Business: Tide Water Tangle

Posed in simple form in Manhattan last week was a basic problem of modern capitalism—the divorce of ownership from control. While the management of the $187,500,000 Tide Water Associated Oil Co. counted proxies for a corporate simplification plan in the company's office downtown at No. 17 Battery Place, Tide Water's biggest stockholder, a man with a $20,000,000 stake in the proceedings, sat uptown in his swank Sutton Place penthouse unable to do anything about it.

He was J. (for Jean) Paul Getty, 43, Oxford-educated spokesman for the Los Angeles Getty oil interests, who let...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!