Imperial Valley press. (El Centro, Calif.) 1907-current, 1931-09-01
RECEIVER FOR
RICHFIELD CO.
FILES REPORT
Second Report Urges Co.
operation Between Va
riOus Groups.

LOS ANGELES, Sept. /. (U.P)-A
report in which William c. Nc
Duffie, receiver in equity, urged CO.
operation between creditors and
stockholders of the Richfield Oil
Company was on file today in fed
eral court here.
McDuffie pointed out in the re-
port that he believed the affairs OF
the company on the Pacific coast
could be carried out profitably II
the existing price structure is MAIN
tanned.
The report, second to be filed
covered that period of the COM
pany's operations from the date OF
the receivership, Jan. Is, 1881 to
May 81, 1881.
During this period, McDuffie
found, profits before depletion, de-
probation and losses of subsidiary
companies, was 1895, l24.65.
Net loss during this period, how.
ever, after these items were de-
Quoted, stood at $2,543 ,349, the re-
ceiver stated.
McDuffie said the heavy losses
sustained by Richfield Oil Company
of New York, have been underwrit-
ten through an arrangement with
the Arkansas Natural Gas Corpor-
alton, with the possibility that the
New York subsidiary may begin to
show a small profit.
Huge reductions in salary totals
and other operating economies
have been effected by McDuffie, he
reported.
The payroll reductions amount to
$267 TAO monthly. McDuffie stated
and a slash In insurance premiums
which the receiver regarded as ex-
cessive, amounts to an annual saw
ing of $4,000.
Revenue Doubled
Revenue on the Richfield build.
ing has been doubled since the re-
ownership was established. jumping
from s33,665 on Jan. Is, to $68. 1884
at present. This was partly effect.
ed by cutting down the space con-
sumed by Richfield offices In the
structure.
McDuffie declared the charges fol
depletion and depreciation were
too high, being in excess OF thu
market price of the oil, but tina
these costs would be reduced II
event of reorganization.
Shipments of gasoline to New
York cut down the company's in
ventories some $2,813,333 during the
period covered by the second re-
port, while a decrease in assets OF
more than six million dollars dur
ing the period was attributed to
liquidation of liabilities incurred
prior to the receivership. A drop
in the net worth of subsidiary
companies also contributed to this
factor, the receiver set forth.
McDuffie pointed out S464, 04O
increase in fixed capital assets, con-
sisting largely of s270,000 gain in
marketing equipment and an in
crease of sl08,9l7 in oil lands, leases
and equipment.
In reference to the S1,032 1862
which McDuffie in his first report
declared was owing the company
by former and present employees
and officials, McDuffie said:
There have been number OF
payments on the accounts since
the date of the first report, though
certain collections necessarily must
await the outcome of bankruptcy
proceedings.
James A. Talbot, Miss E. F. Tay-
lor and Miss Clara Selby have filed
voluntary petitions in bankruptcy
An involuntary action was filed
against C. M. Fuller.
Certain claims have been filed
with the receiver and ancillary re-
ceivers which if successful will elm
mate the accounts owing by r. w
Walsh, w. c. Burns, R. L. Hall ano
w. z. Dunlap"