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		</otherManager><votingAuthority><Sole>3775</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>AUTOMATIC DATA PROCESSING IN</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>053015103</cusip><value>828</value><shrsOrPrnAmt><sshPrnamt>11445</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>11445</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BP PLC</nameOfIssuer><titleOfClass>SPONSORED ADR</titleOfClass><cusip>055622104</cusip><value>7962</value><shrsOrPrnAmt><sshPrnamt>189440</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>189440</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>110122108</cusip><value>301</value><shrsOrPrnAmt><sshPrnamt>6500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>6500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CAMPBELL SOUP CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>134429109</cusip><value>919</value><shrsOrPrnAmt><sshPrnamt>22575</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>22575</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CENTRAL FD CDA LTD</nameOfIssuer><titleOfClass>CL A</titleOfClass><cusip>153501101</cusip><value>5432</value><shrsOrPrnAmt><sshPrnamt>369550</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>369550</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>166764100</cusip><value>302</value><shrsOrPrnAmt><sshPrnamt>2484</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2484</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CISCO SYS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>17275R102</cusip><value>5042</value><shrsOrPrnAmt><sshPrnamt>215179</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>215179</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CLOROX CO DEL</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>189054109</cusip><value>212</value><shrsOrPrnAmt><sshPrnamt>2590</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2590</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>COCA COLA CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>191216100</cusip><value>14321</value><shrsOrPrnAmt><sshPrnamt>378070</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>378070</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>20825C104</cusip><value>12083</value><shrsOrPrnAmt><sshPrnamt>173824</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>173824</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>DOMINION RES BLACK WARRIOR T</nameOfIssuer><titleOfClass>UNITS BEN INT</titleOfClass><cusip>25746Q108</cusip><value>212</value><shrsOrPrnAmt><sshPrnamt>40075</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>40075</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>DOW CHEM CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>260543103</cusip><value>554</value><shrsOrPrnAmt><sshPrnamt>14425</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>14425</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>DU PONT E I DE NEMOURS &amp;amp; CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>263534109</cusip><value>3026</value><shrsOrPrnAmt><sshPrnamt>51666</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>51666</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>30231G102</cusip><value>30987</value><shrsOrPrnAmt><sshPrnamt>360151</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>360151</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>369604103</cusip><value>1378</value><shrsOrPrnAmt><sshPrnamt>57696</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>57696</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>HOME DEPOT INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>437076102</cusip><value>4183</value><shrsOrPrnAmt><sshPrnamt>55150</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>55150</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>HONEYWELL INTL INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>438516106</cusip><value>1019</value><shrsOrPrnAmt><sshPrnamt>12275</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>12275</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>INTEL CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>458140100</cusip><value>241</value><shrsOrPrnAmt><sshPrnamt>10500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>10500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>459200101</cusip><value>8263</value><shrsOrPrnAmt><sshPrnamt>44624</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>44624</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>JOHNSON &amp;amp; JOHNSON</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>478160104</cusip><value>24071</value><shrsOrPrnAmt><sshPrnamt>277672</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>277672</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>JPMORGAN CHASE &amp;amp; CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>46625H100</cusip><value>648</value><shrsOrPrnAmt><sshPrnamt>12532</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>12532</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>LILLY ELI &amp;amp; CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>532457108</cusip><value>3936</value><shrsOrPrnAmt><sshPrnamt>78210</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>78210</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>LOWES COS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>548661107</cusip><value>1931</value><shrsOrPrnAmt><sshPrnamt>40560</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>40560</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MCDERMOTT INTL INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>580037109</cusip><value>659</value><shrsOrPrnAmt><sshPrnamt>88675</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>88675</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MCDONALDS CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>580135101</cusip><value>253</value><shrsOrPrnAmt><sshPrnamt>2625</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2625</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ORACLE CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>68389X105</cusip><value>372</value><shrsOrPrnAmt><sshPrnamt>11200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>11200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PEPSICO INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>713448108</cusip><value>3134</value><shrsOrPrnAmt><sshPrnamt>39422</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>39422</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PFIZER INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>717081103</cusip><value>450</value><shrsOrPrnAmt><sshPrnamt>15677</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>15677</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PROCTER &amp;amp; GAMBLE CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>742718109</cusip><value>941</value><shrsOrPrnAmt><sshPrnamt>12450</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>12450</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>882508104</cusip><value>338</value><shrsOrPrnAmt><sshPrnamt>8384</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>8384</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>TOTAL S A</nameOfIssuer><titleOfClass>SPONSORED ADR</titleOfClass><cusip>89151E109</cusip><value>382</value><shrsOrPrnAmt><sshPrnamt>6600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>6600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>U S G CORP</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>903293405</cusip><value>31696</value><shrsOrPrnAmt><sshPrnamt>1109025</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1109025</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>US BANCORP DEL</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>902973304</cusip><value>12485</value><shrsOrPrnAmt><sshPrnamt>341318</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>341318</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>WAL-MART STORES INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>931142103</cusip><value>2621</value><shrsOrPrnAmt><sshPrnamt>35432</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>35432</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>WELLS FARGO &amp;amp; CO NEW</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>949746101</cusip><value>13231</value><shrsOrPrnAmt><sshPrnamt>320203</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>320203</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable></informationTable>
