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January 16, 1970 - Image 15

Resource type:
The Detroit Jewish News, 1970-01-16

Disclaimer: Computer generated plain text may have errors. Read more about this.

Company Protesting M. E. 'Oil' Policy Closes Chase Manhattan Account
NEW YORK (JTA)—The Tensor in Bagdad

ra9, Libya, Algeria
Corp. of New York announced in .11 I Fg
are discussing plans for
"an open letter to the American closer cooperation among their oil
public" in the New York 'l'ion's industries.
Jan. 8 that it was withdrImim;
The Iraqi government suggested
its account from toe Chase Man that
- the state-controlled oil indus-
hattan Bank to protest warnings tries of these Countries take a unit-
from bank president David Itock- ed stand for better terms from the
efeller that U.S. policies in the
Middle East were causing a loss
of American political and economic
influence in the Arab world.
The letter, in the - form of an
advertisement, signed by .lay
. Monroe, president of the corporal-
tion, urged both "small depositors
and giant corporations" to "jot , '
in this protest against a 'dollar
diplomacy' based on oil interests."
The advertisement cited a re-
port on Dec. 22 that Rockefeller
and a former Chase Manhattan
president, John J. McCloy, had
conveyed such warnings at a
private meeting with President
Monroe asked "how much Chase
Manhattan's considerable economic
interests in the oil-rich region fig-
ured in the decision to urge a new
policy which would molify the
Arabs. Certainly world conditions
do not indicate that such a change
is in order. Israel is a truly demo-
cratic state, a modern oasis sur-
rounded by feudal baronies. With
the support of cynical Communist
countries, the Arab chieftains have
attempted to destroy Israel. With
the moral support and material
help of Americans, Israel has
survived so far."
Monroe declared that Rockefeller
"has apparently decided it is best
to put his mouth where his money
is. I feel turnabout is fair play.
Accordingly, Tensor's occount is
being withdrawn from the Chase."
He added that Tensor was "not
one of the corporate giants, and no
doubt Chase Manhatan will carry
on very nicely without Tensor's
business. But if others—small de-
positors and giant corporations
alike—join in this protest against a
'dollar diplomacy' based on oil in-
terests, our former friends at Chase
may learn that free men do not
live by oil alone."
(Later, in defense of his posi-
tion, Rockefeller said he supports
Israel' and feels the U.S. "must do
all it can to safeguard the security
and sovereign existence of Israel."
He is in favor of direct face-to-face
place negotiations, he said.
Meanwhile, the traditional oil
producing states of the Middle
East, conservative and oriented
to the West, are facing a ser-
ious challenge from the revolu-
tionary Arab states which are
for the most part close to the
Soviets and are new competi-
tors in the international oil game.
The Daily Telegraph's corres-
pondent, Eric Downton reported
that the new pressures are likely -
to be generated against the British,
American and other Western oil
companies operating in the Middle
East at the meeting of revolution-
ary Arab regimes held last week

foreign oil monopolies. Libya has
spoken of using Arab oil as a
weapon against "pro-Israel Wes-
tern imperialists."
(Egypt has discovered an oil
field in her western desert which
is expected to double the country's
annual output in five years, the

Friday, January 16, 1970-15

government said. The discovery
lies within a concession of the Pan
American Oil Co., a subsidiary of
the Standard Oil Co. of Indiana.
In preliminary tests, one well gave
2,000 barrels of crude oil daily.
Another layer gave 49,000,000
cubic feet of natural gas.)

Feather your nest...

Philly Conservative Class
Converts 22 to Judaism

term will start here Jan. 28 in a
course of instruction for non-Jews
intending to convert to Judaism
sponsored by the Philadelphia re-
gion of the Rabbinical AssemblY.
the association of Conservative
rabbis. Conversion ceremonies were
held for 32 students-10 men and
22 women— at Cong. Beth Sholoni.
Rabbi Morris S. Goodblatt, who
teaches the course, said most of
the non-Jews converted for reasons
of marriage to a Jew and the rest
from the conviction that Judaism
was the commitment they wanted.
The course consists of a 16-week
program of study of Jewish reli-
gious law, customs, ceremonies,
practices and convictions.
Rabbi Goodblatt said the past
class was one of the largest since
the program was started 10 years
ago. Men whose wives or prospec-
tive wives are converting must
also attend. the. course._






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Northwest, Northland and Farmington Offices open Thursday Night till 6
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