Word: atlases
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Ever since Floyd Bostwick Odium's Atlas Corp. jumped into the tangled affairs of Utilities Power & Light Corp. in 1935. an air of electricity has hung about everything connected with the $400,000,000 holding company and its pyramiding promoter, Harley Lyman Clarke. Since last autumn, when Promoter Clarke was edged out of the U. P. & L. presidency, the charges and counter-charges have mounted to high-tension voltage. Last week came the first legal payoff in the whole business. In Chicago, Federal Judge William Henry Holly approved a voluntary petition from the company for a 77B reorganization, issued...
...Frederick MacMonnies' Civic Virtue. Last week artisans at the Roman Bronze Works were putting finishing touches on one of the biggest jobs of bronze casting the company has ever handled, and workmen in Rockefeller Center were chopping holes in the Fifth Avenue pavement for a statue of Atlas destined to distract public attention from Prometheus for many weeks to come...
...statue will be unveiled next week in the entrance court of Rockefeller Center's International Building. The work of 49-year-old Lee Lawrie, member of Washington's Federal Art Commission, long famed for his work on Nebraska's State Capitol, it shows a beardless, youthful Atlas stepping up to a granite pedestal with bis left foot, bearing on his shoulders a tremendous astronomical globe whose axis will point at the North Star. The whole thing will be 45 ft. tall, high as a four-story building, and so perfectly balanced that it needs no unusual armature...
...will be an issue of $10,000,000 in debentures, available to Richfield and Pan American bondholders and creditors through subscription certificates given them along with shares of stock in the new company. Underwritten by Kuhn, Loeb, by Consolidated Oil, by Cities Service, by Petroleum Corp. of America, by Atlas Corp. and by Blyth & Co. will be 550,000 shares of new common stock at $10 a share. The remainder of the total 1,000,000 shares is allotted to bondholders and creditors...
Chapter 7- Last week, a year after Lawyer Spitz stepped in, Atlas Corp. & friends presented a reorganization plan for unhappy RKO. Chief features: 1) corporate simplification of RKO subsidiaries; 2) sale of new common stock to provide $1,600,000 fresh capital; 3) exchange of $11,600,000 in 6% debentures for new 5½% debentures plus stock; 4) acceptance by Rockefeller Center of 500,000 shares of new stock in settlement of claims for $9,150,000 for unpaid rent on offices, the Center Theatre and huge Music Hall's reduction of outstanding common stock by one-half...