Word: sunrays
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Quick Change. But 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...
...Odium's willingness to unload Barnsdall mean that Sunray got the short end of the bargain? Sunray's Clarence Wright did not think so-and his reputation as a shrewd trader is almost as legendary as Odium's. Wright, a onetime ready-to-wear store owner in Oklahoma, City, has jockeyed Sunray through many ups & downs, including bankruptcy in 1931. He built it to one of the top U.S. oil companies, with assets of $136 million and profits of $15.6 million...
...some 200 corporations reporting, only six were in the red. About 60% of the rest showed gains. The oil industry, which was able to increase production with little rise in costs, was well out in front. Typical: Sunray Oil Corp., with a profit of $4,126,025, was up 98% over the same quarter last year...
...Carson City, Nev., Skelly got a temporary injunction preventing Getty from taking a vote of Mission stockholders on the merger. That was enough to block it through Dec. 23, which Getty and Sunray had agreed would be the deadline...
...before it was announced, had helped send Mission Corp. stock up from the year's low of $28¾to a high of $56⅜|. Pacific Western had gone from $21¾ to $59¾. Both stocks broke sharply when Skelly won his injunction. Last week Getty and Sunray decided to call the whole deal...