Business: Black Art

Haled before the Securities & Exchange Commission in Washington last week was President Walter Clark Teagle of Standard Oil of New Jersey. Not afoul of SEC was the country's biggest oil company. The Commission merely wanted Mr. Teagle to answer a question which he himself had asked in a letter to Frederick H. Bedford Jr., a working Standard director: Why did Standard "happen to be so directly interested" in a protective committee for defaulted bonds of the Republic of Colombia?

Three of the six committee members certainly owed allegiance to Standard, which happens to...

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