Word: uranium
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Competitive Punch. In keeping with the times, penny uranium stocks have had a boom all their own (TIME, April 5). And on the Big Board such companies as Vanadium Corp. (up 83%) and Climax Molybdenum (up 44%) have risen as they have got into the uranium business. Other big gainers: oil and rubber (up 37%), insurance (up 40%), office equipment (up 43%). Of 35 major stock groups, only the tobaccos have declined since September, and their 16% drop can be traced directly to the lung-cancer scare...
...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 on a 25-year oil-development contract between Argentina, Atlas, and Dresser Industries...
...Promising Claims. While Odlum was negotiating with Perón, Atlas representatives were putting through a deal with stockholders of Lisbon Uranium by which three companies linked with Atlas (Wasatch Corp., San Diego Corp. and Air-fleets, Inc.) took over control of Lisbon. In exchange for 2,800,000 shares of stock (out of 4,150,000 outstanding), the Odlum interests turned over to Lisbon 15 promising uranium claims in southeast Utah and cash for diamond-drilling with a total value of $930,000. The claims are all near the rich mine started by Charlie Steen (TIME...
...Used to hear about the gold fever that hit the oldtimers," he says. "Terrible thing it was. Many a man was murdered in cold blood because of it. Well, we got a new one now, uranium fever, and as long as the fever lasts and people keep on claimin' everything in sight and them outside promoters keep swarmin' in here with their big-money offers, there's bad trouble ahead...
...said goodbye to a reporter, he added: "Come back and see us again when maybe we'll have a little more time to show you we got more worthwhile things in Kane County than uranium...