Still Bigger Atlas

Only a fortnight ago Atlas Utilities Corp., investment trust headed by astute Floyd Bostwick Odium, 39, set Wall Street talking by its sudden acquisition of $9,000,000 Ungerleider Financial Corp. and $20,000,000 Sterling Securities Corp. (TIME, Aug. 17). Last week Atlas made its twelfth purchase since June last year, one bigger than any of the others. This buy was control of Chatham Phenix Allied Corp., formed in September 1929, by the securities affiliate of $326,000,000-in- resources Chatham Phenix National Bank & Trust Co., Manhattan.

Chatham Phenix Allied was started as an investment trust with the power to do almost anything and $50,000,000 to do it with. It had only about $36,000,000 (a large part in common stocks) in its coffers when it changed hands last week, but this brought to around $75,000,000 the assets of the investment structure controlled by expanding Atlas. Atlas promptly changed Allied's name to Securities Allied Corp. At present the most prominent investment trust which remains directly affiliated with a bank is the $64,000,000 Continental Chicago Corp., identified with big Continental Illinois Bank & Trust Co.

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