Word: atlases
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Dates: during 1950-1959
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...boss of the $57 million Atlas Corp., canny Floyd Bostwick Odium has made a habit of buying good properties at bargain prices', improving them, then selling out at a fat profit. Three years ago, he thought he saw a real bargain in Barnsdall Oil Co. Since Barnsdall had proven reserves of at least 140 million barrels of oil, each of Barnsdall's 2,223,307 shares of common stock was backed by roughly $120 worth of oil in the ground. Yet the stock was then selling around $30. Odium began buying large blocks of Barnsdall stock, by late...
...Odium never believes in riding a good horse until it tires. Last week, when Tulsa's close-trading Clarence H. Wright, president of Sunray Oil Corp., offered him approximately $44.8 million for his Barnsdall stock, Odium took it-and with it a cool $12 million clear profit for Atlas. It was one of the quickest major in-&-out deals in Odium's history. By contrast, he spent 17 years tinkering with the management of Manhattan's Bonwit Teller fashion store before he sold for more than $10 million a block of stock which had cost him less...
Odium's big deal put Atlas Corp.'s assets at 75% cash-the first time the company has been that liquid since September 1929, when Odium foresaw the crash and got out of the stock market. Last week, Odium wasn't worrying about another crash. He was relaxing in his heated swimming pool in Indio, Calif., treading water several times a day to help his rheumatoid arthritis and biding his time for another "special situation...