Evening star., 1941-06-03
Standard Of Jersey
Declared Loyal 10
j. !. Interests
Forish Says Company
Keeps in Touch With
State Department
By the Associated Press.

BENNINGTON, N. j., June g.
Standard Oil Co. New Jersey, ,
holding company for vast Standard
Oil interests, stated today that in
the conduct of its foreign business
it conferred frequently with the
State Department and endeavored
at all times to adhere strictly to
the policy of its Government"
w. S. Parish, president of the
concern, reading from prepared
statement to 400 persons attending
the annual stockholders meeting,
said the question of oil shipments
to Axis powers had been raised and
the company wanted to answer.
STANDARD Oil Co. New Jersey
is an American corporation" he
said. "Its first duty is to the Gov
ernment of the United States. So
long as the United States main
tains normal relations with another
country, Standard Oil Co. New
Jersey must also maintain normal
relations. If the company, on its
own initiative, undertook to estab-
lish embargoes on shipments OF oil
from one country to another it
might find itself running directly
counter to the policy and interests
of its own Government. Obviously
it cannot permit itself to be drawn
into such position"
Points tn Record.
Parish said the company's record
could be stated very simply:
Exports of oil from the United
States are subject to rigid control
by the Government itself, which has
drawn precise specifications to de-
termine whether a given crude Oil
or project must be licensed for eX-
port.
The shipments thus controlled
are IN general those of military util-
ity, since the export control is based
on national defense. All American
oil companies conform to these reg
ulations"
Parish said Standard Oil did not
ship to the Far East. The japanese,
he commented, used their own ships
The stockholders, voting 10 ,222 ,093
shares, reelected all directors.
Gratified by Profits.
Parish said he was particularly
gratified" with the companys busi-
ness in the first six months of this
year compared with a year ago.
Our guess is that earnings for the
first six months will be very healthy
and will run between s75 900, 900 and
$50 ,000, ,000," he said. adding that if
things kept going as they were he
hoped the directors would be able
to declare S1-a-share dividend at
the end Of the year. The year end
payment last December was so cents
regular and 25 cents extra.
Discussing possible oil shortage
on the Eastern seaboard due to lack
of tankers, Parish said the oil in
dustry was working on two major
plans. One involved the building of
a pipe line from Texas to New York
and Philadelphia and the other the
formation of an industry owned
corporation to build tankers.
The pipeline project. he said, was
pretty we'll along" but it was neces-
sary to await Federal legislation
ito enable us to do it."
The oil industry, he said, could
do many things if it could work nat
urally and normally"
But in this instance" he added,
sit cannot get across rights of way
without the Federal Government
declaring an emergency and helping
us. We cannot operate jointly with
out running afoul of the antitrust
laws. So, before we can build a
pipeline, we must have those things
taken care Of"
Parish said Standard Oil Co. of
Louisiana was building "butyl"
rubber plant at Baton Rouge cost
ing between sl2.0OO,OOO and SIS 5OOo,-
600 that would produce $4,000 tons of
synthetic rubber year and raw
materials therefor as we'll as 20
100000 gallons of alcohol.
In general" he said, I'VE have
found that butyl rubber has many
useful advantages over natural rub
ber and we expect it to grow in con-
sumption and in demand in various
rubber products, not necessarily
tires but inner tubes and other
thinpc"