Word: richfield
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...industry figures that seat belts will be standard equipment on all cars. California Standard's Chevron gasoline stations in the East have had such success (50,000 new charge-account customers) by selling and installing belts at $5.95 each that this year Texaco, Socony Mobil, Shell and Richfield will start selling them...
Thirty-one years ago, when California's Richfield Oil Co. collapsed from reckless overexpansion and feckless management, giants scrambled for the pieces. Among the contenders was the late Harry Ford Sinclair, who hustled in from the east in his company Fokker to announce: "Gentlemen, I am in California and I am in to stay...
Sinclair stayed long enough to pluck Richfield out of the expectant hands of Standard Oil of California. Unable to outbid SoCal by himself, he teamed up with Manhattan's Cities Service Co.; between them, the two eastern oil companies and their subsidiaries eventually bought up 62% of the stock in the reorganized Richfield Oil Corp. Last week. 26 years after the deal went through, the Justice Department hauled Richfield. Cities Service and Sinclair Oil into Los Angeles federal court to answer a civil suit alleging violation of the antitrust laws...
Prime reason for the trustbusters' belated move was a suspicion that the three companies had an unwritten agreement on marketing areas. Richfield, healthy once again and now the 18th largest U.S. oil company, has 4,600 service stations in California, Oregon, Washington, Utah, Idaho, Nevada and Arizona, and controls about 10% of the gasoline market in those states. But never since it came out of bankruptcy has it tried to spread eastward again. Similarly, Sinclair (the nation's ninth largest oil company) and Cities Service (tenth) have stayed out of western markets almost entirely on the avowed ground...
...suit, the Government sought no fines or jail sentences for the defendants, who included the five interlocking directors as well as the companies. Instead, the Justice Department hoped only to force Sinclair and Cities Service to sell their Richfield stock and surrender their seats on the Richfield board. But the defendants, who denied any conspiracy, pointed out that their arrangement had been specifically approved by a federal court...