Word: atlases
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Boarding the Normandie at Southampton one day last week, President Floyd Bostwick Odium of Atlas Corp. dispatched to his office in Manhattan a radiogram as crisp as his sandy hair. Read the message: "Closed deal 30 minutes before departure...
...Investment Truster Odium, a rare judge of good bargains, those Utilities Power & Light debentures looked cheap. So he began to buy them for his Atlas Corp. Since he did not fancy the Government as owner of a company; of which he was a creditor, he went to Chairman Jones with a proposition: Atlas would, in effect, swap some of its Utilities Power & Light debentures for the Pusco stock held by RFC. A deal was struck, giving Atlas control of Utilities Power & Light, Mr. Jones marketable securities...
Ultimately Atlas acquired not only Pusco but a face value total of $20,000,000 worth of Utilities Power & Light debentures-40% of the holding company's funded debt. In making these huge purchases the market price of the debentures nearly doubled. But the fact remained that the holding company could not continue to pay interest out of capital indefinitely. To avoid a 77B reorganization something had to be done...
...attorney from Utilities Power & Light's directorate, Mr. Odium crossed the Atlantic to find a buyer. This he did last week. The buyer was the London branch of the international banking house of Lazard Freres, acting for a British group. The benefits of Mr. Odium's Atlas Corp. will flow from its Utilities Power & Light bonds, which jumped about five points last week, the 5% issue rising to 75? on the dollar, the 5½% issue to 78?. When & if the Utilities Power & Light directors vote part of the proceeds of the British sale for bond retirement, Atlas...
Marriage Revealed. Floyd Bostwick Odium, 44, president of Atlas- Corp., divorced last year by President Hortense McQuarrie Odium of Manhattan swank-shop Bonwit Teller; and Jacqueline Cochran, 27, flyer, Los Angeles and Chicago beauty parlor proprietor; in Los Angeles...