Richfield Wanted

People who thought Harry Ford Sinclair would retire to the background when his company merged with Prairie Oil and became Consolidated Oil Corp. did not know what energy there is left in the 56-year-old, broadfaced, clamp-mouthed tycoon.

He is still in business up to both elbows, from service station to executive sanctum. Last week, for example, Oilman Sinclair wanted to be in Los Angeles. He left Manhattan for Chicago. There, in the morning, he saw two bankers about his company's business, met with a vice president and the district managers. He kept a business appointment in nearby Barrington. The next day he flew to Tulsa, central operating point for his company and terminus for its big telegraph system. He passed two days meeting with depart mental managers, discussing leases, pur chases, operations. The next day he flew to Amarillo where his company has im portant gas holdings. He looked over their reports, 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. During this time it is expected that Cities Service may also make a bid in order to protect itself. Cities Service holds much Richfield common and preferred which would probably have no value if the Richfield bondholders accepted Mr. Sinclair's bid. Shell Union was also reported preparing a bid and Standard Oil of California, probably anxious to keep new competition away, was thought likely to raise its $17,000,000 offer.

To a 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 yearly. The following earnings table shows first-half reports thus far issued: (D = deficit)

Amerada Corp Associated Oil .... Atlantic Refining.. Continental Oil . . . Louisiana Oil Ref. . Mid-Continent Petroleum

Pacific Western . . . Phillips Petroleum. Plymouth Oil

Sun Oil Texas Pacific Coal & Oil

Tide-Water Associated

Union Oil

Warner-Quinlan Co

$552,000 478,000D 1,358,000 111,000 3,185,000 4,013,000D 256,000D 6,528,000D 1,061,000D 1,058,000D 731,000D 2,901,000D

235,000D 688,000D 812,000D 2,674,000D 946,000 219,000

2,030,000 1,049,000

416,000 690,000D 2,099,000 1,077,000D

1,500,000 1,900,000

761,000D 95,000D

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