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 I have heard of it." S. P. Woodward, vice chairman of the common stockholders' protective committee, likewise expressed surprise, told stockholders to wait until all other bids were in. Other companies believed likely to consider Richfield at present prices a bargain for their own use are Standard Oil Co. of Indiana, Prairie Oil & Gas, Union Oil, Tide Water Associated Oil. Nevertheless, Philip DeRonde, chairman of the common stockholders' protective committee, resigned because he knew of no other offers, was in favor of accepting that of Cities Service.

Phenix. Every 500 years the Phenix used to fly to Heliopolis, alight on an altar, cremate itself, arise young and beautiful from the ashes. Last week the directors of Prince & Whitely Trading Corp., obliged to choose a new name (TIME, Nov. 10), recommended Phoenix Securities Corp. In existence are Fidelity-Phenix Fire Insurance Co., Chatham Phenix National Bank & Trust Co., Phenix Cheese Corp., Phoenix Brewing Co., Phoenix Glass Co., Phoenix Horseshoe Works, Phoenix Hosiery Co., Phoenix Iron Co.. Phoenix Leather Co., Phoenix Mutual Life Insurance Co., Phoenix Mining Corp., Phoenix Oil Co., Phoenix Portland Cement Corp., Phoenix Sand and Gravel Co., Phoenix Silk Manufacturing Co., Inc., and many another.

Nebraska Power. In Nebraska, home of Senator George W. Norris, arch-critic of the "Power Trust," employes of Nebraska Power Co. last week went forth and sold 10,000 shares at $101 in eight and one-half hours. Fifteen months ago a similar sale required three and one-half days. Four years ago, twelve days were needed. Said Nebraska Power President J. E. Davison, onetime head of National Electric Light Association: "It's a vote of confidence."

"101 Ranch" Receivership. For many years Col. Zack T. Miller, last of the three Miller Brothers whose father founded famed 101 Ranch in Oklahoma, has had a run of bad luck. Last fortnight when he won a $90,000 suit against Cinemactor Tom Mix for breach of contract (TIME, Feb. 2), perhaps he felt his luck was changing. Last week, however, creditors closed in, asked that a receiver be appointed for 101 Ranch. Owned in fee by the ranch are 10,000 acres of agricultural land, 7,400 acres of pasturage. Other land is leased. On the ranch is a packing plant, power plant, canning factory, oil refinery.

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