Two after Richfield

''I am in California," said Harry Ford Sinclair rather sharply, "and I am in California to stay." Everybody at the dinner remembered the statement, especially Kenneth Raleigh Kingsbury. For Mr. Kingsbury is president of potent Standard Oil Co. of California and much as he and Mr. Sinclair admire each other's ability, he does not relish new invasions of his rich territory.

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 to accept the Standard offer and Mr. Sinclair, considered the boldest and most brilliant of operators in oildom, seemed outmaneuvered when he withdrew his company's bid.

Chief reason the California bid was accepted was that the committee felt that Mr. Sinclair's Consolidated's 6% bonds should not be valued at better than 75-c- on the $1 whereas Standard offered to underwrite its 5% bonds at full face value. Yet Mr. 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.

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