Word: richfield
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Before Mr. Sinclair's Consolidated Oil Corp. (the telephone girls still chirp: "Sinclair") is really "in California" it must have a wide California distribution system. For that reason Consolidated has been bidding, up a notch, then up another, for stricken Richfield Oil Co. with its 5.800 service stations. Fortnight ago the Consolidated offer of securities worth $27,600.000 stood $5,000,000 above the best bid placed by Mr. Kingsbury's Standard (TIME, Nov. 14). But last week Mr. Kingsbury, who relishes practical jokes, chortled a good last chortle. For the Richfield banking creditors' committee decided...
...Sinclair, surely smoldering at this aspersion to Consolidated's credit, conceded no defeat. It soon became apparent that he was still watching on the sidelines, aware that the deal could not go through at once and that he would have another chance to make a play for Richfield...
Commodities. Wheat touched 41⅞? in Chicago last week, making the 42? wheat tariff more than 100% protective. Cotton broke below 6? in Manhattan for the first time since late summer. Corn broke to 23⅝? lowest since 1897. Race for Richfield. Up a notch last week went the big bidding for possession of Richfield Oil Co. of California, an insolvent company deeply entrenched in the rich Pacific Coast gasoline market. The bidding has been between Harry Ford Sinclair's Consolidated Oil Corp. and Standard Oil Co. of California, with Henry Latham Doherty's Cities Service...
...took off again. Twice forced down by bad weather, he caught a train at Winslow, Ariz., continued to Los Angeles. There, in a comfortable suite at the Biltmore, he had little time for rest before his rooms were jammed with attorneys, bankers and accountants. All this excitement was over Richfield Oil Co. of Cali fornia. Mr. Sinclair's company recently bid $18,000,000 for Richfield; last week the offer was boosted to $22,250,000 in cash & securities. Richfield's three committees of bondholders indicated that they approved of the offer but wanted a 45-day option...
...large degree the excited bidding for Richfield, which has 6,350 outlets in California, was probably started by the oil industry's feeling that its own particular corner has been turned. Co-operation of domestic producers has boosted the U. S. price of crude and the big international companies have shown a spirit of co-operation which is expected to lead to agreements. Several companies have already made enough money to pay their 1932 dividends. Mr. Sinclair last week said that in June alone Consolidated earned its 1932 preferred dividends. Most of the big companies do not report except...