Document mqZ09wvKZkx1xnBb7R5Zepnrb

New Withdrawal, Stock Purchase and Loan Privileges Available in Revised Thrift Plan Regulations governing three new features of the revised Thrift Plan, which went into effect January 1, have been announced by the Fund's Trustee. The new features are: 1. cash withdrawals every six months on an automatic, continuing basis; 2. pur chase of Standard Oil Co. (N.J.) stock on a regular once-a-month plan and 3. new loan provisions. New application forms and pre-addressed envelopes are available from Masters of vessels and Agents for men wishing to participate in any of the new features. Withdrawals By signing a single application form, Thrift Fund members may now make withdrawals on an auto matic, every-six-months basis. You no longer need sign a separate form for each withdrawal, although the single withdrawal option is still available. There are two choices of how much you can with draw under the continuing plan -- the maximum amount of cash or a specific amount less than the maximum. The choice may be changed at any time and, as in the past, the first withdrawal cannot be made until six months after any previous withdrawal. It takes a little time to put an automatic with drawal application into effect. The application should be received by the Thrift Plans Accounting Office by the 15th of the month before the month of the first automatic withdrawal. Regular Stock Purchases When a Thrift Fund member applies for a regular schedule stock purchase through his account, he has three options as to the amount he can use for this purpose. They are: 1. the total cash available in his account for the purchase of stock; 2. the cash balance in excess of withdrawable funds and 3. a specific sum less than the entire cash balance. The choice may be changed by making out a new form. Stock purchased in this way will be registered in the name of the Thrift Fund Trustee. It will be credited to the employee's account at the average price the Trustee paid for stock during the month each share was purchased. Dividends on this stock will be paid to the Trustee for credit to the employee's account. Purchase of stock under the regular schedule plan has three principal characteristics: 1. It is a method of saving regularly. 2. Dividends are not subject to Federal income tax but to the capital gains tax after employ ment is terminated. The capital gains rate has been lower than the regular income tax since 1921. 3. The plan is a form of "dollar averaging". That means investing the same amount of money into the same stock at regular intervals over a long period of time. The result is that you get more shares when the price is low and fewer shares when it is high. Thrift Fund Loans A change has been made in the method for deter mining the maximum loan you can get. Previously, you could borrow an amount equal to the collateral in your account but not more than six months' pay. (For loan purposes, collateral is the cash plus 77% of the current market value of stock in your account.) Now, the six months' pay limit is removed. For some men this doesn't make any difference because the collateral in the account was the determining fac tor for a maximum loan. But for others--those with a sizable cash and/or stock balance--removal of the six months' pay limit means that it is possible to get a larger loan than formerly. If you do have a large Thrift Fund account, it would be a good idea to estimate your cash and stock balance before request ing a maximum loan, to be sure you don't borrow more than you need or can conveniently repay. You have four choices to select from when re questing a loan: o Wx U! 2 E EXX-MOR-007489 1. Maximum up to the full collateral value of your account. 2. Maximum exclusive of any withdrawable bal ance in your account. 3. A specific sum from which the interest charge will be deducted before you receive the loan. 4. A particular amount you want to receive after the interest is deducted. An annual interest rate of 514% on the unpaid balance will apply on all new loans. This rate includes life insurance protection on the full balance of the loan, up to a maximum of SI5,000. For the time being, all new loans will be discounted in advance, that is, the full interest charge will be deducted from the amount the borrower receives. The 514% inter est rate is equal to a discount of about 2.79%. For example, if you borrowed $600 to be repaid in one year, you would receive $583.26 ($600 minus 2.79% discount) and pay back $50 a month for 12 months. Previous Loans. On loans in effect before Janu ary 1, the original interest and insurance regulations apply. (Insurance was optional on regular Thrift Fund loans; it was not available on Alternate Fund loans; insurance premiums and interest rates were stated separately.) New Loans. If you want to borrow additional money before you have repaid loans made before January 1, all your previous loans, under both Regu lar and Alternate Funds, will be recast and the new regulations will apply to your new loan. An em ployee who had a Regular or