Floyd Bostwick Odlum (March 30, 1892 – June 17, 1976) was an American lawyer and industrialist. He has been described as "possibly the only man in the United States who made a great fortune out of the Depression".
Life and career
After struggling as a corporate attorney in
Salt Lake City
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, th ...
, Odlum received an offer of a job at a New York firm, and in 1921 became vice-president of his primary client,
Electric Bond and Share Company
The Electric Bond and Share Company (Ebasco) was a United States electric utility holding company organized by General Electric. It was forced to divest its holding companies and reorganize due to the passage of the Public Utility Holding Company ...
. In 1923, Odlum, a friend, and their wives pooled a total of $39,600 and formed the United States Company to speculate in purchases of utilities and general securities. Within two years, the company's net assets had increased 17 fold to nearly $700,000. In 1928, Odlum incorporated Atlas Utilities Company to take over the common stock of his other company.
During the summer of 1929, Odlum was one of the few industrial moguls to believe that the boom on
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
could not continue much longer, and he sold one half of Atlas's holdings, as well as $9 million in new securities to investors. He had $14 million in cash and short term notes when the stock market crashed. During the next few years, Atlas Utilities bought up stock in less fortunate investment companies at Depression-reduced prices. After
Franklin D. Roosevelt was inaugurated President of the United States, Odlum shifted gears, selling off utilities before stronger regulation set in, and switching to large-scale financing. By 1933, Odlum was one of the 10 wealthiest men in the United States. Besides
Atlas Corporation
The Atlas Corporation is an American investment firm that was formed in 1928. Atlas invested in and managed a number of major US companies during the 20th century and has a number of investments in natural resources.
History
Atlas corporation wa ...
, he had a major stake in
RKO Studios
RKO Radio Pictures Inc., commonly known as RKO Pictures or simply RKO, was an American film production and distribution company, one of the "Big Five" film studios of Hollywood's Golden Age. The business was formed after the Keith-Albee-Orpheu ...
,
Convair
Convair, previously Consolidated Vultee, was an American aircraft manufacturing company that later expanded into rockets and spacecraft. The company was formed in 1943 by the merger of Consolidated Aircraft and Vultee Aircraft. In 1953, i ...
,
Northeast Airlines
Northeast Airlines was an American airline based in Boston, Massachusetts that chiefly operated in the northeastern United States, and later to Canada, Florida, the Bahamas, Los Angeles and other cities. It was acquired by and merged into Del ...
, and
Bonwit Teller
Bonwit Teller & Co. was an American luxury department store in New York City, New York, founded by Paul Bonwit in 1895 at Sixth Avenue and 18th Street, and later a chain of department stores.
In 1897, Edmund D. Teller was admitted to the par ...
, among other businesses, and was associated in the aviation business with financier
George Newell Armsby. Odlum's association with Armsby provided a link to Armsby and
John Cheever Cowdin's enterprise
Transcontinental Air Transport, Inc.
In 1948, Odlum sold RKO to
Howard Hughes
Howard Robard Hughes Jr. (December 24, 1905 – April 5, 1976) was an American business magnate, record-setting pilot, engineer, film producer, and philanthropist, known during his lifetime as one of the most influential and richest people in t ...
.
Odlum was an investor in the 1954 production of the
Broadway
Broadway may refer to:
Theatre
* Broadway Theatre (disambiguation)
* Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S.
** Broadway (Manhattan), the street
**Broadway Theatre (53rd Stree ...
show ''
The Pajama Game
''The Pajama Game'' is a musical based on the 1953 novel '' 7½ Cents'' by Richard Bissell.
The book is by George Abbott and Richard Bissell; the music and lyrics are by Richard Adler and Jerry Ross. and dances were staged by Bob Fosse in hi ...
