Word: mobilization
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...slowdown or halt in price increases has been caused by a minisurplus of petroleum, which has created a strong downward pressure on prices. One oil company after another is shaving the prices it will pay for crude. Exxon and Mobil, the two largest American producers, have instituted automatic cutbacks of about $2 per bbl. in the prices that they will pay to independent domestic suppliers...
...voted two weeks ago for a shareholder resolution advocating restrictions on IBM sales to the South African government, a few optimists may have seen hints of change in the action. But the Corporation's statement on its IBM vote and its string of abstentions last week--on resolutions at Mobil, Atlantic Richfield, Exxon and Dow Chemical--quickly and effectively demonstrated that the Corporation continues to refuse to challenge the status...
...Advisory Committee on Shareholder Responsibility (ACSR) recommended these proposals unanimously, except in the case of the Mobil resolution on Chile--where a plurality voted for and only one member voted against the proposals...
...Mobil, Corporation members claim that, although they agree in principle with the ACSR's recommendation in favor of the resolution to stop the company's sales to the South African military and police, it is too far-reaching and its wording did not effectively carry out its professed intent. Even if the Corporation, as it has said it will, sends a disapproving letter to management explaining its vote, the abstention at Mobil officially registers Harvard as having no opinion regarding the practice of a company that publicly justifies its continued bulk, long-term contracts with the South African military...
...continue to advocate total divestiture of all investments in banks lending money to the South African government or companies operating with or in South Africe. Meanwhile, in abstaining on measure like the one at Mobil, the Corporation chooses to hide behind a smokescreen of excuses, citing items of grammar or careless wording that supposedly render resolutions infeasible or impracticable. The Corporation purports to consider individual stockholder issues seriously, sticking to its policy of considering each one on an ad hoc basis. Since 1972, when it created the ACSR, the Corporation has delegated to that committee the gathering of facts...