Alternate Fund loan (or both) on December 31 is eligible for a new loan when either of the old has been in effect six months. Repayment. The full interest charge having been deducted in advance, repayment of the principal will be made in equal monthly installments. As in the past, the borrower may decide how many months he will take to repay his loan, up to a maximum of 48 months. It's a Brrraw, Brrrisk, Brrruising Winter Crew members of Esso ships sailing along the East Coast during the past fortnight have experienced one of the most rugged spells of wintry weather in 80 years. According to the U. S. Weather Bureau, February 3 marked the 16th straight day that New York City had sub-freezing temperatures, breaking a record that goes back to 1881. More northerly points have had below zero readings for about two weeks. The Weather Bureau's forecast for February prom ises more of the same. For the eastern Atlantic states north of Georgia, temperatures much below normal and above average precipitation (meaning snow in most cases) are predicted. The snow and cold are not hardships on everyone, however. New York oil dealers report that sales are 10% higher than usual for the winter so far. Men in the Esso New York had a bit of snow and ice removal work when their vessel docked at New York on January 27. Here, Earl L. Braden, DM; Jacob M. MacDonald, Bos'n, and Harold C. Spaulding, DM, clear part of the boat deck. Watches For 30-Year Men As announced in the Fleet News, November 17, the Company will award a gold watch to each em ployee who attains 30 years' service. There is a choice of six models--two wrist watches and a pocket watch--of the Hamilton or Lord Elgin makes. Men who have already passed the 30-year mark have been asked to indicate their choice and the name they want engraved. Starting January 1, gold watches will also be given to employees who retire with annuitant status but have less than 30 years of service. Jersey Earnings and Dividends Standard Oil Company (N.J.) earnings for 1960 rose to $688 million, a 9% increase over 1959, M. J. Rathbone, Jersey President reported. The 1960 earnings were equal to $3.18 per share of Com pany stock outstanding. Factors contributing to the improvement included a 5% increase in product sales worldwide, gains in petrochemical and natural ESSO FLEET NEWS is published for the seagoing employees of the Marine Division, Humble Oil & Re fining Co.: J. D. Rogers, General Manager; James E. Stoveken, Assistant General Manager; Sydney Wire, Assistant General Manager. W. E. Gardner, Ed.; R. M. Sheridan, Editorial Ass't. Contributions and suggestions are invited and should be addressed to The Editor, Esso Fleet News, Room 936, 15 West 51st Street, New York 19, N. Y. u< EXX-MOR-007490 gas sales in the U. S. and continued emphasis on operating-cost control. On February 2 Jersey's Board of Directors an nounced a dividend for the first quarter of 1961 of 55 cents a share, payable March 14 to stockholders of record at the close of business on February 10. The dividend is the same as for the first quarter of 1960. RECENT RETIREMENTS Second Assistant Engineer Alistair K. Longair. Mr. Longair retired on February 1 with nearly 13 years of Company ser vice as an Engineer Officer. He and Mrs. Longair, who live on Staten Island, have one daughter and are now planning a 6-month trip to his native Scotland. Before joining the Esso fleet as Second Assistant in the Birch Coulie on February 10, 1948, Mr. Longair served with the U. S. Navy, Isthmian Lines and, for 24 years, the United Fruit Company. Catherine E. Hansen. Miss Hansen, Agency Clerk at Boston, had achieved nearly 35 years of ser vice when she retired on February 1. Starting her Company career as a Stenographer in the Everett Refinery on August 18, 1926, "Kitty" has been a "mainstay" in the Boston Marine Agency since 1931. She was tendered a retirement party by her many friends on January 27 and received gifts, flowers and a sheaf of messages of appreciation and best wishes. Born in Everett, she now lives in Malden, Mass. TAFFRAIL TALK Paul W. Leatherman, recently Jr. Third Mate in the Esso Huntington, had the misfortune to sustain two fractures of his right leg and will be a patient at the U. S. Public Health Service Hospital, Balti more, Md., for some time. Paul, the type of fellow who has "never been sick a day in his life", will appreciate visits and letters from his shipmates. sfc ^ # Captain C. A. Hansen, who retired in 1953, writes from his Wilmington, N. C., home that he is feeling fine and "enjoys going aboard Esso ships when they are in here". Captain Hansen was Chief Mate in the Esso Nashville when she was torpedoed off Frying Pan Shoals on March 21, 1942. He was recently the subject of a Sunday feature article in a Wilmington newspaper. * * Work is to start very soon on rehabilitating and modernizing the No. 1 dock at Baytown. The struc ture will be lengthened to accommodate two 27,300tonners or one 37,800 dwt. tanker and a T2 at the same time. There will also be new hose handling gear, modernized and rearranged