New-York tribune., 1921-04-21
Standard Oil
10 Cut Wages
And Dividends
Teagle Tells Workers of the
Company in New Jersey
That Reductions Are Part
of Readjustment Plans
Labor Attitude Defined
Bedford Outlines Policy
of Corporation Treating
With Force of EMPLOYEES

w. c. Teagle, president of the Stand
ard Oil Company of New JERSEY. told
representatives of the II 900 employees
of the corporation at their annual
dinner in Newark last night, that de-
cline IN value of the finished product
OIL the company meant reduced earn
ings for all workers and shareholders
alike.
Mr. Teagle said it was wrone To
overlook the fact that high wages.
when not accompanied by correspond
ing production, not only bore first and
most heavily on the wage Garner. hut
generally slackened the demand for
labor.
we have seen the prices Of goods
pushed to the point at which the mar
Ket 1or them ceased, and as q result
the men who made the goods are walk
ing the streets" said MIR. Teaele, mot
because the goods are not needed, but
because people cannot afford to buv
them. Stacks of leather are pilinc up
ahd snocmakers are out of work while
haif the world goes barefoot.
we are gong through great busi-
ness oppression. 1t is a worldwide de-
pression which has extended to and
IS being felt in very branch of indus
try; The cost of living is coming down
and the purchasing power of the COLLAR
is rising, but this was not and could
not nave been brought about without
q serious disturbance Of industrial and
business activity
Greater Efficiency is Solution
Mr.. Teagle asserted that the oil bus
mess, like others, suffered from gen
eral conditions. Demand for finished
petroleum products, which had been
increasing for the last ten years, had
suddenly begun to fall off, he declared.
The remedy, as he saw it, was greater
industrial efficiency
A. q. Bedford, chairman of the board.
and President Teagle set forth in detail
the corporations attitude toward labor
This was outlined by Mr. Bedford
with sixteen points, as follows:
NO discrimination by tho company
or its employees against any employee
on account of membership or non
membership in any church, society. fra
ternity or union.
Collective bargaining as to all mat
ters of mutual interest made effective
through the industrial representation
plan.
Paying at least the prevailing scale
of wages for similar work in the com
munity.
The eight hour day or it's equivalent.
One days rest in seven, preferably
on Sunday, or the equivalent of such
period.
Sanitary and up-to-date working con-
ditions.
Just treatment assured each en-
ployee, with opportunity for submis-
sion of all grievances for adjustment
through the industrial representation
plan.
Safeguards Against Accident
Continuous effort to eliminate acci
dents through effective safeguards and
active cooperation of employees and
committees under expert supervision.
Payment of disability benefits in
case OF accidents incurred while at
Health supervision by a competent
medical staff.
Payment Of sickness benefits after
one years services.
Opportunity for special training to
qualify an employee for better work.
with standard system of keeping record
Of service performed.
promotion according to length Of
service and ability demonstrated.
Partnership through stock ownershin
made easily possible for the thrifty
employee after one years service. the