid natural gas from its new $350 million plant. The government declared that Esso was charging its Italian and Spanish customers an "artificially low price," and appointed a commission to investigate. Meantime, the company's two new tankers sat idle off the coast. In another move, Libya en forced an order requiring Occidental Petroleum and a joint venture of Texaco and Standard of California to reduce production by approximatey one-third. The declared reason: they were depleting the country's reserves too rapidly. - Algeria, which is against almost all Western...

Author: /time Magazine | Title: Oil: A Little Throat Cutting | 6/29/1970 | See Source »

...reserve set up to cover "potential losses" from "certain transactions," notably company loans to its own and affiliated officers, directors and employees. Some of them used the money to buy I.O.S. stock. Partly because of these loans, which I.O.S. now officially describes as "unwise," the company's liquid-cash position badly deteriorated, and the stock plunged...

Author: /time Magazine | Title: Mutual Funds: Those I.O.S. Loans | 6/22/1970 | See Source »

...everybody feels poorer than he once was. The U.S. worker's average real income is lower now than four years ago; his average weekly wages are $117.55, but in terms of 1957-59 dollars, he earns only $77.40 compared with $78.39 four years ago. Corporations are strapped. Their liquid assets-cash and Government securities-are about $70 billion, but their short-term liabilities have soared from $153 billion in 1960 to $334 billion early this year. The big commercial banks are hard-pressed. They have 86% of their deposits out in loans-an exceptionally high, potentially dangerous proportion...

Author: /time Magazine | Title: The Economy | 5/18/1970 | See Source »

...with me. A person may reveal nothing of himself and then suddenly make a movement that contains a whole autobiography." The pose held, Segal covers the model's hair with Saran Wrap and the exposed flesh with grease; then he wraps him up in gauze bandages soaked in liquid Hydro-Stone. For the model, this mummification can be an itchy, nasty and claustrophobic experience. One of Segal's models, the wife of New York Taxi Mogul Robert Scull, panicked inside the cast and had to be cut out, leaving her Courreges boots behind...

Author: /time Magazine | Title: Art: Ghost Maker | 5/11/1970 | See Source »

...volcano erupted and covered Pompeii with ash. Eighteen hundred years later, archaeologists found that the Pompeians' bodies, long since dust, had left molds of themselves in the impacted cinders. The scientists poured in liquid plaster, and when it set, the casts were lifted out and put in a local museum...

Author: /time Magazine | Title: Art: Ghost Maker | 5/11/1970 | See Source »

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