loading manifolds and new mooring points. ** The Merchant Marine Council of the U. S. Coast Guard will hold public hearings in Washington, D. C., March 27, on proposed revisions to the U.S.C.G. Regulations. Among tanker subjects on the agenda are: complete revision of the fire fighting rules and a new section on the inspection of cargo handling gear (booms, rigging, etc.). Walter C. Drivet and Gustav Pedersen Win Special CYI Merit Awards Of the more than 600 ideas submitted to Esso Standard's New York Headquarters CYI Committee in 1960, two ideas by men in the fleet were judged the most original and were selected for special Merit Awards. Pumpman Walter C. Drivet received $200, in addition to his Initial Award of $100, for designing a cargo line reducing flange for use aboard the Esso Bangor and Esso Huntington when discharging at Baltimore. Second Assistant Engineer Gustav Pedersen's Ini tial Award of $100 was increased by a Merit Award of $100, for his recommendation of an improved seal for the self-closing atomiz valve stems of steam atomizing oil burners. New Lifeboat Race Prize This strikingly handsome Mil lard G. Gamble Trophy will be awarded for the first time to the winner of this year's Inter national Lifeboat Race. The event is to be held in The Nar rows of New York Harbor on May 23. The first Gamble Trophy was retired last year by the Stavangerfjord crew after three victories. The new silver cup is to be a permanent chal lenge trophy, symbolic of world supremacy in lifeboat racing. (The Powell Cup will become the permanent possession of the crew winning three cham pionships, starting this year.) An Esso boat will be a con testant in the 1961 race. Men in the fleet who are interested in "pulling an oar" should con tact Port Captain A. Larson at 156 William Street. ( j ' COPIED FROM THE COLLECTIONS IN THE CEN TER FOR AMERICAN MLSTi THE UNIVERSITY O F T P V a c a t a iic t iw Marine CYI Awards Initial Awards $100 Spray Painting Engine and Fireroom Equipment By Chief Engineer Walter McDonough Mr. McDonough suggested and demonstrated aboard the Esso Bangor that engineroom and fireroom equipment could be painted safer, faster and at lower cost by using spray machines rather than the conventional brush. $50 Plug Valve Indicator By Chief Mate Robert G. Driver A simple plug valve indicator, which attaches to the valve stem under the wrench handle, was designed by Mr. Driver. The indicator swings with the valve plug when it is opened or closed. Glyptol Enamel in One Quart Cans By Oiler Lawrence Eisenbiegler Glyptol insulating enamel settles considerably dur ing storage and hardens when cans are opened and reopened often. Mr. Eisenbiegler said that consider able savings could be effected by supplying the enamel to ships in one quart cans instead of gallon cans. $15 Safety Rules and Precautions for Repair Periods By Captain Bernard Roberts A list of Safety Rules and Precautions to be dis played prominently aboard ship prior to and during repair periods was the basis for Captain Roberts' CYI award. SMMMMMS OBITUARY Annuitant Jorgen Aamodt. A resident of Brooklyn and an annuitant since August, 1957, Mr. Aamodt died February 1 at the age of 68. He is survived by one son. Born in Norway, Mr. Aamodt came to the United States in 1908 and went to sea two years later. His first Company berth was as Able Seaman in the El Capitan in 1918. He had over 17 years of credited service as Able Seaman and Deck Maintenanceman when he retired. LeUg 1,2 2 iO 3 ^< CC u. 55 CJ x uj ui X^ 5 cv: Sn_ u>j LU 7 1u3 uxl Ll> L SERVICE EMBLEM AWARDS 30 YEARS . *$s*j**.* y" 20 YEARS "* 3 M Christian W. Tolfsby Master October 8,1959 Waiter R. Giliam Chief Engineer May 2,1959 Oscar H. Dorbacker 1 Asst. Engr. January 27,1959 Allen Creech 3 Asst. Engr. August 29, 1957 Matt Brodie Jr. 3 Asst Engr. July 12,1958 Everett G. Washington Radio Officer May 16, 1957 3 'v Juan G. Santos Chief Steward July 19,1959 Arnold A. Harrill Wiper October 21, 1960 Maurice C. Baucom Bos'n July 12, 1959 John H. Schroeder Able Seaman June 22, 1957 3 Daniel Henry Oiler April 10, 1955 Manuel P. Casais Fireman-Watertender June 13,1955 Thomas G. Foley Mar. 11, 1958 Charles C. Beyar Apr. 18, 1958 William Ferreri May 1, 1958 John H. Metcalf May 2, 1958 Henry E. Davis May 4, 1958 Adrian Martinez May 4, 1958 Earl R. Clark May 22, 1958 Edward B. Kerby June 6, 1958 James F. Kelley June 11, 1958 Joao DeS. Costa July 16,1958 10 YEARS Joaquim L. Gonsalves July 16,1958 John A. Gerrity July 20,1958 Marcelino M. Gilmete July 20, 1958 Peter Muscarnera July 29, 1958 Andrew C. Henning Aug. 1,1958 Joaquim G. Pina Aug. 7, 1958 Justin A. Murphy Aug. 16, 1958 Sigmund S. Sokolowski Aug. 23, 1958 Loam H. McCorkel Sept. 1,1958 Emory T. Bidle Sept. 4,1958 James G. Key, Jr. Sept. 5,1958 Jeremiah W. P. Dunlop Sept. 8,1958 John R. Wood, Jr. Sept. 8, 1958 John Dziekan Sept. 9, 1958 James E. Fowler Sept. 9, 1958 lan G. G. Harrison ' Sept. 13, 1958 Leo Bensorosky Sept 18, 1958 George T. Murphy Sept. 28, 1958 Hercilio F. DaSilva Oct. 12,1958 Harry Oelgart Oct. 25, 1958 EXX-MOR-007492