''—during which actress
Shirley MacLaine
Shirley MacLaine (born Shirley MacLean Beaty, April 24, 1934) is an American actress, author, and former dancer. Known for her portrayals of quirky, strong-willed and eccentric women, MacLaine has received numerous accolades over her seven-dec ...
was discovered by
Paramount Pictures
Paramount Pictures Corporation is an American film and television production company, production and Distribution (marketing), distribution company and the main namesake division of Paramount Global (formerly ViacomCBS). It is the fifth-oldes ...
producer
Hal Wallis
Harold Brent Wallis (born Aaron Blum Wolowicz; October 19, 1898 – October 5, 1986) was an American film producer. He is best known for producing ''Casablanca'' (1942), ''The Adventures of Robin Hood'' (1938), and '' True Grit'' (1969), along wi ...
—and convinced
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Ho ...
's head
Sidney Weinberg
Sidney James Weinberg (October 12, 1891 – July 23, 1969) was a long-time leader of the Wall Street firm Goldman Sachs, nicknamed “Mr. Wall Street” by '' The New York Times''Whitman, Alden"Sidney J. Weinberg, Known as 'Mr. Wall Street,' Is ...
to invest as well.
Odlum was first married, in 1915, to
Hortense McQuarrie, first female department store head (at Bonwit Teller); they were divorced in 1935. His second wife, whom he married in 1936, was aviator
Jackie Cochran. Odlum and Cochran were close friends of
Amelia Earhart
Amelia Mary Earhart ( , born July 24, 1897; disappeared July 2, 1937; declared dead January 5, 1939) was an American aviation pioneer and writer. Earhart was the first female aviator to fly solo across the Atlantic Ocean. She set many oth ...
and her husband
George P. Putnam
George Palmer Putnam (September 7, 1887 – January 4, 1950) was an American publisher, writer and explorer. Known for his marriage to (and being the widower of) Amelia Earhart, he had also achieved fame as one of the most successful promoters in ...
, and the Odlums were financial backers of Earhart's flying activities. They developed the Cochran-Odlum (C-O) Ranch in
Indio, California
Indio ( Spanish for "Indian") is a city in Riverside County, California, United States, in the Coachella Valley of Southern California's Colorado Desert region. It lies east of Palm Springs, east of Riverside, east of Los Angeles, 148 mil ...
where they lived after the 1950s.
Odlum along with business associate L. Boyd Hatch also purchased and developed
Hatch's Camp, also known as St. Ann's Retreat, or
Pine Glenn Cove
Pine Glenn Cove is a private vacation retreat, also known by various other names, including Hatch's Camp, Forest Hills, and St. Anne's Retreat. The property is located in Logan Canyon, Utah. Pine Glenn Cove is the largest private retreat in Cache N ...
, a mountainous retreat in
Logan Canyon
Logan Canyon is in the western United States in northeastern Utah, a canyon that cuts its way through the Bear River Mountains, a branch of the Wasatch Range. It is popular for both summer and winter activities, especially rock-climbing, hiki ...
,
Utah
Utah ( , ) is a state in the Mountain West subregion of the Western United States. Utah is a landlocked U.S. state bordered to its east by Colorado, to its northeast by Wyoming, to its north by Idaho, to its south by Arizona, and to its ...
. In 2006, Pine Glenn Cove was placed on the
National Register of Historic Places
The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...
.
In 1964, Odlum received the Golden Plate Award of the
American Academy of Achievement
The American Academy of Achievement, colloquially known as the Academy of Achievement, is a non-profit educational organization that recognizes some of the highest achieving individuals in diverse fields and gives them the opportunity to meet ...
. He was presented alongside his wife, fellow honoree
Jackie Cochran.
Odlum died in 1976 at the age of 84. His wife Jackie Cochran died four years later on August 9, 1980.
Notes
External links
*
{{DEFAULTSORT:Odlum, Floyd
American energy industry businesspeople
American film studio executives
20th-century American lawyers
1892 births
1976 deaths
RKO General
Businesspeople from Los Angeles
Businesspeople from Michigan
People from Union City, Michigan
People from Indio, California
20th-century American philanthropists
20th-century American businesspeople