Business: Deals & Developments

Richfield Race. Into receivership last fortnight went Richfield Oil Co., spectacular California company (TIME, Jan. 26). Suddenly there were rumors that Cities Service Co. had acquired large blocks of Richfield, would obtain control, thus gaining entrance to the Pacific Coast territory, rich in gasoline customers, rich too in potential buyers of Cities Service securities. Confirming the rumors, Cities Service offered one share of its stock for four of Richfield.

William Chester McDuffie, former Richfield president and now receiver, picked up a newspaper, read the Cities Service offer. Said he: "This is the first...

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