Word: permed
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Down-at-Heel Perm...
...forward toward its own consolidation plan (TIME, Dec. 30). It ordered Pennsylvania R. R. to get rid of its 48% stock ownership in Wabash R. R. and 30% stock ownership in Lehigh Valley within six months. These holdings were valued at $106,592,757. The I.C.C. declared that the Perm's interest in these other roads was a violation of the Clayton act. Pennsylvania R. R. claimed it bought into these roads for defensive purposes in 1927 when eastern trunk lines were scrambling to enlarge their systems. Under the Commission's merger plan the Wabash and Lehigh Valley...
Gratification came last week to Professor P. I. Preobrajenski, famed Russian geologist. For last week near Perm in the Ural Mountains (the mountain chain which divides European from Asiatic Russia) Professor Preobrajenski discovered oil. Thereupon the Soviet Supreme Economic Council bestowed upon him a reward (a "gratification") of 10,000 rubles (approximately $5,000). The Professor was "gratified" rather than "paid" because of the prevailing theory that services to the Russian state are recompensed by promotion and power rather than by so capitalistic an invention as capital...
Meanwhile Soviet authorities were preparing to spend a million rubles in the development of the Perm fields. There are no differences of opinion between the Russian government and the Russian petroleum industry. Russian oil is produced by about six Russian companies and one Japanese company with a Russian concession. The 1928 output was twelve million metric tons (26,455,200,000 lb.) Distribution and selling is handled by a government syndicate, headed by G. I. Sokolnikov. Oilman Sokolnikov, as Soviet Commissar for Finance, was famed as the financier who put Russian currency on a gold basis...
...deposits at Perm were accidentally discovered. Three years ago Professor Preobrajenski found in the Perm district what are now considered the world's largest deposits of potash, thus shattered the Franco-German potash monopoly. While digging for potash, drillers were pleasantly surprised to strike oil as well. U. S. petroleum is used chiefly in the form of gasoline; in Russia (with only 21,000 automobiles) the oil will be used mainly as fuel. Perm oil will turn many a wheel in the Ural industrial region, now dependent upon coal which must be transported some 1,200 miles...