Word: atlases
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Dates: during 1950-1959
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Floyd Odlum likes to keep plenty of cash in Atlas Corp., his big investment trust, to be able to step quickly into "special situations." Last week Atlas got into some very special situations in widely scattered parts of the world. In Albuquerque, the finishing touches were being put on a deal to put Atlas solidly into a new field-uranium mining-by taking over the Lisbon Uranium Co. (TIME. May 3). In Buenos Aires, Odlum emerged from a two-hour conference with President Juan Perón to announce that "an agreement in principle" had been reached...
...Mile Pipeline. To pave the way for the deal with Atlas, Perón had to walk a tightwire between his own country's rampant nationalism and the reluctance of foreign companies to come in without safeguards for their investments. He revised the investment law so that it put no limit on the percentage of profits that can be taken out of the country by petroleum investors. To appease his countrymen, Perón's deal with Atlas-Dresser provides that the U.S. companies explore and produce crude oil, after which Argentina will take over the refining...
FLOYD ODLUM'S ATLAS CORP. is buying heavily into RKO Pictures Corp., while other stockholders are selling their shares on Howard Hughes's offer of $6. Since RKO sold its moviemaking properties to Hughes, it now has only cash and a corporate name. Odium would like to get the corporate shell, perhaps offset its $20 million in losses against future earnings in new ventures. Atlas, which has more than 17% of the stock, would like to get Hughes's 32% interest...
...ATLAS CORP. is adding uranium to its interests. President Floyd B. Odium has bought a large group of mining claims owned by Prospector Charles A. Steen (TIME, Aug. 3) on the rich Colorado Plateau near Moab, Utah. The claims will be worked by the Lisbon Uranium Mining Corp., 60% of which has just been bought by three Odium subsidiaries in a stock and cash deal...
...Western states last week, there was a feverish new boom in penny uranium stocks. People with a few spare dollars were taking flyers in such stocks as Uranium, Inc., Sun Uranium, Atlas Uranium. Penny Stock, and Uranium Corp. of America. The fever started in Salt Lake City, spread to Denver, and to the San Francisco Mining Exchange. There, said President George Flach, the uranium boom has brought "the brightest prospects I've seen around here in ten or 15 years...