Reed & Prince is still used in boatbuilding and in the aircraft industry, also used in electrical equipment, mostly European Modern name. "Frearson bit"
Bits are available reasonable from Jamestown Distributors online,
Part number: DB000F1. #1 Frearson bit 1 1/2" long. $6.56 pack of 5
This is the easiest way to deal with these.
Screwdriver bits are also available from Apex bits, also known as the Frearson bit. These are 1/4" hex drive bits for drivers with interchangeable bits. About $3.00 -5.00. each but they have a $35.00 minimum order, I bought mine from a Snap-on tool dealer
Grainger has Reed & Prince screwdrivers listed as a blowout item at $1.56 each, probably the only time you will get a deal from Grainger
Proto Tools lists drivers in their catalog as well as several others including Sears Craftsman
This from Wikipedia:
The Frearson screw drive, also known as the Reed and Prince screw drive, is similar to a Phillips but the Frearson has a more pointed 75° V shape.[7] One advantage over the Phillips drive is that one driver or bit fits all screw sizes. It is often found in marine hardware and requires a Frearson screwdriver or bit to work properly. The tool recess is a perfect, sharp cross, allowing for higher applied torque, unlike the rounded, tapered Phillips head, which was designed to cam out at high torque. It was developed by an English inventor named Frearson in the 19th century and produced from the late 1930s to the mid-1970s. The Reed & Prince Mfg. Company of Worcester, Massachusetts, was put into bankruptcy in 1987 and liquidated in 1990. Another entity called Reed & Prince Manufacturing Corporation, now of Leominster, Massachusetts, purchased some of the assets including the name at the liquidation sale.
This from "When a Phillips is not a Phillips" yahoo search hit:
A later cross drive system referred to in ANSI standards as Type 2 recess. It was developed by an English inventor named Frearson and was produced from the late 1930s to the mid 1970s by the former Reed & Prince Manufacturing Company of Worcester, Massachusetts (was liquidated in 1990 with the sale of company assets). Today it is mostly referred to as Frearson but occationally still by its former name of Reed & Prince. This drive is very similar to a Phillips but has a more pointed 75 degree V shape. It is found mainly in marine hardware. The tool recess is a perfect cross, unlike the Phillips head, which is designed to cam out.
Advantages and Disadvantages of Frearson
Its advantage over the Phillips drive is that one Frearson driver or bit fits all Frearson screw sizes, although there are 2 sizes available. Improved torque with minimal camout. Unfortunately the screw head recess appears to be a Phillips and so it is too easy to use the wrong tool or screw.
Also possibly known as the "Posidriver". I checked the Posidriver is not the same!
David